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    Advanced Income Capitalization

    More Info Register
    May 28 - June 7, 2024
    Date
    May 28 - June 7, 2024
    Sponsor
    Appraisal Institute
    Appraisal Institute - Synchronous (Live Online) Location
    Instructor
    Larry T. Wright, MAI, SRA, AI-GRS
    Class Time
    30 hours
    Exam Time
    3 Hours
    Full Price
    $1,300.00
    AI Price
    $1,000.00
    Enroll by June 7!
    View Pricing Options
    Course Description
    Explore advanced applications of the income capitalization approach. Discounted cash flow 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, and risk analysis. Hands-on computer spreadsheet modeling techniques are illustrated.
    Note. This course is in the Real Estate Analyst Professional Development Program. View this list of FAQs, which includes information regarding the courses you'll need to complete the program successfully.
    Who Should Enroll
    • General real property appraisers with a solid background in the income capitalization approach
    • Candidates for Designation who are working toward an MAI designation
    • Accountants
    AI CE Points
    Attend:
    275
    Attend & Pass Exam:
    375
    Pass Only:
    325
    State Approvals
    State QE/CE Course & Exam Course Only Exam Only Delivery Format Approval Format Start Date Expire Date State Code
    AK CE 35 32 3 Synchronous Synchronous 03/16/2019 06/15/2026 15215
    AK QE 35 32 3 Synchronous Synchronous 03/16/2019 06/15/2026 15215
    AL CE 32 32 Synchronous Livestream 10/01/2022 09/30/2024 C02661
    AL CE 35 32 3 Synchronous Synchronous 10/01/2022 09/30/2024 C02661
    AL QE 35 32 3 Synchronous Synchronous 10/01/2022 09/30/2024 C02661
    AL QE 35 32 3 Synchronous Livestream 10/01/2022 09/30/2024 C02661
    AR CE 30 30 Synchronous Synchronous 07/01/2022 06/13/2025
    AR QE 33 30 3 Synchronous Synchronous 07/01/2022 06/13/2025
    AZ CE 33 30 3 Synchronous Synchronous 08/31/2023 08/31/2026 74607
    AZ QE 33 30 3 Synchronous Synchronous 08/31/2023 08/31/2026 74607
    CA CE 30 30 Synchronous Livestream 09/02/2022 09/01/2026 10754211
    CA CE 30 30 Synchronous Synchronous 05/09/2021 05/08/2025 13CP754601053
    CA QE 33 30 3 Synchronous Livestream 09/02/2022 09/01/2026 10754211
    CA QE 33 30 3 Synchronous Synchronous 05/09/2021 05/08/2025 13CP754601053
    CO CE 30 30 Synchronous Synchronous 02/19/2022 02/18/2025 2147
    CO CE 33 30 3 Synchronous Synchronous 02/19/2022 02/18/2025 2147
    CO QE 33 30 3 Synchronous Synchronous 02/16/2022 02/18/2025 2147
    CT CE 32 32 Synchronous Synchronous 02/03/2022 02/03/2025 AAL.000887
    CT CE 32 32 Synchronous Livestream 02/03/2022 02/03/2025 AAL.000887
    CT QE 35 32 3 Synchronous Synchronous 02/01/2022 02/01/2025 APR.000243
    CT QE 35 32 3 Synchronous Livestream 02/02/2022 02/03/2025 APR.000243
    DC CE 33 30 3 Synchronous Synchronous 02/29/2024 02/28/2026 3126
    DC QE 33 30 3 Synchronous Synchronous 02/29/2024 02/28/2026 3126
    DE CE 33 30 3 Synchronous Synchronous 08/31/2023 08/31/2026 74607
    DE QE 33 30 3 Synchronous Synchronous 08/31/2023 08/31/2026 74607
    FL CE 20 20 Synchronous Synchronous 02/01/2023 01/18/2025 0009366
    FL QE 33 30 3 Synchronous Synchronous 03/04/2023 03/05/2025 0010468
    GA CE 32 32 Synchronous Synchronous 02/10/2022 02/18/2025 73970
    GA QE 35 32 3 Synchronous Synchronous 02/10/2022 02/18/2025 73969
    HI CE 30 30 Synchronous Synchronous 01/01/2024 12/31/2024 23-461
    HI CE 33 30 3 Synchronous Synchronous 01/01/2024 12/31/2024 23-461
    HI QE 33 30 3 Synchronous Synchronous 01/01/2024 12/31/2024 23-461
