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IFAA Designation (source: National Association of Independent Fee Appraisers - http://www.naifa.com/member/require/index.html)
IFAA – Appraiser – Agricultural is a designation awarded to the appraiser specializing in agricultural, farm, and rural appraisals who is a Member of the National Association of Independent Fee Appraisers (NAIFA).
NAIFA was founded in 1961 as a non profit 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 [7] levels of membership with four [4] professional designations plus two [2] designation programs for designated members of other associations that sponsor The Appraisal Foundation.
IFAA designates must first meet the requirements for the IFAS – Senior Member designation and must meet the other following requirements for IFAA – Appraiser – Agricultural Member status.
Education:
- Complete a minimum of 165 classroom hours in subjects related to real-estate appraisal including Course 3.0, 3.1, and 3.2 or their equivalent, but at no time shall be below minimum number of hours required by the Appraiser Qualifications Board for the Certified General Classification and USPAP
Meet appraisal experience requirements as outlined by NAIFA and have completed at least four [4] years of college or its equivalent
Attend a NAIFA-approved farm, ranch, and rural appraising course, and pass the agricultural examination
Experience:
Receive credit for 3,000 hours of appraisal experience in no less than two [2] years. At least half of the 3,000 hours must be in agricultural properties.
Demonstration Report:
Submit an original and one copy (with actual photos) of a narrative demonstration appraisal report on an agricultural property. Report must be on an actual working appraisal prepared by the appraiser on income producing farm, ranch, or rural property conformed to prescribed guidelines of NAIFA. An Experience Rating Form (ERF) must also be submitted.
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 an appraiser with an IFAA – Appraiser – Agricultural designation will provide you with the very highest quality residential appraisal service.
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