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Residential Sales Comparison and Income Approaches 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)

This new course meets current and future AQB criteria for the Licensed Residential Appraiser and Certified Residential Appraiser levels. Through two in-depth case studies, this introductory course provides you with the techniques necessary for completing the sales comparison and income capitalization approaches of the valuation process. You will develop and apply qualitative and quantitative analysis techniques as well as organize and reconcile data.

Students have 45 days from the session start date to complete the course material for this program. This course is completed at the student's own pace. There is a 2-hour proctored offline exam for this course.

Do I have to take the course exam?

You are required to complete and pass a proctored offline exam if:

    • you are taking this class to meet state qualifying education requirements.
    • you are taking this class to meet the qualifying education requirements for an Appraisal Institute designation.

You may be required to complete and pass a proctored offline exam if:

    • you are taking this class to meet state continuing education requirements.  Most states do not require the exam for CE credit, but please confirm this with your state licensing board.

You are not required to complete and pass a proctored offline exam if:

    • if you are taking this class to meet the continuing education requirements of an Appraisal Institute designation..
You will have 90 days from the time that you complete the course to take the proctored exam at a testing center location in your area. Testing center locations can be found by clicking on this link:

Module 1: Review of the Valuation Process
Module 2: Principles That Affect the Sales and Income Approaches
Module 3: Comparability Tools
Module 4: Elements of Comparison
Module 5: The Adjustment Procedure
Module 6: Supporting Quantitative Adjustments
Module 7: Case Study 1
Module 8: Qualitative Analysis
Module 9: Financial Analysis
Module 10: Other Market Evidence Analysis Techniques
Module 11: Income Capitalization Approach
Module 12: Case Study 2
Module 13: Reconciliation
Module 14: Selection of Comparables
Module 15: Partial Interests
Module 16: Data Collection and Verification
Course & Exam Review

Learning Objectives:
    • Recognize the relationship between the sales comparison and income capitalization approaches and the rest of the Valuation Process.
    • Extract and support adjustments using paired data set analysis.
    • Extract and support adjustments using income analysis.
    • Extract and support adjustments using cost and depreciation analysis.
    • Apply the adjustment techniques most appropriate for given data.
    • Calculate appreciation rates for the subject property and comparable sales.
    • Use the estimated gross monthly market rent and the reconciled GRM to derive a value indication from the income capitalization approach.
    • Apply the reconciled GRM to the gross monthly rent estimate to derive a value indication for the subject property by the income capitalization approach.
    • Derive an indication of value by the sales comparison approach.

Please note that there are mandatory participant assignments in this program that are reviewed by the instructor. Please plan your time accordingly and allow up to 5 days for the instructor to review your assignments. The instructor may ask for a resubmission of incomplete assignments. You may advance through the program while you are waiting for your instructor to review your work. You may also contact the instructor to request expedited review.

AI CE Credit for Designated members and Practicing Affiliates

    • Attend Only = 175 points (residential) or 150 points (general)
    • Attend and Pass Exam = 225 points (residential) or 200 points (general)
    • Pass Exam Only = 200 points (residential) or 150 points (general)

Residential [Res]

Successful completion of Basic Appraisal Principles and Basic Appraisal Procedures is required. Completion of Residential Market Analysis and Highest and Best Use is recommended.

Beginning appraisers seeking residential licensing and/or certification and residential appraisers who would like to review the skills needed to complete the sales comparison and income capitalization approaches of the valuation process.

Required Technology

  • A financial calculator is required. The accepted model used in the course is the HP-12C. Candidates taking most AI exams may bring their own calculator to use during the exam. Candidates should be fully aware that AI courses are developed with HP12C keystrokes, and that using an HP12C is highly recommended. Additionally, Microsoft Excel or other spreadsheet program is needed to complete the two case studies in the course.
  • IMPORTANT! You will be asked to clear the calculator's memory before and after the examination. Only one calculator is permitted in the testing room.
  • 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.
  • HP-12C 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 HP-12C. 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 HP-12C Financial Calculator
  • Recommended Text
    • The Appraisal of Real Estate, 14th ed.
    • Appraising Residential Properties, 4th ed.
    • The Dictionary of Real Estate Appraisal, 5th ed.

    AI Price: $ 379.00
    Full Price: $ 449.00

    Click Here for State Approvals

    Edward T. Molinari, SRA

    I agree to the terms and policies set forth under the Appraisal Institute Online Education Policy. I also certify that I am the person identified above under Personal Data and that I will personally complete each assigned module of instruction and any examination(s). I understand and agree that if I misrepresent my identity or arrange for someone else to represent himself or herself as me at any time during the Appraisal Institute online course or seminar, I will be immediately removed from the course or seminar and I will not be entitled to any refund. I further understand that if I am a member of the Appraisal Institute and participated in any misrepresentation of identity, by affirmative act or failure to act, that I will be the subject of a peer review proceeding under Regulation No. 6 for violation of the Appraisal Institute's Code of Professional Ethics and Standard of Professional Appraisal Practice, and that such peer review proceeding may result in termination of my Appraisal Institute membership.

    Additional Information
    Please allow 1 hour after registration to start an online session in progress (on or after the session start date). Go to and log in with the username and password you used when you registered. You will automatically be taken to the "My Appraisal Institute" page. Near the middle of that page your course will be listed with a link next to it that says "Go To Class".

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