- Date
- June 18, 2026
- Time
- 8:00AM - 12:00PM (PST)
- Sponsor
- Appraisal Institute
- Location
- Appraisal Institute - Synchronous (Live Online)
- Instructor
- Sean A. Sargeant, MAI, SRA
- Class Time
- 4.0
- Full Price
- $110.00
- AI Price
- $100.00
Course Description
Program Description
The new Uniform Residential Appraisal Report (URAR) includes an income approach section that may present specific “problem” areas in the reporting of 2-to-4-unit properties. Specifically, the practitioner may be confused given the different manner in which property characteristics and market area characteristics are defined, described, and analyzed.
Analyzing and Reporting the Income Approach in the New URAR is a four-hour program. Using practical case studies, this program will allow residential appraisers to enhance their proficiency with the income approach as reported in the new URAR, whether they have plentiful market data, very little market data, or confusing market data. Appraisers who are not well versed in completing a thorough and credible income approach will find this program to be most helpful. The program will also be a good refresher for the experienced appraiser and the reviewer of residential reports.
Who Should Enroll
This program is intended for residential appraisers and reviewers of residential appraisal reports.
AI CE Points
State Approvals
| State | QE/CE | Course & Exam | Course Only | Exam Only | Delivery Format | Start Date | Expire Date | State Code |
|---|---|---|---|---|---|---|---|---|
| AK | CE | 4 | 4 | Synchronous | 12/17/2025 | 12/17/2028 | 20855 | |
| AR | CE | 4 | 4 | Synchronous | 02/03/2026 | 02/03/2028 | AI139 | |
| AZ | CE | 4 | 4 | Synchronous | 01/29/2026 | 01/29/2029 | 93180 | |
| CA | CE | 4 | 4 | Synchronous | 12/19/2025 | 12/18/2029 | 25CP754601638 | |
| CO | CE | 4 | 4 | Synchronous | 02/12/2026 | 01/29/2029 | 3079 | |
| CT | CE | 4 | 4 | Synchronous | 02/11/2026 | 02/11/2029 | AAL.001529 | |
| DE | CE | 4 | 4 | Synchronous | 01/29/2026 | 01/29/2029 | 93180 | |
| FL | CE | 4 | 4 | Synchronous | 02/25/2026 | 02/24/2028 | 0011013 | |
| GA | CE | 4 | 4 | Synchronous | 03/17/2026 | 01/29/2029 | 79855 | |
| IA | CE | 4 | 4 | Synchronous | 02/13/2026 | 01/29/2029 | A518-2422 | |
| IL | CE | 4 | 4 | Synchronous | 03/09/2026 | 12/31/2026 | 575.010891 | |
| IN | CE | 4 | 4 | Synchronous | 01/29/2026 | 01/29/2029 | 93180 | |
| LA | CE | 4 | 4 | Synchronous | 02/13/2026 | 01/29/2029 | A0463 | |
| MA | CE | 4 | 4 | Synchronous | 01/09/2026 | 01/09/2028 | 00120247 | |
| MD | CE | 4 | 4 | Synchronous | 01/29/2026 | 01/29/2029 | 93180 | |
| ME | CE | 4 | 4 | Synchronous | 01/29/2026 | 01/29/2029 | 93180 | |
| MN | CE | 4 | 4 | Synchronous | 03/10/2026 | 03/31/2028 | 1040360 | |
| MO | CE | 4 | 4 | Synchronous | 03/02/2026 | 01/29/2029 | 2026000189 | |
| NC | CE | 4 | 4 | Synchronous | 02/13/2026 | 12/31/2026 | 4804 | |
| ND | CE | 4 | 4 | Synchronous | 01/29/2026 | 01/29/2029 | 93180 | |
| NE | CE | 4 | 4 | Synchronous | 03/16/2026 | 03/16/2031 | 2263405.02 | |
| NJ | CE | 4 | 4 | Synchronous | 02/17/2026 | 01/29/2029 | 2026-3012 | |
| NM | CE | 4 | 4 | Synchronous | 12/29/2025 | 12/29/2029 | 4637 | |
| NV | CE | 4 | 4 | Synchronous | 02/25/2026 | 02/28/2027 | CE.0010005-A | |
| NY | CE | 4 | 4 | Synchronous | 03/04/2026 | 12/31/2026 | A6046-04 | |
| OH | CE | 4 | 4 | Synchronous | 01/01/2026 | 12/31/2026 | 084605302A 26 | |
| OR | CE | 4 | 4 | Synchronous | 02/26/2026 | 01/29/2029 | APIN-C-0226-9098 | |
| PA | CE | 4 | 4 | Synchronous | 01/07/2026 | 01/07/2029 | ||
| PR | CE | 4 | 4 | Synchronous | 01/29/2026 | 01/29/2029 | 93180 | |
| RI | CE | 4 | 4 | Synchronous | 02/12/2026 | 01/29/2029 | REA.0201771.CE | |
