The Discounted Cash Flow Model: Concepts, Issues, and Applications


Developed for appraisers with varied appraisal backgrounds, this seminar focuses on the basic concepts and principles of discounted cash flow valuation and modeling. DCF modeling is a powerful tool when properly used and understood.

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Who should Enroll

Real property appraisers with an interest in DCF modeling


  • Recognize the three categories of factors driving income property value.
  • Explain why cash flows are discounted.
  • Determine present values.
  • Explain how the DCF model reflects how the market determines value.
  • Understand the theoretical underpinnings of PV, NPV, and IRR.
  • Make defensible choices of discount rates.
  • Apply both blended and cash flow–specific discount rates to arrive at PV estimates.
  • Explain the relationship between the discount rate(s) and the timing of expected cash flows.
  • Recognize the unreliable nature of the occasional inaccurate investment forecast.
  • Describe basic strategies to minimize the negative impacts of inaccurate investment forecasts.




No Exam



Appraisal Institute CE Points

Attend: 55 AI Points

Class Time

5 hours



Program Overview

Required and/or Recommended Equipment

System Requirements

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