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Appraisal of Medical Office Buildings Education Schedule (PDF)

Education Catalog (PDF)
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Students should check state approvals prior to registering for any Appraisal Institute program.

ClassroomOn-Demand Online EducationLive Online (Synchronous)

Overview:
Changing trends in medical practice, health insurance, and demographics are fostering changes in the design of and demand for medical office buildings. This program is designed specifically for commercial appraisers who want to branch out into the specialty of medical office building appraisals.

This program emphasizes how appraising medical office buildings differs from appraising other types of commercial properties. It focuses on the sales comparison and income approaches, and participants are expected to be trained in both as well as in the application of discounted cash flow analysis. Due to time and space limitations, the cost approach is not presented. However, cost-approach methodology for medical offices is consistent with that used for any other commercial property type and is important to valuing recently constructed or new facilities. The program identifies the key differences between medical office construction and standard office construction. In addition, the program uses historical data to illustrate long-term trends and their influence on the market.

Please note that participants must complete 3 mandatory assignments in the program. CREDIT WILL NOT BE GIVEN until the assignments are satisfactorily completed. The instructor may ask for a re-submission of an incomplete assignment. Please allow up to 5 days for the instructor to review an assignment. You may request expedited review by contacting the instructor.

Syllabus:
Module 1: Medical Office Building Market Overview
Module 2: Medical Office Buildings: Unique Characteristics and Unique Aspects of the Medical Office Market
Module 3: Medical Office Buildings: Sales Comparison Approach Leased Fee and Introduction to Fee Simple Sales Comparison Analysis
Module 4: Medical Office Buildings: Income Approach Using Direct Capitalization Leased Fee Analysis
Module 5: Medical Office Buildings: Income Approach Using Discounted Cash Flow Analysis for Leased Fee and Fee Simple Analysis

Learning Objectives:
Module 1
• Differentiate between the different types of healthcare services and the different types of healthcare facilities they occupy.
• Examine how changes in the healthcare industry are influencing medical office demand.
• Analyze how practice trends are changing the size, configuration, and location of medical offices.
• Examine how the medical office market is responding to healthcare trends.

Module 2
• Distinguish characteristics of medical office buildings from standard office buildings.
• Analyze important clauses to consider in a review of medical office leases.
• Describe trends in the medical office leasing market.

Module 3
• Illustrate when to apply the sales comparison approach for valuation of a leased fee interest in a medical office building.
• Demonstrate the use of appropriate guidelines for selection of comparable sales for valuation of a leased fee interest in a medical office building.
• Properly apply transactional and property adjustments in the sales comparison approach for leased fee interests in medical office buildings.
• Distinguish between major factors contributing to the economic characteristics adjustment for a medical office building.
• Demonstrate proper methodology in the sales comparison approach for valuing a fee simple interest in a medical office building.

Module 4
• Distinguish how and when to use direct capitalization for valuation of a leased fee interest in a medical office building.
• Examine and consider the following factors in estimating the leased fee capitalization rate: tenant quality, rent level, and lease type.
• Examine and consider the following factors in estimating the leased fee capitalization rate: term remaining, options remaining, location, and others.
• Illustrate direct capitalization for valuation of leased fee interests in single-tenant medical office buildings.
• Demonstrate proper data collection techniques to support leased fee capitalization rates for medical office buildings.

Module 5
• Demonstrate proper application of discounted cash flow analysis in the valuation of leased fee interests in medical office buildings.
• Illustrate proper methods for estimating a reversion in the valuation of leased fee interests in medical office buildings by discounted cash flow analysis.
• Demonstrate proper application of discounted cash flow analysis in the valuation of leased fee interests in single-tenant medical office buildings.
• Demonstrate proper application of discounted cash flow analysis in the valuation of leased fee and fee simple interests in multi-tenant medical office buildings.

AI CE Credit for Designated members and Practicing Affiliates
• Attend Only = 75 points

Category
General [Gen]

Audience
General appraisers

Required Technology
A financial calculator is required. The accepted model used in the program is the HP-12C.

Recommended Text
None Specified.

Tuition
AI Price: $ 115.00
Full Price: $ 137.00

Click Here for State Approvals

Instructor
TBA


Disclaimer
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 www.appraisalinstitute.org 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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