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THE GREAT LAKES CHAPTER WELCOMES YOU. Headquartered in Chicago Illinois the Appraisal Institute and its predecessor organizations have been at the forefront of the real estate appraisal profession for more than 60 years. Appraisal Institute members are identified by their experience and knowledge of real estate valuation and adhere to a strictly enforced Code of Professional Ethics and Standards of Professional Appraisal Practice. The Appraisal Institute has more than 19000 members and 112 chapters across the country.