ÿþ<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META http-equiv=Content-Type content="text/html; charset=unicode"> <META content="MSHTML 6.00.2900.5726" name=GENERATOR></HEAD> <BODY background=""> <TABLE style="BORDER-COLLAPSE: collapse" borderColor=#cccccc cellSpacing=0 cellPadding=5 width=700 align=Default bgColor=#ffffff border=0 hspace="10"> <TBODY> <TR> <TD> <P align=center><A name=top><IMG alt="" hspace=0 src="http://www.appraisalinstitutedc.org/images/CapitalUpdateHeader.gif" align=baseline border=0></A></P></TD></TR></TBODY></TABLE> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt"><B style="mso-bidi-font-weight: normal"><I style="mso-bidi-font-style: normal"><SPAN style="FONT-SIZE: 20pt; FONT-FAMILY: 'Book Antiqua'; mso-bidi-font-family: 'Times New Roman'">Capital Update<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN></I></B></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt"><?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" /><st1:date Month="2" Day="13" Year="2009"><B><SPAN style="FONT-SIZE: 11pt; FONT-FAMILY: Arial">February 16, 2009</SPAN></B></st1:date><B><SPAN style="FONT-SIZE: 11pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Courier New'"><o:p></o:p></SPAN></B></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt"><B><SPAN style="FONT-SIZE: 11pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Courier New'"><o:p>&nbsp;</o:p></SPAN></B></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-FAMILY: Arial; mso-bidi-font-family: 'Courier New'"><A href="http://www.appraisalinstitutedc.org/"><FONT size=2>http://www.appraisalinstitutedc.org</FONT></A><o:p></o:p></SPAN></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-FAMILY: Arial"><FONT size=2>Capital Update is a service of the DC Metro Chapter of the Appraisal Institute.<BR>If you would like to share some news, e-mail </FONT><A href="mailto:info@appraisalinstitutedc.org"><FONT size=2>info@appraisalinstitutedc.org</FONT></A><BR><FONT size=2>New job? Address change? Click </FONT><A href="https://wwww.appraisalinstitute.org/"><FONT size=2>here</FONT></A><FONT size=2> and log in to update your membership record.</FONT></SPAN><SPAN style="FONT-FAMILY: Arial; mso-bidi-font-family: 'Courier New'"><o:p></o:p></SPAN></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt"><B><SPAN style="FONT-SIZE: 11pt; FONT-FAMILY: Arial">&nbsp;</SPAN></B><SPAN style="FONT-FAMILY: Arial; mso-bidi-font-family: 'Courier New'"><o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><STRONG><SPAN style="FONT-SIZE: 13.5pt; FONT-FAMILY: Arial">Spotlight </SPAN></STRONG><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 13.5pt"><BR></SPAN></B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><A href="#spot">Last Chance to Register for February Events!<o:p></o:p></A></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt"><o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><st1:date Month="2" Day="19" Year="2009"><STRONG><SPAN style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold">February 19, 2009</SPAN></STRONG></st1:date><STRONG><SPAN style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold"> </SPAN></STRONG><SPAN style="FONT-SIZE: 10pt">- </SPAN><STRONG><SPAN style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic">The New Residential Market Conditions Form</SPAN></STRONG><STRONG><SPAN style="FONT-WEIGHT: normal; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic"><o:p></o:p></SPAN></STRONG></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><st1:date Month="2" Day="20" Year="2009"><STRONG><SPAN style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold">February 20, 2009</SPAN></STRONG></st1:date><SPAN style="FONT-SIZE: 10pt"> - </SPAN><STRONG><SPAN style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic">Introduction to FHA Appraising: What Appraisers Need to Know About HUD Policies, Procedures, and Roster Eligibility</SPAN></STRONG><SPAN style="FONT-SIZE: 10pt">,</SPAN><o:p></o:p></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt"><FONT size=2><SPAN style="FONT-FAMILY: Arial">&nbsp;</SPAN><SPAN style="FONT-SIZE: 11pt; FONT-FAMILY: Arial"><o:p></o:p></SPAN></FONT></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt"><STRONG><SPAN style="FONT-SIZE: 13.5pt; FONT-FAMILY: Arial">AIDC News</SPAN></STRONG><SPAN style="FONT-FAMILY: Arial"><FONT size=2> <o:p></o:p></FONT></SPAN></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-FAMILY: Arial; mso-bidi-font-weight: bold"><FONT size=2><A href="#moroney">Meet Board Member William Moroney, MAI<o:p></o:p></A></FONT></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">&nbsp;</SPAN><SPAN style="FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><STRONG><SPAN style="FONT-SIZE: 13.5pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">AI News</SPAN></STRONG><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"> <o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><A href="#news"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">Appraiser News Online Headlines  </SPAN><st1:date Month="2" Day="11" Year="2009"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">February 11, 2009</SPAN></st1:date></A><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p>&nbsp;</o:p></SPAN></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt"><STRONG><SPAN style="FONT-SIZE: 13.5pt; FONT-FAMILY: Arial">Continuing Education</SPAN></STRONG><SPAN style="FONT-SIZE: 11pt; FONT-FAMILY: Arial"><o:p></o:p></SPAN></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt"><FONT size=2><A href="#habu"><st1:date Month="3" Day="10" Year="2009"><SPAN style="FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Courier New'">March 10-13, 2009</SPAN></st1:date><SPAN style="FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Courier New'"> </SPAN><SPAN style="FONT-FAMILY: Arial; mso-bidi-font-family: 'Courier New'">- <SPAN style="mso-bidi-font-weight: bold; mso-bidi-font-style: italic">General Market Analysis and Highest &amp; Best Use<o:p></o:p></SPAN></SPAN></A></FONT></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt"><FONT size=2><A href="#commercial"><st1:date Month="4" Day="29" Year="2009"><SPAN style="FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Courier New'">April 29-30, 2009</SPAN></st1:date><SPAN style="FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Courier New'"> - Evaluating Commercial Construction<o:p></o:p></SPAN></A></FONT></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt"><FONT size=2><A href="#residential"><st1:date Month="5" Day="1" Year="2009"><SPAN style="FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Courier New'">May 1, 2009</SPAN></st1:date><SPAN style="FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Courier New'"> - Evaluating Residential Construction</SPAN></A></FONT></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 11pt; FONT-FAMILY: Arial"><o:p>&nbsp;</o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">&nbsp;</SPAN><SPAN style="FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><STRONG><SPAN style="FONT-SIZE: 13.5pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><A name=spot>Spotlight<o:p></o:p></A></SPAN></STRONG></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Last Chance to Register for February Events!<o:p></o:p></SPAN></B></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 10pt"><o:p></o:p></SPAN></B></P> <P><STRONG><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">February 19, 2009 </SPAN></STRONG><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">- <STRONG><SPAN style="FONT-FAMILY: Arial; mso-bidi-font-style: italic">The New Residential Market Conditions Form</SPAN></STRONG>, Rockville, MD - a special 3 hour  Spotlight seminar that goes over the November 14, 2008 release of the new Fannie Mae  Market Conditions Addendum to the Appraisal Report (Form 1004MC). This new form will be required with all appraisals of one-to-four unit properties effective </SPAN><st1:date Month="4" Day="1" Year="2009"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">April 1, 2009</SPAN></st1:date><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">. This seminar is intended for residential appraisers, review appraisers, investors, underwriters, and lender quality control staff. The focus of this presentation will be on researching, analyzing and reporting market conditions in the subject s specific market. Also included in this material will be discussion of policy differences called for by Fannie Mae Announcement 08-30.</SPAN><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"><o:p>&nbsp;</o:p></SPAN></P> <P><I style="mso-bidi-font-style: normal"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">Event Details:<BR></SPAN></I><I style="mso-bidi-font-style: normal"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">Instructor: </SPAN></I><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">Mark V. Smeltzer, SRA<BR></SPAN><I style="mso-bidi-font-style: normal"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'">Attendance Hours:</SPAN></I><I style="mso-bidi-font-style: normal"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">&nbsp;</SPAN></I><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">3.0<I style="mso-bidi-font-style: normal">&nbsp;&nbsp; <BR></I></SPAN><I style="mso-bidi-font-style: normal"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">Schedule: </SPAN></I><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">Registration begins at </SPAN><st1:time Minute="30" Hour="14"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">2:30pm</SPAN></st1:time><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">. Seminar is from </SPAN><st1:time Minute="0" Hour="15"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">3pm-6pm</SPAN></st1:time><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">.<BR></SPAN><I style="mso-bidi-font-style: normal"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">Location:</SPAN></I><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><SPAN style="mso-spacerun: yes">&nbsp; </SPAN>Universities at Shady Grove, </SPAN><st1:place><st1:City><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">Rockville</SPAN></st1:City><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">, </SPAN><st1:State><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">MD</SPAN></st1:State></st1:place><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"> <BR></SPAN><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">Fees: $85.00&nbsp;Member; $105.00&nbsp;Regular *<I style="mso-bidi-font-style: normal">includes $10.00&nbsp;Late&nbsp;Fee</I></SPAN><BR><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Click <A href="http://www.appraisalinstitute.org/education/more_info.aspx?id=12540"><I style="mso-bidi-font-style: normal">here</I></A> to Register on-line.