General Appraiser Income Approach/Part 2
Register
- Date
- On Demand
- Sponsor
- Appraisal Institute
- Location
- Instructor
- David C. Lennhoff, MAI, SRA, AI-GRS
Jacinto A. Munoz, Jr., MAI, SRA, AI-GRS, AI-RRS
Kenneth G. Foltz, MAI, SRA
Larry T. Wright, MAI, SRA, AI-GRS - Class Time
- 27 hours
- Exam Time
- 3 Hours
- Full Price
- $595.00
- AI Price
- $490.00
Course Description
After a diagnostic quiz on the six financial functions of one and a brief review, the course begins with a thorough treatment of discounted cash flow (DCF) analysis. Topics include identifying components of a DCF, projecting cash flows, analyzing leases, solving for value in a variety of common situations, and supporting the discount rate. The effects of debt financing, including cash equivalence and equity analysis, are covered in detail. Income patterns and property models, including residual and other applications, are followed by material on how to select and support the discount rate. Also presented are the strengths and weaknesses of direct and yield capitalization. The final section reviews and summarizes the mathematical concepts involved with income capitalization and prepares you for not only the course exam but also the certification exam.
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Who Should Enroll
- Those seeking general real property appraiser certification
- Underwriters
- Lenders
- Assessors
AI CE Points
Attend:
175
Attend & Pass Exam:
225
Pass Only:
200
State Approvals
| State | QE/CE | Course & Exam | Course Only | Exam Only | Delivery Format | Approval Format | Start Date | Expire Date | State Code |
|---|---|---|---|---|---|---|---|---|---|
| AK | CE | 27 | 27 | Online | Online | 06/13/2022 | 06/13/2025 | 18879 | |
| AK | QE | 30 | 27 | 3 | Online | Online | 06/13/2022 | 06/13/2025 | 18879 |
| AL | CE | 30 | 27 | 3 | Online | Online | 10/01/2022 | 09/30/2024 | C02797 |
| AL | QE | 30 | 27 | 3 | Online | Online | 10/01/2022 | 09/30/2024 | C02797 |
| AR | CE | 30 | 30 | Online | Online | 07/26/2022 | 07/26/2024 | ||
| AR | QE | 33 | 30 | 3 | Online | Online | 07/26/2022 | 07/26/2024 | |
| AZ | CE | 30 | 27 | 3 | Online | Online | 06/18/2022 | 06/18/2025 | 56996 |
| AZ | QE | 30 | 27 | 3 | Online | Online | 06/18/2022 | 06/18/2025 | 56996 |
| CA | CE | 27 | 27 | Online | Online | 12/11/2022 | 12/10/2026 | 10754200 | |
| CA | QE | 30 | 27 | 3 | Online | Online | 12/11/2022 | 12/10/2026 | 10754200 |
| CO | CE | 27 | 27 | Online | Online | 06/29/2022 | 06/18/2025 | 2214 | |
| CO | CE | 30 | 27 | 3 | Online | Online | 06/29/2022 | 06/18/2025 | 2214 |
| CO | QE | 30 | 27 | 3 | Online | Online | 06/29/2022 | 06/18/2025 | 2214 |
| CT | CE | 18 | 18 | Online | Online | 09/13/2023 | 06/18/2025 | AAL.001098 | |
| CT | QE | 30 | 28 | 2 | Online | Online | 09/05/2023 | 06/18/2025 | APR.000309 |
| DC | CE | 27 | 27 | Online | Online | 02/29/2024 | 02/28/2026 | 4018 | |
| DC | QE | 30 | 27 | 3 | Online | Online | 02/29/2024 | 02/28/2026 | 4018 |
| DE | CE | 30 | 27 | 3 | Online | Online | 06/18/2022 | 06/18/2025 | 56996 |
| DE | QE | 30 | 27 | 3 | Online | Online | 06/18/2022 | 06/18/2025 | 56996 |
| FL | CE | 20 | 20 | Online | Online | 07/27/2023 | 07/27/2025 | 0009437 | |
| FL | QE | 30 | 27 | 3 | Online | Online | 07/24/2023 | 07/26/2025 | 0009437 |
