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Advanced Income Capitalization

CALL   Date: September 25 - 29, 2017, Choose Download Materials and Save $15.00   Location: Tampa, FL
Category  Capitalization [Cap]  
Level  II  
Attendance Hours  32.0  
Exam Hours  3.0  
Current Price  $ 800.00 AI Price  
$ 1,100.00 Full Price  
Gary P. Taylor, MAI, SRA  
Name  Springhill Suites by Marriott  
Address  4835 W. Cypress St.  
City  Tampa  
State  FL  
Zip  33607  
Click Here to check state approvals
  Sponsor / Contact  
Chapter  Florida Gulf Coast
Contact Name  Nancy J. Bachor  
Phone  (813) 962-4003  
Fax  (813) 962-4006  

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 pay 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

• MAI Designation course
• Laptops (external mouse recommended)
• 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 HP-12C Financial Calculator.
Advanced Education Diagnostic Test
Basic Appraisal Principles
Basic Appraisal Procedures
15-hour National USPAP

RECENT successful completion:
General Appraiser Income Approach/Part 1
General Appraiser Income Approach/Part 2

Using Spreadsheet Programs in Real Estate Appraisals - The Basics or similar course/seminar

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 , 6th ed.  
Cancellation Policy
  • $150.00 cancellation fee.
  • Less than 7 days prior to program start date, forfeit of payment.
Attendance: 100% attendance is required for all Appraisal Institute education programs. This follows Appraiser Qualifications Board minimum criteria requirements. A “classroom hour” is defined as 50 minutes out of each 60-minute segment. A 10-minute break per hour is allowed and a student would still meet the 100% attendance requirement. Students should not be late or leave if they are late or leave early, they will not receive credit. Enrollment is on a first come, first serve basis.

ADA Policy: If you have a disability and may require special accommodation, please notify us in writing at least two (2) weeks in advance and we will arrange for reasonable accommodation. Other Information: We reserve the right to cancel, limit, or reschedule the course and to change faculty assignments and locations at any time. Prospective students should confirm their registration before making any non-refundable airline reservations.

Florida Students: Florida law requires students receive a grade of 75% or higher on any classroom exam administered by education providers. The Appraisal Institute requires students to achieve 70% or higher to receive exam credit. Therefore, if any student who wishes to receive pre-licensure credit from Florida receives between 70-74%, he/she will receive a completion certificate from the Appraisal Institute that will clearly indicate that they will receive classroom and exam credit for the Appraisal Institute only. In turn, if a student receives between 70-74%, they will not get exam credit from the state of Florida (but will only receive classroom credit from Florida). If a student receives 75% or higher, they will receive both Appraisal Institute and state of Florida credit for the classroom and exam hours. If you have any questions regarding this law, please visit the Florida website at:

Registration Deadline Date: If you register 30 days prior to class, you will receive the Early Registration Discount. After 30 days, regular tuition price will be in effect. The chapter sets a registration deadline date, however, there is no guarantee that space will still be available by that date. Enrollment is based on space limitations and the availability of ordering extra sets of student materials. We strongly recommend that you register prior to the deadline date to help ensure a seat in the class. Once we reach the maximum seating limit, registration will be closed.

ENROLLMENT CANCELLATION NOTICE All enrollment cancellations must be submitted in writing via fax 813-962-4006 or email A confirmation of your cancellation will be e-mailed once it is processed by the Chapter office. See details regarding cancellation fees. Weather and/or Emergency Procedures for courses and seminars: In the event of bad weather or a state of emergency, call the chapter office at (813) 962-4003 for any message about the status of the class. If there is no message, the class will continue as scheduled. In the event the class needs to be cancelled due to bad weather, you will be notified of new class date.

Program materials can be downloaded by the student.
  Additional Information  
NEW Class Location: Springhill Suites by Marriott, 4835 West Cypress Street, Tampa, Florida 33607.

