Course Information


Course Information
Course Title Code Semester L+U Hour Credits ECTS
ADVANCED THEORIES AND PRACTICES OF REAL ESTATE AND ASSET VALUATION I 805010735030 3 + 0 3.0 8.0

Prerequisites None

Language of Instruction English
Course Level Graduate Degree
Course Type Compulsory
Mode of delivery
Course Coordinator
Instructors Harun TANRIVERMİŞ
Assistants Monsurat Ayojımı SALAMI
Goals It is aimed to discuss the valuation practices and results of the selected real estates with case studies.
Course Content Development of valuation and valuation expertise, relationship among value, price and cost, the concept of value in the economy and its development, the development of real estate and asset values and valuation principles, current situation analysis in valuation: valuation based on actual status, legal status, potential qualifications and normal qualifications, effective and efficient use analysis, the effects of ownership, planning, location and usage conditions on real estate and asset values, analysis of the factors affecting the selection and use of valuation methods: legal regulations, properties of goods, market conditions and the effects of existing data on method selection, real estate and asset valuation methods and applications: market values, income values, cost methods and mixed valuation methods, comparison of the application results of valuation methods and determination of final asset and real estate values, valuation processes of rural and urban lands and structures, valuation of lands on urban fringes and rent analysis, planning, measurement and taxation of land value increase caused by public infrastructure services and projects, case study analysis: rural and urban land valuations, residential valuation, commercial real estate valuation (office, residence, shopping centres, hotel, and port valuation), valuation of special real estate and public real estate, real estate project valuation, asset valuation and valuation studies of intangible assets, valuation applications of selected real estates and reporting the results.
Learning Outcomes 1) Discuss the valuation methods.
2) Discuss case studies.
3) Compares the valuation reports in selected real estates.

Weekly Topics (Content)
Week Topics Teaching and Learning Methods and Techniques Study Materials
1. Week Development of valuation and valuation expertise, relationship among value, price and cost, the concept of value in the economy and its development Lecture; Discussion
Brainstorming
Brain Based Learning
Presentation (Including Preparation Time)
2. Week Taşınmaz ve varlık değerlerinin oluşumu ve değerleme ilkeleri, değerlemede durum analizi Lecture; Discussion
Brainstorming
Brain Based Learning
Presentation (Including Preparation Time)
3. Week Valuation based on actual status, legal status, potential qualifications and normal qualifications Lecture; Discussion
Brainstorming
Brain Based Learning
Presentation (Including Preparation Time)
4. Week Effective and efficient use analysis, the effects of ownership, planning, location and usage conditions on real estate and asset values Lecture; Discussion
Brainstorming
Brain Based Learning
Presentation (Including Preparation Time)
5. Week Analysis of the factors affecting the selection and use of valuation methods Lecture; Discussion
Brainstorming
Brain Based Learning
Presentation (Including Preparation Time)
6. Week Legal regulations, properties of goods, market conditions and the effects of existing data on method selection Lecture; Discussion
Brainstorming
Brain Based Learning
Presentation (Including Preparation Time)
7. Week Real estate and asset valuation methods and applications: market values, income values, cost methods and mixed valuation methods Lecture; Discussion
Brainstorming
Brain Based Learning
Presentation (Including Preparation Time)
8. Week Real estate and asset valuation methods and applications: market values, income values, cost methods and mixed valuation methods Lecture; Discussion
Brainstorming
Brain Based Learning
Presentation (Including Preparation Time)
9. Week Comparison of the application results of valuation methods and determination of final asset and real estate values, valuation processes of rural and urban lands and structures Lecture; Discussion
Brainstorming
Brain Based Learning
Presentation (Including Preparation Time)
10. Week Valuation of lands on urban fringes and rent analysis, planning, measurement and taxation of land value increase caused by public infrastructure services and projects Lecture; Discussion
Brainstorming
Brain Based Learning
Presentation (Including Preparation Time)
11. Week Case study analysis: rural and urban land valuations, residential valuation, commercial real estate valuation (office, residence, shopping centres, hotel, and port valuation), valuation of special real estate and public real estate Lecture; Discussion
Brainstorming
Brain Based Learning
Presentation (Including Preparation Time)
12. Week Case study analysis: rural and urban land valuations, residential valuation, commercial real estate valuation (office, residence, shopping centres, hotel, and port valuation), valuation of special real estate and public real estate Lecture; Discussion
Brainstorming
Brain Based Learning
Presentation (Including Preparation Time)
13. Week Case study analysis: rural and urban land valuations, residential valuation, commercial real estate valuation (office, residence, shopping centres, hotel, and port valuation), valuation of special real estate and public real estate Lecture; Discussion
Brainstorming
Brain Based Learning
Presentation (Including Preparation Time)
14. Week Real estate project valuation, asset valuation and valuation studies of intangible assets, valuation applications of selected real estates and reporting the results Lecture; Discussion
Brainstorming
Brain Based Learning
Presentation (Including Preparation Time)

