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> <TABLE style="BORDER-COLLAPSE: collapse" borderColor=#cccccc cellSpacing=0 cellPadding=10 width=600 align=Default bgColor=#ffffff border=1 hspace="10"> <TBODY> <TR> <TD> <P><A name=top><IMG alt="" hspace=0 src="http://www.appraisalinstitutedc.org/images/CapitalUpdateHeader.gif" align=baseline border=0></A></P> <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="3" Day="18" Year="2009"><B><SPAN style="FONT-SIZE: 11pt; FONT-FAMILY: Arial">March 18, 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=MsoPlainText style="MARGIN: 0in 0in 0pt"><STRONG><SPAN style="FONT-SIZE: 13.5pt; FONT-FAMILY: Arial">Spotlight </SPAN></STRONG><B><SPAN style="FONT-SIZE: 13.5pt; FONT-FAMILY: Arial"><BR></SPAN></B><SPAN style="FONT-FAMILY: Arial"><FONT size=2><A href="#economic">Economic Stimulus Package for AIDC Chapter Members!<SPAN style="mso-bidi-font-weight: bold; mso-bidi-font-style: italic"><o:p></o:p></SPAN></A></FONT></SPAN></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"><FONT size=2><A href="#meet"><SPAN style="FONT-FAMILY: Arial; mso-bidi-font-weight: bold">Meet Board Member Donald Boucher, </SPAN><st1:stockticker><SPAN style="FONT-FAMILY: Arial; mso-bidi-font-weight: bold">SRA</SPAN></st1:stockticker></A><SPAN style="FONT-FAMILY: Arial; mso-bidi-font-weight: bold"><o:p></o:p></SPAN></FONT></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><A href="#welcome">Welcome New Members</A><BR>&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="#webinar"><st1:date Month="3" Day="25" Year="2009"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">March 25, 2009</SPAN></st1:date><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"> <SPAN style="mso-bidi-font-weight: bold">Webinar</SPAN>: <SPAN style="mso-bidi-font-weight: bold">Tenant Credit Analysis</SPAN><o:p></o:p></SPAN></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'"><A href="#winter">Winter 2009 Appraisal Journal Issue Spotlights Special Property Topics<o:p></o:p></A></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="#uspap"><st1:date Month="4" Day="16" Year="2009"><SPAN style="FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic">April 16, 2009</SPAN></st1:date><SPAN style="FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic"> - Spotlight on USPAP: Common Errors and Issues </SPAN><st1:stockticker><SPAN style="FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic">PLUS</SPAN></st1:stockticker><SPAN style="FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic"> Networking Reception</SPAN><SPAN style="FONT-FAMILY: Arial; mso-bidi-font-weight: bold"> <o:p></o:p></SPAN></A></FONT></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><A href="#commercial"><st1:date Month="4" Day="29" Year="2009"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'">April 29 - 30, 2009</SPAN></st1:date><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">&nbsp;Evaluating Commercial Construction<o:p></o:p></SPAN></A></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><A href="#residential"><st1:date Month="5" Day="1" Year="2009"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">May 1, 2009</SPAN></st1:date><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">&nbsp;- Evaluating Residential Construction<o:p></o:p></SPAN></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-style: italic; mso-bidi-font-family: 'Times New Roman'"><A href="#calendar">Mark your 2009 Fall Calendar<o:p></o:p></A></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-style: italic; 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'"><o:p>&nbsp;</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'">Spotlight<o:p></o:p></SPAN></STRONG></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><STRONG><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p>&nbsp;</o:p></SPAN></STRONG></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt"><FONT size=2><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: Arial"><A name=economic>Economic Stimulus Package for AIDC Members</A> </SPAN></B><SPAN style="FONT-FAMILY: Arial">- The AIDC board has approved a $40 per member registration credit for all programs in the remaining 2009 calendar year (see highlighted events and calendar below). This credit may be used in two $20 increments (one per program) by applying one of two promotion codes at checkout when registering for an event. The codes are VDCECON and VDCSTIM (all upper case). Maximum use is one each per AIDC chapter member. Please contact us by phone (301-924-1020) or email (<A href="mailto:info@appraisalinstitutedc.org">info@appraisalinstitutedc.org</A>) if you have any questions.<o:p></o:p></SPAN></FONT></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-FAMILY: Arial"><o:p><FONT size=2>&nbsp;</FONT></o:p></SPAN></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt"><FONT size=2><I style="mso-bidi-font-style: normal"><SPAN style="FONT-FAMILY: Arial">Please note: These funds may not be used for performance bonuses or mergers and acquisitions. Misuse will be prosecuted and taxed to the full extent permitted by law.