100+ Free MAI Practice Questions

Certified General is a state-issued license under AQB criteria that lets you appraise any real property. MAI is a private membership designation from the Appraisal Institute that signals expert-level commercial valuation skill. Certified General is usually a prerequisite (or equivalent) for MAI candidacy. MAI requires 380 QE hours across 11 AI courses (vs 300 AQB QE hours), 4,500 hours of specialized commercial experience, a bachelor's degree, the four-module General Comprehensive Exam, and the General Demonstration of Knowledge. Many lenders, courts, and major institutional clients require an MAI signature on complex commercial assignments.

Under the Comprehensive Exam Guidebook effective January 1, 2023, the exam is computer-delivered in four modules: Module 1 Income Capitalization, Module 2 Sales Comparison, Module 3 Cost Approach and Land Valuation, and Module 4 USPAP, Reports, Statistics, and Theory. Total seat time is 4-7 hours depending on module pacing, and candidates must achieve approximately 70% on each module. Modules can be scheduled and retaken individually, which lets candidates concentrate study on a single module at a time.

Candidates need a bachelor's degree from a regionally accredited institution, 380 hours of qualifying education across 11 specified Appraisal Institute courses (or approved equivalents), and 4,500 hours of specialized commercial appraisal experience. Experience must be in non-residential and complex property types and is verified by the Appraisal Institute Experience Screening process. Candidates must hold AI Candidate for Designation status throughout the path and abide by the AI Code of Professional Ethics.

After passing the Comprehensive Exam, candidates must complete the General Demonstration of Knowledge. There are three pathways: the Capstone option (an intensive multi-day in-person program with a graded report), the Traditional Demonstration Report option (a complete USPAP-compliant appraisal of a complex commercial property submitted for AI review), or a qualifying master's thesis or PhD dissertation in real estate or related discipline. The Capstone pathway is by far the most common because it provides a structured timeline.

Module 1 is heavily quantitative. Expect to derive cap rates from sales (Ro = NOI / Vo), build 10-year DCF models with reversion, apply mortgage-equity (Ellwood) bands of investment, use growth-implicit cap formulas (Ro = Yo - delta), distinguish Inwood vs Hoskold premise, work with J and K factors, and run IRR sensitivity. Module 4 also tests descriptive statistics (mean, median, mode, standard deviation, R-squared) and regression interpretation. A financial calculator is allowed; practice with HP-12C or comparable functions before sitting any income module.

Per-module exam fees run roughly $450-$650, so all four modules total around $1,800-$2,600. Add Appraisal Institute candidacy fees, annual AI dues, the 380 hours of QE coursework (often $5,000-$10,000+ depending on delivery format), Capstone or demonstration report fees, and experience screening fees. Total all-in cost commonly exceeds $15,000-$20,000 over the multi-year candidacy. The MAI typically pays back through commercial fee premiums and access to lender-required assignment lists.