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Advanced Income Capitalization

    Date: May 20 - 26, 2010   Location: Aurora, CO
 
  Course    
Category  Capitalization [Cap]  
Level  II  
Attendance Hours  36.0  
Exam Hours  4.0  
Current Price  $ 600.00 Member
$ 730.00 Regular
 
  Instructor    
Gary S. DeWeese, MAI  
Instructor Pending  
    
 
  Location    
Name  The Summit Conference & Event Center  
Address  411 Sable Blvd  
City  Aurora  
State  CO  
 
Click Here to check state approvals
     
 
  Sponsor / Contact    
Chapter  Colorado
Website  www.colo-ai.org  
Contact Name  Sherry Engleberg  
Email  cochap@colo-ai.org  
Phone  (303) 691-0487  
Fax  (303) 757-0158  
 
  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, $50.00 cancellation fee.
    • 2 - 14 days prior to program start date, $100.00 cancellation fee.
    • Less than 2 days prior to program start date, forfeit of payment.
    		       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.
    Cancellation/Refunds: Requests for cancellation must be received in writing at the Chapter Office. Confirmed students should not assume that cancellation has been granted until a confirmation has been received. Direct your e-mail requests to cochap@colo-ai.org. Event Cancellation: The Colorado Chapter reserves the right to cancel any event, course or seminar if the minimum enrollment level is not reached. Prospective students should confirm their registration before making any non-refundable airline reservations. Attendance: The Appraisal Institute enforces attendance requirements mandated by state licensing and certification regulatory agencies. The Appraisal Institute issues certificates for state certification/licensing or state continuing education that verify successful completion and attendance of 100% at the completion of the course or seminar. Please note: if Appraisal Institute records indicate attendance of less than 100%, the student’s certificate will reflect this, and state agencies may refuse to award credit. ADA Policy: If you have a disability and may require some accommodation at any event, please notify us in writing at least 2 weeks in advance and we will arrange for reasonable accommodations. PROGRAM MATERIALS: 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. 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. IF YOUR COURSE MATERIAL WAS SENT DIRECTLY TO YOU, PLEASE MAKE SURE YOU BRING IT WITH YOU TO CLASS EACH DAY. ADDITIONAL COURSE MATERIAL WILL NOT BE AVAILABLE TO YOU AT THE CLASS.

    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    
    COURSE SCHEDULE
    May 20
    Registration and Course Materials Distribution 7:30 am - 8:00 am
    Orientation (Attendance is Mandatory) 8:00 am - 9:00 am
    Course Lecture 9:00 am - 5:00 pm
    NO CLASS MAY 23
    May 21-25
    Course Lecture 8:30 am - 4:30 pm
    May 26
    Examination 8:30 am - 12:30 pm

    LOCATION
    The Summit Conference Center & Event Center
    411 Sable Blvd., Aurora, CO 80111
    Suggested Lodging
    Homewood Suites by Hilton
    4210 Airport Way
    Denver, CO 80239
    303.371.4555 1.800.225.5466
    Reference Summit Center or Corporate ID #0560065003
     

     
     
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