Residential Accredited Appraiser (RAA)

Definition

A Residential Accredited Appraiser (RAA) is a professional designation awarded by the National Association of Realtors (NAR) to appraisers who have demonstrated advanced knowledge, training, and expertise in residential property valuation. The designation requires appraisers to meet rigorous education, experience, and examination standards, which ensures that they are among the most qualified in the field of residential real estate appraisal.

Examples

Example 1: Accurate Valuation for Home Purchase

An RAA appraiser is hired by a homebuyer to assess the market value of a potential property. Thanks to the appraiser’s advanced training and adherence to industry standards, the homebuyer receives an accurate appraisal report that assists in making an informed purchasing decision.

Example 2: Mortgage Refinancing

A homeowner looking to refinance their mortgage hires an RAA appraiser to estimate the current value of their property. The lender accepts the appraisal report without hesitation due to the reputable RAA designation, facilitating the refinancing process.

Frequently Asked Questions

Q: What are the requirements to earn the RAA designation?
A: To earn the RAA designation, an appraiser must be a member of the National Association of Realtors, complete specialized courses in residential appraisal, have a specified amount of in-field experience, and pass a comprehensive examination.

Q: How does having an RAA designation benefit an appraiser?
A: The designation enhances the appraiser’s credibility, signifies a high level of competency, and can lead to more career opportunities and higher professional fees.

Q: Is the RAA designation recognized nationwide?
A: Yes, the RAA designation is recognized and respected across the United States, as it’s awarded by a national authority, the National Association of Realtors.

Appraiser

An individual qualified to estimate the value of real property based on banking, insurance, or government regulations.

Fair Market Value

The price at which property would sell under usual and ordinary circumstances, with neither party being under any compulsion to buy or sell.

Comparative Market Analysis (CMA)

A process used to determine the current value of a property by comparing it to similar properties recently sold in the same area.

Uniform Standards of Professional Appraisal Practice (USPAP)

The universally accepted ethical and performance standards for the appraisal profession in the United States.

Online Resources

References

National Association of Realtors. (n.d.). Residential Accredited Appraiser (RAA) Designation. Retrieved from NAR Website
Appraisal Institute. (n.d.). Residential Real Estate Appraisal. Retrieved from Appraisal Institute Website

Suggested Books for Further Studies

Real Estate Appraisal: From a to Z by Thomas E. Osgood
The Appraisal of Real Estate by the Appraisal Institute
Residential Property Appraisal by Paul Spedding
Mastering Real Estate Appraisal by Dennis S. Tosh and Kenneth M. Lusht
Guide to Real Estate Appraising by E. A. Poon

Real Estate Basics: Residential Accredited Appraiser Fundamentals Quiz

### What organization awards the Residential Accredited Appraiser (RAA) designation? - [ ] The Federal Bureau of Real Estate - [x] The National Association of Realtors (NAR) - [ ] The Appraisal Foundation - [ ] The American Real Estate Society > **Explanation:** The National Association of Realtors (NAR) awards the RAA designation to qualified appraisers. ### Which type of properties does an RAA primarily appraise? - [ ] Commercial - [ ] Industrial - [x] Residential - [ ] Agricultural > **Explanation:** An RAA primarily appraises residential properties. ### What benefit does an RAA designation provide to an appraiser? - [x] Enhanced credibility - [ ] Reduced credentialing requirements - [ ] Instant licensure - [ ] Higher real estate discounts > **Explanation:** Having an RAA designation enhances an appraiser's credibility in the field. ### Is the RAA designation recognized on an international level? - [ ] Yes - [x] No > **Explanation:** The RAA designation is recognized nationwide in the United States. ### Who can hire an RAA appraiser for property valuation? - [x] Homebuyers and homeowners - [ ] Only financial institutions - [ ] Only government bodies - [ ] Only property sellers > **Explanation:** Homebuyers, homeowners, financial institutions, and various other clients can hire an RAA appraiser. ### What primary factor qualifies an appraiser for the RAA designation? - [ ] Having a social media presence - [x] Meeting rigorous education and experience standards - [ ] Real estate sales experience - [ ] Holding a law degree > **Explanation:** Meeting rigorous education and experience standards and passing a comprehensive examination qualifies an appraiser for the RAA designation. ### Which standard must RAA appraisers adhere to? - [ ] The Real Estate Act - [x] Uniform Standards of Professional Appraisal Practice (USPAP) - [ ] The Financial Fairness Act - [ ] Federal Appraisal Guidelines > **Explanation:** RAA appraisers must adhere to the Uniform Standards of Professional Appraisal Practice (USPAP). ### What role does an RAA appraiser play in real estate transactions? - [x] Providing objective property valuations - [ ] Drafting property sale contracts - [ ] Setting transaction terms - [ ] Conducting home inspections > **Explanation:** An RAA appraiser provides objective property valuations to facilitate informed real estate decisions. ### How does the experience requirement for the RAA designation enhance the appraisal process? - [x] Ensures appraisers have significant in-field experience - [ ] Guarantees immediate report delivery - [ ] Reduces need for ongoing education - [ ] Guarantees a higher property value > **Explanation:** The experience requirement ensures that appraisers have significant real-world experience, which enhances the precision and reliability of the appraisal process. ### Can having an RAA designation influence the acceptance rate of appraisal reports? - [x] Yes - [ ] No > **Explanation:** Yes, the RAA designation can positively influence the acceptance rate of appraisal reports due to the appraiser's proven expertise and education.