    IA CE 30 30 Synchronous Synchronous 02/01/2022 02/18/2025 A518-1227
    IA QE 33 30 3 Synchronous Synchronous 02/01/2022 02/18/2025 A518-1228
    IA QE 33 30 3 Synchronous Synchronous 02/01/2022 02/18/2025 A518-1229
    ID CE 30 30 Synchronous Synchronous 05/18/2021 08/31/2026
    ID QE 33 30 3 Synchronous Synchronous 05/18/2021 08/31/2026
    IL CE 32 32 Synchronous Livestream 01/01/2022 12/31/2024 575.010503
    IL CE 30 30 Synchronous Synchronous 01/01/2023 12/31/2024 575.010503
    IL QE 33 30 3 Synchronous Synchronous 01/01/2023 12/31/2024 573.000599
    IL QE 33 30 3 Synchronous Livestream 01/01/2023 12/31/2024 573.000705
    IN CE 33 30 3 Synchronous Synchronous 08/31/2023 08/31/2026 74607
    IN QE 33 30 3 Synchronous Synchronous 08/31/2023 08/31/2026 74607
    KS CE 30 30 Synchronous Synchronous 01/01/2024 12/31/2024 158.C24.R
    KS QE 33 30 3 Synchronous Synchronous 01/01/2024 12/31/2024 294.P24.R
    KY CE 33 30 3 Synchronous Synchronous 07/01/2023 06/30/2024
    KY QE 33 30 3 Synchronous Synchronous 07/01/2023 06/30/2024
    LA CE 32 32 Synchronous Synchronous 02/19/2022 02/18/2025 A0223
    LA QE 35 32 3 Synchronous Synchronous 02/19/2022 02/18/2025 A0223
    MA CE 32 32 Synchronous Synchronous 12/23/2021 02/18/2025 120083
    MA QE 33 30 3 Synchronous Synchronous 09/01/2023 08/31/2026 10051234
    MD CE 33 30 3 Synchronous Synchronous 08/31/2023 08/31/2026 74607
    MD QE 33 30 3 Synchronous Synchronous 08/31/2023 08/31/2026 74607
    ME CE 33 30 3 Synchronous Synchronous 08/31/2023 08/31/2026 74607
    ME QE 33 30 3 Synchronous Synchronous 08/31/2023 08/31/2026 74607
    MI CE 30 30 Synchronous Synchronous 03/22/2024 12/14/2026 20-952143
    MI QE 33 30 3 Synchronous Synchronous 03/22/2024 12/14/2026 20 - 952099
    MN CE 35 32 3 Synchronous Synchronous 03/01/2023 02/28/2025 1017912
    MN QE 35 32 3 Synchronous Synchronous 03/01/2023 02/28/2025 1017911
    MO CE 30 30 Synchronous Synchronous 09/01/2023 08/31/2026
    MO QE 33 30 3 Synchronous Synchronous 09/01/2023 08/31/2026
    MS CE 30 30 Synchronous Synchronous 02/25/2024 07/27/2025 MAB #49604
    MS QE 33 30 3 Synchronous Synchronous 02/25/2024 07/27/2025 MAB #49604
    MT CE 30 30 Synchronous Synchronous 02/16/2022 02/16/2025 REA-CEC-REC-14899
    MT QE 33 30 3 Synchronous Synchronous 02/16/2022 02/16/2025 REA-CEC-REC-14899
    NC QE 30 30 Synchronous Synchronous 01/01/2024 12/31/2024
    ND CE 33 30 3 Synchronous Livestream 01/01/2022 CE-201005
    ND CE 33 30 3 Synchronous Livestream 01/01/2022
    ND CE 35 32 3 Synchronous Synchronous 05/02/2013
    ND QE 33 30 3 Synchronous Livestream 01/01/2022
    ND QE 35 32 3 Synchronous Synchronous 05/02/2013
    NE QE 33 30 3 Synchronous Synchronous 08/31/2023 08/31/2026 74607
    NH CE 30 30 Synchronous Synchronous 03/18/2022 02/18/2025
    NJ CE 30 30 Synchronous Synchronous 09/01/2023 08/31/2026 2023-3430
    NJ QE 33 30 3 Synchronous Synchronous 09/01/2023 08/31/2026 2023-3430
    NM CE 30 30 Synchronous Synchronous 02/19/2022 08/31/2026 4291
    NM QE 33 30 3 Synchronous Synchronous 02/19/2022 08/31/2026 4291
    NV CE 30 30 Synchronous Synchronous 10/01/2019 06/30/2024 CE.0009729-A
    NV QE 33 30 3 Synchronous Synchronous 10/01/2019 06/30/2024 PL.0009434-A
    NY CE 30 30 Synchronous Synchronous 01/01/2024 12/31/2024 A4089-28
    NY QE 33 30 3 Synchronous Synchronous 01/01/2024 12/31/2024 A4089-28
    OH CE 33 30 3 Synchronous Synchronous 02/20/2024 12/31/2024 084400104A 22
    OH CE 30 30 Synchronous Synchronous 02/20/2024 12/31/2024 084400104A 22
    OH QE 33 30 3 Synchronous Synchronous 06/05/2013
    OH QE 33 30 3 Synchronous Synchronous 08/31/2023 08/31/2026 74607
    OK CE 30 30 Synchronous Synchronous 02/07/2022 02/18/2025 874
