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Advanced Income Capitalization

    Date: April 15 - 21, 2010   Location: Independence, OH
 
  Course    
Category  Capitalization [Cap]  
Level  II  
Attendance Hours  36.0  
Exam Hours  4.0  
Current Price  $ 650.00 Member *
$ 675.00 Regular
* SAVE! early registration
 
  Instructor    
Mark R. Rattermann, MAI, SRA  
Instructor Pending  
    
 
  Location    
Name  The University of Phoenix  
Address  5005 Rockside Road  
City  Independence  
State  OH  
Zip  44131  
 
Click Here to check state approvals
     
 
  Sponsor / Contact    
Chapter  Northern Ohio
Website  www.aiohio.org  
Contact Name  Amy Cramer  
Email  info@aiohio.org  
Phone  (216) 520-0560  
Fax  (216) 274-9289  
 
  Description    
In this course advanced applications of the income capitalization approach are investigated and explored. Discounted cash flow (DCF) analysis provides the framework for much of the discussion of investment analysis concepts, emphasizing an understanding of the relationships among the various components of DCF. Financial leverage, risk analysis, and ways to support a discount rate are highlighted.



This course may be used to fulfill the 30-hour Elective topic requirement toward certification in states where approved for QE credit. NOTE: This course is not a substitute for the prerequisite General Appraiser Income Approach, Parts 1 & 2 courses.



Note: Required MAI Designation Course


Content


  • Review of income capitalization concepts
  • Estimating cash flows
  • Investment analysis concepts
  • Risk analysis
  • Financial leverage
  • Yield capitalization (DCF) using an overall yield rate
  • Supporting the discount rate
  • Application of concepts
  • Stabilizing income and yield capitalization (DCF) using an equity yield rate


What You Will Gain


At the end of the course, you will be able to:


  • Understand the different assumptions underlying direct capitalization and yield capitalization
  • Project cash flows from net operating income and reversion
  • Identify the yield capitalization procedures used to value a property
  • Evaluate the risk associated with an income property investment
  • Apply the concepts learned to estimate a discount rate


Required Texts
Recommended Texts


National Registry of CPE SponsorsThe Appraisal Institute is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Nashville, TN, 37219-2417. Web site: www.nasba.org.

Delivery Method: Group-Live


Downloads

  • Table of Contents and Overview [PDF]
  • Course Schedule [PDF]
    •  
      Audience    
    General appraisers with a solid background in the income capitalization approach, accountants
     
      Equipment    
  • HP12C calculator
  • You must be familiar with calculator operation when the course begins. Answers to problems in course material are shown using the HP12C. Do not come to class expecting to be taught how to use a financial calculator.
  • Free Review—Using a Financial Calculator; Formulas, Symbols, Math Review, and Sample Problems; and Financial Calculator Practice Exercises
  • For additional help with the HP12C calculator, take our online seminar, Using Your HP12C Financial Calculator.
    		•
     
      Prerequisites    
    Successful completion of Basic Appraisal Principles, Basic Appraisal Procedures, General Appraiser Income Approach/ Part 1, and General Appraiser Income Approach/Part 2, or equivalent courses is required.

    Students must sign a waiver at the beginning of the course stating that they have the prerequisites. If they do not, they will not hold the Appraisal Institute responsible and will not expect to receive special attention during the course.

    Required
  • Uniform Standards of Professional Appraisal Practice, current ed.
  • The Appraisal of Real Estate, 12th ed.
  • The Dictionary of Real Estate Appraisal, 4th ed.
    •  
      For Further Reading    
    •  Advanced Income Capitalization  
    •  Capitalization Theory & Techniques Study Guide, 3rd ed.  
    •  Rates and Ratios Used in the Income Capitalization Approach  
     
      Disclaimer    
    Cancellation Policy
    • Up To 15 days prior to program start date, refund in full.
    • 7 - 14 days prior to program start date, $50.00 cancellation fee.
    • Less than 7 days prior to program start date, forfeit of payment.
    		   Transfer Policy
    • Up To 15 days prior to program start date, no transfer fee.
    • 7 - 14 days prior to program start date, $25.00 transfer fee.
    • Less than 7 days prior to program start date, no transfer allowed.
    		   Program Material Policy

    Beginning 4 weeks before the offering start date, program material will be shipped directly to the student. If this material has been shipped and you request a registration cancellation, a call tag will be issued for the return of this material. A registration refund will not be issued until the material has been returned.
    Enrollment is on a first-come, first-served basis. The Northern Ohio Chapter reserves the right to cancel this course if the minimum enrollment level is not reached. Attendance requirements mandated by the state of Ohio will be strictly enforced. Certificates will be issued to those in attendance for 100% of the course hours or better. If you have a disability and may require some accommodation, please notify us in writing at least 2 weeks in advance and we will arrange for reasonable accommodation.

    Program materials will be shipped directly to the student. If you do not receive your materials within 5 days before the offering start date, please call the sponsor to inform them.
     
      Additional Information    
    April 15 – registration is at 8:00 a.m. with class from 8:30 a.m. – 5:00 p.m. April 16-17 and April 19-21 – class from 8:30 a.m.–5:00 p.m. (exam is the last two hours on April 21) University of Phoenix, 5005 Rockside Road, Independence, Ohio 44131, telephone number 216-447-8807.
     

     
     
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    conducts its activities in accordance with federal, state and local laws.
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    All rights reserved.