Sleeping Room Accomodations: The Springhill Suites by Marriott has given our students a group rate of $92/night until 9/3/17. After that date, the rate will increase. Please mention the "Appraisal Institute" when making your hotel reservation. Click on link below to receive the group rate.

Please review the FAQs for important information regarding registration and cancellation deadlines; mandatory diagnostic test; online session; course equivalencies. Follow this link:

REQUIRED DIAGNOSTIC TEST: The diagnostic test must be passed before students can register for this advanced education course. We recommend that students take the test at least 21 days before the classroom session of the course begins. Follow this link to take the free test: Test results will be e-mailed to participants within 7 BUSINESS days from the day the test was submitted.

Follow this link for important logistical course details (i.e. required equipment, laptop, software, etc.)

Prior to the first day of class, a separate 2-hour online session is required. The online session is available 28 days before the classroom session begins. The online session ends 7 days before the classroom session begins.

August 28, 2017
2-hour online session begins.

September 4, 2017
Last day to register for and submit the diagnostic test.

September 11, 2017
Last day to receive a “pass” confirmation on Diagnostic Test.
Last day to register for the course with *printed materials.
Last day to cancel registration with $150 cancel fee.

*Only download option for course materials is available from 14 days BEFORE to registration deadline 10 days BEFORE the classroom sessions begins.

September 20, 2017
Last day to register for the course.

September 18, 2017
Last day to cancel registration with $0 refund.
Last day to complete 2-hour online session.

Class Location: Springhill Suites by Marriott, 4835 W. Cypress Street, Tampa, FL 33607 (Note: the hotel can provide shuttle service to and from the airport, to local restaurants and shopping).

Hotel Reservations: A link for discounted hotel rate available below.

Prior to the first day of class, a separate 2-hour online session is required. The online session is available 28 days before the classroom session begins. The online session ends 7 days before the classroom session begins.

Registration/Class, Monday, September 25, 2017: 8:15 a.m. to 5:00 p.m.
Tuesday, September 26: 8:30 a.m. to 5:00 p.m.
Wednesday, September 27: 8:30 a.m. to 5:00 p.m.
Thursday, September 28: 8:30 a.m. to 5:00 p.m.
Friday, September 29: 8:30 a.m. to Noon (3-Hour Exam)

Required Equipment:
• HP-12C calculator
• Laptop

Required Text:
• Current edition of USPAP (2016-2017)

Florida - FREAB: QE = 30-Hours: CE = 20-Hours

Appraisal Institute CE: Attendance Only = 275 points; Attend & Pass Exam = 375 points

State Credit: Students should contact their specific state to determine current education approval and requirements.

Student Material: It will be the student's responsibility to bring course workbook with them to class. If you do not receive your materials within 5 days before the offering start date, please call the Florida Gulf Coast Chapter at (813) 962-4003. Students who register less than ten days prior to class will receive the student materials at the door. Note: If you register less than ten days prior to class, there will be an additional $15 shipping fee and you will receive the course materials at class.

Download Materials: If you requested a download of the course materials at the discounted tuition fee, please note that you MUST bring a copy with you or have it loaded on your laptop or Ipad for viewing.

Please note: If you opted to download the materials when you registered, you will not receive the course workbook. Bring a copy of the downloaded materials with you or have them loaded on your laptop. You cannot attend the class without course materials.

The Appraisal Institute's National office will email examination results and certificates of attendance to the students within 15 business days from the date the examinations are received at the National Appraisal Institute office.

Student Rosters: Students that do not wish to have their name, address, phone number and email address published to other students in the class must notify the Chapter at least five (5) days prior to the beginning of the course.

Tampa Bay Area Activities:
- Tampa Bay Rays Baseball -
- International Plaza -
- Busch Gardens -
- Adventure Island Water Park -
- The Florida Aquarium -
- Tampa Bay History Museum -
- Sundial Waterfront District, St. Pete -  



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