| SD | CE | 4 | 4 | Synchronous | 02/26/2026 | 01/29/2029 | SD90178C | |
| TN | CE | 4 | 4 | Synchronous | 04/20/2026 | 04/30/2028 | 3020 | |
| TX | CE | 4 | 4 | Synchronous | 02/18/2026 | 02/29/2028 | 03505-ACE | |
| VA | CE | 4 | 4 | Synchronous | 01/29/2026 | 01/29/2029 | 93180 | |
| VT | CE | 4 | 4 | Synchronous | 04/09/2026 | 04/09/2030 | CA-371795 | |
| WA | CE | 4 | 4 | Synchronous | 02/19/2026 | 01/29/2029 | A26004060 | |
| WI | CE | 4 | 4 | Synchronous | 01/29/2026 | 01/29/2029 | 93180 | |
| WV | CE | 4 | 4 | Synchronous | 01/09/2026 | 01/09/2029 | ||
| WY | CE | 4 | 4 | Synchronous | 02/11/2026 | 01/29/2029 | 2774 |
Course Objectives
- Review the principles of anticipation and change behind the income approach.
- Understand the GSE’s requirements when analyzing and reporting a 1- to 4-unit residential income producing property in the new URAR.
- Define the terms dwellings, units, and accessory dwelling unit (ADU) in the new URAR.
- Understand and discuss gross rent multipliers (GRMs).
- Apply and explain market analysis as it relates to tenants (rent) and buyers (GRM).
- Analyze market rent with paired sales and nested paired sales.
- Derive a GRM from market data.
- Calculate an opinion of value.
- Analyze market rent with capitalized cost and expense history analysis.
- Adjust sale prices for cash equivalency using financing and expenditures after sale.
- Understand USPAP requirements when analyzing and reporting a value opinion for a 1- to 4-unit residential income producing property.
- Explain alternate units of comparison.
Course Details
Program Overview:
Part 1. The Income Approach, the GSEs, and the New URAR
Introduction
Principle of Anticipation
Principal of Change
The GSEs, Dwellings, Units and ADUs
Part 2. Gross Rent Multiplier
GRMs
Selection of GRM Comparables
Part 3. Market Analysis and the Income Approach
Market Analysis
Part 4. Case Study 1
Describing the Property
Rental Analysis and Adjustments
GRM Analysis and Adjustments
Reconciliation
Part 5. Case Study 2
Describing the Property
Rental Analysis and Adjustments
GRM Analysis and Adjustments
Reconciliation
Part 6. Income Capitalization Approach and USPAP
USPAP Requirements
Final Thoughts
Alternate Units of Comparison
Prerequisites
The following program is highly suggested but not required: The Appraiser’s Guide to the New URAR. Students who have not completed this 7-hour course and/or are not familiar with basic methodology may be left behind.
Course Materials & Recommended Books
Important Preclass Download Assignment: For the best learning experience, it is imperative that you download the materials prior to class and come prepared to take notes. You can either print the handbook or bring a laptop with materials saved where they are ready to be accessed.
This class is fast-paced, and class time will not be spent waiting for students who did not download materials prior to class.
The electronic files may be obtained by logging on to the Appraisal Institute website at https://ai.appraisalinstitute.org/eweb (click on the three horizontal lines to the left of the AI logo and selecting “My AI Account” from the drop-down menu).
Pricing Options
| Rate | Full Price | AI Price |
|---|---|---|
| Standard
Today thru 06/18/2026 |
$110.00 | $100.00 |
Additional Course Offerings
| Sponsor | Date | Location | Format | ||
|---|---|---|---|---|---|
| Appraisal Institute | May 19, 2026 | Synchronous | View Details | Register | |
| Appraisal Institute | June 18, 2026 | Santa Ana, California | Classroom | View Details | Register |
Event Information
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.