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    General Appraiser Income Approach/Part 2

    More Info Register
    September 29 - October 9, 2025
    Date
    September 29 - October 9, 2025
    Time
    10:00am - 1:30pm (CST)
    Sponsor
    Appraisal Institute
    Location
    Appraisal Institute - Synchronous (Live Online)
    Instructor
    Richard L. Borges, II, MAI, SRA, AI-GRS, AI-RRS
    Class Time
    27 hours
    Exam Time
    3 Hours
    Full Price
    $595.00
    AI Price
    $490.00
    Enroll by September 28!
    View Pricing Options
    Course Description
    After a diagnostic quiz on the six financial functions of one and a brief review, the course begins 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 material on how to select and support 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 you for not only the course exam but also the certification exam.

     

    discounted online packages
    Who Should Enroll
    • Those seeking general real property appraiser certification
    • Underwriters
    • Lenders
    • Assessors
    AI CE Points
    Attend:
    175
    Attend & Pass Exam:
    225
    Pass Only:
    200
    State Approvals
    State QE/CE Course & Exam Course Only Exam Only Delivery Format Approval Format Start Date Expire Date State Code
    AK CE 30 27 3 Synchronous Livestream 04/17/2024 04/11/2027 19926
    AK QE 30 27 3 Synchronous Livestream 04/17/2024 04/11/2027 19926
    AL CE 27 27 Synchronous Livestream 11/14/2024 09/30/2026 C02673
    AL QE 30 27 3 Synchronous Livestream 11/14/2024 09/30/2026 C02673
    AR CE 27 27 Synchronous Livestream 05/07/2024 04/16/2026 AI013
    AR QE 30 27 3 Synchronous Livestream 05/07/2024 04/16/2026 AI013
    AZ CE 30 27 3 Synchronous Livestream 04/23/2024 04/11/2027 46456
    AZ QE 30 27 3 Synchronous Livestream 04/23/2024 04/11/2027 46456
    CA CE 27 27 Synchronous Livestream 02/18/2025 01/28/2029 09754130
    CA CE 30 27 3 Synchronous Livestream 02/18/2025 01/28/2029 09754130
    CA QE 30 27 3 Synchronous Livestream 02/18/2025 01/28/2029 09754130
    CO CE 30 27 3 Synchronous Livestream 04/23/2024 04/16/2027 2618
    CO QE 30 27 3 Synchronous Livestream 04/23/2024 04/16/2027 2618
    CT CE 18 18 Synchronous Livestream 11/13/2024 04/11/2027 AAL.001310
    CT QE 30 27 3 Synchronous Livestream 05/08/2024 04/11/2027 APR.000342
    DC CE 27 27 Synchronous Livestream 02/29/2024 02/28/2026 6113
    DC QE 30 27 3 Synchronous Livestream 02/29/2024 02/28/2026 3004
    DE CE 30 27 3 Synchronous Livestream 04/23/2024 04/11/2027 46456
    DE QE 30 27 3 Synchronous Livestream 04/23/2024 04/11/2027 46456
    GA CE 30 27 3 Synchronous Livestream 04/22/2009 04/11/2027 58530
    GA QE 30 27 3 Synchronous Livestream 04/22/2009 04/11/2027 58530
    HI CE 27 27 Synchronous Livestream 02/01/2025 04/11/2027 24-214
    HI QE 30 27 3 Synchronous Livestream 02/01/2025 04/11/2027 24-214
    IA CE 27 27 Synchronous Livestream 06/13/2024 04/11/2027 A518-2229
    IA CE 30 27 3 Synchronous Livestream 06/13/2024 04/11/2027 A518-2230
    IA QE 30 27 3 Synchronous Livestream 06/13/2024 04/11/2027 A518-2231
    IL CE 27 27 Synchronous Livestream 01/01/2023 12/31/2026 575.001432
    IL QE 30 27 3 Synchronous Livestream 01/01/2023 12/31/2026 573.000529
    IN CE 30 27 3 Synchronous Livestream 04/23/2024 04/11/2027 46456
    IN QE 30 27 3 Synchronous Livestream 04/23/2024 04/11/2027 46456
    KS CE 27 27 Synchronous Livestream 01/01/2025 12/31/2025 464.C25.R
    KS QE 30 27 3 Synchronous Livestream 01/01/2025 12/31/2025 463.P25.R
    KY CE 27 27 Synchronous Livestream 05/31/2025 06/30/2026
    KY CE 30 27 3 Synchronous Livestream 05/31/2025 06/30/2026
    KY QE 30 27 3 Synchronous Livestream 05/31/2025 06/30/2026
    LA CE 27 27 Synchronous Livestream 04/23/2024 04/11/2027 A0111
    LA QE 30 27 3 Synchronous Livestream 04/23/2024 04/11/2027 A0111
    MA CE 27 27 Synchronous Livestream 04/25/2024 04/11/2027 10051186
    MA QE 30 27 3 Synchronous Livestream 04/25/2024 04/11/2027 10051171
    MD CE 30 27 3 Synchronous Livestream 04/23/2024 04/11/2027 46456
    MD QE 30 27 3 Synchronous Livestream 04/23/2024 04/11/2027 46456
    ME CE 30 27 3 Synchronous Livestream 04/23/2024 04/11/2027 46456
    ME QE 30 27 3 Synchronous Livestream 04/23/2024 04/11/2027 46456
