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Advanced Income Capitalization

CALL   Date: September 29 - October 3, 2014   Location: Chicago, IL
Category  Capitalization [Cap]  
Level  II  
Attendance Hours  32.0  
Exam Hours  3.0  
Current Price  $ 745.00 AI Price  
$ 1,065.00 Full Price  
Stephen D. Roach, MAI, SRA  
Name  Chicago Chapter  
Rep  LA  
Address  205 W Wacker Dr #202  
City  Chicago  
State  IL  
Zip  60606  
Phone  (312) 616-9400  
Click Here to check state approvals
  Sponsor / Contact  
Chapter  Chicago
Contact Name  L.A. Anderson  
Phone  (312) 616-9406  
Fax  (312) 616-9404  

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

Table of Contents and Overview (PDF)
Course Schedule (PDF)
General appraisers with a solid background in the income capitalization approach, accountants. Required MAI Designation course.
• 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.
• 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 HP12-C Financial Calculator.

Advanced Education Diagnostic Test
Basic Appraisal Principles
Basic Appraisal Procedures
15-hour National USPAP
General Appraiser Income Approach/ Part 1
General Appraiser Income Approach/Part 2

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.
  For Further Reading  
  Capitalization Theory and Techniques Study Guide, 3rd ed.  
  Rates and Ratios Used in the Income Capitalization Approach  
  The Dictionary of Real Estate Appraisal, 5th ed.  
Cancellation Policy
  • $150.00 cancellation fee.
  • Less than 7 days prior to program start date, forfeit of payment.
      Program Material Policy

Beginning 4 weeks before the offering start date, program material will be shipped directly to the student. If this material has been shipped and you request a registration cancellation, you will automatically be charged a $25.00 fee and you may keep the material. Once the fee is charged, your refund will be processed. Material returns are no longer accepted. Contact the offering sponsor for more information.
  • Cancel Offering, $25.00 material fee.
ADVANCED EDUCATON - VERY IMPORTANT STUDENTS PLEASE READ CAREFULLY! To allow enough time for you to complete the required online session, course registration will be cut off on the 14th day before the classroom session begins. Please see additional deadlines below and the costs for cancellation. IMPORTANT DEADLINES FOR AE Official FIRST day of course - day online session begins 28 days BEFORE the classroom session begins. Last day to register for & submit the Diagnostic Test*** 21 days BEFORE the classroom session begins. Last day to receive a "PASS" confirmation on Diagnostic Test 14 days BEFORE the classroom session begins. Last day to register for the course 14 days BEFORE the classroom session begins. Last day to cancel registration with full refund 15 days BEFORE the classroom session begins. Last day to cancel registration with $150 cancellation fee 14 days BEFORE the classroom session begins. Last day to cancel registration with ZERO -0- refund 7 business days or less BEFORE the classroom session begins. Last day to complete online session 7 days BEFORE the classroom session begins. PLEASE NOTE: there will be NO exceptions to these rules above for registration or cancelling ALL ADVANCED EDUCATION COURSES!!!!!!!!!!! The Chicago Chapter enforces the attendance requirements as mandated by the State of Illinois and the AQB. There is a 100% attendance policy, if you are late, you will not receive credit. If you are late the first day of the course, you may stay in class but you will not receive credit. Registration begins at 8:00 am for every course. Each course begins promptly at 8:30 am each day. Program Material Policy Beginning four weeks before the course start date, program materials will be shipped to the student. Standard ground shipping is INCLUDED in the tuition price. HOWEVER, ADDITIONAL CHARGES are added for express shipping. These charges will be reflected in late registration. YOU MUST MEET THE DEADLINES INDICATED ABOVE TO ATTEND THIS COURSE!
HOTEL INFO: We have a corporate rate at the Holiday Inn Mart Plaza, right across the street from the chapter office. Call Tony at 312.529.1127 and tell him you’re a student with the Chicago Chapter and he will make your reservation for you. You must call by September 5, 2014 to receive a guaranteed rate of $249/ night on 9/28 and 9/29. CHICAGO IS A VERY BUSY CITY ….YOU NEED TO MAKE YOUR HOTEL RESERVATIONS EARLY TO GET OUR CORPORATE RATE OR EVEN GET A HOTEL ROOM BECAUSE THE HOTELS FILL UP QUICKLY WITH CONVENTIONS.

Program materials can be downloaded by the student or can be shipped directly to the student. If you choose to have the material shipped and do not receive your materials within 5 days before the offering start date, please call the sponsor to inform them.
  Additional Information  
Class Schedule:
Sept 29, 2014 8:00a-8:30a
Class: 8:30 -4:30
Sept 29 - Oct 3
Exam Oct 3

Please contact LA 312.616.9400
if you have any questions or need assistance.



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