<o:p></o:p></SPAN></P> <P><STRONG><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">February 20, 2009</SPAN></STRONG> - <STRONG><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-style: italic">Introduction to FHA Appraising: What Appraisers Need to Know About HUD Policies, Procedures, and Roster Eligibility</SPAN></STRONG>, <SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Rockville, MD - With constant changes in Federal Housing Administration policy and requirements, the recent elimination of the FHA exam, and FHA and Fannie Mae appraising becoming increasingly similar to one another, appraisers need to keep abreast of the latest information on the FHA appraisal process. In Introduction to FHA Appraising: What Appraisers Need to Know About HUD Policies, Procedures and 2008 Roster Eligibility, both experienced FHA appraisers and those new to FHA appraising will gain a high level of understanding and knowledge regarding FHA appraisal policy without having to read through myriad documents from the U.S. Department of Housing and Urban Development (HUD). While participants will learn from the expertise of accomplished Appraisal Institute instructors, they also will receive a resource CD and other course materials containing essential FHA components and detailing the requisite policies and procedures of FHA appraisal. Information presented in this 7-hour seminar applies to ALL areas of residential appraising and will benefit any residential appraiser.<BR style="mso-special-character: line-break"><BR style="mso-special-character: line-break"></SPAN><I style="mso-bidi-font-style: normal"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Event Details:<BR></SPAN></I><I style="mso-bidi-font-style: normal"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Instructor:</SPAN></I><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> Mark V. Smeltzer, SRA<BR></SPAN><I style="mso-bidi-font-style: normal"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Attendance Hours</SPAN></I><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">: 7.0<SPAN style="mso-spacerun: yes">&nbsp; <BR></SPAN></SPAN><I style="mso-bidi-font-style: normal"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Schedule:</SPAN></I><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> Registration begins at </SPAN><st1:time Minute="30" Hour="8"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">8:30am</SPAN></st1:time><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">. Seminar is from </SPAN><st1:time Minute="0" Hour="9"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">9am-5pm</SPAN></st1:time><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> with one hour lunch (on your own). There's a cafeteria located in Building 2<BR><I style="mso-bidi-font-style: normal">Location:</I> Universities at Shady Grove, </SPAN><st1:place><st1:City><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Rockville</SPAN></st1:City><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">, </SPAN><st1:State><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">MD</SPAN></st1:State></st1:place><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> <BR></SPAN><I style="mso-bidi-font-style: normal"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Fees:</SPAN></I><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial"> $185.00 Member; $205.00 Regular <I style="mso-bidi-font-style: normal">*includes $10.00 Late Fee<BR></I></SPAN><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Click <A href="http://www.appraisalinstitute.org/education/more_info.aspx?id=12540"><I style="mso-bidi-font-style: normal">here</I></A> to Register on-line.</SPAN></P> <P><EM><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><A href="#top">Back to Top</A></SPAN></EM><SPAN style="FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">&nbsp;</SPAN><SPAN style="FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><STRONG><SPAN style="FONT-SIZE: 13.5pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">AIDC News<o:p></o:p></SPAN></STRONG></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><A name=moroney><STRONG><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">Meet Board Member </SPAN></STRONG><B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">William Moroney, MAI<o:p></o:p></SPAN></B></A></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'"><o:p>&nbsp;</o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">William W. Moroney MAI, President, Moroney &amp; Associates, Inc. is the 2009 Education Chair of the DC Metro Area Chapter. Bill graciously took the time recently to answer a few questions regarding his chosen profession.</SPAN><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'"><o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'"><o:p>&nbsp;</o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><I><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">What prompted you to this profession?&nbsp;&nbsp; </SPAN></I></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt">&nbsp;<SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-style: italic">I was attempting to sell residential real estate in 1979 when the prime rate was almost equal to my age at that time. I took an appraisal course with the old Society of Real Estate Appraisers to broaden my knowledge of the business since nothing was being sold, by me anyway.&nbsp;I&nbsp;found the class very interesting and decided appraising was the part of the business I wanted to be in.