<SPAN style="mso-spacerun: yes">&nbsp; </SPAN></SPAN></I><SPAN style="FONT-FAMILY: Arial">;)<I><SPAN style="mso-bidi-font-weight: bold"><o:p></o:p></SPAN></I></SPAN></FONT></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'"><o:p>&nbsp;</o:p></SPAN></B></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"><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"><STRONG><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p>&nbsp;</o:p></SPAN></STRONG></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><A name=meet><STRONG><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">Meet Board Member Donald Boucher, </SPAN></STRONG><st1:stockticker><STRONG><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">SRA</SPAN></STRONG></st1:stockticker><STRONG><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p></o:p></SPAN></STRONG></A></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><STRONG><SPAN style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'"><o:p>&nbsp;</o:p></SPAN></STRONG></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">Don Boucher, SRA, President of Boucher &amp; Boucher, Inc. and 2009 Secretary of AIDC shares his experiences as an appraiser and a member of AIDC. <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'"><o:p>&nbsp;</o:p></SPAN></STRONG></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'">What prompted you to do this profession?<SPAN style="mso-spacerun: yes">&nbsp; </SPAN><o:p></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'">Like many in our Chapter, I am a product of nepotism.<SPAN style="mso-spacerun: yes">&nbsp; </SPAN>My father started as an appraiser around 1950, went on to earn his MAI, and served as National President in 1971. I got in by accident as I was the least likely of any kids in my family to follow Dad in his profession. One morning in the early 1970 s while I was a student at </SPAN><st1:place><st1:PlaceType><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'">University</SPAN></st1:PlaceType><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'"> of </SPAN><st1:PlaceName><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'">Maryland</SPAN></st1:PlaceName></st1:place><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'"> and still living at home, Dad was busy and asked if I would go look at a house for him. He told me to just write down everything I saw and report back to him. I went to look at the house, and told him what I saw. He thanked me and gave me $10. To a college student in the 70s, that was a lot of money. I said to myself, well, this isn t bad.<SPAN style="mso-spacerun: yes">&nbsp; </SPAN>He asked me for more help later, and I liked it. The rest is history. That s how I got in.<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 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'">What keeps you motivated?<SPAN style="mso-spacerun: yes">&nbsp; </SPAN><o:p></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'">The people I meet doing appraisals, the people I know and continue to meet in the profession, and the knowledge that what I do really helps and matters to some clients. For me, it is all about relationships and helping people. If it were just about knocking out appraisals, I wouldn t be interested.<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 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'">Please share a story you are proud of:<SPAN style="mso-spacerun: yes">&nbsp; </SPAN><o:p></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'">My favorite story involves Bill Harps, Richard Harps dad.<SPAN style="mso-spacerun: yes">&nbsp; </SPAN>My Dad and Bill were good friends, as I am with Richard. I was a young guy and just starting to take AI courses. Bill was teaching a Basic Principles course at the </SPAN><st1:place><st1:PlaceType><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'">University</SPAN></st1:PlaceType><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'"> of </SPAN><st1:PlaceName><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'">Connecticut</SPAN></st1:PlaceName></st1:place><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'">.<SPAN style="mso-spacerun: yes">&nbsp; </SPAN>He invited me to drive up with him, so I did. Bill was one of the great teachers with AI, and he loved to talk. In any case, he taught me the course on the drive up, taught me the course during the course, and taught me the course on the drive back. Needless to say, I got that one down pretty good.<SPAN style="mso-spacerun: yes">&nbsp; </SPAN><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 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'">What one word or phrase best describes this Chapter?<SPAN style="mso-spacerun: yes">&nbsp; </SPAN><o:p></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'">The </SPAN><st1:City><st1:place><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'">Phoenix</SPAN></st1:place></st1:City><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'">. We have dived into the burning ashes but will rise again. We were one of the pre-eminent chapters with respect to education and leadership in the past. We had three National Presidents within a very short period of time, and excellent educational offerings. With the help of our new management company, our dedicated officers and board members, and our volunteers, we are going to get there again. I know it.