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    Advanced Income Capitalization

    analyzing-financial-performance-using-digital-devices-and-advanced-graphs
    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
    Course Offerings
    Sponsor Date Location Format
    Greater St. Louis Chapter March 23-27, 2026 St Louis, MO Classroom View Details Register
    Metropolitan New York Chapter April 20-24, 2026 New York, NY Classroom View Details Register
    Bluegrass Chapter June 1-5, 2026 Louisville, KY Classroom View Details Register
    Southern California Chapter June 22-26, 2026 La Verne, CA Classroom View Details Register
    Washington Idaho Montana Chapter July 20-24, 2026 Spokane Valley, WA Classroom View Details Register
    Chicago Chapter September 28 - October 2, 2026 Chicago, IL Classroom View Details Register
    Tennessee Chapter November 16-20, 2026 NASHVILLE, TN Classroom View Details Register
    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.
    State Approvals
    State QE/CE Course & Exam Course Only Exam Only Delivery Format Start Date Expire Date State Code
    AK CE 30 30 Classroom 06/15/2023 06/15/2026 19430
    AK CE 30 30 Synchronous 11/24/2025 06/21/2026 19439
    AK QE 33 30 3 Classroom 06/15/2023 06/15/2026 19430
    AK QE 33 30 3 Synchronous 11/24/2025 06/21/2026 19439
    AL CE 33 30 3 Classroom 11/14/2024 09/30/2026 C03027
    AL CE 33 30 3 Synchronous 11/24/2025 09/30/2026 C03027
    AL QE 33 30 3 Classroom 10/01/2024 09/30/2026 C03027
    AL QE 33 30 3 Synchronous 11/24/2025 09/30/2026 C03027
    AR CE 30 30 Classroom 06/14/2025 06/13/2027 AI085
    AR CE 30 30 Synchronous 11/24/2025 06/13/2027 AI085
    AR QE 33 30 3 Classroom 06/14/2025 06/13/2027 AI085
    AR QE 33 30 3 Synchronous 11/24/2025 06/13/2027 AI085
    AZ CE 33 30 3 Classroom 08/31/2023 08/31/2026 74607
    AZ CE 33 30 3 Synchronous 08/31/2023 08/31/2026 74607
    AZ QE 33 30 3 Classroom 08/31/2023 08/31/2026 74607
    AZ QE 33 30 3 Synchronous 08/31/2023 08/31/2026 74607
    CA CE 30 30 Classroom 03/06/2025 03/05/2029 25CP754601599
    CA CE 30 30 Synchronous 03/06/2025 03/05/2029 25CP754601599
    CA QE 33 30 3 Classroom 03/06/2025 03/05/2029 25CP754601599
    CA QE 33 30 3 Synchronous 03/06/2025 03/05/2029 25CP754601599
    CO CE 33 30 3 Classroom 09/01/2023 08/31/2026 2429
    CO CE 30 30 Classroom 09/01/2023 08/31/2026 2429
    CO CE 33 30 3 Synchronous 11/24/2025 08/31/2026 2429
    CO QE 33 30 3 Classroom 09/01/2023 08/31/2026 2429
    CO QE 33 30 3 Synchronous 11/24/2025 08/31/2026 2429
    CT CE 18 18 Classroom 09/01/2023 07/12/2026 AAL.001080
    CT CE 18 18 Synchronous 11/24/2025 07/12/2026 AAL.001080
    CT QE 33 30 3 Classroom 09/01/2023 07/12/2026 APR.000305
    CT QE 33 30 3 Synchronous 11/24/2025 07/12/2026 APR.000305
    DC CE 33 30 3 Classroom 02/29/2024 02/28/2026 4063
    DC CE 33 30 3 Synchronous 11/24/2025 02/28/2026 3126
    DC CE 30 30 Classroom 03/01/2026 02/28/2028
    DC CE 30 30 Synchronous 03/01/2026 02/28/2028
    DC QE 33 30 3 Classroom 02/29/2024 02/28/2028 4063
    DC QE 33 30 3 Synchronous 11/24/2025 02/28/2028 3126
    DE CE 33 30 3 Classroom 08/31/2023 08/31/2026 74607
    DE CE 33 30 3 Synchronous 08/31/2023 08/31/2026 74607