| GA | CE | 30 | 27 | 3 | Online | Online | 06/29/2022 | 60462 | |
| GA | CE | 27 | 27 | Online | Online | 06/29/2022 | 60461 | ||
| GA | QE | 30 | 27 | 3 | Online | Online | 06/29/2022 | 60462 | |
| HI | CE | 27 | 27 | Online | Online | 01/01/2024 | 12/31/2024 | 23-501 | |
| HI | QE | 30 | 27 | 3 | Online | Online | 01/01/2024 | 12/31/2024 | 23-501 |
| IA | CE | 27 | 27 | Online | Online | 06/29/2022 | 06/28/2025 | A518-1103 | |
| IA | CE | 30 | 27 | 3 | Online | Online | 06/29/2022 | 06/28/2025 | A518-1102 |
| IA | QE | 30 | 27 | 3 | Online | Online | 06/29/2022 | 06/28/2025 | A518-1104 |
| ID | CE | 27 | 27 | Online | Online | 05/31/2022 | 06/18/2025 | ||
| ID | QE | 30 | 27 | 3 | Online | Online | 05/31/2022 | 06/18/2025 | |
| IL | CE | 27 | 27 | Online | Online | 01/01/2023 | 12/31/2024 | 575.001543 | |
| IL | QE | 30 | 27 | 3 | Online | Online | 01/01/2023 | 12/31/2024 | 573.000544 |
| IN | CE | 30 | 27 | 3 | Online | Online | 06/18/2022 | 06/18/2025 | 56996 |
| IN | QE | 30 | 27 | 3 | Online | Online | 06/18/2022 | 06/18/2025 | 56996 |
| KS | CE | 27 | 27 | Online | Online | 01/01/2024 | 12/31/2024 | 189.C24.R | |
| KS | QE | 30 | 27 | 3 | Online | Online | 01/01/2024 | 12/31/2024 | 308.P24.R |
| KY | CE | 30 | 27 | 3 | Online | Online | 07/01/2023 | 06/30/2024 | |
| KY | QE | 30 | 27 | 3 | Online | Online | 07/01/2023 | 06/30/2024 | |
| LA | CE | 27 | 27 | Online | Online | 06/29/2022 | 06/18/2025 | A0184 | |
| LA | QE | 30 | 27 | 3 | Online | Online | 06/29/2022 | 06/18/2025 | A0184 |
| MA | CE | 27 | 27 | Online | Online | 05/17/2022 | 06/28/2024 | 120087 | |
| MA | QE | 30 | 27 | 3 | Online | Online | 03/30/2023 | 06/25/2025 | 120154 |
| MD | CE | 30 | 27 | 3 | Online | Online | 06/18/2022 | 06/18/2025 | 56996 |
| MD | QE | 30 | 27 | 3 | Online | Online | 06/18/2022 | 06/18/2025 | 56996 |
| ME | CE | 30 | 27 | 3 | Online | Online | 06/18/2022 | 06/18/2025 | 56996 |
| ME | QE | 30 | 27 | 3 | Online | Online | 06/18/2022 | 06/18/2025 | 56996 |
| MI | CE | 27 | 27 | Online | Online | 09/05/2023 | 09/05/2026 | 20 - 948475 | |
| MI | QE | 30 | 27 | 3 | Online | Online | 08/25/2022 | 06/28/2025 | 3041 |
| MN | CE | 30 | 27 | 3 | Online | Online | 08/01/2023 | 07/31/2025 | 1018765 |
| MN | QE | 30 | 27 | 3 | Online | Online | 08/01/2023 | 07/31/2025 | 1018764 |
| MO | CE | 27 | 27 | Online | Online | 06/03/2022 | 06/18/2025 | ||
| MO | QE | 30 | 27 | 3 | Online | Online | 06/03/2022 | 06/18/2025 | |
| MS | CE | 27 | 27 | Online | Online | 06/29/2019 | 04/26/2025 | MAB #49342 | |
| MS | QE | 30 | 27 | 3 | Online | Online | 06/29/2019 | 04/26/2025 | MAB #49342 |
| MT | CE | 30 | 27 | 3 | Online | Online | 09/12/2022 | 06/18/2025 | REA-CEC-REC-15635 |
| MT | QE | 30 | 27 | 3 | Online | Online | 09/12/2022 | 06/18/2025 | REA-CEC-REC-15635 |
| NC | QE | 30 | 27 | 3 | Online | Online | 01/01/2024 | 12/31/2024 | |
| ND | QE | 30 | 27 | 3 | Online | Online | 08/30/2010 | QE-201016 | |
| NE | QE | 30 | 27 | 3 | Online | Online | 06/18/2022 | 06/18/2025 | 1192470.02 |
| NH | CE | 30 | 27 | 3 | Online | Online | 06/29/2019 | 06/18/2025 | |
| NH | QE | 30 | 27 | 3 | Online | Online | 12/28/2023 | 06/18/2025 | |
| NJ | CE | 27 | 27 | Online | Online | 06/18/2022 | 06/18/2025 | 2022-3476 | |
