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Real Estate Finance Statistics and Valuation Modeling

    Online Education
Category  General/Residential [G/R]  
Level  I  
Attendance Hours  14.0  
Exam Hours  1.0  
Current Price  $ 280.00 AI Price  
$ 330.00 Full Price  
Kenneth M. Lusht, PhD, MAI, SRA  
Appraisal Institute - Online Education
Click Here to check state approvals
  Sponsor / Contact  
  Appraisal Institute  
Phone  (877) 674-2447  
This 15-hour course provides an introduction to statistics, real estate finance, and modeling with applications to residential and commercial real estate appraisal. During the first half of the course you will develop an understanding of basic statistics and statistical analysis and learn how those skills can be used in valuation and evaluation practice. In the second part, you will gain an understanding of real estate finance markets, learn about credit conditions and their impact values on appraisal, and calculate and interpret fundamental numbers on loan payments and balances.

There is an exercise in this course which require fair amount of time to complete. Please note that the instructor may take 3 to 5 days grade your case study exercises so plan your time accordingly.

Successful completion of the course and exam should satisfy most states' education requirements in the content area identified as real estate finance, statistics, and valuation modeling.
Note: QE 2008 Course

This course has a 1-hour offline exam. You can take the exam at one of our testing centers. Testing center locations in your area can be found by clicking on this link: You will have 90 days from the time that you complete the course to take the exam.

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

Module 1: Measures of Central Tendency: Mean, Median and Mode
Module 2: Measures Of Dispersion: The Range, Fractiles and Standard Deviation
Module 3: Statistical Inference: Using Sample Means and Standard Deviations
Module 4: An Application of Statistics Based Valuation: Introducing The Regression Model
Module 5: Introduction to Multiple Regression
Module 6: Real Estate Finance - An Introduction and a Brief History
Module 7: Availability and Cost (Interest Rate) of Mortgage Debt
Module 8: Financing, Value, and Appraisal and Consulting Practice - An Introduction

Learning Objectives:
    • Work with basic statistics and statistical analysis, and recognize how those skills can be used in valuation.
    • Describe the essential functions of real estate finance markets; recognize the impact of credit conditions on values and appraisal; and calculate and interpret fundamental numbers, such as loan payments and balances.

AICP members may be able to earn Certification Maintenance (CM) credits for this activity. Visit for a list of approved offerings.

AI CE Credit for Designated members, Candidates for Designation and Practicing Affiliates
• Attend Only = 175 points (residential) or 70 points (general)
• Attend and Pass Exam = 225 points (residential) or 140 points (general)
• Pass Exam Only = 200 points (residential) or 125 points (general)

Beginning appraisers, real estate professionals, users of appraisal services, accountants.

A Financial Calculator is required for this class.You must be familiar with calculator operation. Answers to problems in course material are shown using the HP-12C. Please do not expect to be taught how to use a financial calculator.

You may bring your own calculator to use during the final exam. The Appraisal Institute courses are developed with HP12C keystrokes, and using an HP12C is highly recommended.

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.

Successful completion of Basic Appraisal Principles and Basic Appraisal Procedures, or equivalent courses is required.
  For Further Reading  
  An Introduction to Statistics for Appraisers  
  Practical Applications in Appraisal Valuation Modeling  
  A Guide to Appraisal Valuation Modeling  
Cancellation Policy
If you are unable to complete an online program once it begins, you may cancel out of the program within 30 days after the official end date. Absolutely no cancellations will be processed after 30 days of the official end date. Once you cancel out of a program, you must start the program over at the beginning in any later enrollments. You cannot be placed into the program where you left off before canceling.

The following refund policy is in effect for canceled online programs based on the amount of material completed in a program:

 Less than 25% of the program completed: $60 cancellation fee

 More than 25% of the program completed: no refund

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".

If you have any questions, please email us at

  Online Education Homepage  



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