Appraisal Institute members well qualified for challenging times.

These are interesting times for the real estate industry and, certainly, for professional appraisers. The economy is slowing, financing is difficult to find (almost non-existent unless borrowers can meet strict underwriting standards) and deal volume has diminished, thus limiting information on current property values which are in a state of flux.

Yet, appraisers must still determine the age-old question of utmost importance to real estate owners, buyers and sellers--What is it worth?

Concurrent with the meltdown in the residential subprime mortgage market, followed by the capital markets crisis, mortgage fraud became a hot topic in 2007, especially when Andrew Cuomo, Attorney General of the State of New York, instituted a lawsuit that spearheaded reform of a system where lenders influenced appraisers to overvalue properties in order to close a deal.

For more than 75 years the Appraisal Institute has been the world's leading organization of professional real estate appraisers. The organization has led the way in fostering and promoting the highest standards of practice through its designation programs, peer review process, education, research and publishing endeavors. Because they hold Appraisal Institute designations of MAI, SRPA and SRA, our members have long been respected by courts, government agencies, lenders, corporations and others seeking the highest possible quality of real estate appraisal services.

Thus, the Appraisal Institute has strongly supported Attorney General Cuomo's effort to work with Fannie Mae (and its regulator, the Office of Federal Housing Enterprise Oversight) and Freddie Mac to reinforce the independence of real estate appraisers and the integrity of appraisal in connection with mortgage loans sold to the government sponsored enterprises.

Expectations are that banks, thrifts and credit unions will also adopt the same or similar reforms.

The legislation includes a Home Value Protection Program and Cooperation Agreement, as well as a Home Valuation Code of Conduct, and will, if passed, radically change a system to assure the veracity of the home appraisal process. For a fact sheet on the agreement, log onto http://www.appraisalinstitute.org and click onto News/Advocacy.

Having summarized the most current news involving the appraisal industry nationwide, closer to home, the Metropolitan New York Chapter continues as one of the Institute's largest and leading Chapters, holding educational and other programs designed to be of utmost interest to our local members, continually update current knowledge and prepare professional appraisers to meet the challenges of these interesting times in real estate evaluation.

We are also addressing, via a new initiative, harnessing the talent of the industry's next generation of professional appraisers. Much has been written about the upcoming retirement of the baby boomer generation which, according to predictions, will result in a shortage of 14 million educated, skilled, knowledge workers in the U.S. by 2020.

A long-term strategy with regard to succession planning and training of younger members to serve as board chairs and, ultimately, officers, is a necessity for organizations seeking to sustain their competitiveness in the face of mass retirement of senior members.

We have begun formulating a recruitment and retention program, via a series of programs and events geared to our younger associates, to support their career goals as a professional appraiser, including achieving their designations.

One of our most well attended and timely events of the year will again be held in September. Our Annual Conference always focuses on a topic of current importance and newsworthiness in the industry and 2008 is no exception.

Entitled "Who's On First?", this year's event, to be held September 25th at Club 101, 101 Park Avenue at 40th Street, will address the current status of New York City sports, entertainment and infrastructure, covering what has changed, what is being enhanced and what we can expect in the coming year.

The Conference will feature top real estate and operational executives as panelists for two sessions, as well as Jim Cramer, host of CNBC's "Mad Money" as keynote luncheon speaker.

The Conference, as well as our other events, are open to the industry at large whom we invite to visit our website, www.aimetrony.com, for current information, to join the Chapter as a member, or be a guest at any or all of our upcoming programs.

BY JOEL LEITNER, PRINCIPAL, LEITNER GROUP 2008 PRESIDENT, METRO NY CHAPTER OF THE APPRAISAL INSTITUTE