Appraisal I and II courses.

(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) Nature of appraisals and appraising; (2) Nature and principles of real estate value; (3) The appraisal framework; (4) Region, neighborhood and site analysis; (5) Improvements analysis; (6) Site valuation; (7) Direct sales comparison; (8) Gross rent multiplier analysis; (9) Cost analysis; (10) Correlation and final value estimate; (11) Appraisal report writing; and (12) Professional ethics and standards of practice for appraisers. (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) Income capitalization approach; (2) Income expectancy; (3) Relationship of income and value; (4) Analysis of market evidence; (5) Direct capitalization; (6) Mathematics of finance and compound interest tables; (7) Lease interests; (8) Mortgage equity capitalization; (9) Internal rate of return; (10) Discounting procedures; (11) Cash flow analysis; and (12) Ethics and professional standards.