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Apartment Appraisal, Concepts and Applications

    Online Education
 
  Course    
Category  General [Gen]  
Level  I  
Attendance Hours  15.0  
Exam Hours  1.0  
Current Price  $ 280.00 Member
$ 330.00 Regular
 
  Instructor    
Kenneth G. Foltz, MAI, SRA  
    
 
  Location    
Appraisal Institute - Online Education
 
Click Here to check state approvals
     
 
  Sponsor / Contact    
Contact Name  John Witham  
  Appraisal Institute  
Email  tbe@appraisalinstitute.org  
Phone  (312) 335-4207  
 
  Description    

Overview:

This course demonstrates how to apply the valuation methods taught in earlier courses to small and mid-sized apartment properties. Participants learn the importance of sound market analysis and how to select the most suitable valuation approaches for each assignment, with emphasis on direct income capitalization. The course material is packed with sources of electronic and conventionally published data on rents, occupancy by market area, and investor expectations as well as pointers on appraisal reporting.


An in-depth case study focuses on a fictional appraisal with a "story" including descriptions, data, interpretation, analysis, application, and conclusions. This case provides an opportunity to see the errors of omission and commission that can, and have, occurred. Small errors often lead to bigger ones and ultimately erroneous conclusions about value. This brings together the concepts covered in this 15-hour course, with additional 1 hour exam.



Do I have to take the course exam?


You are required to complete and pass a proctored offline exam if:



  • you are taking this class to meet state qualifying education requirements

  • you are taking this class to meet the qualifying education requirements for an Appraisal Institute designation

You may be required to complete and pass a proctored offline exam if:



  • you are taking this class to meet state continuing education requirements.  Most states do not require the exam for CE credit, but please confirm this with your state licensing board.

You are not required to complete and pass a proctored offline exam if:



  • if you are taking this class to meet the continuing education requirements of an Appraisal Institute designation

You will have 90 days from the time that you complete the course to take the proctored exam. Testing center locations in your area can be found by clicking on this link: www.pearsonvue.com/ai.




Syllabus:

Module 1: Overview

Module 2: Apartment Characteristics

Module 3: Market Analysis

Module 4: Valuation Methods: Income Capitalization Approach

Module 5: Valuation Methods

Module 6: Case Study

Module 7: Reporting the Apartment Appraisal


Learning Objectives:

  • Identify and distinguish between different apartment classifications

  • Identify the six-step market analysis process as a framework for analyzing a market standard and developing a highest and best use conclusion

  • Calculate one year's potential gross income for use in direct capitalization

  • Analyze an owner's operating statement and compare it with an appraiser's reconstructed operating statement

  • Recognize the importance and relative weight of each valuation approach applied to an apartment property

  • Identify the reporting options for apartment appraisals

  • Recognize potential underwriting pitfalls related to apartment appraisal reporting
 
  Equipment    
A Financial Calculator is required for this class.You can take a financial calculator into the exam provided you clear the memory banks before hand. The allowed calculators are: HP 10b, HP 10bii, HP 12c, HP 17bii, HP 19bii calculators or Texas Instruments (TI) BA II PLUS. Other calculators are prohibited for the exam.
 
  Prerequisites    
Successful completion of Basic Appraisal Principles and Basic Appraisal Procedures and General Appraiser Income Approach/ Part 1 or equivalent knowledge is required.

Students requesting a waiver of the prerequisiste(s) based on educational background must sign and submit a waiver and fax the form to John Witham at 312-335-4203. If they do not, they will not hold the Appraisal Institute responsible and will not expect to receive special attention during the course.

Who Should Enroll

General appraisers and residential appraisers with an interest in this property type.

 
  Disclaimer    
Cancellation Policy
If you are unable to complete a seminar once it begins, you may cancel out of the seminar before the official seminar end date. Once you cancel out of a seminar, however, you must start the seminar over at the beginning in any later enrollments. You cannot be placed into the seminar where you left off before canceling.

The following tuition refund policy is in effect for canceled online seminars based on the amount of material completed in a seminar:

• Less than 25% of the seminar completed: full tuition refund

• More than 25% of the seminar completed: no tuition refund

   Transfer Policy
If you wish to transfer a registration from one seminar to another, the following transfer policy applies based on the amount of material completed in a seminar:

• Less than 25% of original seminar completed: transfer allowed

• More than 25% of original seminar completed: no transfer allowed

If you transfer from a lower priced seminar to a higher priced seminar, you will be responsible for paying the difference using the automated online system. If you transfer from a higher priced seminar to a lower priced seminar, an appropriate tuition refund will be issued.

    
I agree to the terms and policies set forth under the Appraisal Institute Online Education Policy. I also certify that I am the person identified above under Personal Data and that I will personally complete each assigned module 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 member of the Appraisal Institute and participated in any misrepresentation of identity, by affirmative act or failure to act, that I will be the subject of a peer review proceeding under Regulation No. 6 for violation of the Appraisal Institute's Code of Professional Ethics and Standard of Professional Appraisal Practice, and that such peer review proceeding may result in termination of my Appraisal Institute membership.
 
  Additional Information    
For online education, you will receive an email from the instructor on the morning of the session start date that will remind you of your login information and the website address to begin your program.

To start immediately if you registered for an online education session in progress (on or after the session start date), go to www.appraisalinstitute.org and log in with the username and password you used when you registered. You will automatically be taken to the "My Appraisal Institute" page. Near the middle of that page your course will be listed with a link next to it that says "Go To Class".

If you have any questions, please email us at tbe@appraisalinstitute.org.


•  Online Education Homepage  
 

 
 
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