&nbsp;</SPAN><o:p></o:p></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt">&nbsp;</P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><I><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">What keeps you motivated in this profession?</SPAN><o:p></o:p></I></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-style: italic">I still find appraisal work very interesting.&nbsp; Each assignment is different and presents its own challenges.&nbsp; </SPAN><SPAN style="mso-bidi-font-style: italic"><o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><I>&nbsp;&nbsp;<o:p></o:p></I></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><I><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Please share a story or item of which you are proud? </SPAN></I></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><EM><SPAN style="FONT-SIZE: 10pt; FONT-STYLE: normal; FONT-FAMILY: Arial; mso-bidi-font-style: italic">The way our grown daughter has matured and is making her way in the world</SPAN></EM><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">.&nbsp; <o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt">&nbsp;<o:p></o:p></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><I><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">What is one word or phrase that best describes this chapter?</SPAN><o:p></o:p></I></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-style: italic">Improving; moving forward.</SPAN><SPAN style="mso-bidi-font-style: italic"><o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><I>&nbsp;<o:p></o:p></I></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><I><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">What is the biggest issue facing you in the profession or the profession as a whole?</SPAN><o:p></o:p></I></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-style: italic">Maintaining integrity and credibility.&nbsp; Many appraisal assignments&nbsp;bring the appraiser into contact with someone who would like the value conclusion to be at a&nbsp;particular level.&nbsp; Suggestions, wheedling, threats, promises and pressure must be ignored.&nbsp; This is easier said than done but is essential if we are to be true professionals.<o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="mso-bidi-font-style: italic"><o:p>&nbsp;</o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Next Month, we ll talk with <SPAN style="mso-bidi-font-weight: bold">Donald S. Boucher, SRA, President of Boucher &amp; Boucher, Inc. and 2009 Secretary of AIDC. </SPAN></SPAN><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p>&nbsp;</o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">Your Turn! Have a story to share? & send it to <A href="mailto:capitalupdate@appraisalinstitutedc.org">capitalupdate@appraisalinstitutedc.org</A>! </SPAN><SPAN style="FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">&nbsp;</SPAN><SPAN style="FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><EM><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><A href="#top">Back to Top</A></SPAN></EM><SPAN style="FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p></o:p></SPAN></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-FAMILY: Arial"><FONT size=2>&nbsp;<o:p></o:p></FONT></SPAN></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-FAMILY: Arial"><FONT size=2>&nbsp;<o:p></o:p></FONT></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><STRONG><SPAN style="FONT-SIZE: 13.5pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><A name=new>AI News</A> <o:p></o:p></SPAN></STRONG></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><A href="http://www.appraisalinstitute.org/ano/current.aspx?volume=10&amp;numbr=3/4#6580">Appraiser News Online Headlines - February 11, 2009</A> <o:p></o:p></SPAN></B></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><STRONG><SPAN style="FONT-SIZE: 13.5pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><SPAN style="mso-spacerun: yes">&nbsp;</SPAN><o:p></o:p></SPAN></STRONG></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">AI Joins RE Groups Calling on Dodd, Shelby to Address Liquidity Crisis: </SPAN></B><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial">In a February 10 letter to Sens. Christopher Dodd, D-Conn., Chairman, U.S. Senate Committee on Banking, Housing and Urban Affairs, and Richard Shelby, R-Ala., Ranking Member, AI along with several real estate groups called on the Senate for policy action on  innovative lending facilities as part of the overall national economic recovery plan. To view the full letter, click <A href="http://www.appraisalinstitute.org/newsadvocacy/letrs_tstimny.aspx#Comments">here</A>.<o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial"><o:p>&nbsp;</o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">$50 Billion Earmarked for Foreclosure Mitigation: </SPAN></B><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial">The Bill currently under consideration includes </SPAN><SPAN lang=EN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-ansi-language: EN">an amendment to direct $50 billion from the Troubled Asset Relief Program to a foreclosure mitigation program. If enacted, the new program could prevent approximately two million foreclosures. <o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN lang=EN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-ansi-language: EN"><o:p>&nbsp;</o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><B><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial">Fannie Mae Eases Appraisal Requirements; Too Early to Assess Impact: </SPAN></B><SPAN lang=EN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-ansi-language: EN">Starting April 4, Fannie Mae will no longer require appraisals or property inspections from some borrowers who are refinancing mortgages. Instead, Fannie Mae s Desktop Underwriter system will validate property values through automated valuation models. The new requirements most typically apply to existing appraisals on file and for loans that already contain risk for Fannie Mae. <o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN lang=EN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-ansi-language: EN">&nbsp;<o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><I style="mso-bidi-font-style: normal"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'">To view these stories and others in their entirety, click <A href="http://www.appraisalinstitute.org/ano/current.aspx?volume=10&amp;numbr=3/4#6580">here</A>.<o:p></o:p></SPAN></I></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><I style="mso-bidi-font-style: normal"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'"><o:p>&nbsp;</o:p></SPAN></I></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'">Any burning issues regarding the appraisal industry you d like to appear in next month s update? & </SPAN><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"> send to <A href="mailto:capitalupdate@appraisalinstitutedc.org">capitalupdate@appraisalinstitutedc.org</A>! </SPAN><SPAN style="FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p>&nbsp;</o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><EM><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><A href="#top">Back to Top</A></SPAN></EM><SPAN style="FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">&nbsp;</SPAN><SPAN style="FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 13.5pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><STRONG><A name=education>Continuing Education<o:p></o:p></A></STRONG></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><A name=habu><st1:date Month="3" Day="10" Year="2009"><B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">March 10-13, 2009</SPAN></B></st1:date><B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"> </SPAN></B></A><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><A name=habu>- <B><SPAN style="mso-bidi-font-style: italic">General Market Analysis and Highest &amp; Best Use</SPAN></B></A>, </SPAN><st1:place><st1:City><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">Rockville</SPAN></st1:City><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">, </SPAN><st1:State><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">MD</SPAN></st1:State></st1:place><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"> - The essential relationships between market analysis, highest and best use, the three approaches to value, and the final value opinion are covered in this AQB-approved course. You ll recognize that market analysis is integral to highest and best use, and that highest and best use is integral to market value. You ll also learn how to produce credible results in appraisal to develop opinions of market value. Finally, by the end of the course, you ll be able to answer these three significant questions:<BR>- What information is needed to test for highest and best use?<BR>- Where is this information found?<BR>- How is this information applied?<o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><BR><SPAN style="mso-bidi-font-style: italic">Click <A href="http://www.appraisalinstitute.org/education/add2cart.aspx?id=12531" target=_blank>here</A> for details and registration.</SPAN><BR><BR></SPAN><st1:date Month="4" Day="29" Year="2009"><B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><A name=commercial>April 29-30, 2009</A></SPAN></B></st1:date><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><A name=commercial> - <B><SPAN style="mso-bidi-font-style: italic">Evaluating Commercial Construction</SPAN>,</B></A> </SPAN><st1:place><st1:City><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">Rockville</SPAN></st1:City><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">, </SPAN><st1:State><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">MD</SPAN></st1:State></st1:place><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"> - Evaluating Commercial Construction presents how light industrial, office and retail buildings are assembled and then deteriorate over time. More than 1,250 construction slides and a 150-page Reference Manual illustrate site improvements, structure, envelope, interior, and environmental system components of a commercial building and how these elements can affect value.<BR><BR>This seminar offers you critical skills necessary to better inspect, describe, and analyze commercial property. Once you have taken this program, you will better identify building characteristics, conditions, and deficiencies; succinctly describe what you see in an appraisal report; and then factor your insights into the replacement cost, income capitalization, and market comparable calculations. Participants have highly praised the seminar for its useful content and relevance to commercial real estate appraisal, brokerage, and lending.<o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><BR><SPAN style="mso-bidi-font-style: italic">Click <A href="http://www.appraisalinstitute.org/education/add2cart.aspx?id=12532" target=_blank>here</A> for details and registration.