    MI CE 27 27 Synchronous Livestream 04/23/2024 04/16/2027 20-1197134
    MI QE 30 27 3 Synchronous Livestream 04/23/2024 04/16/2027 20-1197068
    MO CE 27 27 Synchronous Livestream 04/23/2024 04/11/2027
    MO QE 30 27 3 Synchronous Livestream 04/23/2024 04/11/2027
    MS CE 27 27 Synchronous Livestream 04/23/2024 04/26/2026 MAB #49216
    MS QE 30 27 3 Synchronous Livestream 04/23/2024 04/26/2026 MAB #49216
    MT CE 27 27 Synchronous Livestream 04/23/2024 04/11/2027 REA-CEC-REC-17971
    MT QE 30 27 3 Synchronous Livestream 04/23/2024 04/11/2027 REA-CEC-REC-17971
    NC QE 30 27 3 Synchronous Livestream 01/01/2025 12/31/2025
    ND CE 30 27 3 Synchronous Livestream 04/23/2024 04/11/2027 46456
    ND QE 30 27 3 Synchronous Livestream 01/01/2022 04/11/2027 QE-214007S, 46456
    NE QE 30 27 3 Synchronous Livestream 05/16/2023 04/11/2027 1233456.02
    NH CE 27 27 Synchronous Livestream 04/23/2024 04/22/2026
    NH QE 30 27 3 Synchronous Livestream 04/23/2024 04/22/2026
    NJ CE 27 27 Synchronous Livestream 04/23/2024 04/11/2027 2024-3016
    NJ QE 30 27 3 Synchronous Livestream 04/23/2024 04/11/2027 2024-3016
    NM CE 30 27 3 Synchronous Livestream 04/23/2024 04/11/2027 4024
    NM QE 30 27 3 Synchronous Livestream 04/23/2024 04/11/2027 4024
    NV CE 27 27 Synchronous Livestream 11/04/2024 10/31/2025 CE.0009597-A
    NY QE 30 27 3 Synchronous Livestream 10/01/2024 09/30/2025 Q0214-G7
    OH CE 27 27 Synchronous Livestream 01/01/2025 12/31/2025 084504403A 25
    OH QE 30 27 3 Synchronous Livestream 04/23/2024 04/11/2027 46456
    OK CE 27 27 Synchronous Livestream 04/23/2024 04/11/2027 719
    OK QE 30 27 3 Synchronous Livestream 04/23/2024 04/11/2027 661
    OR QE 30 27 3 Synchronous Livestream 04/23/2024 04/11/2027 APIN-Q-0424-9028
    PA CE 27 27 Synchronous Livestream 05/30/2024 05/30/2027
    PA QE 30 27 3 Synchronous Livestream 05/30/2024 05/30/2027
    PR CE 30 27 3 Synchronous Livestream 04/23/2024 04/11/2027 46456
    PR QE 30 27 3 Synchronous Livestream 04/23/2024 04/11/2027 46456
    RI CE 30 27 3 Synchronous Livestream 04/23/2024 04/11/2027 REA.0002188-CE
    RI QE 30 27 3 Synchronous Livestream 04/23/2024 04/11/2027 REA.0002188-CE
    SC CE 30 27 3 Synchronous Synchronous 09/01/2024 08/31/2026 AC . 768
    SC QE 30 27 3 Synchronous Synchronous 09/01/2024 08/31/2026 AC . 768
    SC QE 30 27 3 Synchronous Livestream 09/01/2024 08/31/2026 QE13768
    SD CE 30 27 3 Synchronous Livestream 03/26/2025 04/11/2027 SD 717
    SD QE 30 27 3 Synchronous Livestream 03/26/2025 04/11/2027 SD 717
    TN CE 27 27 Synchronous Livestream 05/01/2025 04/30/2027 1284
    TN QE 30 27 3 Synchronous Livestream 05/01/2025 04/30/2027 1284
    TX CE 27 27 Synchronous Livestream 04/24/2024 03/31/2026 TX Provider #:10 Course #:48435
    TX QE 30 27 3 Synchronous Livestream 04/24/2024 04/11/2027 TX Provider #: 8038 Course #:49510
    UT CE 30 27 3 Synchronous Livestream 12/01/2023 11/30/2025 AC231117
    UT QE 30 27 3 Synchronous Livestream 12/01/2023 11/30/2025 AQ231129
    VA CE 30 27 3 Synchronous Livestream 04/23/2024 04/11/2027 46456
    VT CE 27 27 Synchronous Livestream 05/23/2024 05/23/2028 CA-245779
    VT QE 30 27 3 Synchronous Livestream 05/23/2024 05/23/2028 CA-245780
    WA CE 27 27 Synchronous Livestream 04/23/2024 04/11/2027 A24008910
    WA QE 30 27 3 Synchronous Livestream 04/23/2024 04/11/2027 A24008910
    WI CE 30 27 3 Synchronous Livestream 04/23/2024 04/11/2027 46456
    WI QE 30 27 3 Synchronous Livestream 04/23/2024 04/11/2027 46456
    WV CE 27 27 Synchronous Livestream 04/23/2024 04/11/2027
    WV QE 30 27 3 Synchronous Livestream 04/23/2024 04/11/2027
    WY CE 27 27 Synchronous Livestream 04/23/2024 04/17/2027 62
    WY QE 30 27 3 Synchronous Livestream 04/23/2024 04/17/2027 62
    Course Objectives
    • Forecast incomes and expenses for a multiyear holding period.
    • Forecast reversions for a multiyear holding period.
    • Discount overall mortgage and equity cash flows to present value.
    • Use yield capitalization formulas to calculate present value.
    • Use data and sources to select and support risk-adjusted discount rates.
    • Solve problems in lease analysis, risk and investment analysis, leverage, and subdivision analysis.
    • Value partial interests.
    Course Details

