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550 W. Van Buren St.

T 312-335-4100
Suite 1000 F 312-335-4400
Chicago, IL 60607

September 7, 2010

Via Electronic Mail

Mr. David C. Wilkes

Chair, Board of Trustees
The Appraisal Foundation
1155 15th Street, NW, Suite 1111
Washington, DC 20005

Dear Chairman Wilkes:

The Appraisal Institute has decided that it has no choice but to withdraw its sponsorship of The
Appraisal Foundation, effective immediately.

The Appraisal Institute must be able to discuss freely issues of concern to, and advance the interests
of, its members, the profession and the public, which The Appraisal Foundation has made clear, is
inconsistent with Foundation sponsorship. Moreover, the Foundation has decided to punish the
Appraisal Institute for actions that it did not commit. That decision is grossly unfair, unacceptable,
and attacks the very integrity of the Appraisal Institute.

The Appraisal Institute has served as a proud sponsor of The Appraisal Foundation since the
Foundation’s inception. As you know, the Appraisal Institute, through its predecessor organizations,
was instrumental in conceiving the creation of an appraisal foundation, and in preparing and
advancing the legislative language in FIRREA that recognized The Appraisal Foundation as being
authorized to establish the appraisal profession’s minimum standards and qualifications.

As you also know, the first Uniform Standards of Professional Appraisal Practice (USPAP) governing
real estate appraisal, which was donated to the Foundation, was largely based on the Appraisal
Institute’s Standards of Professional Practice. Since that first USPAP, the Appraisal Institute and its
members have devoted countless hours and financial resources to help improve USPAP. In fact, the
first national USPAP course, which also was donated to the Foundation, was based largely on the
Appraisal Institute’s USPAP course, as well.

Over the past two decades, the Appraisal Institute continually has advocated for and advanced The
Appraisal Foundation to government and the public. For example, the Appraisal Institute recently
advocated with Congress to fund the Appraisal Practices Board, even though the Appraisal Institute
had reservations about the formation of the Board. Another example is when The Appraisal
Foundation’s very existence was threatened by a costly lawsuit and the Appraisal Institute served a
critical role in legal advocacy, funding and public promotion of the Foundation.

As it remains the Appraisal Institute’s commitment to serve the best interests of our members, the
appraisal profession and the public-at-large, we believe that the lines of communication between the
Mr. David C. Wilkes
Page 2
September 7, 2010

Appraisal Institute and The Appraisal Foundation should remain open. Whenever possible, the
Appraisal Institute is committed to working with The Appraisal Foundation on regulatory and
legislative matters that may affect the appraisal profession and the public good.

It is our sincere hope that the Appraisal Institute and The Appraisal Foundation will be able to bridge
their differences in the future.


Appraisal Institute Board of Directors

Cc: David S. Bunton, President

The Appraisal Foundation Board of Trustees