1. (a) The real estate appraisal I course, required in section 20-328-11a(a)(2) of the Regulations of Connecticut State Agencies, shall be entitled “residential real estate appraisal”, consist of a minimum of thirty hours of classroom instruction, and include, but not be limited to, the following subject matter:

   1. (1) Nature of appraisals and appraising;
   2. (2) Nature and principles of real estate value;
   3. (3) The appraisal framework;
   4. (4) Region, neighborhood and site analysis;
   5. (5) Improvements analysis;
   6. (6) Site valuation;
   7. (7) Direct sales comparison;
   8. (8) Gross rent multiplier analysis;
   9. (9) Cost analysis;
   10. (10) Correlation and final value estimate;
   11. (11) Appraisal report writing; and(12) Professional ethics and standards of practice for appraisers.

2. (b) The real estate appraisal II course, entitled “income-producing real estate appraisal”, shall consist of a minimum of thirty hours of classroom instruction and shall include, but not be limited to, the following subject matter:

   1. (1) Income capitalization approach;
   2. (2) Income expectancy;
   3. (3) Relationship of income and value;
   4. (4) Analysis of market evidence;
   5. (5) Direct capitalization;
   6. (6) Mathematics of finance and compound interest tables;
   7. (7) Lease interests;
   8. (8) Mortgage equity capitalization;
   9. (9) Internal rate of return;
   10. (10) Discounting procedures;
   11. (11) Cash flow analysis; and(12) Ethics and professional standards.

(Effective December 27, 2024)