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Since it was first published in 1973, Capitalization Theory and Techniques, Study Guide has served as an essential resource for students of the income capitalization approach to value. Throughout the text's long life, readers have responded to its clear and cogent presentation of a complex subject. Looking back over decades of change in the appraisal industry and looking forward to the needs of students in the new century, the Appraisal Institute is proud to present Capitalization Theory and Techniques, second edition.

 

The second edition of the study guide is a significant revision. New problems have been added and existing problems have been adapted to reflect contemporary market conditions and evolving appraisal techniques. Throughout the text, lessons have been revised to reflect the evolution of the technologies applied to property income and expense analysis. Computerized lease-by-lease analysis has been added along with new material on the application of financial calculators to mortgage-equity analyses. Although the compound interests tables that were important to appraisers when the study guide was first published have now largely been supplanted by financial calculators and computer software, an understanding of the mathematics of finance remains an integral part of the education of an appraiser. Like its predecessor, the second edition of Capitalization Theory and Techniques should serve as a useful classroom tool for many years to come.

 

About the Author
Charles B. Akerson, MAI, CRE emeritus, is an internationally known real estate appraiser, counselor, teacher and author. He started in the real estate business in 1947, and his background includes brokerage, management, construction, and valuation. Mr. Akerson is the author of Capitalization Theory and Techniques, Study Guide and The Appraiser’s Workbook. He retired from full-time real estate appraising and consulting in 1997. He can be reached at P.O. Box 108, Westport Point, Mass. 02791; by fax at (508) 636-1254; or by e-mail: Cakerson@aol.com