- Date
- October 6-15, 2025
- Time
- 9:00AM - 5:00PM (EST)
- Sponsor
- Metropolitan New York Chapter
- Location
- JLL
330 Madison Avenue
5th Fl.
New York, NY 10017
- Instructor
- Robert B. Smith, MAI, AI-GRS
- Class Time
- 27 hours
- Exam Time
- 3 Hours
- Full Price
- $625.00
- AI Price
- $595.00
Enroll by October 6!
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.
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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 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | 19926 |
| AK | QE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | 19926 |
| AL | QE | 30 | 27 | 3 | Classroom | Classroom | 11/14/2024 | 09/30/2026 | C02673 |
| AR | CE | 27 | 27 | Classroom | Classroom | 05/07/2024 | 04/16/2026 | AI013 | |
| AR | QE | 30 | 27 | 3 | Classroom | Classroom | 05/07/2024 | 04/16/2026 | AI013 |
| AZ | CE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | 46456 |
| AZ | QE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | 46456 |
| CA | CE | 27 | 27 | Classroom | Classroom | 01/29/2021 | 01/28/2025 | 09754130 | |
| CA | QE | 30 | 27 | 3 | Classroom | Classroom | 01/29/2021 | 01/28/2025 | 09754130 |
| CO | CE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/16/2027 | 2618 |
| CO | QE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/16/2027 | 2618 |
| CT | QE | 30 | 27 | 3 | Classroom | Classroom | 05/08/2024 | 04/11/2027 | APR.000342 |
| DC | CE | 30 | 27 | 3 | Classroom | Classroom | 04/19/2023 | 02/28/2026 | 6113 |
| DC | CE | 27 | 27 | Classroom | Classroom | 02/29/2024 | 02/28/2026 | 6113 | |
| DC | QE | 30 | 27 | 3 | Classroom | Classroom | 04/19/2023 | 02/28/2026 | 3004 |
| DE | CE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | 46456 |
| DE | QE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | 46456 |
| FL | CE | 20 | 20 | Classroom | Classroom | 03/31/2023 | 04/27/2025 | 0008627 | |
| FL | QE | 30 | 27 | 3 | Classroom | Classroom | 03/31/2023 | 03/30/2025 | 0008596 |
| GA | CE | 27 | 27 | Classroom | Classroom | 04/23/2009 | 51430 | ||
| GA | CE | 30 | 27 | 3 | Classroom | Classroom | 04/22/2009 | 58530 | |
| GA | QE | 30 | 27 | 3 | Classroom | Classroom | 04/22/2009 | 58530 | |
| HI | CE | 30 | 28 | 2 | Classroom | Classroom | 04/23/2024 | 12/31/2024 | 23-341 |
| HI | CE | 27 | 27 | Classroom | Classroom | 04/23/2024 | 12/31/2024 | 23-341 | |
| HI | QE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 12/31/2024 | 23-341 |
| IA | CE | 27 | 27 | Classroom | Classroom | 06/13/2024 | 04/11/2027 | A518-2229 | |
| IA | CE | 30 | 27 | 3 | Classroom | Classroom | 06/13/2024 | 04/11/2027 | A518-2230 |
| IA | QE | 30 | 27 | 3 | Classroom | Classroom | 06/13/2024 | 04/11/2027 | A518-2231 |
| ID | CE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 06/18/2025 | |
| ID | QE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 06/18/2025 | |
| IL | CE | 27 | 27 | Classroom | Classroom | 01/01/2023 | 12/31/2024 | 575.001432 | |
| IL | QE | 30 | 27 | 3 | Classroom | Classroom | 01/01/2023 | 12/31/2024 | 573.000529 |
| IN | CE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | 46456 |
| IN | QE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | 46456 |
| KS | CE | 27 | 27 | Classroom | Classroom | 01/01/2024 | 12/31/2024 | 190.C24.R | |
| KS | QE | 30 | 27 | 3 | Classroom | Classroom | 01/01/2024 | 12/31/2024 | 309.P24.R |
| KY | CE | 27 | 27 | Classroom | Classroom | 07/01/2024 | 05/30/2025 | ||
| KY | QE | 30 | 27 | 3 | Classroom | Classroom | 07/01/2024 | 05/30/2025 | |
| LA | CE | 27 | 27 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | A0111 | |
| LA | QE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | A0111 |
| MA | CE | 27 | 27 | Classroom | Classroom | 04/25/2024 | 04/11/2027 | 10051186 | |
| MA | QE | 30 | 27 | 3 | Classroom | Classroom | 04/25/2024 | 04/11/2027 | 10051171 |
| MD | CE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | 46456 |
| MD | QE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | 46456 |
| ME | CE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | 46456 |
| ME | QE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | 46456 |
| MI | CE | 27 | 27 | Classroom | Classroom | 04/23/2024 | 04/16/2027 | 20-1197134 | |
| MI | QE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/16/2027 | 20-1197068 |
| MN | CE | 30 | 27 | 3 | Classroom | Classroom | 06/01/2023 | 05/31/2025 | 1002466 |
| MN | CE | 27 | 27 | Classroom | Classroom | 06/01/2023 | 05/31/2025 | 1002467 | |
| MN | QE | 30 | 27 | 3 | Classroom | Classroom | 06/01/2023 | 05/31/2025 | 1002465 |
| MO | CE | 27 | 27 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | ||
| MO | QE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | |
| MS | CE | 27 | 27 | Classroom | Classroom | 04/23/2024 | 04/26/2026 | MAB #49216 | |
| MS | QE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/26/2026 | MAB #49216 |
| MT | CE | 27 | 27 | Classroom | Classroom | 07/15/2022 | 04/11/2027 | REA-CEC-REC- 15520, REA-CEC-REC-17971 | |
| MT | QE | 30 | 27 | 3 | Classroom | Classroom | 07/15/2022 | 04/11/2027 | REA-CEC-REC- 15520, REA-CEC-REC-17971 |
