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Income Approach for General Appraisers - Part II (A330)


June 3-6, 2024

DISCLAIMER: This is the PILOT offering of the Part 2 Income Class. Be advised that this first-run is to work through the new material and presentation before offering the class nationwide. We welcome the opportunity for students to critique and make suggestions to improve the quality of the class.
Income Approach, Part 2
June 3-6
Student Fees: $600
Instructor Audit Fee: $300




Junction First Presbyterian Church Fellowship Hall | 201 S 11th Street, Junction, TX 76849
The Fellowship Hall has been renovated to include audio/visual technology. It is separate from the church sanctuary. You will NOT feel like you are in a church environment. There is a full kitchen which we will use to provide breakfast, coffee, lunch, and refreshments throughout the day. Meals are included in the registration fee.


The Texas Chapter will provide breakfast and lunch on all four days of the class. Plus, we will host a dinner on one of the evenings. There will be plenty of social time during the week.



Holiday Inn Express & Suites

Ask for the “Texas Chapter ASFMRA” hotel block. The group rate is $124/night plus fees.
For those that have attended before, I have the CABANA CABINS reserved for our instructors. The owners have added 2 cabins that are 3-bedroom, 2-bathroom. If there is a group that would like to stay together, I can send you the information.
I also have suggestions for places other than the hotel. There are cabins and VRBO homes available if you are looking for an alternative. Junction is a great place to visit, and we have a lot of tourism during the summer. Check out the website if you would like to consider a mini vacation with your education!


Junction is located 2 hours from the Austin-Bergstrom (AUS) airport and 1.5 hours from the San Antonio International (SAT) airport. As we get closer to the event, the Chapter can provide a list of registered students. Sharing a rental car may be a viable option.


The class will be led by Mark Lewis, ARA, Andy Gudajtes, ARA and Dave Mielnicki, ARA. These three were part of the team to develop and write the class. We have extended an invitation to other professionals to audit and assist throughout the week. These individuals include:
  • Wendell Wood, ARA – Wendell helped develop and write the class. 
  • Justin Bierschwale, ARA, Paul Bierschwale, ARA, Nathan Tonne, ARA – all Junction based instructors with a history of teaching Income Part I and all the Qualifying Education classes. 
  • Brian Gatzke, ARA – Appraisal Education Chair for the Education & Accreditation Committee of the ASFMRA. 
  • We welcome any instructor to audit this pilot class if you foresee teaching Income II in the future. 


This course is specifically designed as the advanced 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 yield capitalization, discounting and net present value, discounted cash flow analysis, operating statements, lease analysis, leasehold, leased fee and sub-lease valuation, mortgage analysis and cash equivalency. These topics are discussed in relationship to the sometimes-unique characteristics of agricultural lease properties as well as commercial properties. The concepts and methodology are reinforced through classroom discussion, drill problems and case studies. After successful completion of the introductory course and this course, the student will have the foundation required for analyzing the value of real property through the Income Approach.
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: HP-12c, Hp-17bII or HP-19bII calculator
Suggested Textbook: Valuing Rural America: Foundations of Data Analysis; Appraisal of Real Estate, Fifteenth Edition; Dictionary of Real Estate Appraisal, Sixth Edition; Appraisal of Rural Property, 2nd Edition
Contact Hours: 27 hours + 3 hour exam
Course Timetable: Days 1-3: 8 AM – 5 PM; Day 4: 8 AM – 4 PM
AQB Licensure Requirement: Certified General
For questions about approvals, contact Deanna Ilk at or 303-692-1222.