Section 20-328-13a - 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;(7) Direct sales comparison;(8) Gross rent multiplier 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;(3) Relationship of income and value;(4) Analysis of market evidence;(5) Direct capitalization;(6) Mathematics of finance and compound interest tables;(8) Mortgage equity capitalization;(9) Internal rate of return;(10) Discounting procedures;(11) Cash flow analysis; and(12) Ethics and professional standards.Conn. Agencies Regs. § 20-328-13a