Fundamentals of Separating Real Property, Personal Property, and Intangible Business Assets provides the theoretical and analytical framework for separating the tangible and intangible assets of real estate centric businesses. Through discussion, lecture, readings, and case studies, participants will apply the theory of the firm and the concept of economic profit to the solution of problems and case studies related to ad valorem taxation, eminent domain, loan underwriting, and transaction price allocation.
An overview of business valuation procedures and clarification of real estate and business valuation terminology will be provided so participants become familiar with
the terminology relevant to separating asset values. The class will review the legal foundations for property rights, be introduced to the methodologies, and become aware of the controversial and unresolved issues in this field. Finally, participants will learn about allocating real estate, personal property, and intangible asset values.

Note. Fundamentals of Separating Real Property, Personal Property, and Intangible Business Assets contains diverse opinions regarding appraisal theory and applications. Neither this course nor the Appraisal Institute advocates a particular theory or method. Rather, each appraiser must come to his or her own conclusion based on the property type, local market customs, and scope of work.

Upon completion of the course, participants will be able to:

• Recognize operating properties as distinct from pure space properties.
• Recognize when the scope of work requires the separation of various kinds of assets to produce a credible appraisal.
•  Understand the concepts, terminologies, and economic principles that underlie the asset claims to the revenue stream .
• Understand the terminology relevant to separating asset values and the roots of that terminology in accounting, business valuation, and valuation for financial reporting.
•  Understand the complexity of valuing a property as it relates to appraisal problems, separating asset values, valuation for financial reporting.
•  Understand the legal foundations for property rights.
•  Identify when there is a need to work with a professional in another field, such as a business or tangible personal property valuers.
•  Recognize the methodology.
•  Objectively articulate the various issues that are considered controversial and unresolved.
•  Understand the parallels between the business valuation methodologies and real property valuations.

Required Text

A Business Enterprise Value Anthology, 2nd Edition (2011) IS REQUIRED FOR THIS COURSE.

Recommended Text

Intellectual Property: Valuation, Exploitation, and Infringement Damages, Gordon V. Smith and Russel L. Parr, Wiley & Sons, Hoboken, NJ (available via the Wiley bookstore by clicking here)

Note. This course is in the Valuation of the Components of a Business Enterprise Professional Development Program. For a list of FAQs, which includes information regarding the courses you'll need to successfully complete the program, click here.

Note. Effective October 1, 2011, the SBA updated their appraisal policies relative to going concern appraisals.  For more information about the SBA’s new requirement, please click here.

Note. Summary of Edits to Fundamentals Course, click here.

CANCELLATION POLICY:
Requests for cancellation must be received in writing at the Chapter Office. The Chapter reserves the right to cancel, limit, or reschedule the course and to change faculty assignments and facility location at any time; therefore, prospective students should confirm their registration prior to making any non-refundable airline reservations. The Appraisal Institute, Central Texas Chapter is not responsible for students’ non-refundable airline reservations or other travel costs.

COURSE MATERIAL POLICY:
Course material will be shipped directly to the student within four (4) weeks of registration. If this material has been shipped and you request a registration cancellation, you will automatically be charged a $25.00 fee and you may keep the material. Once the fee is charged, your refund will be processed. Material returns are no longer accepted.

PREREQUISITES:
Some courses have prerequisites. Be sure to read the course description to find out if there are any prerequisites for this course.

ATTENDANCE POLICY:
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 credit that verify successful completion and attendance of 100% with your grade notification letter for courses, or at the conclusion of seminars. Attendance at course orientation is mandatory. One hundred percent (100%) attendance is required for all Appraisal Institute education programs. This follows Appraiser Qualifications Board minimum criteria requirements.

ADA COMPLIANCE:
If you are disabled and/or have special needs, a prompt reply is required to allow sufficient time to arrange for reasonable accommodations. If notification is not requested in advance, we cannot guarantee the availability of accommodation on site. For additional information, please call the Chapter office at 972-233-2244.

COURSE SCHEDULE:
Registration – October 29 (8:00 am)
Lecture – October 29 (8:30 am to 4:30 pm)
Lecture - October 30 (8:30 am to 3:30 pm)
Exam - October 30 (3:30 to 4:30 pm)

CONTINUING EDUCATION CREDITS:
Appraisal Institute – 14 hours, 1 exam hour
Texas Continuing Education (ACE) – 14 hours
MCE (Texas Brokers/Salesmen) – 15 hours; 0 legal hours

TUITION INCLUDES:
Course materials. Tuition does not include textbooks or equipment.

STUDENT ROSTERS:
Students that do not wish to have their name, address, phone number and email address published to other students in the class must notify the Chapter five (5) days prior to the beginning of the course.