    OK QE 35 32 3 Synchronous Synchronous 02/07/2022 02/18/2025 668
    OR CE 35 33 2 Synchronous Synchronous 09/01/2023 08/31/2026 APIN-Q-1121-8900
    OR QE 35 33 2 Synchronous Synchronous 09/01/2023 08/31/2026 APIN-Q-1121-8900
    PA CE 30 30 Synchronous Synchronous 07/25/2022 02/18/2025
    PA CE 30 30 Synchronous Synchronous 02/12/2024 08/31/2026
    PA CE 33 30 3 Synchronous Synchronous 12/14/2023 08/31/2026
    PA QE 33 30 3 Synchronous Synchronous 07/25/2022 02/18/2025
    PR CE 33 30 3 Synchronous Synchronous 08/31/2023 08/31/2026 74607
    PR QE 33 30 3 Synchronous Synchronous 08/31/2023 08/31/2026 74607
    RI CE 30 30 Synchronous Synchronous 02/01/2022 02/18/2025 REA.0001826-CE
    RI QE 33 30 3 Synchronous Synchronous 02/01/2022 02/18/2025 REA.0001826-CE
    SC QE 35 32 3 Synchronous Synchronous 09/01/2022 08/31/2024 QEE1434
    SD CE 32 32 Synchronous Synchronous 09/04/2022 03/04/2025 SD 568
    SD QE 35 32 3 Synchronous Synchronous 09/04/2022 07/22/2025 SD 582
    TN CE 30 30 Synchronous Livestream 03/30/2022 04/30/2024 1388
    TN CE 33 30 3 Synchronous Synchronous 05/01/2023 04/30/2024 00001671
    TN CE 33 30 3 Synchronous Synchronous 05/01/2024 04/30/2026 1388
    TN QE 33 30 3 Synchronous Synchronous 05/01/2023 04/30/2024 1388
    TN QE 33 30 3 Synchronous Synchronous 05/01/2024 04/30/2026 1388
    TX CE 30 30 Synchronous Synchronous 02/19/2022 08/31/2025 TX Provider #:10 Course #: 46999
    TX QE 33 30 3 Synchronous Synchronous 02/19/2022 08/31/2026 TX Provider #: 8038 Course #: 27890
    UT CE 30 30 Synchronous Synchronous 03/01/2024 02/28/2026 AC240213
    UT QE 33 30 3 Synchronous Synchronous 01/01/2022 06/30/2025 AQ230629
    UT QE 33 30 3 Synchronous Synchronous 03/01/2024 02/28/2026 AQ240209
    VA CE 33 30 3 Synchronous Synchronous 08/31/2023 08/31/2026 74607
    VA QE 35 32 3 Synchronous Synchronous 06/16/2022 06/30/2024 4006000795
    VA QE 35 32 3 Synchronous Synchronous 07/01/2024 08/31/2026
    VT CE 32 32 Synchronous Livestream 01/01/2022 01/21/2025
    VT CE 32 32 Synchronous Synchronous 01/21/2021 01/21/2025
    VT QE 35 32 3 Synchronous Livestream 01/01/2022 01/21/2025
    VT QE 35 32 3 Synchronous Synchronous 01/21/2021 01/21/2025
    WA CE 30 30 Synchronous Synchronous 03/03/2022 02/18/2025 A22004061
    WA CE 35 32 3 Synchronous Synchronous 02/19/2022 02/18/2025 A21034321
    WA QE 33 30 3 Synchronous Synchronous 03/03/2022 02/18/2025 A22004061
    WA QE 35 32 3 Synchronous Synchronous 02/19/2022 02/18/2025 A21034321
    WI CE 33 30 3 Synchronous Synchronous 08/31/2023 08/31/2026 74607
    WI QE 33 30 3 Synchronous Synchronous 08/31/2023 08/31/2026 74607
    WV CE 33 30 3 Synchronous Synchronous 06/26/2023 08/31/2026
    WV QE 33 30 3 Synchronous Synchronous 02/19/2022 08/31/2026
    WY CE 32 32 Synchronous Synchronous 02/16/2022 02/18/2025
    WY QE 35 32 3 Synchronous Synchronous 02/16/2022 02/18/2025
    Course Objectives
    • Recognize operating income issues, including complex lease structures, reimbursements, and tenant improvement allowances.
    • Apply property valuation techniques related to property taxes that are a function of market value, reversions, property models, and supporting the discount rate.
    • Identify complex mortgage instruments and the effects of leverage.
    • Develop an equity valuation.
    • Recognize investor motivations, including measures and types of risk, measures of return, and income tax consequences.
    • Apply techniques learned to case studies involving an office building, a subdivision, and a proposed development with prospective values and values subject to hypothetical conditions.
    Course Details

