Real Estate Valuation
Course type
Study programme and level
Language
slovenščina
Lectures | Seminar | Tutorial | Druge oblike študija | Individual Work | ECTS |
---|---|---|---|---|---|
30 | 25 | 70 | 5 |
Study programme and level | Study field | Academic year | Semester |
I. level | Law and Management of Infrastructure and Real Estate | 1 | 2 |
Course type
Compulsory
Workload | Lectures (h/semester) | Seminar
(h/semester) |
Tutorial
(h/semester) |
Individual Work (h/semester) | ECTS |
30 | 25 | 70 | 5 |
Lecturer
assoc. prof. dr. Bojan Grum
Languages
English
Prerequisites
Prerequisit is enrollment in the 1st year of study.
Content (Syllabus outline)
– Evolution of the legislation, with an emphasis on the current legal basis and the basis for estimating the value of real estate in our country and around the world (legislation, standards, norms).
– Principles of the valuation of real estate; Code of Conduct.
– Basic concepts that are directly relevant to the assessment of properties (real estate and property rights, the most cost-effective use, market value, …)
– Identification and analysis of key factors influencing the value of property.
– Methods of real estate valuation (comparable sales method, capitalization of income method).
– Valuation (the most cost-effective use, quantitative methods).
– Practical examples with an emphasis on the evaluation of infrastructure, housing and other real estate.
– Reporting on real estate evaluation.
Study Literature
– International Valuation Standards Committee. Available at: https://www.ivsc.org/.
– Richard M. Betts, Silas J. Ely: Basic Real Estate Appraisal, 5th Edition, South-Western Educational Publishing, 2000.
– Appraisal Institute, USA: Appraisal of Real Estate, 12th Edition.
Objectives and competences
The students will learn about the legal bases of assessing the value of real estate with an emphasis on the international valuation standards (IVS). They will learn about concepts based on the generally adopted principles of value assessment, codes of conduct, types of assets, bases of valuation, contemporary approaches (the comparable sales approach, the capitalization of returns approach, the cost approach) and methods (the most economical use and quantitative methods) of valuation, which represents the foundation of the market valuation of real estate. Special emphasis will be placed on the valuation of infrastructure (individual and community), residential and other real estate. The students will be acquainted with the final step in the value assessment process, namely, with the means of communicating value assessment decisions, including the presentation of the analytical procedures and empirical data used, assumptions or restrictive conditions.
The teaching unit contributes to the development of the following general and subject-specific competencies:
– Knowledge of the legal bases for real estate valuation;
– Knowledge of fundamentals based on generally adopted valuation principles;
– Knowledge of the code of conduct;
– The ability to position values according to the type of real estate and the basis of valuation;
– Knowledge of contemporary approaches and methods of real estate valuation;
– The ability to create (and analyse) valuation reports;
– The ability to identify and analyse key factors that have a significant impact on the value of real estate;
– The transfer of theoretical knowledge into practice;
– The ability to understand and competently communicate with experts from different real estate fields and with different stakeholders.
Intended learning outcomes
The student acquires a basic knowledge of the essence of the law, its characteristics and regularity, the most important elements, and the connection with other social phenomena, knowledge that is indispensable for the study and understanding of contemporary law and its institutions, and knowledge of the basic legal institutes, legal branches and legal terminology, which is an essential foundation for further study of individual legal subjects.
Learning and teaching methods
Lectures with students active participation, revising the work by studying practical examples.
Assessment
Written examination.
Lecturer’s references
author of numerous scientific articles
author of monographs
certified appraiser of real estate
court expert in construction field