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This course is specifically designed as the introductory course to the Income Approach which meets 30 of the 60 hours required by the Appraiser Qualifications Board for Qualifying Education for General Certified Appraisers. The course covers topics such as application of the six functions of $1, underlying income approach definitions and concepts, construction of the income and expense statement, direct capitalization theory and techniques, introduction to yield capitalization, discounting, lease analysis, building and land residual analysis, and straight-line recapture theory and techniques. These topics are discussed with a distinct bent toward the sometimes unique aspects of rural property valuation. Concepts are reinforced through classroom discussion, drill problems and periodic diagnostic quizzes. After successful completion of this course, the student will be prepared for the more advanced topics discussed in the second 30 hour Income Approach module.
Please Note: This course is designed to follow Basic Appraisal Principles and Basic Appraisal Procedures. It is assumed the student has already gained the level of knowledge and understanding that is taught in the lower level classes.
Required Equipment & Textbooks: HP-12c, Hp-17bII or HP-19bII calculator; Appraisal of Rural Property, 2nd Edition
Optional Textbooks: Appraisal of Real Estate, Thirteenth Edition; Dictionary of Real Estate Appraisal, Fifth Edition
Contact Hours: 27 hours + 3 hour exam
AQB Licensure Requirement: Certified General
Accreditation: This course is required for the ARA and the RPRA
List of Approvals