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General Appraiser Income Approach/Part 2 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.

ClassroomOnlineLive Online (Synchronous)

After a diagnostic quiz on the six financial functions of one and a brief review, General Appraiser Income Approach/Part 2 opens 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 selecting and supporting 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 the participant for not only the course exam but also the certification exam.

National Registry of CPE SponsorsThe Appraisal Institute is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Nashville, TN, 37219-2417. Web site:

Delivery Method: Group-Live

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

Recommended Text
Capitalization Theory and Techniques Study Guide, 3rd ed.
Mathematics for Real Estate Appraisers
Rates and Ratios Used in the Income Capitalization Approach
The Appraisal of Real Estate, 14th ed.

Ordering Information
To order books and other materials go to
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Please contact the sponsoring chapter for information on fees applicable to chapter programs.


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.
HP12C calculator user's manual
You must be familiar with calculator operation when the course begins. Answers to problems in course material are shown using the HP12C. Do not come to class expecting to be taught how to use a financial calculator.
· Free Review--Using a Financial Calculator; Formulas, Symbols, Math Review, and Sample Problems; and Financial Calculator Practice Exercises
· For additional help with the HP-12C calculator, take our online seminar, Using Your HP12C Financial Calculator

30 hours (including 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 = 150 points (general) or 175 points (residential)
  2. Attend and Pass= 200 points (general) or 225 points (residential)
  3. Pass Exam Only = 150 points (general) or 200 (residential)


Basic Appraisal Principles
Basic Appraisal Procedures
General Appraiser Income Approach/Part 1

Students 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
Those seeking general Appraiser Certification, underwriters, lenders, and assessors.

Click Here for State Approvals

Class Schedule & Locations

09/03/2014 - 09/06/2014
Location: St. Paul, MN
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Sponsor: North Star
Contact: Maribelle E. Cushman, (651) 633-0676
Instructor: Jorgensen, Kerry M., MAI

09/16/2014 - 09/19/2014
Location: Atlanta, GA
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Sponsor: Atlanta Area
Contact: Suzanne S. Brockway, (770) 803-0024
Instructor: Vernor, PhD, James D., MAI & Lennhoff, David C., MAI, SRA,

09/16/2014 - 09/19/2014
Location: Tigard, OR
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Sponsor: Greater Oregon
Contact: Vicki A. Champ, (503) 316-1979
Instructor: Larrabee, Matthew, MAI

10/06/2014 - 10/09/2014
Location: Chicago, IL
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Sponsor: Chicago
Contact: L.A. Anderson, (312) 616-9406
Instructor: Flynn, Brian J., MAI

10/06/2014 - 10/09/2014
Location: Pittsburgh, PA
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Sponsor: Pittsburgh Metropolitan
Contact: Kari Ballenger, (412) 563-1900
Instructor: Spence, William D. Otto, MAI

10/13/2014 - 10/16/2014
Location: Houston, TX
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Sponsor: Houston
Contact: Lori Wilkins, (713) 668-1757
Instructor: Moorman, Robert L., MAI, SRA,

10/14/2014 - 10/23/2014
Location: New York, NY
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Sponsor: Metropolitan New York
Contact: Connie Puccio, (866) 966-3710
Instructor: DePascale, Fred A., SRPA, SRA & Smith, Robert B., MAI

11/17/2014 - 11/20/2014
Location: Indianapolis, IN
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Sponsor: Hoosier State
Contact: Shannon O'Keefe, (317) 815-1340
Instructor: Scheidt, Don R., MAI, SRA

12/02/2014 - 12/05/2014
Location: Fargo, ND
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Sponsor: North Star
Contact: Maribelle E. Cushman, (651) 633-0676
Instructor: Urubek, John H., MAI

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