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General Appraiser Income Approach/Part 2
November 4 - 7, 2013
San Antonio, TX
Jay M. Massey, MAI, SRA
Bexar Appraisal District- First Flr Training Room/Classroom
411 N. Frio
(SW Corner Frio & Martin)
to check state approvals
Sponsor / Contact
After a diagnostic quiz on the six financial functions of one and a brief review,
General Appraiser Income Approach/Part 2
opens with a thorough treatment of discounted cash flow (DCF) analysis. Topics include identifying components of a DCF, projecting cash flows, analyzing leases, solving for value in a variety of common situations, and supporting the discount rate. The effects of debt financing including cash equivalence and equity analysis are covered in detail. Income patterns and property models including residual and other applications are followed by selecting and supporting the discount rate. Also presented are the strengths and weaknesses of direct and yield capitalization. The final section reviews and summarizes the mathematical concepts involved with income capitalization and prepares the participant for not only the course exam but also the certification exam.
The 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:
Delivery Method: Group-Live
Table of Contents and Overview
Those seeking general Appraiser Certification, underwriters, lenders, and assessors.
HP12C calculator user's manual
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.
Using a Financial Calculator; Symbols and Formulas, Capitalization Selection Tree, and Sample Problems;
Financial Calculator Practice Exercises
For additional help with the HP12C calculator, take our online seminar,
Using Your HP12C Financial Calculator.
Laptops NOT REQUIRED
Basic Appraisal Principles
Basic Appraisal Procedures
General Appraiser Income Approach/Part 1
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.
For Further Reading
The Appraisal of Real Estate, 14th ed.
Mathematics for Real Estate Appraisers
Rates and Ratios Used in the Income Capitalization Approach
Capitalization Theory and Techniques Study Guide, 3rd ed.
Up To 15 days prior to program start date, refund in full.
7 - 14 days prior to program start date, $25.00 cancellation fee.
Less than 7 days prior to program start date, forfeit of payment.
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.
ALL PROGRAM MATERIALS ARE SHIPPED DIRECTLY TO STUDENTS. STUDENTS MUST BRING THEIR MATERIALS TO THE CLASS AS NO EXTRA MATERIALS ARE AVAILABLE. Exceptions are those who have signed up after the registration deadline. These materials will be shipped to the South Texas Chapter office and students will receive them at check-in on the day of class. Early registration is highly recommended. No Walk-Ins Allowed.
Note: Additional equipment or books may be required. There are prerequisite education offerings and a list of recommended texts. Please refer to course description for all details.
This course is limited to 35 students maximum (no exceptions!
This is per the National Office of the Appraisal Institute. This course is approved for twenty seven (27) hours Appraisal Institute continuing education credit (CE)and an additional three (3) hours credit upon successful completed of the exam. 100% attendance is required. No exceptions. This course is pending approval for acceptance by the Texas Appraiser Licensing and Certification Board (TALCB) for twenty-seven (27) hours of continuing education credit (ACE)and an additional three (3) hours credit upon successful completed of the exam. 100% attendance is required. No exceptions. This course is not accepted by the Texas Real Estate Commission (TREC) MCE credit hours. This course is pending approval by Texas Department of Licensing and Regulation (TDLR) for twenty-seven (27)hours of continuing education and an additional three (3) hours credit upon successful completed of the exam. 100% attendance is required. No exceptions. The South Texas Chapter reserves the right to cancel this course at anytime. In the event of this, course fees will be refunded. The Chapter is not liable for any non-refundable fees such as airline tickets, hotel reservations, rental car and related student expenses. ADA Policy: Contact the South Texas Chapter Office by phone or email two weeks prior to the offering for any accommodations needed.
Program materials will be picked up at the site.
b>Check-In Monday, November 4, 2013 8:00 AM with Mandatory Orientation at 8:30 AM
Monday, November 4, 2013 9:00 AM to 5:00 PM and Tuesday through Thursday, November 5, 2013 through November 7, 2013 8:00 AM to 5:00 PM. Beverages and snacks provided at the breaks. Lunch is on your own.
Bexar Appraisal District First Floor Classroom-Training Room, 411 N. Frio, San Antonio, Texas 78205 (SW Corner of Frio and Martin)(Emergency Phone is 210/224-8511.) Free parking is available at the front or rear of the building but students must enter through the front door and check with receptionist for room location.
A list of nearby hotels or other downtown hotels is available. Special sleeping room rates are available at the Crowne Plaza Riverwalk at Martin and Soledad St. Contact the Chapter Office for specific details. Area map available. Contact the South Texas Chapter office.