Fundamentals of Separating Real Property, Personal Property, and Intangible Business Assets

Date: October 4 - 5, 2021

Location: Gaitherburg, MD

Washington DC Metropolitan Area Chapter
Mr. Houstle
8 Granite Place #26
Gaitherburg, MD 20878
Aaron Udler
David C. Lennhoff, MAI, SRA, AI-GRS

Continuing Education
Class Time: 14 hours
Exam Hours: 1.00

AI Price: $350.00
Full Price: $380.00


Fundamentals of Separating Real Property, Personal Property, and Intangible Business Assets provides the theoretical and analytical framework for separating the tangible and intangible assets of real estate businesses. Through discussion, lecture, readings, and case studies, participants will apply the theory of the firm and the concept of economic profit to the solution of problems and case studies related to ad valorem taxation, eminent domain, loan underwriting, and transaction price allocation.

An overview of business valuation procedures and clarification of real estate and business valuation definitions allows participants to become familiar with the terminology relevant to separating asset values. The class will receive a review of the legal foundations for property rights, an introduction to the methodologies as well as the controversial and unresolved issues in this field. Finally, participants will learn about allocating real estate, personal property, and intangible asset values.

Note. Fundamentals of Separating Real Property, Personal Property, and Intangible Business Assets contains diverse opinions regarding appraisal theory and applications. Neither this course nor the Appraisal Institute advocates a particular theory or method. Rather, each appraiser must come to his or her own conclusion based on the property type, local market customs, and scope of work.

This course is in the Valuation of the Components of a Business Enterprise Professional Development Program. View this list of FAQs, which includes information regarding the courses you’ll need to complete the program successfully.

  • Recognize operating properties as distinct from pure space properties.

  • Recognize when the scope of work requires the separation of various kinds of assets to produce a credible appraisal.
  • Identify the concepts, terminologies, and economic principles that underlie the asset claims to the revenue stream.
  • Identify the terminology relevant to separating asset values and the roots of that terminology in accounting, business valuation, and valuation for financial reporting.
  • Recognize the complexity of valuing a property as it relates to appraisal problems, separating asset values, and valuation for financial reporting.
  • Identify the legal foundations for property rights.
  • Recognize when it is necessary to work with a professional in another field, such as a business or tangible personal property valuer.
  • Recognize the methodology.
  • Objectively articulate the various issues that are considered controversial and unresolved.
  • Identify the parallels between the business valuation methodologies and real property valuation.


Course Materials Include:

  • Course Handbook (345 pp.)
  • Homework Reading List (2 pp.)

You will be asked to clear the calculator’s memory before and after the examination. Only one calculator is permitted in the testing room. Examinees taking most AI exams may bring their own calculator to use during the exam. Laptops, cellular phones, tablets, iPads, wearable technology (smart watch, Apple Watch, Google Glass, etc.), and other devices that can store data or connect to the Internet are NOT permitted during the exam. In addition, all watches, wallets, bags, and purses must be removed and stored out of reach prior to taking the exam.

Cancellation Policy

$25 fee for cancellation after 9/27.

No refunds after 10/4.

Additional Information

Registration opens at 8:00am on Day 1. Everyone needs to be signed in by 8:30am.

Class runs from 8:30am - 5:00pm each day with a one hour break for lunch (on your own).

National Disclaimer

State Credit

Please note that 100% attendance is required in order to receive any approved state credit or to be awarded AI CE points. It is imperative that you check with your state board for state approval information before completing registration.

Other Information

If you have a disability and require accommodation, please notify the sponsor at least two weeks in advance for reasonable accommodations to be arranged.

The Appraisal Institute reserves the rights to cancel, limit, or reschedule the program and to change instructor assignments and facility locations at any time.