| NC | QE | 30 | 27 | 3 | Classroom | Classroom | 01/01/2024 | 12/31/2024 | |
| ND | QE | 30 | 27 | 3 | Classroom | Classroom | 08/25/2014 | QE-214007S | |
| NE | QE | 30 | 27 | 3 | Classroom | Classroom | 01/22/2015 | 12/31/2026 | 1151402.02 |
| NJ | CE | 27 | 27 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | 2024-3016 | |
| NJ | QE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | 2024-3016 |
| NM | CE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | 4024 |
| NM | QE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | 4024 |
| NV | CE | 27 | 27 | Classroom | Classroom | 11/04/2024 | 10/31/2025 | CE.0009597-A | |
| NY | CE | 27 | 27 | Classroom | Classroom | 01/01/2024 | 12/31/2024 | A2971-27 | |
| NY | QE | 30 | 27 | 3 | Classroom | Classroom | 10/01/2024 | 09/30/2025 | Q0214-G7 |
| OH | CE | 27 | 27 | Classroom | Classroom | 01/01/2024 | 12/31/2024 | 084403304A 22 | |
| OH | QE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | 46456 |
| OK | CE | 27 | 27 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | 719 | |
| OK | QE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | 661 |
| OR | QE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | APIN-Q-0424-9028 |
| PA | CE | 27 | 27 | Classroom | Classroom | 05/30/2024 | 05/30/2027 | ||
| PA | QE | 30 | 27 | 3 | Classroom | Classroom | 05/30/2024 | 05/30/2027 | |
| PR | CE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | 46456 |
| PR | QE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | 46456 |
| RI | CE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | REA.0002188-CE |
| RI | QE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | REA.0002188-CE |
| SC | CE | 30 | 27 | 3 | Classroom | Classroom | 09/01/2024 | 08/31/2026 | AC . 768 |
| SC | QE | 30 | 27 | 3 | Classroom | Classroom | 09/01/2024 | 08/31/2026 | AC . 768, QE13768 |
| TN | CE | 27 | 27 | Classroom | Classroom | 05/01/2023 | 04/30/2025 | 1284 | |
| TN | QE | 30 | 27 | 3 | Classroom | Classroom | 04/24/2023 | 04/30/2025 | 1284 |
| TX | CE | 27 | 27 | Classroom | Classroom | 04/24/2024 | 03/31/2026 | TX Provider #:10 Course #:48435 | |
| TX | QE | 30 | 27 | 3 | Classroom | Classroom | 04/24/2024 | 04/11/2027 | TX Provider #: 8038 Course #:49510 |
| UT | CE | 27 | 27 | Classroom | Classroom | 12/01/2023 | 11/30/2025 | AC231117 | |
| UT | QE | 30 | 27 | 3 | Classroom | Classroom | 12/01/2023 | 11/30/2025 | AQ231129 |
| VA | CE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | 46456 |
| VT | CE | 27 | 27 | Classroom | Classroom | 05/23/2024 | 05/23/2028 | CA-245779 | |
| VT | QE | 30 | 27 | 3 | Classroom | Classroom | 05/23/2024 | 05/23/2028 | CA-245780 |
| WA | CE | 27 | 27 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | A24008910 | |
| WA | QE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | A24008910 |
| WI | CE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | 46456 |
| WI | QE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | 46456 |
| WV | CE | 27 | 27 | Classroom | Classroom | 04/23/2024 | 04/11/2027 | ||
| WV | QE | 30 | 27 | 3 | Classroom | Classroom | 04/23/2024 | 04/11/2027 |
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:
Table of Contents and Overview
Course Schedule
Assignments:
No
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 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 (489 pp.)
- Solutions Booklet and Self-Study Problems (396 pp.)
- Case Study Solutions (48 pp.)
- Symbols & Formulas (18 pp.)
You will be asked to clear the calculator’s memory before and after the examination. Only one calculator is permitted in the testing room. Examinees taking most AI exams may bring their own calculator to use during the exam. Laptops, cellular phones, tablets, iPads, wearable technology (smart watch, Apple Watch, Google Glass, etc.), and other devices that can store data or connect to the Internet are NOT permitted during the exam. In addition, all watches, wallets, bags, and purses must be removed and stored out of reach prior to taking the exam.
Requirements:
None specified
Prerequisites
Course Materials & Recommended Books
Pricing Options
| Rate | Full Price | AI Price |
|---|---|---|
| Standard
Today thru 10/06/2025 |
$625.00 | $595.00 |
Have Exam Questions?
Additional Course Offerings
| Sponsor | Date | Location | Format | ||
|---|---|---|---|---|---|
| Appraisal Institute | On Demand | Online | View Details | Register | |
| Northern California Chapter | March 10-13, 2025 | Lafayette, CA | Classroom | View Details | Register |
| Massachusetts Rhode Island and Maine Chapter | March 19-22, 2025 | Braintree, MA | Classroom | View Details | Register |
| Bluegrass Chapter | April 14-17, 2025 | Louisville, KY | Classroom | View Details | Register |
| Philadelphia Metropolitan Chapter | April 28 - May 1, 2025 | Willow Grove, PA | Classroom | View Details | Register |
| Chicago Chapter | October 21-24, 2025 | Chicago, IL | Classroom | View Details | Register |
Event Information
This course will be held 2 days a week for 2 weeks on Mondays and Wednesdays, October 6, 8, 13 & 15, 2025 from 9am-5pm(EST) at JLL, located at 330 Madison Ave., NY, NY.