Course Information


Course Information
Course Title Code Semester L+U Hour Credits ECTS
PRINCIPLES AND PRACTICES OF REAL ESTATE AND ASSET VALUATION 2 805000715210 3 + 0 3.0 8.0

Prerequisites None

Language of Instruction Turkish
Course Level Graduate Degree
Course Type Compulsory
Mode of delivery
Course Coordinator
Instructors
Assistants
Goals The course aims to investigate all positive and / or negative factors that may affect the value of assets and not being immovable in each appraisal work and estimating the final value of the goods based on rational basis and consistently.
Course Content Scope and content are, the formation of value in economics: theoretical analysis and applications, definition and comparison of concepts of value, price and cost, factors affecting the value of goods and assets, classification of goods and assets subject to valuation: movable properties, real estates, art objects, antiques and intangible assets, rural and urban real estate markets: properties, data sources, gathering of data, analysis and evaluation, analysis of bases for valuation: definition of land and urban lot, planning data, land use and types, inventory and definition of structures, building materials and classes, identification of other assets, real estate and asset valuation methods: market value (based on comparison) methods, methods of costing, theory of capitalization and income methods, quantitative (stochastic) valuation methods and advanced valuation methods, use of valuation methods: legal regulations, properties of goods, market conditions and effects of current data on method selection, comparison of real estate valuation methods, valuation of land, urban lot and structures, valuation of urban lots in urban outskirts and analysis of rents, case study analysis-I: urban lot valuation applications, case study analysis-II: land valuation applications according to land types, case study analysis-III: residential and commercial real estate valuation applications, case study analysis-IV: office, residence, shopping center, hotel and port valuations.
Learning Outcomes 1) Learns the stages, purposes, goals and importance of valuation, value concepts and scopes.
2) Learns and applies the stages of collecting, analyzing and evaluating data
3) Gain an idea about the legal regulations regarding valuation in Turkey and the EU
4) Learns privatization and nationalization, special purpose valuation processes, identification and valuation of land and buildings by practicing
5) Discusses the difficulties and main problems in valuation practices in Turkey

Weekly Topics (Content)
Week Topics Teaching and Learning Methods and Techniques Study Materials
1. Week The formation of value in economics: theoretical analysis and applications Lecture; Question Answer; Problem Solving; Discussion
Brainstorming
Brain Based Learning 		Presentation (Including Preparation Time)
2. Week Definition and comparison of concepts of value, price and cost Lecture; Question Answer; Problem Solving; Discussion
Brainstorming
Brain Based Learning 		Presentation (Including Preparation Time)
3. Week Factors affecting the value of goods and assets Lecture; Question Answer; Problem Solving; Discussion
Brainstorming
Brain Based Learning 		Presentation (Including Preparation Time)
4. Week Classification of goods and assets subject to valuation: movable properties, real estates, art objects, antiques and intangible assets Lecture; Question Answer; Problem Solving; Discussion
Brainstorming
Brain Based Learning 		Presentation (Including Preparation Time)
5. Week Rural and urban real estate markets: properties, data sources, gathering of data, analysis and evaluation Lecture; Question Answer; Problem Solving; Discussion
Brainstorming
Brain Based Learning 		Presentation (Including Preparation Time)
6. Week Analysis of bases for valuation: definition of land and urban lot, planning data, land use and types Lecture; Question Answer; Problem Solving; Discussion
Brainstorming
Brain Based Learning 		Presentation (Including Preparation Time)
7. Week Inventory and definition of structures, building materials and classes, identification of other assets Lecture; Question Answer; Problem Solving; Discussion
Brainstorming
Brain Based Learning 		Presentation (Including Preparation Time)
8. Week Real estate and asset valuation methods: market value (based on comparison) methods, methods of costing Lecture; Question Answer; Problem Solving; Discussion
Brainstorming
Brain Based Learning 		Presentation (Including Preparation Time)
9. Week Real estate and asset valuation methods: Theory of capitalization and income methods, quantitative (stochastic) valuation methods and advanced valuation methods Lecture; Question Answer; Problem Solving; Discussion
Brainstorming
Brain Based Learning 		Presentation (Including Preparation Time)
10. Week Use of valuation methods: legal regulations, properties of goods, market conditions and effects of current data on method selection Lecture; Question Answer; Problem Solving; Discussion
Brainstorming
Brain Based Learning 		Presentation (Including Preparation Time)
11. Week Comparison of real estate valuation methods, valuation of land, urban lot and structures Lecture; Question Answer; Problem Solving; Discussion
Brainstorming
Brain Based Learning 		Presentation (Including Preparation Time)
12. Week Valuation of urban lots in urban outskirts and analysis of rents Lecture; Question Answer; Problem Solving; Discussion
Brainstorming
Brain Based Learning 		Presentation (Including Preparation Time)
13. Week Case study analysis-I: urban lot valuation applications, case study analysis-II: land valuation applications according to land types Lecture; Question Answer; Problem Solving; Discussion
Brainstorming
Brain Based Learning 		Presentation (Including Preparation Time)
14. Week Case study analysis-III: residential and commercial real estate valuation applications Lecture; Question Answer; Problem Solving; Discussion
Brainstorming
Brain Based Learning 		Presentation (Including Preparation Time)