    Assignments:
    Yes. A pre-class, 2-hour online session.

    Equipment:

    • A financial calculator is required. The accepted model used in the program is the HP-12C. AI education programs that require a financial calculator are developed with HP-12C keystrokes; using this model is highly recommended.
    • You must be familiar with calculator operation when the program begins. Do not enroll expecting to be taught how to use a financial calculator.
    • For more information and a free review, click here.
    • For additional help with the HP-12C calculator, take our online seminar Using Your HP-12C Financial Calculator.
    • HP-12C calculator User's Manual.

    Additional Information:

    Course Materials Include:

    • Course Handbook (539 pp.)
    • Solutions Booklet (454 pp.)
    • Symbols & Formulas
    Course Design
    This course implements a blended learning approach which includes:
    • Mandatory diagnostic test. Before enrolling in this or any other MAI designation course, you must take an Excel diagnostic to demonstrate your mastery of solving appraisal problems using spreadsheets. The diagnostic is intentionally designed to be challenging and ensure participants have adequate Excel skills before taking MAI designation courses.  The diagnostic test is free and can be taken at any time on your personal computer. To register for the test, please click here. For more information, check out the Diagnostic FAQ.

    • A pre-class, on demand (self-paced) online session component. The on demand component is available beginning 28 days before the live online (synchronous) course begins.  The online component requires the completion of a pre-class assignment at least 2 days before the live online (synchronous) course begins.

    • 30 hours of live online (synchronous) education. Each live online session runs for 4.0 hours each day with at least 2 breaks during that time. The course runs for 8 half-days (Monday – Thursday) over 2 weeks.

    • A 3-hour proctored exam at an offline testing center. You will have 90 days from the time that you complete the course to take the proctored exam. Testing center locations in your area can be found by clicking on this link: www.pearsonvue.com/ai.

    Pricing
    Appraisal Institute Designated members, Candidates for Designation, and Practicing Affiliates will receive the discounted AI Price for MAI Designation education courses: Advanced Income CapitalizationAdvanced Market Analysis and Highest & Best UseAdvanced Concepts & Case Studies, and Quantitative Analysis. All others will pay full price. For more information on how to become a Candidate for Designation, click here

    Other Details
    Please review the advanced education Frequently Asked Questions for more information regarding registration and cancellation deadlines, the mandatory diagnostic test, the on-demand online session component, and course equivalencies.

    For more information on how live online synchronous programs work, please see our live online education Frequently Asked Questions.
     
     
     

    Requirements:

    Live Online FAQ

    • Microsoft Excel 2007 or 2010 must be loaded and operational (external mouse recommended). (You may use other spreadsheet programs, but those programs won’t be supported in class; demonstrations will be done in Excel.)
    • Do not enroll expecting to be taught how to use Excel. 