<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 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'">What is the biggest issue facing you in the profession or the profession? <o:p></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'">My only issue now that I am 56 is riding this wave out. My business model is in place and I think I will do ok to the end. With respect to the profession, government involvement has messed the whole thing up. Licensing allows to many people into the profession who are not qualified and many who are just plain dishonest. The more the government tries to do (albeit trying to ensure appraisal independence, along with some other things they are trying, is good), I am afraid it will just mess things up more. <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></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"><A name=welcome><STRONG><SPAN style="FONT-FAMILY: Arial"><FONT size=2>Welcome New Members</FONT></SPAN></STRONG></A><SPAN style="mso-bookmark: new"></SPAN><SPAN style="FONT-FAMILY: Arial"><o:p></o:p></SPAN></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-FAMILY: Arial"><FONT size=2>Scott A. Kimble</FONT></SPAN></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-FAMILY: Arial"><FONT size=2>Michelle P. Poggi</FONT></SPAN></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-FAMILY: Arial"><FONT size=2>Tammy Sarvi</FONT></SPAN></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-FAMILY: Arial"><FONT size=2>Matthew Waisnor</FONT></SPAN></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-FAMILY: Arial"><FONT size=2>Peter T. Lane</FONT></SPAN></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-FAMILY: Arial"><FONT size=2>Bruce Flanagan, Jr.</FONT></SPAN></P> <P class=MsoPlainText style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-FAMILY: Arial"><FONT size=2>Stephen T. Ruff</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"><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=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</SPAN><SPAN style="FONT-SIZE: 11pt; FONT-FAMILY: Arial"><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 style="mso-spacerun: yes">&nbsp; <BR></SPAN></SPAN></STRONG></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><A name=webinar><st1:date Month="3" Day="25" Year="2009"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">March 25, 2009</SPAN></B></st1:date><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">  <SPAN style="mso-bidi-font-weight: bold">Webinar</SPAN></SPAN></B></A><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><A name=webinar>: <B>Tenant Credit Analysis</B></A> - Learn about these relevant topics: tenant credit, tenant creditworthiness, warning signals that indicate potential credit problems, and how credit impacts real estate valuations.<B> </B><I style="mso-bidi-font-style: normal">Approved for 1-hour of Appraisal Institute continuing education credit for Appraisal Institute members. Not approved for state continuing education credit. <BR></I><SPAN style="mso-spacerun: yes">&nbsp;</SPAN><BR>For more details and registration, click <A href="https://www.appraisalinstitute.org/education/more_info.aspx?id=13436" target=_blank><B>here</B></A><o:p></o:p></SPAN></P><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o: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'"><BR><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">&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'"><A name=winter>Winter 2009 Appraisal Journal Issue Spotlights Special Property Topics </A></SPAN></B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><BR>The Winter 2009 issue of <I>The Appraisal Journal</I> examines the distinctive characteristics of landfills and how they affect property values. Other articles in the Winter issue look at techniques for valuing ground lease reversions, discount rates, leased fees in custom-built commercial properties, and the component elements that make up overall property value. For more information on these stories and more, click on <SPAN style="mso-bidi-font-style: italic"><A href="http://www.appraisalinstitute.org/taj/Default.aspx">The Appraisal Journal</A>.&nbsp;</SPAN></SPAN><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'"><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'">Continuing Education<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'"><SPAN style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN><o:p></o:p></SPAN></I></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><A name=uspap><B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">April 16, 2009 - Spotlight on USPAP: Common Errors and Issues </SPAN></B><st1:stockticker><B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">PLUS</SPAN></B></st1:stockticker></A><B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'"><A name=uspap> Networking Reception </A>- </SPAN></B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">Join the DC Metro Area Chapter of the Appraisal Institute for a 2 hour Spotlight on USPAP seminar (</SPAN><st1:stockticker><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">FREE</SPAN></st1:stockticker><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'"> to AIDC members!) followed by a sumptuous reception in the Galaxy Ballroom on the 16<SUP>th</SUP> floor of the Sheraton National Hotel overlooking Washington, DC.&nbsp;<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-style: italic; 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-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">We ll start with the education & This seminar is one in the series titled "Spotlight on USPAP," developed by Stephanie Coleman, </SPAN><st1:stockticker><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">MAI</SPAN></st1:stockticker><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">, </SPAN><st1:stockticker><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">SRA</SPAN></st1:stockticker><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">, and Jan Young, </SPAN><st1:stockticker><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">MAI</SPAN></st1:stockticker><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">, of the Appraisal Institute's Professional Practice Department. "Common Errors and Issues" addresses problem areas that often are observed in appraisal reports submitted to the Appraisal Institute for admission and ethics screening. <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-style: italic; 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-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">Then comes time to relax, eat and catch up with appraisal colleagues around town & <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-style: italic; mso-bidi-font-family: 'Times New Roman'">Dine on hors d oeuvres, hear the latest chapter and appraisal news, and meet colleagues. In a brief membership meeting, we ll bring you up-to-date of what AI is doing for you. Cash bar available.