Sources Used in This Course
Recommended Sources
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Akerson, B.C., 1980. The Appraiser’s Workbook, Appraisal Institute, Chicago, USA.
Aliefendioğlu, Y., Tanrıvermiş, H., 2015. Kentsel Dönüşüm Sürecinde Taşınmaz ve Proje Değerleme İşlemleri ve Sorunlarının Analizi: Kayseri Büyükşehir Belediyesi Sahabiye ve Fatih Mahalleleri Dönüşüm Projesi Örneği Çerçevesinde Değerlendirme, Uluslararası Sosyal Araştırmalar Dergisi, Cilt: 8(39): 736-769.
American Institute of Real Estate Appraisers, 1983. The Appraisal of Rural Property, Second Edition, Chicago, Illinois, USA.
Bank of International Settlements (BIS), 2006. Housing Finance in the Global Financial Market, Committee on the Global Financial System Papers No.26, Basel.
Banks, J.A., Cary, S.M., Harmon, L.C. ve Zucker-Maltese, C.R., 2001. Principles of Real Estate, Fourteen Edition, IREM Institute of Real Estate Management, Chicago, USA.
Barlow R., 1986. Land Resource Economics: The Economics of Real Estate, 4th Edition, Englewood Cliffs, N.J.:Prentice-Hall, USA.
Baum, A., Mackmin, D. ve Nunnington, N., 1997. Income Approach to Property Valuation, Edition 4, International Thomson Business Press, London, UK.
Bell, R., Anderson, O.C. ve Sanders, M.V., 2008. Real Estate Damages: Applied Economics and Detrimental Conditions, Second Edition, US Appraisal Institute, USA.
Betts, R.M. ve Ely, S.J., 2005. Basic Real Estate Appraisal, Sixth Edition, Thomson, USA.
Bolton, D.R., 1993. Properties Near Power Lines and Valuation Issues: Condemination or Inverse Condemination, In: Procedings of the Institute o Planning, Zonning and Eminent Domain, The Southwestern Legal Foundation, Dallas, Texas, USA.
Casler, G.L. ve White, G.B., 1982. Alternative Methods of Capitalizing Income From Orchard, Groves and Vineyards, Cornell University Staff Paper, July 1982, No: 82-22, USA.
Conneman, G.J., 1983. Farm Appraisal Handbook, Cornell University, Ithaca, Newyork, USA.
Demirci, R., Tanrıvermiş, H. ve Aliefendioğlu, Y. 2007. Türkiye’de Arazi Yönetimi ve Piyasası: Temel Özellikleri, Yasal ve Kurumsal Düzenlemeler, Sorunlar ve Değerleme Çalışmaları Üzerine Etkileri, Türk Kooperatifçilik Kurumu, Üçüncü Sektör Kooperatifçilik, Cilt (2007):42, Sayı:4:38-63, Ankara.
Denyer-Green, B., 1998. Compulsory Purchase and Compensation, Fifth Edition, Estates Gazette, London, UK.
Emerson, D.M., 2008. Subdivision Valuation, US Appraisal Institute, USA.
Gloudemans, R. ve Almy, R., 2011. Fundamentals of Mass Appraisal, International Association of Assessing Officers, Kansas City, Missouri, USA.
International Association of Assessing Officers (IAAO), 2013. Standard on Mass Appraisal of Real Property, Kansas City, Missouri, USA.
Klamer, A. ve Zuidhof, P.W., 1998. The Values of Cultural Heritage: Merging Economic and Cultural Appraisals, In: M.de la Tore and R. Mason (Eds), Economics and Heritage Conservation, Getty Conservation Institute, Los Angeles, USA.
Mills, A., Parli, R. ve Reynolds, A., 2008. The Valuation of Apartment Properties, 2nd Edition, US Appraisal Institute, USA.
Murray, W.G., Hariss, D.G., Miller, G.A. ve Thompson, N.S., 1983. Farm Appraisal and Valuation, Sixth Edition, The Iowa State University Press, Iowa, USA.
Mülayim, Z.G. ve Güneş, T., 1986. Yeni Bilirkişi Rehberi, Ayyıldız Matbaası A.Ş., Ankara.
Mülayim, Z.G. ve Tanrıvermiş, H., 1997. Tarımsal Kredilerde Değer Biçmenin Teorik Esasları ve Ülkemizde TC Ziraat Bankası Kredilerinde Değer Biçme Uygulamalarının Genel Durumu Sorunları ve Çözüm Önerileri, Türk-Koop Ekin Sayı:2: 38-49, Ankara.