| NJ | QE | 30 | 27 | 3 | Online | Online | 06/18/2022 | 06/18/2025 | 2022-3476 |
| NM | CE | 30 | 27 | 3 | Online | Online | 09/25/2023 | 06/18/2025 | 4334 |
| NM | QE | 30 | 27 | 3 | Online | Online | 09/25/2023 | 06/18/2025 | 4334 |
| NV | CE | 30 | 27 | 3 | Online | Online | 05/01/2024 | 04/30/2025 | CE.0009694-A |
| NV | QE | 30 | 28 | 2 | Online | Online | 08/01/2023 | 07/31/2024 | PL.0009356-A |
| NY | CE | 30 | 27 | 3 | Online | Online | 01/01/2024 | 12/31/2024 | A2971-27 |
| NY | QE | 30 | 27 | 3 | Online | Online | 10/01/2023 | 09/30/2024 | Q0214-G7 |
| OH | CE | 27 | 27 | Online | Online | 01/01/2024 | 12/31/2024 | 923402706A 23 | |
| OH | QE | 30 | 27 | 3 | Online | Online | 06/18/2022 | 06/18/2025 | 56996 |
| OK | CE | 27 | 27 | Online | Online | 05/26/2022 | 06/18/2025 | 960 | |
| OK | QE | 30 | 27 | 3 | Online | Online | 06/29/2019 | 06/18/2025 | 60Q |
| OR | CE | 27 | 27 | Online | Online | 06/06/2022 | 06/18/2025 | APIN-Q-0622-8933 | |
| OR | QE | 30 | 27 | 3 | Online | Online | 06/06/2022 | 06/18/2025 | APIN-Q-0622-8933 |
| PA | CE | 27 | 27 | Online | Online | 06/29/2022 | 06/28/2025 | ||
| PA | QE | 30 | 27 | 3 | Online | Online | 06/16/2022 | 06/28/2025 | |
| PR | CE | 30 | 27 | 3 | Online | Online | 06/18/2022 | 06/18/2025 | 56996 |
| PR | QE | 30 | 27 | 3 | Online | Online | 06/18/2022 | 06/18/2025 | 56996 |
| RI | CE | 27 | 27 | Online | Online | 06/03/2022 | 06/18/2025 | REA.0001895-CE | |
| RI | QE | 30 | 27 | 3 | Online | Online | 06/03/2022 | 06/18/2025 | REA.0001895-CE |
| SC | QE | 30 | 27 | 3 | Online | Online | 08/31/2014 | 08/31/2024 | AS.1QE-13 |
| SD | QE | 30 | 27 | 3 | Online | Online | 08/13/2010 | 09/21/2025 | SD 513 |
| TN | CE | 14 | 14 | Online | Online | 10/01/2020 | 03/31/2025 | 1429 | |
| TN | QE | 30 | 27 | 3 | Online | Online | 04/14/2009 | 03/31/2025 | 1429 |
| TX | CE | 27 | 27 | Online | Online | 06/18/2022 | 06/18/2024 | TX Provider #:10 Course #: 43829 | |
| TX | CE | 27 | 27 | Online | Online | 06/19/2024 | 06/18/2025 | TX Provider #:10 Course #: 48435 | |
| TX | QE | 30 | 27 | 3 | Online | Online | 07/25/2022 | 06/18/2025 | TX Provider #8038 Course #: 27896 |
| UT | CE | 27 | 27 | Online | Online | 10/01/2022 | 09/30/2024 | AC220910 | |
| UT | QE | 30 | 28 | 2 | Online | Online | 10/01/2022 | 09/30/2024 | AQ211111 |
| VA | CE | 30 | 27 | 3 | Online | Online | 06/18/2022 | 06/18/2025 | 56996 |
| VA | QE | 30 | 27 | 3 | Online | Online | 09/01/2022 | 08/31/2024 | 4006000624 |
| VT | CE | 27 | 27 | Online | Online | 02/04/2021 | 02/04/2025 | ||
| VT | QE | 30 | 27 | 3 | Online | Online | 02/04/2021 | 02/04/2025 | |
| WA | CE | 27 | 27 | Online | Online | 06/08/2022 | 06/28/2025 | A4177 | |
| WA | QE | 30 | 27 | 3 | Online | Online | 06/08/2022 | 06/28/2025 | A4177 |
| WI | CE | 30 | 27 | 3 | Online | Online | 06/18/2022 | 06/18/2025 | 56996 |
| WI | QE | 30 | 27 | 3 | Online | Online | 06/18/2022 | 06/18/2025 | 56996 |
| WV | CE | 27 | 27 | Online | Online | 06/29/2022 | 06/28/2025 | ||
| WV | QE | 30 | 27 | 3 | Online | Online | 06/29/2022 | 06/18/2026 | |
| WY | CE | 27 | 27 | Online | Online | 06/29/2022 | 06/28/2025 | ||
| WY | QE | 30 | 27 | 3 | Online | Online | 06/29/2022 | 06/28/2025 |
Course Objectives
- Forecast incomes and expenses for a multiyear holding period.