<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-style: italic; 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; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'">Schedule:</SPAN></I><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'"><BR></SPAN><st1:time Hour="15" Minute="0"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">3:00 pm</SPAN></st1:time><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">: Registration opens<BR></SPAN><st1:time Hour="15" Minute="30"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">3:30  5:30pm</SPAN></st1:time><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">: Spotlight on USPAP<BR></SPAN><st1:time Hour="17" Minute="30"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">5:30  7:30pm</SPAN></st1:time><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">: Networking Reception (a dinner s worth of hot hors d oeuvres) &amp; Membership Meeting<BR style="mso-special-character: line-break"><BR style="mso-special-character: line-break"><o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><I><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'">Event Details: <o:p></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-weight: bold; mso-bidi-font-family: 'Times New Roman'">Instructor:</SPAN></I><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'"> Mark Smeltzer, </SPAN><st1:stockticker><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">MAI</SPAN></st1:stockticker><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">, </SPAN><st1:stockticker><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">SRA</SPAN></st1:stockticker><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; 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'">Attendance Hours</SPAN></I><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">:<SPAN style="mso-bidi-font-weight: bold; mso-bidi-font-style: italic">&nbsp;N.B. Attendees are eligible to receive 2.0 hours of Appraisal Institute continuing education credit<o:p></o:p></SPAN></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><I><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'">Location:</SPAN></I><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'"> Sheraton National Hotel, </SPAN><st1:Street><st1:address><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">900 South Orme Street</SPAN></st1:address></st1:Street><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'"> " </SPAN><st1:place><st1:City><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">Arlington</SPAN></st1:City><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">, </SPAN><st1:State><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">Virginia</SPAN></st1:State><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'"> </SPAN><st1:PostalCode><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">22204</SPAN></st1:PostalCode></st1:place><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'"> " (703) 521-1900<o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><I><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'">Registration Fee: </SPAN></I><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">AI Members - Spotlight on USPAP (AIDC Members ONLY - Enter the promo code "comp" (all lower case) to attend just the USPAP Spotlight program for </SPAN><st1:stockticker><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">FREE</SPAN></st1:stockticker><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-style: italic; 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-style: italic; 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-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">- Networking Reception &amp; Membership Meeting - $25<BR style="mso-special-character: line-break"><BR style="mso-special-character: line-break"><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-style: italic; mso-bidi-font-family: 'Times New Roman'">- Non-Members - $35 (includes both USPAP and Reception)<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-style: italic; 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-weight: bold; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">Click<I> <A href="http://www.appraisalinstitute.org/education/einfo.aspx?id=13238">here</A></I> for details and registration.&nbsp; <BR style="mso-special-character: line-break"><BR style="mso-special-character: line-break"></SPAN><STRONG><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p></o:p></SPAN></STRONG></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"><STRONG><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p>&nbsp;</o:p></SPAN></STRONG></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><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><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><A name=commercial>&nbsp;Evaluating Commercial Construction</A> - </SPAN></B><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'"><o:p>&nbsp;</o:p></SPAN></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 <A href="http://www.appraisalinstitute.org/education/add2cart.aspx?id=12532">here</A> for details and registration.