Course detail

Market Real Estate Evaluation

ÚSI-1RCTOAcad. year: 2013/2014

Effects on building market value and on level of acquired rent. Usage of methods for value determination at market value estimation. Methodology of arrangement of final recapitulation, final price estimation. Reasons and means of common price division on buildings and land price. Price of uncompleted buildings and buildings under reconstruction, with defects and with substantially blighted maintenance. Scheme of expert evidence about market price. Specificity of real estate evaluation for financial institutions and for courts. Evaluation of real estate with right of user.

Language of instruction

Czech

Number of ECTS credits

3

Mode of study

Not applicable.

Learning outcomes of the course unit

Knowledge of real estate evaluation with market price, specificities of evaluation for financial institutions and courts. Evaluation of rights of user

Prerequisites

Theory of real estate evaluation and evaluation by price regulations, knowledge of the real estate market.

Co-requisites

Continuous monitoring of the real estate market, consequently postgraduate course connoisseurship.

Planned learning activities and teaching methods

Teaching is carried out through lectures and seminars. Lectures consist of interpretations of basic principles, methodology of given discipline, problems and their exemplary solutions. Seminars particularly support practical mastery of subject matter presented in lectures or assigned for individual study with the active participation of students.

Assesment methods and criteria linked to learning outcomes

Conditions of course-unit credit: participation in seminars, compliance of set tasks.
Exam will comprise written and oral part and will be classified according to performance level in both parts. Classification of written test (percentage of wrong answers/ECTS grade):
6/A, 12/B, 18/C, 24/D, 30/E

Course curriculum

1. Definition - price, market value. List of methods of estimation of building and land value. General effects on market value of land.
2. General effects on market value of buildings.
3. Effects on level of attainment rent.
4. Specific effects on market value (family houses, residential houses, administrative buildings, industrial and commercial buildings, restaurants and hotels, service houses with mounted technology, commercial markets and shops, storage areas, parking areas, areas covered with buildings, gardens in urban and garden areas, agricultural and forest areas.
5. List of methods for finding yield value, formulas, substituted values. Perpetual annuity, yield value at limited time of income. Data sources for finding attainable estate rent. Deductible items at calculation of yield value for common price estimation.
6. Comparative methodology for real estate evaluation. Sources for data detection for comparative methodology, advantages and disadvantages. Usage of index method for real estate evaluation.
7. Method of middle value for estimation of common price of real estate - input data, methodology, usage. Method of weighted average, procedure, usage. Final recapitulation, final estimation of common price. Reasons and means of common price division (price of building and price of land.)
8. Estimation of common price of uncompleted buildings and buildings in reconstruction. Estimation of common price of buildings with defects.
9. Scheme of expert opinion on common price of real estate (completed, uncompleted, uncompleted reconstruction, recently reconstructed).
10. Specificity of real estate evaluation for financial institutions.
11. Scheme of expert opinion for court for estate co-ownership settlement.
12. Evaluation of right of user.
13. Evaluation of building with right of user.

Work placements

Not applicable.

Aims

Gaining detailed knowledge of market real estate evaluation.

Specification of controlled education, way of implementation and compensation for absences

Attendance is checked in attendance sheet.

Recommended optional programme components

Not applicable.

Prerequisites and corequisites

Not applicable.

Basic literature

BRADÁČ, A.; A KOL. TEORIE OCEŇOVÁNÍ NEMOVITOSTÍ, 8TH ED. BRNO: AKADEMICKÉ NAKLADATELSTVÍ CERM, S.R.O., 2009, ISBN 978-80-7204-630- 0. (CS)
SHAPIRO, E., MACKMIN, D., SAMS, G.: Modern methods of valuation, Routledge, 11th edition, New York, 2013.
ZAZVONIL, Z. Odhad hodnoty nemovitostí. Ekopress Praha, 2012.
RICS: RICS Valuation - Professional Standards 2012 (The Red Book), 8th edition, 2012.
TEGoVA: European valuation standards 2012 (EVS 2012_The Blue Book). Dostupné na http://www.tegova.org.

Recommended reading

BRADÁČ A., a kol: Znalecký standard č. VI - Obecné zásady oceňování majetku. Ústav soudního inženýrství VUT v Brně, 1999. (CS)
BRADÁČ A.: Znalecký standard č. VII - Oceňování nemovitostí. Ústav soudního inženýrství VUT v Brně, 1999. (CS)
BRADÁČ, A.,FIALA, J.: Nemovitosti - oceňování a právní vztahy. LINDE Praha, III. přepracované vydání 2005. (CS)
BRADÁČ, A., FIALA, J. A KOL.: Věcná břemena od A do Z. LINDE Praha, III. přepracované vydání 2004. (CS)
IVSC: Mezinárodní oceňovací standardy 2003. Slovenský překlad: Slovenská asociácia ekonomických znalcov Bratislava (www.saez.sk). (SK)
ORT, P.: Oceňování nemovitostí - moderní metody a přístupy. Leges Praha, 2013.

Classification of course in study plans

  • Programme MSoI Master's

    branch REI , 2. year of study, winter semester, compulsory

Type of course unit

 

Lecture

13 hours, optionally

Teacher / Lecturer

Exercise

26 hours, compulsory

Teacher / Lecturer