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Advanced Income Capitalization

    Date: April 29 - May 3, 2019   Location: Carle Place, NY
 
  Course  
Category  Capitalization [Cap]  
Level  II  
Attendance Hours  32.0  
Exam Hours  3.0  
Current Price  $ 800.00 AI Price  
$ 1,100.00 Full Price  
 
  Instructor  
Robert L. Moorman, MAI, SRA, AI-GRS  
    
 
  Location  
Name  Homewood Suites by Hilton  
Address  40 Westbury Avenue  
City  Carle Place  
State  NY  
Zip  11514  
 
Click Here to check state approvals
    
 
  Sponsor / Contact  
Chapter  Long Island
Website  www.ailongisland.org  
Contact Name  Francine L. Morgenstern  
Email  liappraise@aol.com  
Phone  (516) 248-8964  
Fax  (516) 248-0853  
 
  Description  

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

Downloads
Table of Contents and Overview (PDF)
Course Schedule (PDF)
 
  Audience  
• General appraisers with a solid background in the income capitalization approach

• Accountants

• MAI Designation course
 
  Equipment  
• 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.
 
  Prerequisites  
Required:
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

Recommended:
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  
  Brochure  
  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.  
 
  Disclaimer  
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.
TUITION: Members: $800.00 NonMembers: $1,100.00

ENROLLMENT POLICY and INFORMATION: Your online registration, or enrollment form and payment by check must be received by the chapter office at least 14 business days prior to the start of the program to avoid a late charge. No registrations will be accepted 7 days before the start of the course unless there is a cancellation. We cannot accept walk-in students. Enrollment is limited, register promptly. Note: (1) Full (100%) attendance is required for qualifying or continuing education credit. (2) The Appraisal Institute issues certificates for state certification/licensing or state continuing education credit that verify successful completion and attendance requirements met with your grade notification letter. If Appraisal Institute attendance records indicate less than attendance requirements met, your certificate will reflect this and state agencies may refuse to award credit. (3) If you have a disability and may require some accommodation, please notify us in writing at least two weeks in advance and we will arrange for reasonable accommodation. (4) CONFIRMATION LETTER: If you have enrolled ON-LINE, you automatically receive a confirmation when your credit card is used. For checks, confirmation will be mailed 10 days prior. (5) COURSE STUDENT HANDBOOK MATERIALS: will be shipped directly to you as student approximately 4 weeks prior to class start date. You must bring this to class. (6) If you register late, course materials can be downloaded, or picked up first day of class. (7) The Local Chapter reserves the right to cancel or reschedule if a minimum enrollment is not met, and to change faculty assignments if necessary. (8) If you missed the deadline, you can be put on a waiting list, by e-mailing the chapter office at: LIAI@ailongisland.org

CANCELLATION POLICY:

Cancellation fee of $150 if cancelled 7-14 days prior to program start date. No refund for cancellations within 7 business days. All cancellations must be received in writing.
Program materials can be downloaded by the student or can be shipped directly to the student. If you choose to have the material shipped, it will be shipped to you beginning 4 weeks before the offering start date. If do not receive your materials within 5 days before the offering start date, please call the Chapter. If material has been shipped and you request a cancellation, you will automatically be charged a $25.00 material fee.



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  
Instructor: ROBERT L. MOORMAN, MAI, SRA, AI-GRS

Location: HILTON HOMEWOOD SUITES
40 Westbury Avenue, Carle Place, NY 11514
www.carleplacewestbury.homewoodsuites.com


Class Schedule:
Day 1: 8:00 am - 8:30 am (Sign-In) Day 1: 8:30 am - 5:00 pm
Day 2: 8:30 am - 5:00 pm
Day 3: 8:30 am - 5:00 pm
Day 4: 8:30 am - 5:00 pm
Day 5: 8:30 am - 11:30 am EXAM

Appraisal Institute and New York State Continuing Education Credit: Full attendance (100%), and successful completion of the course is required.
AI CE Credit for Designated Members and Practicing Affiliates
• Attend Only = 275 points
• Attend and Pass = 375 points
• Pass Exam Only = 325 points
New York State: Appraiser CE Credit 28 Hours
Hotel Rooms:
King Studio Suite @ $189.00 + Room Tax 11.65%
Queen Suite @ $209.00 + Room Tax 11.65%
Reserve and pay on own; Group code “LIA”. Reserve by March 29, 2019. Cancel 48 hours prior without penalty. www.homewoodsuites.com; Carle Place, NY.


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