Course Information


Course Information
Course Title Code Semester L+U Hour Credits ECTS
ADVANCED THEORIES AND PRACTICES OF REAL ESTATE AND ASSET VALUATION II 805010735040 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
Assistants
Goals It is aimed to investigate difficulties of valuation practices in Türkiye and the main problems is the valuation study with the selected countries and Türkiye.
Course Content Development analysis and residual value analysis in valuation, quantitative (stochastic) valuation methods, advanced valuation methods and their applications, valuation practices in Turkish Legal System: purchase-sale, mortgage and housing finance, expropriation, easement rights, temporary occupation and valuation practices regarding real rights establishment, taxation, insurance, land consolidation and reform applications, income, leasing and rent analysis, damages, unfair invasion (ecr-imisil) compensations, inheritance, betterment practices and condominium, sale of public property, privatization and nationalization and special purpose valuation transactions, current and tangible asset valuation in industrial and commercial enterprises, intangible asset valuation, valuation of limited real rights, real estate valuation and rent indices and their use in real estate analysis, mass valuation practices: theoretical principles and applications, production and use of value maps, valuation expertise and expertise practices, institutionalization of valuation expertise, global and regional valuation standards: International Valuation Standards Council (International Valuation Standards Council (IVSC), RICS Professional Valuation Standards (Royal Institution of Licensed Appraisers) (RICS Professional Standards - Red Book), US Appraisal Institute and Appraisal Standards Board, Uniform Standards of Professional Appraisal Practices (USPAP) and standards of other international organizations, RICS professional competence code and its scope (Assessment of Professional Competence -APC), International Property Measurement Standards (IPMS), adapting international approaches to Türkiye's conditions, the work and qualification requirements of organizations such as the Capital Markets Board of Türkiye, the Banking Regulation and Supervision Agency of Türkiye, Turkish Appraisers Association, and Turkish Public Oversight Accounting and Auditing Standards Authority, ethics rules of RICS and other organizations and evaluation of practices, reporting and quality standards in expertise and valuation expertise, examination and inspection of expert and appraisal reports, examination of on-site discovery, data collection, analysis and reporting processes, common mistakes and deficiencies in valuation practices: examination of selected expert and appraiser reports and case studies, challenges and major problems in valuation practices in Türkiye, institutional organization of valuation studies in selected countries and Türkiye, public and private sectors in need of restructuring, project preparation and presentation.
Learning Outcomes 1) Makes theoretical and practical comparisons of valuation practices regarding expropriation, easement rights, temporary occupation and limited real rights establishment in the context of Valuation practices in the Turkish Legal System.
2) Learns privatization and nationalization and special purpose valuation processes, identification of land, land and buildings and valuation processes by practice.
3) Discusses the difficulties and main problems in valuation practices in Türkiye.
4) It discusses the adaptation of international valuation organizations and standards to Türkiye and the problems experienced in practice.

Weekly Topics (Content)
Week Topics Teaching and Learning Methods and Techniques Study Materials
1. Week Development analysis and residual value analysis in valuation, quantitative (stochastic) valuation methods, advanced valuation methods and their applications Lecture; Discussion
Brainstorming
Brain Based Learning
Presentation (Including Preparation Time)
2. Week Valuation practices in Turkish Legal System: purchase-sale, mortgage and housing finance, expropriation, easement rights, temporary occupation and valuation practices regarding real rights establishment Lecture; Discussion
Brainstorming
Brain Based Learning
Presentation (Including Preparation Time)
3. Week Taxation, insurance, land consolidation and reform applications, income, leasing and rent analysis, damages, unfair invasion (ecr-imisil) compensations Lecture; Discussion
Brainstorming
Brain Based Learning
Presentation (Including Preparation Time)
4. Week Inheritance, betterment practices and condominium, sale of public property, privatization and nationalization and special purpose valuation transactions Lecture; Discussion
Brainstorming
Brain Based Learning
Presentation (Including Preparation Time)
5. Week Current and tangible asset valuation in industrial and commercial enterprises Lecture; Discussion
Brainstorming
Brain Based Learning
Presentation (Including Preparation Time)
6. Week Intangible asset valuation, valuation of limited real rights, real estate valuation and rent indices and their use in real estate analysis Lecture; Discussion
Brainstorming
Brain Based Learning
Presentation (Including Preparation Time)
7. Week Mass valuation practices: theoretical principles and applications, production and use of value maps Lecture; Discussion
Brainstorming
Brain Based Learning
Presentation (Including Preparation Time)
8. Week Valuation expertise and expertise practices, institutionalization of valuation expertise, global and regional valuation standards: International Valuation Standards Council (International Valuation Standards Council (IVSC) Lecture; Discussion
Brainstorming
Brain Based Learning
Presentation (Including Preparation Time)
9. Week RICS Professional Valuation Standards (Royal Institution of Licensed Appraisers) (RICS Professional Standards - Red Book), US Appraisal Institute and Appraisal Standards Board, Uniform Standards of Professional Appraisal Practices (USPAP) and standards of other international organizations Lecture; Discussion
Brainstorming
Brain Based Learning
Presentation (Including Preparation Time)
10. Week RICS professional competence code and its scope (Assessment of Professional Competence -APC), International Property Measurement Standards (IPMS), adapting international approaches to Turkey's conditions Lecture; Discussion
Brainstorming
Brain Based Learning
Presentation (Including Preparation Time)
11. Week The work and qualification requirements of organizations such as the Capital Markets Board of Turkey, the Banking Regulation and Supervision Agency of Turkey, Turkish Appraisers Association, and Turkish Public Oversight Accounting and Auditing Standards Authority Lecture; Discussion
Brainstorming
Brain Based Learning
Presentation (Including Preparation Time)
12. Week Ethics rules of RICS and other organizations and evaluation of practices Lecture; Discussion
Brainstorming
Brain Based Learning
Presentation (Including Preparation Time)
13. Week Reporting and quality standards in expertise and valuation expertise, examination and inspection of expert and appraisal reports, examination of on-site discovery, data collection, analysis and reporting processes Lecture; Discussion
Brainstorming
Brain Based Learning
Presentation (Including Preparation Time)
14. Week Common mistakes and deficiencies in valuation practices: examination of selected expert and appraiser reports and case studies Lecture; Discussion
Brainstorming
Brain Based Learning
Presentation (Including Preparation Time)