- Forecast reversions for a multiyear holding period.
- Discount overall mortgage and equity cash flows to present value.
- Use yield capitalization formulas to calculate present value.
- Use data and sources to select and support risk-adjusted discount rates.
- Solve problems in lease analysis, risk and investment analysis, leverage, and subdivision analysis.
- Value partial interests.
Course Details
Program Overview:
Online Syllabus
Assignments:
No
Equipment:
- A financial calculator is required. The accepted model used in the program is the HP-12C. AI education programs that require a financial calculator are developed with HP-12C keystrokes; using this model is highly recommended.
- You must be familiar with calculator operation when the program begins. Do not enroll expecting to be taught how to use a financial calculator.
- For additional help with the HP-12C calculator, take our online seminar Using Your HP-12C Financial Calculator.
- HP-12C calculator User’s Manual.
Additional Information:
Exam:
You will have 90 days from the time that you complete the course to take the proctored, offline exam. Testing center locations in your area can be found by clicking on this link:www.pearsonvue.com/ai.
Exam FAQ
Online Course Access
Go to www.appraisalinstitute.org and log in with the username and password you used when you registered. Click on the red “My Account” button if you are not automatically taken to your account page.
1. Click "Education and Events" on the right navigation menu.
2. Find the course under the “Online Courses” heading and click the “Begin” button.
IMPORTANT NOTE: Once this button is clicked, your access length time (e.g. 90 days) will begin. Only click when you intend to start the course. If you are returning, once you have started the course, click the “Continue” button to continue.
Technology-Based Education Student Disclaimer
I agree to the terms and policies set forth under the Appraisal Institute Education Policy. I also certify that I am the person identified under Personal Data and that I will personally complete each assigned component of instruction and any examination(s). I understand and agree that if I misrepresent my identity or arrange for someone else to represent himself or herself as me at any time during the Appraisal Institute online course or seminar, I will be immediately removed from the course or seminar and I will not be entitled to any refund. I further understand that if I am a Designated member, Candidate for Designation, Practicing Affiliate, or Affiliate of the Appraisal Institute and participated in any misrepresentation of identity, by affirmative act or failure to act, I will be the subject of a peer review proceeding under Regulation No. 6 for violation of the Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute, and such peer review proceeding may result in termination of my Appraisal Institute membership, candidacy, and/or affiliation.
Other Details
For information about how on demand online education programs work, registration and cancellation policies, and other details, see our On Demand Online Education Frequently Asked Questions.
Requirements:
Prerequisites
Course Materials & Recommended Books
Pricing Options
| Rate | Full Price | AI Price |
|---|---|---|
| Standard
Today thru 12/31/2050 |
$595.00 | $490.00 |
Have Exam Questions?
Additional Course Offerings
| Sponsor | Date | Location | Format | ||
|---|---|---|---|---|---|
| Hoosier State Chapter | June 11-14, 2024 | Indianapolis, IN | Classroom | View Details | Register |
| North Texas Chapter | August 19-22, 2024 | Dallas, TX | Classroom | View Details | Register |
| North Star Chapter | September 23-26, 2024 | Bloomington, MN | Classroom | View Details | Register |