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IFA designation (source: National Association of Independent Fee Appraisers - http://www.naifa.com/member/require/index.html)
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 [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.
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
Completed at least four [4] years of college or its equivalent
Experience:
Receive credit for 2,500 hours of appraisal experience in no less than two [2] years.
Demonstration Report:
Submit an original and one copy of a Self-Contained Appraisal Report that communicates a Complete Appraisal of a one [1] to four [4] unit residential property. Also submit an Experience Rating Form (ERF), 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 an appraiser with an IFA - Member designation will provide you with the very highest quality residential appraisal service.
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