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Real Estate Appraisal I

Course developer

Prior knowledge

JurZ2028, Rights of Land I

JurZ2036, Cadastre of Real Property

Replaced course

JurZB005 [GJURB005] Real Estate Appraisal I

Course abstract

Students get acquainted with the historical development of real estate valuation and the norms regulating real estate value. Acquires Value Theory under the condition - market value as a basis for evaluation. Gains knowledge of values, the bases of which may differ from the market value. Acquires the method used in real estate appraisal and their application in special real estate appraisal cases.

Learning outcomes and their assessment

1. Knows the value of real estate, its types, as well as develops an understanding of the factors influencing the value of real estate and the criteria for determining it - independent, laboratory work
2. Is able to apply knowledge about factors, methods and criteria influencing value, determining various types of real estate values - independent, laboratory work
3. Knows the application of evaluation methods for different objects in determining different values - independent, laboratory work
4. Is able to critically evaluate his / her knowledge and skills and be responsible for the quality of his / her work - independent, laboratory work

Course Content(Calendar)

Full-time studies:
1. Content, course and requirements of the 1st study course of real estate valuation (1 h)
2. The concept of real estate and basic concepts related to real estate valuation (2 h)
3. Objectives of real estate valuation (1 h)
4. Historical development of real estate valuation (2 h)
5. Real estate value regulatory norms (1 h)
6. International Valuation Standards (1 h)
7. Latvian property valuation standards (1 h)
Test 1 - Historical development of real estate valuation and normative regulation (2 h)
8. The concept of value. Nature of value and probability conditions. General principles of value creation (2 h)
9. Value, price and costs (2 h)
10. Basics of financial mathematics to be used in value calculation (2 h)
11. Market value as a valuation basis (2 h)
12. Values, the bases of which may differ from the market value (1 h)
Test 2 - Basic principles of real estate valuation (2 h)
13. Cost method, its basic principle and application (2 h)
Laboratory work 1 - Application of cost method (6 h)
14. Revenue method, its basic principle and application (2 h)
Laboratory work 2 - Application of income method (4 h)
15. Method of comparable transactions, its basic principle and application (2 h)
Laboratory work 3 - Application of the comparable transaction method (6 h)
Test 3 - Real estate valuation methods (2 h)
16. Special cases of real estate valuation (1 h)

Part-time studies:

All topics specified for full-time studies are implemented, but the number of contact hours is 1/2 of the specified number of hours

Requirements for awarding credit points

The exam evaluation consists of:
• Successful written exam
In order for a student to take the exam, the following must be credited:
• laboratory work,
• independent work

• for successful tests: 1) Historical development and regulatory framework of real estate valuation; 2) Basic principles of real estate valuation: 3) Real estate valuation methods.

Description of the organization and tasks of students’ independent work

Preparation of descriptions of the progress of laboratory work.
For the acquisition of professional competencies of the study course. the necessary studies of the scientific and study literature (monographs, scientific articles and their collections, conference and seminar materials, specialized scientific periodicals) indicated by the lecturer. Preparing for tests.

Criteria for Evaluating Learning Outcomes

1. The assessment of the examination shall be received after the examination of knowledge in the work of the written examination at the end of the study course and by summarizing the results of the test and laboratory work in the study course.
2. After the development of laboratory works and preparation of their descriptions, it is assessed whether students demonstrate knowledge and skills to independently perform Real Estate Valuation activities, and whether they are able to evaluate their problems and eliminate shortcomings.

Compulsory reading

1. Baumane V. Nekustamā īpašuma vērtēšana: Teorētiskie aspekti: mācību līdzeklis. LLU. Jelgava, 2010. 65 lpp.
2. Freibergs J., Žuromskis V. Nekustamo īpašumu vērtēšanas teorija un prakse. SIA „Eiroeksperts” Rīga: RaKa,, 2013. 347 lpp.
3. Betts R. M., Ely S. J. Basic Real Estate Appraisal. USA, Engllewood Cliffs: Prentice Hall Career & Тechnology, 1994. 496 p.
4. Baltruma D., Freibergs J. Nekustamā īpašuma vērtēšana. Rīga: Vieda. Invest–Rīga, 1999. 100 lpp.

Further reading

1. Тарасевич Е.И. Анализ инвестиций в недвижимость. Санкт Петербург: МКС, 2000. 428 c.
2. Youngman J. Legal Issues in Property Valuation and Taxation Cases: cases and Materials. USA, Lincoln Institute of Land Policy , 2006. 320 p. .
3. Тарасевич Е.И. Методы оценки недвижимости. Санкт Петербург: Технобалт, 1995. 247 c.

Periodicals and other sources

1. Latvijas Republikas tiesību akti. Pieejams: https:www.likumi.lv
2. Valsts zemes dienests. Pieejams: https:www.vzd.gov.lv

Notes

In professional higher education bachelor study program “Land Management and Surveying” full-time studies and part-time studies