| Course title | Real Estate Appraisal I |
| Course code | JurZB005 |
| Credit points (ECTS) | 5 |
| Total Hours in Course | 135 |
| Number of hours for lectures | 32 |
| Number of hours for seminars and practical classes | 24 |
| Number of hours for laboratory classes | 0 |
| Independent study hours | 79 |
| Date of course confirmation | 10/01/2025 |
| Responsible Unit | Institute of Land Management and Geodesy |
| Course developers | |
| Dr. oec., prof. Vivita Puķīte |
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| Prior knowledge | |
| JurZ2028, Rights of Land I JurZB004, Cadastre of Real Property |
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| Replaced course | |
| JurZ3043 [GJUR3043] Real Estate Appraisal I |
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| 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 them - independent, practical work.
2. Is able to apply knowledge of the factors influencing the value, methods and criteria when determining different types of values for real estate - independent, practical work. 3. Knows the application of valuation methods to various objects in determining different values - independent, practical work. 4. Is able to critically evaluate their knowledge and skills and be responsible for the quality of their work - independent, practical work. |
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| Course Content(Calendar) | |
| In full-time studies:
1. Content, course and requirements of the study course “Real Estate Valuation I” (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. Norms regulating the value of real estate (1 h) 6. International valuation standards (1 h) 7. Latvian property valuation standards (1 h) 8. 1st test - Historical development of real estate valuation and regulatory framework (2 h) 9. The concept of value. The essence of value and conditions of possibility. General basic principles of value formation (2 h) 10. Value, price and costs (2 h) 11. 1st practical work – Real estate market data, their analysis (2h) 12. Fundamentals of financial mathematics used in the calculation of value (2 h) 13. Market value as a valuation basis (2 h) 14. Values whose bases may differ from market value (1 h) 15. 2nd practical work – Various data affecting value, their acquisition and analysis (4h) 16. 2nd test – Basic principles of real estate valuation (2 h) 17. Cost method, its basic principle and application (2 h) 18. 3rd practical work – Application of the cost method (6 h) 19. Income method, its basic principle and application (2 h) 20. 4th practical work – Application of the income method (4 h) 21. Comparable transactions method, its basic principle and application (2 h) 22. 5th practical work – Application of the comparable transaction method (8 h) 23. 3rd test – Real estate valuation methods (2 h) 24. Special cases of real estate valuation (2 h) In 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 |
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| Requirements for awarding credit points | |
| In order for a student to take the exam, they must have passed:
• practical work, • independent work, • successful tests. The exam assessment can be: • cumulative (summarizing the assessments of practical work, independent work and tests, if at least 80% of the contact hours of lectures and practical work have been attended), or • successful written exam. |
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| Description of the organization and tasks of students’ independent work | |
| Preparation of descriptions of the progress of practical work.
Study of scientific and study literature (monographs, scientific articles and their collections, conference and seminar materials, specialized scientific periodicals) and regulatory documents specified by the lecturer necessary for the acquisition of professional competencies of the study course. Preparation for tests. |
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| Criteria for Evaluating Learning Outcomes | |
| 1. The exam assessment is received after the knowledge test in the written exam at the end of the study course after successful results of control works, independent works and practical works, or as an accumulative exam. 2. After the development of practical works and the preparation of their descriptions, it is assessed whether students demonstrate the knowledge and skills to independently perform Real Estate Valuation activities, and whether they are able to evaluate their problems and eliminate deficiencies. | |
| 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. |
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| Further reading | |
| 1.Youngman J. Legal Issues in Property Valuation and Taxation Cases: cases and Materials. USA, Lincoln Institute of Land Policy , 2006. 320 p. | |
| 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 | |