    DE QE 33 30 3 Classroom 08/31/2023 08/31/2026 74607
    DE QE 33 30 3 Synchronous 08/31/2023 08/31/2026 74607
    FL CE 20 20 Classroom 05/07/2024 05/06/2026 0008737
    FL QE 33 30 3 Classroom 02/05/2026 02/04/2028 0010953
    FL QE 33 30 3 Synchronous 02/05/2026 02/04/2028 0010951
    GA CE 30 30 Classroom 06/15/2010 08/31/2026 60369
    GA CE 33 30 3 Classroom 06/14/2010 08/31/2026 60370
    GA CE 30 30 Synchronous 11/24/2025 08/31/2026 63800
    GA QE 33 30 3 Classroom 06/14/2010 08/31/2026 60370
    GA QE 33 30 3 Synchronous 11/24/2025 08/31/2026 63799
    HI CE 33 33 Classroom 01/01/2024 08/31/2026 23-332
    HI CE 35 33 2 Classroom 01/01/2024 08/31/2026 23-332
    HI CE 30 30 Synchronous 11/24/2025 08/31/2026 23-461
    HI CE 33 30 3 Synchronous 11/24/2025 08/31/2026 23-461
    HI QE 35 33 2 Classroom 01/01/2024 08/31/2026 23-332
    HI QE 33 30 3 Synchronous 11/24/2025 08/31/2026 23-461
    IA CE 33 33 Classroom 09/01/2023 08/31/2026 A518-1142
    IA CE 30 30 Synchronous 11/24/2025 08/31/2026 A518-1227
    IA CE 33 30 3 Synchronous 11/24/2025 08/31/2026 A518-1228
    IA QE 35 33 2 Classroom 09/01/2023 08/31/2026 A518-1143
    IA QE 33 30 3 Synchronous 11/24/2025 08/31/2026 A518-1229
    ID CE 30 30 Classroom 09/01/2023 08/31/2026
    ID CE 30 30 Synchronous 11/24/2025 08/31/2026
    ID QE 33 30 3 Classroom 09/01/2023 08/31/2026
    ID QE 33 30 3 Synchronous 11/24/2025 08/31/2026
    IL CE 30 30 Classroom 12/23/2024 12/31/2026 575.010503
    IL CE 30 30 Synchronous 11/24/2025 12/31/2026 575.010503
    IL QE 33 30 3 Classroom 12/23/2024 12/31/2026 573.000705
    IL QE 33 30 3 Synchronous 11/24/2025 12/31/2026 573.000705
    IN CE 33 30 3 Classroom 08/31/2023 08/31/2026 74607
    IN CE 33 30 3 Synchronous 08/31/2023 08/31/2026 74607
    IN QE 33 30 3 Classroom 08/31/2023 08/31/2026 74607
    IN QE 33 30 3 Synchronous 08/31/2023 08/31/2026 74607
    KS CE 30 30 Classroom 01/01/2026 12/31/2026 C119-07
    KS CE 30 30 Synchronous 01/01/2026 12/31/2026 C119-06
    KS QE 33 30 3 Classroom 01/01/2026 12/31/2026 Q119-05
    KS QE 33 30 3 Synchronous 01/01/2026 12/31/2026 Q119-06
    KY CE 33 30 3 Classroom 05/31/2025 06/30/2026
    KY CE 33 30 3 Synchronous 11/24/2025 06/30/2026
    KY QE 33 30 3 Classroom 05/31/2025 06/30/2026
    KY QE 33 30 3 Synchronous 11/24/2025 06/30/2026
    LA CE 30 30 Classroom 08/27/2025 08/31/2026 A0404
    LA CE 30 30 Synchronous 11/24/2025 08/31/2026 A0404
    LA QE 33 30 3 Classroom 08/27/2025 08/31/2026 A0403
    LA QE 33 30 3 Synchronous 11/24/2025 08/31/2026 A0403
    MA CE 32 32 Classroom 09/01/2023 08/31/2026 10051203
    MA CE 32 30 2 Synchronous 09/01/2023 08/31/2026 10051203
    MA QE 33 30 3 Classroom 09/01/2023 08/31/2026 10051234
    MA QE 33 30 3 Synchronous 11/24/2025 08/31/2026 10051234
    MD CE 33 30 3 Classroom 08/31/2023 08/31/2026 74607
    MD CE 33 30 3 Synchronous 08/31/2023 08/31/2026 74607
    MD QE 33 30 3 Classroom 08/31/2023 08/31/2026 74607
    MD QE 33 30 3 Synchronous 08/31/2023 08/31/2026 74607
    ME CE 33 30 3 Classroom 08/31/2023 08/31/2026 74607
    ME CE 33 30 3 Synchronous 08/31/2023 08/31/2026 74607
    ME QE 33 30 3 Classroom 08/31/2023 08/31/2026 74607
