Appraisal Institute

The Appraisal Institute is a professional association of real estate appraisers. It was formed in 1991 when two older appraisal groups merged, and it awards designations such as MAI and SRA to members who meet its education and experience requirements.

It publishes textbooks, courses, and a journal on appraisal practice, and many appraisers take its classes for continuing education.

The institute does not set the square footage rules. Those come from ANSI Z765 for the measuring method and from lenders such as Fannie Mae for when the standard is required. Its role is teaching and professional standing, not writing the measuring method.

Further reading: Appraisal Institute on Wikipedia.