</SPAN><BR><BR></SPAN><st1:date Month="5" Day="1" Year="2009"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><A name=residential><STRONG>May 1, 2009</STRONG></A></SPAN></st1:date><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><A name=residential><STRONG> - <SPAN style="mso-bidi-font-style: italic">Evaluating Residential Construction</SPAN></STRONG></A><STRONG>,</STRONG> </SPAN><st1:place><st1:City><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">Rockville</SPAN></st1:City><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">, </SPAN><st1:State><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">MD</SPAN></st1:State></st1:place><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"> - Evaluating Residential Construction shows how single-family houses are constructed from the ground up. More than 950 construction slides and a 120-page Reference Manual illustrate site conditions, structure, envelope, interior, and environmental system components for houses ranging from custom to affordable, and even double-wides. <BR><BR>This seminar will improve your confidence to inspect, characterize, and critique a new or existing residential property. You will better identify and describe the quality and condition of a house that affect its market appeal and probable value. Participants have given this seminar high marks for its practicality and benefit to real estate appraisers, brokers, and mortgage lenders.<o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><I style="mso-bidi-font-style: normal"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><BR></SPAN></I><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">Click <A href="http://www.appraisalinstitute.org/education/add2cart.aspx?id=12533" target=_blank>here</A> for details and registration.</SPAN><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><I style="mso-bidi-font-style: normal"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p>&nbsp;</o:p></SPAN></I></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><I><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">Click the links below to view offerings from our regional Appraisal Institute neighbors to the North and South.<BR></SPAN></I><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><A href="http://www.ai-md.org/education.php" target=_blank><I>Maryland Chapter</I></A><BR><A href="http://www.hrai.org/education.htm" target=_blank><I>Hampton Roads Chapter</I></A><BR><A href="http://www.stonewalljacksonchapter.org/education.html" target=_blank><I>Stonewall Jackson Chapter</I></A><BR><A href="http://www.vccai.org/index.asp?content_id=798" target=_blank><I>Virginia Commonwealth Chapter</I></A></SPAN><I><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p>&nbsp;</o:p></SPAN></I></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><o:p>&nbsp;</o:p></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt"><EM><SPAN style="FONT-FAMILY: 'Courier New'"><FONT size=2>**Keep up to date on upcoming training classes and seminars by visiting the <SPAN style="COLOR: #3366ff"><A href="http://www.appraisalinstitutedc.org/index.html" target=_blank><SPAN style="COLOR: #3366ff">DC Metro Area Chapter Website</SPAN></A>.<o:p></o:p></SPAN></FONT></SPAN></EM></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt"><EM><SPAN style="FONT-FAMILY: 'Courier New'"><o:p><FONT size=2></FONT></o:p></SPAN></EM>&nbsp;</P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt"><EM><SPAN style="FONT-FAMILY: 'Courier New'"><o:p><A href="#top"><FONT face=Arial size=2>Back to Top</FONT></A>&nbsp;</o:p></SPAN></EM></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt"><STRONG><SPAN style="FONT-FAMILY: Verdana; mso-bidi-font-family: Arial"><FONT size=2>&nbsp;<FONT style="FONT-SIZE: 10pt; FONT-FAMILY: 'Verdana'"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: 'Verdana'" size=2><FONT size=2></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt" align=center><SPAN style="FONT-SIZE: 11pt; FONT-FAMILY: Arial"><o:p><FONT face=Verdana size=1>To remove yourself from this mailing list,</FONT><A href="mailto:remove@appraisalinstitutedc.org" target=_blank><FONT face=Verdana size=1> click here</FONT></A><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: 'Arial'" size=1>. </FONT></o:p></SPAN></P> <P></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><B><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: Arial">Appraisal Institute  DC Metro Chapter <o:p></o:p></SPAN></B></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: Arial">c/o Mariner Management - </SPAN><st1:address><st1:street><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: Arial">P.O. Box 1046</SPAN></st1:street><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: Arial"> <B>-</B> </SPAN><st1:city><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: Arial">Laurel</SPAN></st1:city><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: Arial">, </SPAN><st1:state><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: Arial">MD</SPAN></st1:state><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: Arial"> </SPAN><st1:postalcode><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: Arial">20725-1046</SPAN></st1:postalcode></st1:address><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: Arial"><o:p></o:p></SPAN></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center" align=center><SPAN style="FONT-SIZE: 9pt; FONT-FAMILY: Arial">301-924-1020<BR></SPAN></P></FONT></FONT></FONT></FONT></SPAN></STRONG></BODY></HTML>