    Additional Course Offerings
    Sponsor Date Location Format
    Bluegrass Chapter June 3-7, 2024 Louisville, KY Classroom View Details Register
    Seattle Chapter June 17-21, 2024 Seattle, WA Classroom View Details Register
    Metro New Jersey Chapter August 5-9, 2024 Branchburg, NJ Classroom View Details Register
    Tennessee Chapter November 11-15, 2024 Nashville, TN Classroom View Details Register
    Event Information

    Location:
    This course will be held via live interactive classroom technology.

    State Credit:
    A course may NOT be approved in every state for every delivery format. For example, some states do NOT allow any virtual education. When registering for any Appraisal Institute course, all participants will be required to check state approvals based on delivery format. For more information, see our state approvals page .

    Course Dates and Deadlines:

    • Online session is available beginning 28 days before the synchronous session begins: April 30, 2024.
    • Diagnostic test "Pass" grade deadline is 5 days before the synchronous session begins: No later than May 23, 2024.
    • Registration deadline to receive a printed set of the course materials is 14 days before the synchronous session begins: May 14, 2024.
    • Registration deadline to receive a digital/downloaded set of the course materials is 5 days before the synchronous session begins: May 23, 2024.
    • FINAL registration deadline is 5 days before the synchronous session begins: May 23, 2024.
    • Online session ends 2 days before synchronous session begins: May 26, 2024.
    • Synchronous sessions begins: May 28, 2024.
    • Synchronous sessions ends: June 7, 2024.
    • The exam is taken offline at a Pearson testing center.

    Class Schedule:
    Class begins each day at 10:00AM Central time (8:00AM Pacific, 9:00AM Mountain, 11:00AM Eastern). Each class runs for four (4) hours each day with at least two breaks during that time. The course runs for eight (8) half-days over two weeks as follows. Times shown are U.S. Central (Chicago) time.

    • Day 1: Tuesday, May 28, 10:00 am - 2:00 pm
    • Day 2: Wednesday, May 29, 10:00 am - 2:00 pm
    • Day 3: Thursday, May 30, 10:00 am - 2:00 pm
    • Day 4: Friday, May 31, 10:00 am - 2:00 pm
    • (No class on Saturday, Sunday or Monday)
    • Day 5: Tuesday, June 4, 10:00 am - 2:00 pm
    • Day 6: Wednesday, June 5, 10:00 am - 2:00 pm
    • Day 7: Thursday, June 6, 10:00 am - 2:00 pm
    • Day 8: Friday, June 7, 10:00 am - 2:00 pm

    Online Session Pre-Class Assignment:
    Students are required to complete the online session pre-class assignment at least 2 days before the live online Synchronous course begins. The online session is accessible to students beginning 28 days before the official start date of the live online Synchronous course. Log onto your AI Account at www.appraisalinstitute.org with the username and password you used when you registered. Click on “Education and Events” located on the right navigation menu. On the My Events page, scroll down to the “Online Courses” section and click on the “Begin” button to access the pre-class assignment online session.

    AI National Synchronous Participation Requirements:
    • All students are required to have a computer, webcam, and microphone capability to participate and receive continuing or qualifying education credit where approved. It is the student’s responsibility to have the required equipment to participate and receive credit. Visit the System Requirements for Attendees and Share Webcam pages for help.

    • All students are required to keep their webcam on at all times while class is in session. Attendance will be monitored throughout the day through webcams and polling. A photo ID must be presented during roll call at the beginning of class on the first day.

    • The instructor must be able to interact with all students. Instructors and administrators will direct questions to each student in the morning and afternoon to which students must respond. Students must be in a location that allows for their full attention and interaction at all times.

    For questions regarding these classroom participation requirements, contact the Appraisal Institute at sync@appraisalinstitute.org or call (312) 335-4473.

    Connection Information:
    Several minutes after you receive your Appraisal Institute receipt email, you will receive second e-mail which includes instructions connecting to the synchronous sessions. Connection e-mail reminders are re-sent 1 week, 1 day, and 1 hour prior to synchronous session start time. If you do not receive the connection information, please check your junk, spam, or quarantine folders. For questions, please e-mail sync@appraisalinstitute.org or call (312) 335-4473.

    Download Course Materials:
    Log onto your AI Account at www.appraisalinstitute.org with the username and password you used when you registered. Click on “Education and Events” located on the right navigation menu. On the My Events page, find the Synchronous course under the “Classroom Offerings/Synchronous Offerings/Conferences” heading and click the "View" button. Scroll down to the “Download Course Materials” section and click on each link to download the course materials