    Program Overview:

    Online Syllabus

    Assignments:
    No

    Equipment:

    Additional Course Offerings
    Sponsor Date Location Format
    Appraisal Institute On Demand Online View Details Register
    Hoosier State Chapter September 16-19, 2025 Indianapolis, IN Classroom View Details Register
    Metropolitan New York Chapter October 6-15, 2025 New York, NY Classroom View Details Register
    Chicago Chapter October 27-30, 2025 Chicago, IL Classroom View Details Register
    Houston Chapter November 10-14, 2025 Houston, TX Classroom View Details Register
    Event Information

    Class Schedule:
    Class begins each day at 10:00AM Central time (8:00AM Pacific, 9:00AM Mountain, 11:00AM Eastern). Each class runs for three and half hours (3.50) each day with at least two breaks during that time. The course runs for eight (8) half-days. Times shown are U.S. Central (Chicago) All students must be 100% present for the class in order to receive credit. Partial credit will not be awarded. Anyone who isn’t present 100% receives no credit and is responsible for continuing the program on their own time.

    Day 1: Monday, September 29, 10:00 am - 1:30 pm
    Day 2: Tuesday, September 30, 10:00 am - 1:30 pm
    Day 3: Wednesday, October 1, 10:00 am - 1:30 pm
    Day 4: Thursday, October 2, 10:00 am - 1:30 pm
    (No class on Friday, Saturday, or Sunday)
    Day 5: Monday, October 6, 10:00 am - 1:30 pm
    Day 6: Tuesday, October 7, 10:00 am - 1:30 pm
    Day 7: Wednesday, October 8, 10:00 am - 1:30 pm
    Day 8: Thursday, October 9, 10:00 am - 1:30 pm

     

    Exam:  
    You will have 90 days from the time that you complete the course to take the proctored exam, either online or at a testing center. You can schedule the exam within 48 business hours after the course has been marked for completion. Review your account for the “Schedule Your Exam” messaging. 

    Testing center locations in your area can be found by clicking on this link: www.pearsonvue.com/ai. For more information, visit our Exam FAQ page. 

     

    Download Course Materials:

    • Login to your AI Account at www.appraisalinstitute.org with the username and password you used when you registered.
    • Click on “Education and Events” located in the menu on the right-hand side.
    • On the My Events page, find the 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.

    Location:
    This course will be held via live interactive classroom technology. See below important participation requirements.

    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.

    Participation Requirements: AI National Synchronous 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 always keep their webcam on with their entire face fully visible while class is in session. 
    • Attendance will be monitored throughout the day through webcams and polling. 
    • A photo ID must be uploaded to the offering page prior to the start date of the offering. Please refer to the Appraisal Institute Synchronous Resources for instructions on how to upload your ID. 
    • Any issues with the upload, please contact customerservice@appraisalinstitute.org or call (888) 756-4624.

    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 customerservice@appraisalinstitute.org or call (888) 756-4624.

    Connection Information:
    Several minutes after you receive your Appraisal Institute receipt email, you will receive a second email from GoToTraining which will include instructions on connecting to the live session and a link to a small download of the GoToTraining software. The software runs on almost all operating systems and popular browsers. Connection email reminders are sent at specific intervals: 1 week, 1 day, and 1 hour prior to the live session start time. If you do not receive the connection information, please check your junk, spam, or quarantine folders. For questions, please email customerservice@appraisalinstitute.org or call (888) 756-4624

    Note: Work devices with strong VPNs or firewalls have trouble connecting to GTT systems. It is recommended to use your personal device or to reach out to your organization’s IT department for assistance prior to the first session.