Mülayim, Z.G., 2001. Tarımsal Değer Biçme ve Bilirkişilik, Yenilenmiş ve Genişletilmiş, II. Baskı, Yetkin Yayınları, Ankara.
Müller, A., 2000. Property Taxes and Valuation in Denmark, OECD Seminar about Property Tax Reforms and Valuation, Vienna, Austria.
Nix, J., Hill, P., Williams, N. ve Bough, J., 1999. Land and Estate Management, Packard Publishing Limited, Third Edition, Chichester, UK.
Rattermann, M.R., 2009. The Student Handbook to The Appraisal of Real Estate, 13th Edition, US Appraisal Institute, USA.
Rehber, E., 1999. Tarımsal Kıymet Takdiri ve Bilirkişilik, VİPAŞ A.Ş., Bursa.
Royal Institution of Chartered Surveyors (RICS), 2014. Global RICS Valuation – Professional Standards Global, London, UK.
Royal Institution of Chartered Surveyors (RICS), 2017. RICS Professional Standards, Global RICS Valuation – Professional Standards, January 2017, London, UK. (www.rics.org).
Royal Institution of Chartered Surveyors, 2009. Valuing Heritage Assets, Final Report of a Research Project, London, UK.
Scarette, D., 1991. Property Valuation: The Five Methods, London, UK.
Sermaye Piyasası Kurulu (SPK), 2006. Sermaye Piyasasında Uluslararası Değerleme Standartları Hakkında Tebliğ (Seri: VIII, No:45), TC Resmi Gazete, Tarih: 06 Mart 2006, Sayı: 26100.
Tanrıvermiş, H. ve Aliefendioğlu, Y., 2008. Yapı Değerlemesinin Teorik Esasları ve Uygulamaları: Türkiye’de Kamulaştırma, Emlak Vergisi ve İmar Düzenlemeleri Yönünden Bir İnceleme, Türk Kooperatifçilik Kurumu, Üçüncü Sektör Kooperatifçilik, Cilt (2008):43, Sayı:4:88-111, Ankara.
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Tanrıvermiş, H. ve Şanlı, H., 2008. Tarım Politikalarının Arazi Değerlerine Etkilerinin Değerlendirilmesi, Üçüncü Sektör Kooperatifçilik, Cilt (2008):43, Sayı:1:88-111, Ankara.
Tanrıvermiş, H., 1998. İrtifak Hakkı Kurulmasının Teorik Esasları ve Türkiye’deki Uygulamaları, Devlet Su İşleri Genel Müdürlüğü Teknik Bülteni Sayı:88:37-51, Ankara.
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Thorsby, D., 1997. Economic and Cultural Value in the Work of Creative Artists, Getty Instute Research Report, The Getty Conservation Institute, Los Angeles, USA.
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Tuncel, K., 2015. Profesyonel Gayrimenkul Yatırımı. Ceres Yayınları, İstanbul.
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Ventolo, W.L.Jr ve Williams, M.R., 2001. Fundamentals of Real Estate Appraisal, 8th Edition, Dearborn Real Estate Education, Chicago, USA.
Waier, P.R. and Linde, W., 1993. Means Unit Price Estimating Methods, Standards and Procedures for Using Unit Price Cost Data, R.S. Means Company Inc., USA.
Yalçıner, K., 2006. İpotek Karşılığı Menkulleştirilmiş Krediler. Gazi Kitabevi, Ankara.

Relations with Education Attainment Program Course Competencies
Program RequirementsContribution LevelDK1DK2DK3
PY15555
PY25555
PY35555
PY45555
PY55555
PY65555
PY74444
PY85555
PY95555
PY105555
PY115555
PY124444
PY133333

*DK = Course's Contrubution.
0 1 2 3 4 5
Level of contribution None Very Low Low Fair High Very High
.

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 6
Homework 1 40
Presentation (Including Preparation Time) 1 31
Midterm Exam 1 1
Time to prepare for Midterm Exam 1 25
Final Exam 1 1
Time to prepare for Final Exam 1 30
Total Workload
Total Workload / 30 (s)
ECTS Credit of the Course
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