The Appraisal Institute Board of Directors approved Guide Note 14, which addresses the concept of exposure time, during its Feb. 7-8 meeting in Chicago. A draft previously had been shared with Appraisal Institute Designated members, Candidates for Designation, Practicing Affiliates and Affiliates for comments.

The Board also approved the only item from the 45-Day Notice, which was shared with AI professionals on Dec. 21, regarding the adoption of amendments to Regulation No. 1 eliminating the rarely used Three Appraisal Report Option for Demonstration of Knowledge Requirement. Candidates for Designation still have seven options to satisfy the Demonstration of Knowledge Requirement for the MAI designation.

In other action, the Board:
• Amended Regulation No. 10 to expand the opportunity to carry certain advanced education credits from one continuing education cycle to another.
• Approved recent committee appointments made by AI President Richard L. Borges II, MAI, SRA.

The AI Board of Directors is next scheduled to meet May 2-3 in Chicago.