Course Information


Course Information
Course Title Code Semester L+U Hour Credits ECTS
THEORIES AND PRACTICES OF REAL ESTATE AND ASSET VALUATION II 805012745040 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 discuss evaluation standards methods and practices in Turkey.
Course Content 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 Turkish Legal System: can make comparisons between expropriation, easement rights, temporary (temporary) occupation and appraisal applications for limited real rights facility in theory and practice.
2) Discusses the valuation process of privatization and nationalization, valuation of special purpose, definition of land, land and buildings.
3) Discusses the main challenges and problems in valuation practice 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
Brainstorming
Problem Based Learning
Homework
2. Week Valuation practices in Turkish Legal System Lecture; Discussion
Brainstorming
Problem Based Learning
Homework
3. Week Valuation applications for purchase, sale, mortgage, housing, mortgage, expropriation, easement rights, temporary (temporary) occupation and limited real rights facility Lecture; Discussion
Brainstorming
Problem Based Learning
Homework
4. Week Taxation, insurance, land consolidation and reform practices Lecture; Discussion
Brainstorming
Problem Based Learning
Homework
5. Week Income, leasing and rent analysis Lecture; Discussion
Brainstorming
Problem Based Learning
Homework
6. Week Harmful, unfair invasion (ecr-i misil) price, inheritance, goodwill practices and condominium Lecture; Discussion
Brainstorming
Problem Based Learning
Homework
7. Week Sale of public real estate Lecture; Discussion
Brainstorming
Problem Based Learning
Homework
8. Week Privatization and nationalization and valuation procedures Lecture; Discussion
Brainstorming
Problem Based Learning
Homework
9. Week Privatization and nationalization and valuation procedures Lecture; Discussion
Brainstorming
Problem Based Learning
Homework
10. Week Real estate value and rent indices and their use in real estate analysis Lecture; Discussion
Brainstorming
Problem Based Learning
Homework
11. Week Mass valuation practices Lecture; Discussion
Brainstorming
Problem Based Learning
Homework
12. Week International Valuation Standards (IVS), financial reporting (IFRS and Turkish Accounting Standards) Lecture; Discussion
Brainstorming
Problem Based Learning
Homework
13. 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
Problem Based Learning
Homework
14. Week Valuation expertise and expertise practices, institutionalization of valuation expertise Lecture; Discussion
Brainstorming
Problem Based Learning
Homework
15. Week International valuation, accounting and measurement standards and applications, ethical principles and professional competences analysis, reporting and audit of the valuation results, report writing and report audit, evaluation of valuation organizations and studies 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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Barlow R., 1986. Land Resource Economics: The Economics of Real Estate, 4th Edition, Englewood Cliffs, N.J.:Prentice-Hall, USA.
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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.
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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.
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.
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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.
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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 2 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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