(Chicago, Dec. 14, 2005) The Institute of Real Estate Management (IREM), the Central European Real Estate Associations Network (CEREAN), and the Ukraine REALTORS Association have signed a tri-lateral agreement to make IREM's Certified Property Manager (CPM) education and designation program available in the Ukraine. An increasingly global leader in providing real estate management education, IREM is known for delivering courses and training that reflect today's best management practices and new technologies. Its CPM designation is the premier real estate management credential for property and asset managers, valued more highly than other industry credentials by real estate investors and owners, according to independent research findings.

Commenting on the new agreement, IREM President Fred Prassas said: "We are delighted that the ethical business standards advocated by IREM and the professional practices modeled by IREM are being adopted and championed by industry colleagues in the Ukraine and many other countries far beyond our shores. Slowly, but surely, IREM is weaving a worldwide network of professional real estate managers who are setting global industry standards. IREM now has credentialed members in 29 countries, with more than 70 IREM courses offered this year in six countries outside of the United States. Moreover, our international reach is greatly expanded via students in many, many countries who are now taking or who already have completed IREM self-paced and online courses."

CEREAN COVERS 13 COUNTRIES
The Central European Real Estate Associations Network (CEREAN) is a civic, non-governmental, not-for-profit organization established in 1994. It is committed to developing ethical and professional real estate markets in member countries, which include Armenia, Bulgaria, Czech Republic, Georgia, Hungary, Latvia, Lithuania, Poland, Romania, Russia, Slovakia, Turkey and Ukraine. Its activities include: preparing customized education programs and certification standards; data collection; research and analysis; lobbying; organizing conferences, workshops and seminars; creating a forum for real estate interests; and increasing the safety of investments in the region by implementing professional business practices and standards.

ABOUT THE UKRAINE REALTORS ASSOCIATION
A CEREAN member organization, the Ukrainian REALTORS Association was established in 1995 as a public, non-commercial organization. Uniting representatives of the professional real estate community from 25 regions of the country, it focuses on economic development not just of the Ukrainian real estate market but also of the Ukraine as a whole. The organization is dedicated to protecting the rights of realtors, expanding their professional development opportunities, and removing unscrupulous and non-professional elements from the Ukrainian real estate market. It was the first organization its country to develop a package of documents on licensing and certification of realtors' activities.

ABOUT THE INSTITUTE OF REAL ESTATE MANAGEMENT
The Institute of Real Estate Management (IREM^®) has been the source for education, resources, information and membership for real estate management professionals for more than 70 years. An affiliate of the NATIONAL ASSOCIATION OF REALTORS^®, IREM is the only professional real estate management association serving both the multi-family and commercial real estate sectors.

With 81 U.S. chapters, seven international chapters and several other partnerships around the globe, IREM is an international organization that serves as an advocate on issues affecting the real estate management industry.

Membership includes approximately 17,500 individual members and 530 corporate members. IREM promotes ethical real estate management practices through its credentialed membership programs, including the Certified Property Manager^® (CPM^®) designation, the Accredited Residential Manager (ARM^®) certification, and the Accredited Management Organization (AMO^®) accreditation. These esteemed designations certify competence and professionalism for those engaged in real estate management. In addition, IREM offers Associate membership status.