After a diagnostic quiz on the six financial functions of one and a brief review, General Appraiser Income Approach/Part 2 opens with a thorough treatment of discounted cash flow (DCF) analysis. Topics include identifying components of a DCF, projecting cash flows, analyzing leases, solving for value in a variety of common situations, and supporting the discount rate. The effects of debt financing, including cash equivalence and equity analysis, are covered in detail. Income patterns and property models, including residual and other applications, are followed by material on selecting and supporting the discount rate. Also presented are the strengths and weaknesses of direct and yield capitalization. The final section reviews and summarizes the mathematical concepts involved with income capitalization and prepares the participant for not only the course exam but also the certification exam. Read more information about the course here.  

Qualifying Education Credit: NC Appraisal Board Approved for 27 Hours (Course Only); 30 Hours (Course & Exam)  

*Students seeking credit for this course from a state other than North Carolina are responsible for confirming with that state’s licensing board that this course will be accepted. The North Carolina Chapter recommends students check before registering*  

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About the Instructor:
Larry T. Wright, MAI, SRA, AI-GRS

Larry T. Wright, MAI, SRA, AI-GRS, has been a real estate appraiser since 1973. He graduated from the University of Oklahoma with a bachelor of science degree in mathematics. During his career as an appraiser, he has been appraising various individuals, corporations, and government entities such as the federal government, the State of Texas, Harris County, and the City of Houston. The primary focus of his practice has been litigation related to eminent domain, title insurance, estate tax, property tax, divorce, bankruptcy, errors and omissions cases involving appraisers, real estate agents and brokers, mortgage fraud, and cases involving builder and developer defects. Since 1997, he has been an approved instructor for the Appraisal Institute. While still consulting, his current endeavors have concentrated on teaching, writing seminars, and aiding in the writing or reviewing Appraisal Institute courses and seminars. He also holds a teaching position with the C. T. Bauer College of Business Real Estate Program at the University of Houston, lecturing about market analysis and valuation.