Advanced Income Capitalization

August 13-15 & 17-19, 2009

About the Course
In this course advanced applications of the income capitalization approach are investigated and explored. Discounted cash flow (DCF) analysis provides the framework for much of the discussion of investment analysis concepts, emphasizing an understanding of the relationships among the various components of DCF. Financial leverage, risk analysis, and ways to support a discount rate are highlighted.

Instructor
Stephen D. Roach, MAI
San Diego, CA

Location
Hawthorn Suites
6329 S. 212th Street
Kent, WA 98032

Schedule

8/13 Registration:	7:30-8:00AM
8/13 Orientation:	8:00-8:30AM
8/13-15,17-18 Class:	8:30AM-5:00PM
8/19 Examination:	8:30AM-12:30PM

**Participants will need to make their own arrangements for lunch.

**Note: Required MAI Designation Course**

Content

Review of income capitalization concepts
Estimating cash flows
Investment analysis concepts
Risk analysis
Financial leverage
Yield capitalization (DCF) using an overall yield rate
Supporting the discount rate
Application of concepts
Stabilizing income and yield capitalization (DCF) using an equity yield rate

What You Will Gain
At the end of the course, you will be able to:

Understand the different assumptions underlying direct capitalization and yield capitalization
Project cash flows from net operating income and reversion
Identify the yield capitalization procedures used to value a property
Evaluate the risk associated with an income property investment
Apply the concepts learned to estimate a discount rate

Continuing Education
Full attendance and completion of the examination of this seminar qualifies designated members for 40 hours of continuing education credit from the Appraisal Institute. Attendance only qualifies participant for 36 hours. Washington State has approved this course for 40 credit hours.

Hotel Accomodations
A block of rooms is being held at the Hawthorn Suites in Kent, Washington. Shuttle service is provided to and from SeaTac Airport. To make reservations, call (253) 395-3800. Please mention the Appraisal Institute to get the preferred rate.

Prerequisites
Successful completion of Basic Appraisal Principles, Basic Appraisal Procedures, General Appraiser Income Approach/ Part 1, and General Appraiser Income Approach/Part 2, or equivalent courses is required.

Required Text:
Uniform Standards of Professional Appraisal Practice, current ed.
The Appraisal of Real Estate, 13th ed.
The Dictionary of Real Estate Appraisal, 4th ed.

Calculators
An HP-12C calculator is required along with the user manual. You must be familiar with calculator operation when the course begins. For additional help with the HP-12C calculator, go to http://www.appraisalinstitute.org/education/fin_calc.aspx

Cancellation Policy
• Up to 15 days prior to program start date, $50 cancellation fee.
• 2-14 days prior to program start date, $75 cancellation fee.
• Less than 2 days prior to program start date, forfeit of payment unless a student replacement is provided.

Attendance Requirements
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 early; if they are late or leave early, they will not receive credit.

Tuition
$675 Appraisal Institute Members
$775 Non-Members

NOTE: If you have a disability and require accommodation, please notify the Seattle Chapter in writing at least two weeks in advance and we will arrange for reasonable accommodations. We reserve the right to cancel, limit, or reschedule the course and change faculty assignments and facility locations at any time. Prospective students should confirm their registration before making any non-refundable airline reservations.