    ME QE 33 30 3 Synchronous 08/31/2023 08/31/2026 74607
    MI CE 30 30 Classroom 03/22/2024 12/14/2026 20-952143
    MI CE 30 30 Synchronous 11/24/2025 12/14/2026 20-952143
    MI QE 33 30 3 Classroom 03/22/2024 12/14/2026 20 - 952099
    MI QE 33 30 3 Synchronous 11/24/2025 12/14/2026 20 - 952099
    MN CE 30 30 Classroom 05/04/2010 05/31/2026 1005226
    MN QE 33 30 3 Classroom 05/01/2024 04/30/2026 1011378
    MN QE 35 32 3 Synchronous 11/24/2025 02/28/2027 1017911
    MO CE 30 30 Classroom 09/01/2023 08/31/2026
    MO CE 30 30 Synchronous 11/24/2025 08/31/2026
    MO QE 33 30 3 Classroom 09/01/2023 08/31/2026
    MO QE 33 30 3 Synchronous 11/24/2025 08/31/2026
    MS CE 30 30 Classroom 07/28/2025 08/31/2026 MAB #49302
    MS CE 30 30 Synchronous 11/24/2025 08/31/2026 MAB #49302
    MS QE 33 30 3 Classroom 07/28/2025 08/31/2026 MAB #49302
    MS QE 33 30 3 Synchronous 11/24/2025 08/31/2026 MAB #49302
    MT CE 30 30 Classroom 09/01/2023 06/13/2026 REA-CEC-REC-16801
    MT CE 33 30 3 Synchronous 11/24/2025 06/13/2026 REA-CEC-REC-16801
    MT QE 33 30 3 Classroom 09/01/2023 06/13/2026 REA-CEC-REC-16801
    MT QE 33 30 3 Synchronous 11/24/2025 06/13/2026 REA-CEC-REC-16801
    NC QE 33 30 3 Classroom 01/01/2026 12/31/2026
    NC QE 33 30 3 Synchronous 01/01/2026 12/31/2026
    ND CE 33 30 3 Classroom 04/28/2010 08/31/2026 CE-201005, 74607
    ND CE 33 30 3 Synchronous 01/01/2022 08/31/2026 74607
    ND QE 33 30 3 Classroom 04/27/2010 08/31/2026 74607
    ND QE 33 30 3 Synchronous 01/01/2022 08/31/2026 74607
    NE QE 33 30 3 Classroom 06/11/2025 08/31/2026 1251430.02
    NE QE 33 30 3 Synchronous 11/24/2025 08/31/2026 123340L.02
    NH CE 33 30 3 Classroom 04/19/2024 08/31/2026
    NH CE 33 30 3 Synchronous 11/24/2025 08/31/2026
    NH QE 33 30 3 Classroom 08/31/2023 08/31/2026
    NH QE 33 30 3 Synchronous 08/31/2023 08/31/2026
    NJ CE 30 30 Classroom 09/01/2023 08/31/2026 2023-3430
    NJ CE 30 30 Synchronous 11/24/2025 08/31/2026 2023-3430
    NJ QE 33 30 3 Classroom 09/01/2023 08/31/2026 2023-3430
    NJ QE 33 30 3 Synchronous 11/24/2025 08/31/2026 2023-3430
    NM CE 30 30 Classroom 09/01/2023 08/31/2026 4291
    NM CE 30 30 Synchronous 11/24/2025 08/31/2026 4291
    NM QE 33 30 3 Classroom 09/01/2023 08/31/2026 4291
    NM QE 33 30 3 Synchronous 11/24/2025 08/31/2026 4291
    NV QE 33 30 3 Classroom 07/01/2025 06/30/2026 PL.0009434-A
    NV QE 33 30 3 Synchronous 11/24/2025 06/30/2026 PL.0009434-A
    NY CE 28 28 Classroom 01/01/2026 12/31/2026 A4089-28
    NY CE 28 28 Synchronous 01/01/2026 12/31/2026 A4089-28
    OH CE 30 30 Classroom 01/01/2026 12/31/2026 084602703A 25
    OH CE 30 30 Synchronous 01/01/2026 12/31/2026 084602703A 25
    OH QE 33 30 3 Classroom 08/31/2023 08/31/2026 74607
    OH QE 33 30 3 Synchronous 08/31/2023 08/31/2026 74607
    OK CE 30 30 Classroom 09/01/2023 08/31/2026 708
    OK CE 30 30 Synchronous 11/24/2025 08/31/2026 708
    OK QE 33 30 3 Classroom 09/01/2023 08/31/2026 673
    OK QE 33 30 3 Synchronous 11/24/2025 08/31/2026 673
    OR CE 33 33 Classroom 09/01/2023 08/31/2026 APIN-Q-1121-8900
    OR CE 35 33 2 Classroom 09/01/2023 08/31/2026 APIN-Q-1121-8900
    OR CE 35 33 2 Synchronous 11/24/2025 08/31/2026 APIN-Q-1121-8900
