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    Advanced Income Capitalization

    More Info Register
    July 8-18, 2025
    Date
    July 8-18, 2025
    Time
    10:00 am - 1:45 pm (CST)
    Sponsor
    Appraisal Institute
    Location
    Class Time
    30 hours
    Exam Time
    3 Hours
    Full Price
    $1,300.00
    AI Price
    $1,000.00
    Enroll by July 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 QE 33 30 3 Synchronous Synchronous 10/01/2024 09/30/2026 C03000
    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
    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 QE 33 30 3 Synchronous Synchronous 03/04/2023 03/05/2025 0010468
    HI CE 30 30 Synchronous Synchronous 01/01/2024 08/31/2026 23-461
    HI CE 33 30 3 Synchronous Synchronous 01/01/2024 08/31/2026 23-461
    HI QE 33 30 3 Synchronous Synchronous 01/01/2024 08/31/2026 23-461
    IA CE 30 30 Synchronous Livestream 02/12/2025 08/31/2026 A518-1227
    IA CE 33 30 3 Synchronous Livestream 02/12/2025 08/31/2025 A518-1228
    IA QE 33 30 3 Synchronous Livestream 02/12/2025 08/31/2026 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 30 30 Synchronous Synchronous 12/23/2024 12/31/2026 575.010503
    IL QE 33 30 3 Synchronous Livestream 12/23/2024 12/31/2026 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 01/01/2025 12/31/2025 158.C25.R
    KS QE 33 30 3 Synchronous Synchronous 01/01/2025 12/31/2025 294.P25.R
    KY CE 30 30 Synchronous Synchronous 07/01/2024 05/30/2025
    KY QE 33 30 3 Synchronous Synchronous 07/01/2024 05/30/2025
    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
    NC QE 30 30 Synchronous Synchronous 01/01/2025 12/31/2025
    ND CE 35 32 3 Synchronous Synchronous 05/02/2013
    ND CE 33 30 3 Synchronous Livestream 01/01/2022 CE-201005
    ND QE 33 30 3 Synchronous Livestream 01/01/2022
    ND QE 35 32 3 Synchronous Synchronous 05/02/2013
    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 QE 33 30 3 Synchronous Synchronous 07/08/2024 06/30/2025 PL.0009434-A
    NY CE 28 28 Synchronous Synchronous 01/01/2025 12/31/2025 A4089
    NY QE 33 30 3 Synchronous Synchronous 01/01/2025 12/31/2025 A4089
    OH QE 33 30 3 Synchronous Synchronous 06/05/2013 08/31/2026 74607
    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 02/12/2024 08/31/2026
    PA CE 33 30 3 Synchronous Synchronous 12/14/2023 08/31/2026
    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
    SC CE 33 30 3 Synchronous Synchronous 09/01/2024 08/31/2026 AC. 2031
    SC QE 33 30 3 Synchronous Synchronous 09/01/2024 08/31/2026 AC . 2031
    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 33 30 3 Synchronous Synchronous 05/01/2024 04/30/2026 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 09/16/2024 08/31/2026 TX Provider #: 8038 Course #: 50421
    UT CE 30 30 Synchronous Synchronous 03/01/2024 02/28/2026 AC240213
    UT QE 33 30 3 Synchronous Synchronous 01/01/2022 02/28/2026 AQ230629, AQ240209
    VA CE 33 30 3 Synchronous Synchronous 08/31/2023 08/31/2026 74607
    VA QE 35 32 3 Synchronous Synchronous 07/01/2024 08/31/2026
    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
    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 Associate Members 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
    Northern California Chapter April 7-11, 2025 Walnut Creek, CA Classroom View Details Register
    Nevada Chapter May 5-9, 2025 Las Vegas, NV Classroom View Details Register
    Bluegrass Chapter June 9-13, 2025 Louisville, KY Classroom View Details Register
    Massachusetts Rhode Island and Maine Chapter August 11-15, 2025 Woburn, MA Classroom View Details Register
    Philadelphia Metropolitan Chapter October 20-24, 2025 Willow Grove, PA 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 hours and forty-five minutes (3.75)
    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: Tuesday, July 8, 10:00 am - 1:45 pm

    Day 2: Wednesday, July 9, 10:00 am - 1:45 pm

    Day 3: Thursday, July 10, 10:00 am - 1:45 pm

    Day 4: Friday, July 11, 10:00 am - 1:45 pm

    (No class on Saturday, Sunday or Monday)

    Day 5: Tuesday, July 15, 10:00 am - 1:45 pm

    Day 6: Wednesday, July 16, 10:00 am - 1:45 pm

    Day 7:  Thursday, July 17, 10:00 am - 1:45 pm

    Day 8: Friday, July 18, 10:00 am - 1:45 pm