RP400 Going Concern Appraising for Real Estate Appraisers

Includes Multiple Live Events. The next is on 10/16/2023 at 10:00 AM (EDT)

Class Date/Time

Monday, October 16, 2023 - Friday, October 20, 2023
10:00am-6:00pm Eastern US

Online Registration Includes

  • One registrant login to the live sessions
  • Electronic course materials*

*All course materials included with your registration are PDF download only items made available to students prior to the start of the class and are not for resale or distribution. All downloadable materials are accessible via your education dashboard (login required). Once eMaterials have been posted for download, the class is no longer refundable.

Class Schedule

All times are Eastern US

Session 1 - Monday, October 16 -10:00am-6:00pm
Session 2 - Wednesday, October 18 -10:00am-6:00pm
Session 3 - Friday, October 20 - 10:00am-6:00pm

Please Note: Partial credit will not be awarded for this offering. Students must participate in all three (3) sessions to complete the course and receive full credit. The sessions will not be recorded and/or made available after the class.

Continuing Education (CE) and State Approvals

This course provides 22 CE instructional hours and 2 exam hours.

RP400 is currently approved in CO, DE, GA, FL, IL, IN, ME, MO, NC, NJ, OR, PA, SC, TN, VT, WA, and WI and pending approval in AR, CA, MD, NY, and TX. If you're licensed in a state not listed here and would like to attend this class, please email education@appraisers.org.

Attendees who would like to receive state CE hours will need to enable their webcam for the duration of the class, verify their identity with a government-issued ID, and be present when roll is taken periodically throughout each day.

Course Description

This 3-day course offers real estate appraisers an introduction to the basics of appraising real estate properties with a business component also known as "Going Concerns". Examples of such properties include single-location, free-standing, real estate-based operations such as fueling stations/convenience-stores/car washes, senior housing, and lodging properties.

This introductory course identifies the differences between performing a business appraisal and appraising real estate with a business component emphasizing the Going Concern Valuation when the primary value is the real estate. The course will also cover the fundamentals of reviewing financial statements with a focus on profit and loss statements. Emphasis will be placed on learning how to normalize these statements, how to recognize when the assignment goes beyond the real estate appraiser's expertise, and when it is appropriate to contract with a business appraiser (or a machinery and equipment appraiser) to assist. Additionally, students will be introduced to the basics of valuing the personal property (FF&E and M&E) used in the operation of the property types covered in this course.

Through the use of case studies, students will obtain an overview and basic understanding on how these particular property types are appraised. All three approaches to valuation will be presented; however more attention will be given to the Income Approach, and the Sales Comparison Approach. The appraisers' obligations to USPAP, FDIC, OCC, and the SBA are also highlighted.

Student Note: The material, curriculum, and instruction methods used in this course are designed at the introductory level. This course teaches real estate appraisers how to appraise the "Going Concern"; it does not teach real estate appraisers how to appraise a business or the business component of a Going Concern.

Instructional Methods

Class lecture and case study reviews.

Course Audience

It is assumed that course attendees already have a comprehensive understanding of how to appraise complex commercial real estate as well as experience in developing income statements.

Learning Level


Upon completion of this course, students will be able to:

  • Understand the concept of a going concern valuation, both from the real estate appraiser’s perspective, a business valuator’s perspective, as well as the machinery and equipment perspective;
  • Recognize their obligations to current laws, USPAP, and other regulations including understanding ASA BV standards;
  • Distinguish between business appraising and real estate appraising;
  • Know the current terminology surrounding going concerns of operating companies primarily depending on RE as an income producing asset;
  • Understand the fundamental principles underpinning going concern valuations;
  • Develop applicable analytical skills;
  • Understand and be able to utilize discernment rules;
  • Determine the types of properties that are candidates for going concern valuations;
  • Appreciate current notions and ideas about going concerns from published authors;
  • Apply current techniques and methodologies used in developing going concern valuations;
  • Generally understand valuing small businesses as well as all three approaches to valuation with the current methodologies used by business appraisers, and an emphasis on when to employ the assistance of a business appraiser or a machinery and equipment appraiser;
  • Support their value conclusions in a report;
  • Explore backdoor testing of conclusions and reasonability tests;
  • Identify and utilize available resources.


All course materials included with your registration are PDF Download Only items made available to students prior to the start of the class and are not for resale or distribution. All downloadable materials are accessible via your Education Dashboard (login required). Once eMaterials have been posted for download, the class is no longer refundable.

Accessing eMaterials

eMaterials are provided electronically in PDF format and posted to the class within the Education Dashboard for all registrants to securely access prior to the start of the class. Attendees should come to class prepared with an electronic or printed copy of all eMaterials to use as a reference. OnDemand course registrants receive access to materials immediately following registration. 

PDF course materials are presented in color, are bookmarked, and comment enabled. When opting to print downloaded materials, it is recommended that personal print settings be adjusted to print in black and white (or grayscale) and consider printing double-sided on recycled paper.

Certificate of Completion

Please allow 5-10 business day following successful completion of the course or final exam to receive a formal status notification and access to a certificate of completion. The certificate will be available to view and/or download from within the class listed in your Education Dashboard.

Financial Assistance

ASA’s Educational Foundation recognizes students who choose to invest their time in appraisal studies by providing assistance to students demonstrating a financial need. Please visit the Educational Foundation's webpage for more information and to download an application.

Please read the following information in its entirety to ensure a successful exam experience. 

  1. ASA requires the use of a PC/Mac/laptop with webcam capabilities in order to take your online exam. Mobile devices are not acceptable.
  2. The day of your exam, please login to your online open examination session via the Zoom link/details within the Contents tab above. 
  3. Make sure your webcam is on and that you are muted.
  4. Your examination session will be monitored by an online proctor (either an ASA staff member or an instructor). This individual will provide you with their contact information should you need to reach them during the exam.
  5. Your exam may be accessed via the class page on your dashboard.
  6. PLEASE NOTE – You may not reference any of the course materials or classroom notes, nor may you access any websites or any other resources during the exam.
  7. Lastly, ASA has transitioned to online exams to accommodate the continuation of learning. In the unlikely event you run into any technical issues or you are inadvertently kicked out of the exam, we STRONGLY recommend you keep a written record of all your answers on a separate piece of paper as you take the exam. In case there is an unforeseen issue, you will have your answers at the ready to reload into the exam software or to send to ASA via email as backup.
Components visible upon registration.