This course will provide the appraiser with a basic introduction to the income capitalization approach to value. Both the theory and the application of these techniques will be presented and will be directly applicable to market situations for income-producing properties. The course will cover the expectations of the investor and how that relates to market value. The student will leave this course with a good understanding of the nuances of performing an income approach on a narrative appraisal.
The course starts with a review of the rationale behind the income approach, and continues to highlight the development of income expectancy, income conversion to value theory, and derivation of rates. Also covered will be yield capitalization, applied discounting, mortgage equity capitalization, Internal Rate of Return, and Discounted Cash Flow. This course was designed to give a good overview to the topic of income capitalization for the appraiser, and it is intended that the student be familiar with these techniques by the conclusion of the class. The original on-site version of this presentation was designed and written by Joseph Dorris.
Approved by the Appraiser Qualifications Board (AQB) of The Appraisal Foundation and the state of Georgia as course approval 38301.
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