<o:p></o:p></SPAN></I></P><I><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o: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'"></SPAN></EM>&nbsp;</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">&nbsp;</o:p></SPAN></I></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><st1:date Month="5" Day="1" Year="2009"><B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'"><A name=residential>May 1, 2009</A></SPAN></B></st1:date><B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'"><A name=residential>&nbsp;- Evaluating Residential Construction </A>- </SPAN></B><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-style: italic; 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><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 <A href="http://www.appraisalinstitute.org/education/add2cart.aspx?id=12533">here</A> for details and registration.<o:p></o:p></SPAN></I></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><B style="mso-bidi-font-weight: normal"><I><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"><o:p>&nbsp;</o:p></SPAN></I></B></P><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'"><o: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">&nbsp;</o:p></SPAN></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-style: italic; mso-bidi-font-family: 'Times New Roman'"><A name=calendar>Mark Your 2009 Fall Calendar<o:p></o:p></A></SPAN></B></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-style: italic; mso-bidi-font-family: 'Times New Roman'">It s never too early to start filling in your fall calendar, so be sure to mark these dates & <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-style: italic; mso-bidi-font-family: 'Times New Roman'"><o:p></o:p></SPAN></P> <UL> <LI> <DIV class=MsoNormal style="MARGIN: 0in 0in 0pt"><st1:date Month="9" Day="18" Year="2009"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'">September 18, 2009</SPAN></st1:date><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'"> </SPAN><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">- Appraisal Challenges: Declining Markets and Sales Concessions<o:p></o:p></SPAN></DIV></LI> <LI> <DIV class=MsoNormal style="MARGIN: 0in 0in 0pt"><st1:date Month="10" Day="16" Year="2009"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'">October 16, 2009</SPAN></st1:date><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'"> </SPAN><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">- Introduction To Appraising Green Buildings<o:p></o:p></SPAN></DIV></LI> <LI> <DIV class=MsoNormal style="MARGIN: 0in 0in 0pt"><st1:date Month="11" Day="13" Year="2009"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'">November 13, 2009</SPAN></st1:date><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'"> </SPAN><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">- Real Estate, Value and Investment Performance<o:p></o:p></SPAN></DIV></LI> <LI> <DIV class=MsoNormal style="MARGIN: 0in 0in 0pt"><st1:date Month="11" Day="19" Year="2009"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'">November 19-20, 2009</SPAN></st1:date><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'"> </SPAN><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">- Residential Site Valuation and Cost Approach<o:p></o:p></SPAN></DIV></LI> <LI> <DIV class=MsoNormal style="MARGIN: 0in 0in 0pt"><st1:date Month="12" Day="3" Year="2009"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'">December 3, 2009</SPAN></st1:date><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'"> </SPAN><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">- 7-Hour USPAP<o:p></o:p></SPAN></DIV></LI> <LI> <DIV class=MsoNormal style="MARGIN: 0in 0in 0pt"><st1:date Month="12" Day="4" Year="2009"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'">December 4, 2009</SPAN></st1:date><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-weight: bold; mso-bidi-font-family: 'Times New Roman'"> </SPAN><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">- Business Practices and Ethics<o:p></o:p></SPAN></DIV></LI> <LI> <DIV class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">TBD  Regional Market Update (Early Fall)<o:p></o:p></SPAN></DIV></LI> <LI> <DIV class=MsoNormal style="MARGIN: 0in 0in 0pt"><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">TBD  </SPAN><st1:place><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'">Holiday</SPAN></st1:place><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; mso-bidi-font-family: 'Times New Roman'"> Networking Party (December)<o:p></o:p></SPAN></DIV></LI></UL> <P class=MsoNormal 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>.</SPAN></FONT></SPAN></EM></P> <P class=MsoNormal style="MARGIN: 0in 0in 0pt"><EM><SPAN style="FONT-FAMILY: 'Courier New'"><FONT size=2><SPAN style="COLOR: #3366ff"></SPAN></FONT></SPAN></EM>&nbsp;</P><EM><SPAN style="FONT-FAMILY: 'Courier New'"><FONT size=2><SPAN style="COLOR: #3366ff"> <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><o:p></o:p></SPAN></FONT></SPAN></EM> <P> <P align=center><FONT face=Arial size=1><STRONG>AIDC c/o Mariner Management<BR>PO Box 1046 * Laurel, MD 20725-1046 * 301-924-1020</STRONG></FONT></P></P></TD></TR></TBODY></TABLE></BODY></HTML>