Appraiser Unit Approves Merger

Members of the American Institute of Real Estate Appraisers havevoted by 76% to consolidate with the nation’s other leading appraisal group, the Society of Real Estate Appraisers.

The new organization will begin its operations Jan. 1 under the name Appraisal Institute. All existing professional designations from both organizations will be retained, but only the MAI and SRA designations, for general and residential appraisers, respectively, will be retained after Jan. 1, according to Ritch LeGrand, president of the Society of Real Estate Appraisers.

The new Appraisal Institute will be headquartered in Chicago and will maintain a legislative office in Washington, D.C.

A. Scruggs Love Jr., president of the American Institute of Real Estate Appraisers, said the merger will assure that “anticipated state appraiser (licensing) legislation meets the high standards necessary to provide . . . competent appraisal services.”