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As all appraisers know, The Appraisal of Real Estate is more than just a collection of instructions and injunctions describing valuation theory and current appraisal practice. It carefully explains and demonstrates each of the traditional approaches to value, and takes the lead in introducing new techniques and discussing current topics of concern to practicing real estate appraisers. The Appraisal of Real Estate , 12th edition, is scheduled for publication in July 2001. Today and throughout its 65-year history, the Appraisal Institute is the leading organization for professional real estate appraisers. Reflecting their unbiased and objective approach to real property appraisal and analysis, members of the Appraisal Institute adhere to a strictly enforced Code of Professional Ethics and Standards of Professional Practice.