Course Information


Course Information
Course Title Code Semester L+U Hour Credits ECTS
THEORIES AND PRACTICES OF REAL ESTATE AND ASSET VALUATION II 805012725040 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 discuss evaluation standards methods and practices in Turkey.
Course Content Scope and content are, hybrid methods in valuation: development analysis and residual value approach and its applications, quantitative (stochastic) valuation methods, and advanced valuation methods and applications, valuation practices in Turkish Legal System: purchase-sale, mortgage, loan and housing finance (mortgage), expropriation, easement rights, temporary occupation and valuation practices for limited real rights establishment, taxation, insurance, land consolidation and reform applications, income, leasing and rent analyses, 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, International Valuation Standards (IVS), financial reporting (IFRS and Turkish Accounting Standards), international real estate measurement standards (IPMS) and its applications, international valuation institutions: IVSC, RICS, TEGoVA, US Appraisal Institute, IPMS and others, professional ethical principles and analysis of professional proficiencies (RICS-APC analysis), quality analysis in valuation studies, reporting of valuation results and quality control of reports, report writing and its presentation, evaluation of valuation organizations and their work in Turkey and other selected countries, selected valuation practices, analysis and discussion of the decisions of professional organizations and the judiciary.
Learning Outcomes 1) Appraisal practices in the Turkish legal system: comparison of the appraisal practices for expropriation, easement rights, temporary occupation and limited solicitation rights in theory and practice
2) Privatization and nationalization and special purpose valuation operations, identification of land, land and buildings, and application of valuation procedures
3) Discussing the difficulties and major problems in valuation practices in Turkey

Weekly Topics (Content)
Week Topics Teaching and Learning Methods and Techniques Study Materials
1. Week Hybrid methods in valuation: development analysis and residual value approach and its applications, quantitative (stochastic) valuation methods, and advanced valuation methods and applications Lecture; Discussion
Large Group Discussion
Problem Based Learning 		Presentation (Including Preparation Time)
2. Week Valuation practices in Turkish Legal System Lecture; Discussion
Opinion Pool
Brain Based Learning 		Presentation (Including Preparation Time)
3. Week Valuation applications for purchase, sale, mortgage, housing, mortgage, expropriation, easement rights, temporary (temporary) occupation and limited real rights facility Lecture; Discussion
Speech Loop
Brain Based Learning 		Presentation (Including Preparation Time)
4. Week Taxation, insurance, land consolidation and reform practices Lecture; Discussion
Colloquium
Brain Based Learning 		Presentation (Including Preparation Time)
5. Week Income, leasing and rent analysis Lecture; Discussion
Speech Loop
Brain Based Learning 		Presentation (Including Preparation Time)
6. Week Harmful, unfair invasion (ecr-i misil) price, inheritance, goodwill practices and condominium Lecture; Discussion
Opinion Pool
Brain Based Learning 		Presentation (Including Preparation Time)
7. Week Sale of public real estate Lecture; Discussion
Colloquium
Brain Based Learning 		Presentation (Including Preparation Time)
8. Week Privatization and nationalization and valuation procedures Lecture; Discussion
Opinion Pool
Brain Based Learning 		Presentation (Including Preparation Time)
9. Week Real estate value and rent indices and their use in real estate analysis Lecture; Discussion
Brainstorming
Brain Based Learning 		Project (Including Preparation and presentation Time)
10. Week Mass valuation practices Lecture; Discussion
Brainstorming
Brain Based Learning 		Presentation (Including Preparation Time)
11. Week International Valuation Standards (IVS), financial reporting (IFRS and Turkish Accounting Standards) Lecture; Discussion
Brainstorming
Brain Based Learning 		Presentation (Including Preparation Time)
12. Week International real estate measurement standards (IPMS) and its applications, international valuation institutions: IVSC, RICS, TEGoVA, US Appraisal Institute, IPMS and others, professional ethical principles and analysis of professional proficiencies (RICS-APC analysis) Lecture; Discussion
Brainstorming
Brain Based Learning 		Presentation (Including Preparation Time)
13. Week Valuation expertise and expertise practices, institutionalization of valuation expertise Lecture; Discussion
Brainstorming
Brain Based Learning 		Presentation (Including Preparation Time)
14. Week Selected valuation practices, analysis and discussion of the decisions of professional organizations and the judiciary in Turkey and other selected countries, Lecture; Discussion
Colloquium
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.

Relations with Education Attainment Program Course Competencies
Program RequirementsContribution LevelDK1DK2DK3
PY15555
PY25555
PY35555
PY45555
PY55555
PY65555
PY75444
PY85555
PY95555
PY105555
PY115555
PY125444
PY135333

*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 1 60
Presentation (Including Preparation Time) 1 15
Activity (Web Search, Library Work, Trip, Observation, Interview etc.) 1 1
Final Exam 1 4
Time to prepare for Final Exam 1 64
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