Course Information


Course Information
Course Title Code Semester L+U Hour Credits ECTS
THEORIES AND PRACTICES OF REAL ESTATE AND ASSET VALUATION I 805012745030 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 gain students basic concepts of real estate science, historical development and stages of the science of valuation, the development and importance of the areas that require valuation, the formation of value in economic science, the purpose of realization of property and asset valuation methods to compare the methods of real estate valuation.
Course Content Development of valuation science, definition and comparison of the concepts of value, price, and cost, factors affecting the values of goods and assets, classification of goods and assets subject to valuation: movable goods, real estates (or immovables), works of art, antiques and intangible assets, rural and urban immovable markets: properties, data sources, data collection, analysis and evaluation, analysis of bases used in valuation: definition of land and lot, planning data, land use and land use types, inventory and identification of structures, types of building materials, identification of other assets, real estate and asset valuation methods: market value (comparative methods), cost methods, capitalization theory and income methods, land valuation process and practices based land types: agricultural lands where annual and perennial crops are grown, meadows and pastures, forest and other rural land, peri-urban and urban land valuation, effective and efficient use analysis, analysis of selected valuation practices for land, plot, residential and commercial buildings, industrial facilities, and other real estate and assets, problem definition, comparison of international valuation standards and country practices, gap analysis and evaluation.
Learning Outcomes 1) Discuss the stages of the appraisal, goals, objectives and importance.
2) Compares the concept and scope of value.
3) Analyze the valuation methods.

Weekly Topics (Content)
Week Topics Teaching and Learning Methods and Techniques Study Materials
1. Week Development of valuation science and its history Lecture; Discussion
Brainstorming
Problem Based Learning
Homework
2. Week Definition and comparison of value, price and cost concepts Lecture; Discussion
Brainstorming
Problem Based Learning
Homework
3. Week Factors affecting the values of goods and assets Lecture; Discussion
Brainstorming
Problem Based Learning
Homework
4. Week Classification of the assets Lecture; Discussion
Brainstorming
Problem Based Learning
Homework
5. Week Rural and urban real estate markets Lecture; Discussion
Brainstorming
Problem Based Learning
Homework
6. Week Rural and urban real estate markets Lecture; Discussion
Brainstorming
Problem Based Learning
Homework
7. Week Properties of real estate markets, data sources, data collection, analysis and evaluation Lecture; Discussion
Brainstorming
Problem Based Learning
Homework
8. Week Analysis of valuation mats: definition of land Lecture; Discussion
Brainstorming
Problem Based Learning
Homework
9. Week Planning data Lecture; Discussion
Brainstorming
Problem Based Learning
Homework
10. Week Types of land using Lecture; Discussion
Brainstorming
Problem Based Learning
Homework
11. Week Inventory and identification of structures, building materials and classes Lecture; Discussion
Brainstorming
Problem Based Learning
Homework
12. Week Market value (based on comparison) Lecture; Discussion
Brainstorming
Problem Based Learning
Homework
13. Week Cost methods Lecture; Discussion
Brainstorming
Problem Based Learning
Homework
14. Week Capitalization theory and income methods Lecture; Discussion
Brainstorming
Problem Based Learning
Homework
15. Week Effective and efficient use analysis, analysis of selected valuation practices for land, plot, residential and commercial buildings, industrial facilities, and other real estate and assets, problem definition, comparison of international valuation standards and country practices, gap analysis and evaluation Lecture; Discussion
Brainstorming
Problem Based Learning
Homework
16. Week Final Exam and Evaluation Question Answer

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.
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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.
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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.
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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.
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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.
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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.
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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.
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ECTS credits and course workload
Event Quantity Duration (Hour) Total Workload (Hour)
Course Duration (Total weeks*Hours per week) 15 3
Work Hour outside Classroom (Preparation, strengthening) 15 3
Homework 1 40
Practice (Teaching Practice, Music/Musical Instrument Practice , Statistics, Laboratory, Field Work, Clinic and Polyclinic Practice) 1 40
Final Exam 1 4
Time to prepare for Final Exam 1 60
Total Workload
Total Workload / 30 (s)
ECTS Credit of the Course
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