The 35-hour Advanced Income Capitalization course implements a blended learning approach, which includes a pre-class, two-hour online session combined with 30 hours of traditional classroom education and wraps up with a three-hour exam on the fifth morning.

Course Description
Advanced Income Capitalization builds on topics covered in the General Appraiser Income Approach/Part 1 and General Appraiser Income Approach/Part 2 courses. It introduces additional topics that a seasoned general appraiser can expect to meet in everyday practice. The course features a limited review of material covered in the previous income courses to maximize the time available for advanced topics. Advanced topics are divided into six general areas:

• Operating income issues, including complex lease structures, reimbursements, and tenant improvement allowances
• Property valuation techniques, property taxes that are a function of market value, reversions, property model applications, and supporting the discount rate
• Complex mortgage instruments and the effects of leverage
• Equity valuation
• Investor motivations, including measures and types of risk, measures of return, and income tax consequences
• Case study applications of an office building, a subdivision, and a proposed development with prospective and subject to hypothetical values

• Laptops (recommend external mouse)
• Spreadsheet program: Excel 2007 (participants can use other spreadsheet programs, but those programs won’t be supported in class; demonstrations will be done in Excel)
• HP-12C calculator
• You must be familiar with basic Excel and calculator operation when the course begins. Answers to problems in course material are shown using Excel and the HP-12C. Do not come to class expecting to be taught how to use Excel or 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 HP-12C calculator, take our online seminar, Using Your HP12-C Financial Calculator.

• Advanced Education Diagnostic Test
• Basic Appraisal Principles
• Basic Appraisal Procedures
• 15-hour National USPAP
• General Appraiser Income Approach/ Part 1
• General Appraiser Income Approach/Part 2

Cancellations/Refunds: Requests for cancellations 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. Please be sure to read "Cancellation Policy".

Course Attendance: 100% attendance is required for all Appraisal Institute education programs. This follows Appraiser Qualification Board minimum criteria requirements.

ADA Policy: If you have a disability and may require special accommodations, please notify the chapter office at least two weeks in advance and we will arrange for reasonable accommodations.