Course detail

General principles of property valuation

ÚSI-DSD03Acad. year: 2019/2020

The course prepares students for solving valuation problems in the field of technical-economic expertise and a research for this field. It summarises knowledge that creates a theoretical basis for a further study of special methods that are already aimed at ascertainments and assessments of values of specific property types divided according to their character and purpose of use (movable assets, immovable assets, business enterprises, eventually others).

Language of instruction

Czech

Number of ECTS credits

0

Mode of study

Not applicable.

Learning outcomes of the course unit

Students will learn to work with a clarified structure of concepts at property valuation based on valuation theory and international customs. They will be able to explain a semantic context with a system of concepts introduced by legislation of the Czech Republic. For various property types, they will be able to define their substantial characteristics from which their values unfold. Based on knowledge of basic accesses, they will understand basic accesses for a property value quantification and its expression in money. Based on knowledge of methods used for valuation, they will be able to assess a suitability of specific methods in relation to a property type and a valuation purpose. They will understand legislation for damages caused by a thing damage and principles of determining a material damage amount.

Prerequisites

The basics of forensic expertise and systemic access to solving problems.

Co-requisites

Not applicable.

Planned learning activities and teaching methods

Not applicable.

Assesment methods and criteria linked to learning outcomes

The exam will consist of a semestral work defense to the chosen valuation problem that is related to the solved dissertation thesis theme. The final evaluation will be carried out by the examination according to Study and Examination Regulations of Brno University of Technology.

Course curriculum

1. Definitions of basic concepts (valuation, value as entity characteristics, value as quantity at valuation), systemic access to property valuation (definition of a problem type, creation of system of substantial quantities, applicable attributes of systemic access).
2. Related legislation: price and value in Civil Code and in further regulations, Act No. 526/1990 Collection of Laws, on Prices (further only AOP), Act No. 151/1997 Collection of Laws, on Property Valuation (further only APV).
3. Categorization of valuation objects: concepts of property and service according to APV, concept of property according to Civil Code, concept of thing in the legal sense, categorization of things, ratable things, component and accessories of thing, characteristics and classification of enterprise investment property.
4. Property right and ownership, co-ownership, restrictions of property rights (lien, right of easement, right of retention, construction law, pre-emption right, right of repurchase, right of loan, right of borrowing, rental right).
5. Systemic definitions of markets: structure of market system, system characteristics, possibilities of system behavior analysis, definition of valuation problem.
6. Price creation on the market: demand and supply of goods, market balance and its achievement, change of market balance.
7. General starting points for assessments of utility and exchange values of products: utility value (assessment of functional characteristics, safety, service life, economy and further quality signs, assessment of a quality change during a life cycle of a technical product).
8. Basic accesses to property valuation (material value, yield value, comparative valuation, rent valuation, valuations according to nominal value, according to exchange value, according to book value, by negotiated price, determining common value).
9. Valuation by material value: methods of starting price assessment, methods of amortization assessment (limit states at technical-economic assessment, service life assessment of a technical object, amortization scale), material value assessment, relation to market valuation).
10. Yield value valuation: valuation principle, variants according to financial mathematics and present value calculation.
11. Comparative access: valuation principle, creation of system of substantial quantities, creation of databases, data processing, statistical data analysis.
12. Contributory analysis: medium value method, weighted average method. Specifics of expert opinions on property price in individual types of proceedings. Valuations at privatizations and restitutions, special cases of valuations. Result credibility and impact on expert opinion conclusions.
13. Assessment of property damage amount at thing damage: legislation of damages, application to individual property types.

Work placements

Not applicable.

Aims

The aim of the course is so that students will gain the common theoretical basis necessary for solving valuation problems connected with assessments of various types of values for varied property types. It is a conceptual clarity, knowledge of related legislation, knowledge of purposes of value assessments for various types of legal proceedings and purposes of proceedings in front of public authorities, price creation on the market, behaviour analysis of the market system, searching for substantial characteristics of entities from which their values unfold, their parameterization and quantification at valuation, objectivized methods for assessment of property exchange value, methods used for valuation according to legislation.

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

Not applicable.

Recommended optional programme components

Not applicable.

Prerequisites and corequisites

Not applicable.

Basic literature

BRADÁČ, A. a kol. Soudní inženýrství. AKADEMICKÉ NAKLADATELSTVÍ CERM s.r.o., 1997 (CS)
BRADÁČ, A. a kol. Teorie oceňování nemovitostí. VIII. vydání, AKADEMICKÉ NAKLADATELSTVÍ CERM s.r.o., 2008 (CS)
BRADÁČ, A., KREJČÍŘ, P., SCHOLZOVÁ V. Úřední oceňování majetku. 2014 resp. aktuální k danému roku, AKADEMICKÉ NAKLADATELSTVÍ CERM s.r.o., 2014 (CS)

Recommended reading

IVSC - Mezinárodní oceňovací standardy IVS. SAEZ Bratislava, aktuální vydání. (CS)
BRADÁČ, A. a kol. Soudní znalectví. AKADEMICKÉ NAKLADATELSTVÍ CERM s.r.o., 2010 (CS)
KLEDUS, R. Znalecký objekt v oceňovacím znalectví. Soudní inženýrství, 2009, roč. 20, č. 2, s. 63-75. ISSN 1211-443X (CS)
KLEDUS, R. Charakter znaleckých problémů v oceňovacím znalectví. Soudní inženýrství, 2009, roč. 20, č. 3, s. 115-132. ISSN 1211-443X (CS)
KLEDUS, R. Systémové vymezení oceňovacího znalectví. Soudní inženýrství, 2009, roč. 20, č. 4, s. 175-187. ISSN 1211-443X (CS)
BRADÁČ, A. a kol. Znalecký standard č. I - Oceňování motorových vozidel. VUT v Brně - ÚSI, Ministerstvo spravedlnosti, 1990 (CS)
BRADÁČ, A. a kol. Znalecký standard č. VI - Obecné zásady oceňování majetku. VUT v Brně - ÚSI, 1999 (CS)
BRADÁČ, A. a kol. Znalecký standard č. VII - Oceňování nemovitostí. VUT v Brně - ÚSI, 1999 (CS)
BRADÁČ, A. a kol. Znalecký standard č. VIII - Oceňování movitého majetku. VUT v Brně - ÚSI, 1999 (CS)
BRADÁČ, A. a kol. Znalecký standard č. IX - Oceňování podniků. VUT v Brně - ÚSI, 2001 (CS)
Časopis Soudní inženýrství. AKADEMICKÉ NAKLADATELSTVÍ CERM s.r.o. (CS)

Classification of course in study plans

  • Programme DSoIP Doctoral

    branch SOI , 1. year of study, summer semester, compulsory-optional

  • Programme DSoIK Doctoral

    branch SOI , 1. year of study, summer semester, compulsory-optional
    branch SOI , 1. year of study, summer semester, compulsory-optional

  • Programme DSoIP Doctoral

    branch SOI , 1. year of study, summer semester, compulsory-optional

Type of course unit

 

Lecture

39 hours, compulsory

Teacher / Lecturer