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Advanced Income Capitalization Education Schedule (PDF)
Education Catalog (PDF)
Some AI educational programs may not be approved in every state.
Students should check state approvals prior to registering for any Appraisal Institute program.

ClassroomOn-Demand Online EducationLive Online (Synchronous)

The 35-hour Advanced Income Capitalization course implements a blended learning approach, which includes a pre-class, two-hour online session combined with 30 hours of traditional classroom education and wraps up with a three-hour exam on the fifth morning.

Please note Designated Members and Candidates for Designation will receive the discounted AI Price for Advanced Education courses: Advanced Income Capitalization, Advanced Market Analysis and Highest and Best Use, Advanced Concepts and Case Studies, and Quantitative Analysis. All others will receive the Full Price.
For more information on how to become a Candidate for Designation,
click here.

Please review the FAQs for important information regarding registration and cancellation deadlines; mandatory diagnostic test; online session; course equivalencies. Click here.

Course Description
Advanced Income Capitalization builds on topics covered in the General Appraiser Income Approach/Part 1 and General Appraiser Income Approach/Part 2 courses. It introduces additional topics that a seasoned general appraiser can expect to meet in everyday practice. The course features a limited review of material covered in the previous income courses to maximize the time available for advanced topics. Advanced topics are divided into six general areas:

  • Operating income issues, including complex lease structures, reimbursements, and tenant improvement allowances
  • Property valuation techniques, property taxes that are a function of market value, reversions, property model applications, and supporting the discount rate
  • Complex mortgage instruments and the effects of leverage
  • Equity valuation
  • Investor motivations, including measures and types of risk, measures of return, and income tax consequences
  • Case study applications of an office building, a subdivision, and a proposed development with prospective and subject to hypothetical values

Program Overview
Table of Contents and Overview [PDF]
Course Schedule [PDF]

Recommended Text
Capitalization Theory and Techniques Study Guide, 3rd ed.
The Dictionary of Real Estate Appraisal, 5th ed.
Rates and Ratios Used in the Income Capitalization Approach

Ordering Information
To order books and other materials go to
our store

Please contact the sponsoring chapter for information on fees applicable to chapter programs.


  • Laptops (recommend external mouse)
  • Spreadsheet program: Excel 2007 (participants can use other spreadsheet programs, but those programs won’t be supported in class; demonstrations will be done in Excel)
  • Calculators. A financial calculator is required.. The accepted model used in the course is the HP-12C. Note.Cellular phones, tablets, iPads, and other devices that connect to the Internet are NOT permitted during the exam.
  • You must be familiar with basic Excel and calculator operation when the course begins. Answers to problems in course material are shown using Excel and the HP-12C. Do not come to class expecting to be taught how to use Excel or a financial calculator.
  • For additional help with the HP-12C calculator, take our online seminar, Using Your HP12-C Financial Calculator.

35 (2 online, 30 classroom, 3-hour exam)

To receive credit, participants must attend 100% of the program.

AI CE Credit for Designated Members, Candidates for Designation, and Practicing Affiliates

  1. Attend Only = 275 points
  2. Attend and Pass= 375 points
  3. Pass Exam Only = 325 points


Participants must sign a waiver at the beginning of the course stating that they have the prerequisites. If they do not, they will not hold the Appraisal Institute responsible and will not expect to receive special attention during the course.

Who Should Enroll
General appraisers with a solid background in the income capitalization approach, accountants. Required MAI Designation course.

Click Here for State Approvals

Class Schedule & Locations

08/07/2014 - 08/16/2014
Location: San Juan, PR
Click here for location details
Sponsor: Puerto Rico and Caribbean
Contact: Daphne Comas, SRA, (787) 607-0840
Instructor: Bonnin-Suris, Rafael E., MAI
Availability Inquiry?

09/15/2014 - 09/19/2014
Location: Minneapolis, MN
Click here for location details
Sponsor: Appraisal Institute
Contact: National Programs, (312) 335-4207
Instructor: Slucter, Kern G., MAI, SRA

09/29/2014 - 10/03/2014
Location: Chicago, IL
Click here for location details
Sponsor: Chicago
Contact: L.A. Anderson, (312) 616-9406
Instructor: Roach, Stephen D., MAI, SRA

10/06/2014 - 10/10/2014, Only opportunity to take this high-demand course in California
Location: Pleasanton, CA
Click here for location details
Sponsor: Northern California
Contact: Lisa M. Estes, (925) 932-7753
Instructor: DeWeese, Gary S., MAI

10/09/2014 - 10/14/2014
Location: Aurora, CO
Click here for location details
Sponsor: Colorado
Contact: Sherry Engleberg, (303) 691-0487
Instructor: McCloud, Harold S., MAI

10/20/2014 - 10/24/2014
Location: Nashville, TN
Click here for location details
Sponsor: Greater Tennessee
Contact: Myra Withers, (615) 515-9700
Instructor: Taylor, Gary P., MAI, SRA & Vernor, PhD, James D., MAI

10/20/2014 - 10/24/2014
Location: Pittsburgh, PA
Click here for location details
Sponsor: Pittsburgh Metropolitan
Contact: Kari Ballenger, (412) 563-1900
Instructor: Spence, William D. Otto, MAI

12/08/2014 - 12/12/2014, Online Session Begins 11/10; Diagnostic Test Deadline 11/17; Registration Deadline 11/24; Online Session Deadline 12/1
Location: Indianapolis, IN
Click here for location details
Sponsor: Hoosier State
Contact: Shannon O'Keefe, (317) 815-1340
Instructor: Wagner, Stephen S., MAI, SRA,

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