Sources Used in This Course
Recommended Sources
Alternative Methods of Capitalizing Income From Orchard, Groves and Vineyards, Casler, G.L. ve White, G.B. Cornell University Staff Paper, July 1982, No: 82-22, USA, 1982.
Bank of International Settlements (BIS), Housing Finance in the Global Financial Market, Committee on the Global Financial System Papers No.26, Basel, 2006.
Basic Real Estate Appraisal, Sixth Edition, Betts, R.M. ve Ely, S.J., Thomson, USA, 2005.
Compulsory Purchase and Compensation, Fifth Edition, Denyer-Green, B., Estates Gazette, London, UK, 1998.
Economic and Cultural Value in the Work of Creative Artists, Thorsby, D., Getty Instute Research Report, The Getty Conservation Institute, Los Angeles, USA, 1997.
Ermenek Barajı ve Hidroelektrik Santrali Projesi Kamulaştırma Alanındaki Arazilerin Gelirleri, Kapitalizasyon Oranları ve Birim Arazi Değerlerinin Araştırılması, Tanrıvermiş, H., Akipek, Ş., Bayramin, İ., Gün, A.S. ve Aliefendioğlu, Y., Ankara Üniversitesi Fen Bilimleri Enstitüsü Taşınmaz Geliştirme Anabilim Dalı Yayın No:1, Ankara, 2008.
Fundamentals of Mass Appraisal, Gloudemans, R. ve Almy, R., International Association of Assessing Officers, Kansas City, Missouri, USA, 2011.
Gayrimenkul Değerlemesi, Töre, E., Onikinci Baskı, İ.Ü. Yayın No:4487, Sosyal Bilimler Meslek Yüksekokulu Yayın No:2, İstanbul, 2004.
Int Standard on Mass Appraisal of Real Property,ernational Association of Assessing Officers (IAAO), Kansas City, Missouri, USA, 2013.
İmar Mevzuatımızda Planlama Kademeleri ve Üst Ölçek Planlama Sorunu, Ersoy, M., Bölgesel Kalkınma ve Yönetişim Sempozyumu, ODTÜ Şehir ve Bölge Planlama Bölümü, Ankara,
İpotek Karşılığı Menkulleştirilmiş Krediler, Yalçıner, K., Gazi Kitabevi, Ankara, 2006.
İrtifak Hakkı Kurulmasının Teorik Esasları ve Türkiye’deki Uygulamaları, Tanrıvermiş, H., Devlet Su İşleri Genel Müdürlüğü Teknik Bülteni Sayı:88:37-51, Ankara, 1998.
Kentsel Dönüşüm Sürecinde Taşınmaz ve Proje Değerleme İşlemleri ve Sorunlarının Analizi: Kayseri Büyükşehir Belediyesi Sahabiye ve Fatih Mahalleleri Dönüşüm Projesi Örneği Çerçevesinde Değerlendirme, Aliefendioğlu, Y., Tanrıvermiş, H., Uluslararası Sosyal Araştırmalar Dergisi, Cilt: 8(39): 736-769, 2015.
Land Resource Economics: The Economics of Real Estate, 4th Edition,Barlow R., Englewood Cliffs, N.J.:Prentice-Hall, USA, 1986.
Principles of Real Estate, Fourteen Edition,Banks, J.A., Cary, S.M., Harmon, L.C. ve Zucker-Maltese, C.R., IREM Institute of Real Estate Management, Chicago, USA, 2001.
Taşınmaz (Gayrimenkul) Değerlemesi, Açlar, A. ve Çağlar, V., TMMOB Harita ve Kadastro Mühendisler Odası Yayını, Ankara, 2002.
The Student Handbook to The Appraisal of Real Estate, 13th Edition, Rattermann, M.R., US Appraisal Institute, USA, 2009.
The Valuation of Apartment Properties, 2nd Edition, Mills, A., Parli, R. ve Reynolds, A., US Appraisal Institute, USA, 2008.
The Values of Cultural Heritage: Merging Economic and Cultural Appraisals, Klamer, A. ve Zuidhof, P.W., In: M.de la Tore and R. Mason (Eds), Economics and Heritage Conservation, Getty Conservation Institute, Los Angeles, USA, 1998.

Relations with Education Attainment Program Course Competencies
Program RequirementsContribution LevelDK1DK2DK3DK4DK5
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PY2500000
PY3500000
PY4500000
PY5500000
PY6555545
PY7555545
PY8554555
PY9555455
PY10555554
PY11555545
PY12555555
PY14555555
PY17555555
PY20555555

*DK = Course's Contrubution.
0 1 2 3 4 5
Level of contribution None Very Low Low Fair High Very High
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ECTS credits and course workload
Event Quantity Duration (Hour) Total Workload (Hour)
Course Duration (Total weeks*Hours per week) 14 3
Work Hour outside Classroom (Preparation, strengthening) 14 3
Homework 4 30
Final Exam 1 6
Time to prepare for Final Exam 1 30
Total Workload
Total Workload / 30 (s)
ECTS Credit of the Course
Quick Access Hızlı Erişim Genişlet
Course Information
  • Course Information
  • Weekly Topics (Content)
  • Sources Used in This Course
  • Relations with Education Attainment Program Course Competencies
  • ECTS credits and course workload