What does the acronym CRA stand for in property appraisal?

The acronym CRA in the context of property appraisal stands for Certified Residential Appraiser. This designation is significant because it indicates that the individual has met specific qualifications and standards set by appraisal regulatory authorities, ensuring they are knowledgeable and competent in residential property appraisals. Certified Residential Appraisers are qualified to perform appraisals on residential properties that are one to four units in size. This designation is crucial for establishing credibility and trustworthiness in the appraisal profession, as it assures clients and industry participants that the appraiser is equipped with the necessary skills and education to evaluate property value accurately.

While Canadian Residential Appraiser might seem like a plausible answer, it is not the established term used in the appraisal industry. The remaining options, such as Commercial Real Estate Analyst and Capital Realty Associate, do not pertain specifically to residential property appraisals, further supporting that the definition of CRA as Certified Residential Appraiser is indeed the most accurate and relevant in this context.