What is an IFA designation?

At Metro Appraisals, our appraisers are IFA-Member designated. What does this mean? An IFA – Member is a designation conferred to a residential appraisal specialist who is a Member of the National Association of Independent Fee Appraisers (NAIFA).

NAIFA was founded in 1961 as a nonprofit professional association of real estate appraisers. Today, NAIFA has chapters throughout the United States, Canada, and Mexico. The Association’s objectives are to raise the standards of the appraisal profession, gain recognition for its members as qualified professionals, and to promote fellowship among appraisers. There are seven levels of membership with four professional designations, and two designation programs for designated members of other associations that sponsor The Appraisal Foundation.

IFA designates must be a member (Candidate, Associate, or Affiliate) of NAIFA and must meet the following requirements for IFA – Member status:

Education:

Receive a passing grade on the IFA member examination (examination can be waived if you submit proof of having residential state certification).
Complete a minimum of 120 classroom hours in subjects related to real estate appraisal including Course 1.1, 1.2, 1.4, 1.5, and 5.0, the NAIFA Ethics course, or other equivalent thereof.
Complete at least four years of college or its equivalent.

Experience:

Must be a Declared Candidate, in good standing.
Receive credit for 2,500 hours of appraisal experience in no less than two years.
Provide proof of Residential State Certification, or meet the current education and experience requirements set by the Appraiser Qualifications Board (AQB) and pass the AQB National Uniform Residential Certification Examination or the NAIFA comprehensive exam.

Demonstration Report:

Submit an Experience Rating Form (ERF), which must be approved by the National Admissions Committee.
Submit an original copy of a Self-Contained Appraisal Report that communicates a complete appraisal of a one to four unit residential property, which must be approved by the National Admissions Committee.

Because of its rigorous education and experience requirements and commitment to adhere to strict industry standards and a professional code of ethics, you can be confident our IFA - Member designated appraisers will provide you with the very highest quality residential appraisal service.

This information was sourced from the National Association of Independent Fee Appraisers