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Obituary SRAaka Senior Residential Appraiser Author: Concerned SRA SRA was born in the 1930’s in the Society of Real Estate Appraiser’s which was founded during the depression to help Saving’s and Loan’s make better collateral decisions and avoid loan losses. Later SRA had bigger brothers SRPA and SREA, although neither of these siblings were ever as well known as SRA. For over 50 years, SRA was the standard of excellence for residential appraisal, and many lenders would not accept appraisal reports from appraisers who did not have the SRA designations. Although you could just hang out your shingle to be an appraiser, anyone who wanted to be a professional residential appraiser, joined the Society and earned these letters to put after their name. After the Savings and Loan bailout problems in the 1980’s, which cost taxpayers billions of dollars, the appraiser (whether right or wrong) was partly blamed for part of this mess. SRA and his family at the Society of Real Estate Appraisers, along with his cousins MAI and RM at the American Institute of Real Estate Appraisers, urged the creation of the Appraisal Foundation and a set of Uniform Standards to make the industry a profession. Congress decided to do one better and passed FIRREA in the late 1980’s which created appraiser licensing. Unfortunately the Society and AIREA sat by idly without much comment, as this licensing program was enacted in all 50 States. As this licensing program began in the early 1990’s the two appraisal families merged to form the Appraisal Institute. SRA survived this merger in name along with his big brother MAI. Lost to the merger were SREA and RM, while SRPA was left in total limbo. But after the merger was complete SRA’s health declined rapidly as the disease of licensing weakened his being. By the end of the 1990’s SRA was all but dead, with less than half the strength in numbers of just five years earlier. With an average of less than 10 new SRA’s each year since 2000, SRA was terminal. The Appraisal Institute’s plan to make the SRA designation requirements equal to the AQB’s requirements for Residential Certification led to SRA’s near death in 2005. The last remaining singly designated SRA resigned their membership in 2006. Recognizing that the party was over, the Appraisal Institute pulled the plug on the life support system, and SRA died in early 2007. May SRA R.I.P. |
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