National Society of Real Estate Appraisers (NSREA)
The National Society of Real Estate Appraisers (NSREA) is an esteemed organization affiliated with the National Association of Real Estate Brokers. The NSREA is committed to the professional development and ethical standards of its members, offering significant designations in the real estate appraising field such as the Resident Appraiser (RA), Certified Residential Appraiser (CRA), and Master Real Estate Appraiser (MREA).
Address
National Society of Real Estate Appraisers
National Office
275 N. Union Boulevard, Suite 1420
St. Louis, MO 63108
Phone: 314-367-9449
Fax: 786-524-8169
Website: www.nsrea.org
Professional Designations
- RA (Resident Appraiser): A designation indicating proficiency in residential real estate appraisals.
- CRA (Certified Residential Appraiser): A certification that reflects advanced knowledge and experience in residential property appraisals.
- MREA (Master Real Estate Appraiser): The highest level of certification offered by the NSREA, demonstrating extensive expertise in real estate appraisals.
Examples
- Mary is a Resident Appraiser (RA) - Mary holds the RA designation and focuses on appraising single-family residential properties in her local market.
- John became a Certified Residential Appraiser (CRA) - After completing additional education and gaining several years of work experience, John earned his CRA designation, allowing him to handle more complex residential appraisals.
- Susan is a Master Real Estate Appraiser (MREA) - With over 20 years of experience and an extensive portfolio of appraisals, Susan achieved the highest designation of MREA.
Frequently Asked Questions
Q1: What are the benefits of becoming a member of the NSREA?
A1: Membership provides access to professional development opportunities, networking events, and industry-specific resources. Members also gain credibility through their association with a respected organization.
Q2: How does one become a certified appraiser through NSREA?
A2: To become certified, individuals must complete designated coursework, fulfill experience requirements, and pass examinations appropriate to the level of certification (RA, CRA, or MREA).
Q3: What is the purpose of the certifications offered by NSREA?
A3: The certifications validate an appraiser’s knowledge, skills, and experience, ensuring they adhere to industry standards and ethical guidelines.
Q4: Can international appraisers join the NSREA?
A4: While the primary focus is on U.S.-based appraisers, international professionals can inquire about membership and certification requirements, which may vary based on location and local regulations.
Q5: Do NSREA certifications require renewal?
A5: Yes, certifications typically require periodic renewal, often involving continuing education and adherence to the latest industry standards and practices.
Related Terms
- Appraisal: The professional process of determining the value of a property.
- Appraiser: A qualified professional who conducts evaluations to determine the value of real estate properties.
- Real Estate Broker: An individual licensed to negotiate and arrange real estate transactions.
- Fair Market Value (FMV): An estimate of the market value of a property, based on what a willing buyer would pay to a willing seller.
- Comparative Market Analysis (CMA): A method to estimate a property’s value based on the sales of similar homes in the area.
Online Resources
- National Society of Real Estate Appraisers
- National Association of Real Estate Brokers
- Appraisal Foundation
- Association of Appraisal Regulatory Officials
References
- National Society of Real Estate Appraisers. (n.d.). Retrieved from www.nsrea.org
- National Association of Real Estate Brokers. (n.d.). Retrieved from www.nareb.com
- Appraisal Foundation. (n.d.). Retrieved from www.appraisalfoundation.org
Suggested Books for Further Studies
- “The Appraisal of Real Estate” by Appraisal Institute - A leading textbook on real estate appraisal methodologies and practices.
- “Real Estate Appraisal: From Value to Worth” by Tom Parlour - Provides insights into the process of property valuation with practical examples.
- “Modern Methods of Valuation” by David Mackmin and Gary Hackett - Covers advanced topics in property valuation including contemporary techniques and standards.