Sources Used in This Course
Recommended Sources
Açlar, A. ve Çağlar, V., 2002. Taşınmaz (Gayrimenkul) Değerlemesi, TMMOB Harita ve Kadastro Mühendisler Odası Yayını, Ankara
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
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.
Tanrıvermiş, H. ve Aliefendioğlu,Y., 2015. Yusufeli Barajı ve Hidroelektrik Santrali Kamulaştırma Alanında Arsa Vasfındaki Taşınmazların Tespiti ve Kamulaştırma Bedellerinin Analizi, A.Ü. Fen Bilimleri Enstitüsü Taşınmaz Geliştirme Anabilim Dalı Yayın No: 22, Ankara.
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.
Tanrıvermiş, H., 2008. Türkiye’de Tünel, Köprü ve Viyadükler İçin Kamulaştırma Tekniği ve Değerleme İlkeleri ve Uygulamaların Değerlendirilmesi, Ankara Üniversitesi Basımevi, Ankara.
Tanrıvermiş, H., 2008. Türkiye’de Uzun Ömürlü Tesislerle Kaplı Arazilerin Değerleme İşlemlerinin Teorik Esasları ve Uygulamaları, Ankara Üniversitesi Basımevi, Ankara
Tanrıvermiş, H., Akipek Öcal, Ş. ve Demir, E., 2016. Gayrimenkul Mevzuatı, SPL Sermaye Piyasası Lisanslama Sicil ve Eğitim Kuruluşu, Lisanslama Sınavları Çalışma Kitapları Ders Kodu: 1019 (Gayrimenkul Değerleme Sınavı), Ankara.
Tanrıvermiş, H., Akipek, Ş., Bayramin, İ., Gün, A.S. ve Aliefendioğlu, Y., 2008. Ermenek Barajı ve Hidroelektrik Santrali Projesi Kamulaştırma Alanındaki Arazilerin Gelirleri, Kapitalizasyon Oranları ve Birim Arazi Değerlerinin Araştırılması, Ankara Üniversitesi Fen Bilimleri Enstitüsü Taşınmaz Geliştirme Anabilim Dalı Yayın No:1, Ankara.
Thorsby, D., 1997. Economic and Cultural Value in the Work of Creative Artists, Getty Instute Research Report, The Getty Conservation Institute, Los Angeles, USA.
Töre, E., 2004. Gayrimenkul Değerlemesi, Onikinci Baskı, İ.Ü. Yayın No:4487, Sosyal Bilimler Meslek Yüksekokulu Yayın No:2, İstanbul.
Tuncel, K., 2015. Profesyonel Gayrimenkul Yatırımı. Ceres Yayınları, İstanbul.
US Appraisal Institute, 2016. Uniform Standards of Professional Appraisal Practice (USPAP), Appraisal Institute, USA
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 LevelDK1DK2DK3DK4
PY155555
PY255555
PY355555
PY455555
PY555555
PY655555
PY733333
PY833333
PY1122222
PY1233333

*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
Quick Access Hızlı Erişim Genişlet
Course Information