    OR QE 35 33 2 Classroom 09/01/2023 08/31/2026 APIN-Q-1121-8900
    OR QE 35 33 2 Synchronous 11/24/2025 08/31/2026 APIN-Q-1121-8900
    PA CE 30 30 Classroom 02/12/2024 08/31/2026
    PA CE 30 30 Synchronous 11/24/2025 08/31/2026
    PA QE 33 30 3 Classroom 02/12/2024 08/31/2026
    PA QE 33 30 3 Synchronous 11/24/2025 08/31/2026
    PR CE 33 30 3 Classroom 08/31/2023 08/31/2026 74607
    PR CE 33 30 3 Synchronous 08/31/2023 08/31/2026 74607
    PR QE 33 30 3 Classroom 08/31/2023 08/31/2026 74607
    PR QE 33 30 3 Synchronous 08/31/2023 08/31/2026 74607
    RI CE 30 30 Classroom 05/14/2025 08/31/2026 REA.0002384-CE
    RI CE 30 30 Synchronous 11/24/2025 08/31/2026 REA.0002384-CE
    RI QE 33 30 3 Classroom 05/14/2025 08/31/2026 REA.0002384-CE
    RI QE 33 30 3 Synchronous 11/24/2025 08/31/2026 REA.0002384-CE
    SC CE 33 30 3 Classroom 09/01/2024 08/31/2026 AC . 2031
    SC CE 33 30 3 Synchronous 11/24/2025 08/31/2026 AC. 2031
    SC QE 33 30 3 Classroom 09/01/2024 08/31/2026 AC . 2031
    SC QE 33 30 3 Synchronous 11/24/2025 08/31/2026 AC . 2031
    SD CE 33 30 3 Classroom 03/25/2025 08/31/2026 SD 719
    SD CE 33 30 3 Synchronous 11/24/2025 08/31/2026 SD 719
    SD QE 33 30 3 Classroom 03/25/2025 08/31/2026 SD 719
    SD QE 33 30 3 Synchronous 11/24/2025 08/31/2026 SD 719
    TN CE 33 30 3 Synchronous 11/24/2025 04/30/2026 1388
    TN CE 30 30 Classroom 05/01/2024 04/30/2026 1388
    TN QE 33 30 3 Classroom 05/01/2024 04/30/2026 1388
    TN QE 33 30 3 Synchronous 11/24/2025 04/30/2026 1388
    TX CE 30 30 Classroom 09/01/2025 08/31/2026 03147-ACE
    TX CE 30 30 Synchronous 11/24/2025 08/31/2026 03147-ACE
    TX QE 33 30 3 Classroom 09/16/2024 08/31/2026 00707-AQC
    TX QE 33 30 3 Synchronous 11/24/2025 08/31/2026 00707-AQC
    UT CE 30 30 Classroom 02/01/2024 02/28/2026 AC240213
    UT CE 30 30 Synchronous 11/24/2025 02/28/2026 AC240213
    UT QE 33 30 3 Classroom 07/01/2025 06/30/2027 AQ250624
    UT QE 33 30 3 Synchronous 11/24/2025 06/30/2027 AQ240209, AQ250624
    VA CE 33 30 3 Classroom 08/31/2023 08/31/2026 74607
    VA CE 33 30 3 Synchronous 08/31/2023 08/31/2026 74607
    VA QE 33 30 3 Classroom 09/30/2025 09/30/2027 4006000953
    VA QE 33 30 3 Synchronous 11/24/2025 09/30/2027 4006000953
    VT CE 30 30 Classroom 03/19/2025 03/19/2029
    VT CE 30 30 Synchronous 11/24/2025 03/19/2029
    VT QE 33 30 3 Classroom 03/19/2025 03/19/2029
    VT QE 33 30 3 Synchronous 11/24/2025 03/19/2029
    WA CE 33 30 3 Classroom 04/17/2025 08/31/2026 A25011754
    WA CE 33 30 3 Synchronous 11/24/2025 08/31/2026 A25011754
    WI CE 33 30 3 Classroom 08/31/2023 08/31/2026 74607
    WI CE 33 30 3 Synchronous 08/31/2023 08/31/2026 74607
    WI QE 33 30 3 Classroom 08/31/2023 08/31/2026 74607
    WI QE 33 30 3 Synchronous 08/31/2023 08/31/2026 74607
    WV CE 30 30 Classroom 09/01/2023 08/31/2026
    WV CE 33 30 3 Synchronous 11/24/2025 08/31/2026
    WV QE 33 30 3 Classroom 06/26/2023 08/31/2026
    WV QE 33 30 3 Synchronous 11/24/2025 08/31/2026
    WY CE 33 30 3 Classroom 09/01/2023 08/31/2026 185
    WY CE 33 30 3 Synchronous 02/13/2026 08/31/2026 2776
    WY QE 33 30 3 Classroom 09/01/2023 08/31/2026 185
    WY QE 33 30 3 Synchronous 02/13/2026 08/31/2026 2776