Real estate appraisal

658:

the maintenance requirements for items found to be in satisfactory condition, only confirming that there is no cause for concern at this time. This format is suitable for a wide range of properties, but is best suited to traditionally built houses that are not subject to very serious distress or previous major alterations or extensions. This report is much longer than the condition report and looks in more detail at the property to report on the visual condition and maintenance needs of nine external elements of construction, nine internal elements of construction, seven services supplied to the building, and three key components of the grounds in which the property is sited. The reports rates conditions from 1 - good, 2 - needing attention in the near future, 3 - needing attention now using a traffic light system to draw attention to things that matter. The report also includes commentary to advise the solicitor on issues that need addressing in the conveyance, and any risks that affect the building, grounds and people of a more general nature. There is also a market valuation of the property and an assessment of rebuilding costs for insurance purposes.

402:

include real estate publications, public records, buyers, sellers, real estate brokers and/or agents, appraisers, and so on. Important details of each comparable sale are described in the appraisal report. Since comparable sales are not identical to the subject property, adjustments may be made for date of sale, location, style, amenities, square footage, site size, etc. The main idea is to simulate the price that would have been paid if each comparable sale were identical to the subject property. If the comparable is superior to the subject in a factor or aspect, then a downward adjustment is needed for that factor. Likewise, if the comparable is inferior to the subject in an aspect, then an upward adjustment for that aspect is needed. The adjustment is somewhat subjective and relies on the appraiser's training and experience. From the analysis of the group of adjusted sales prices of the comparable sales, the appraiser selects an indicator of value that is representative of the subject property. It is possible for various appraisers to choose a different indicator of value which ultimately will provide different property value.

1571:

government-developed "Federal Valuation Standards" (FSOs 1,2,3 --are the general valuation standards first adopted in 2007 (and revised 2015) and covering Terms of engagement and Valuation report content requirements, FSOs 7–11 are asset-specific standards adopted in 2015, while FSO 9 is currently the only purpose-specific standard in the set dealing with valuations of property for loan security purposes; the last two FSO standards adopted in 2016 cover determination of investment and liquidation values, however, they do not touch on the methodology for determining these values, only scraping the reporting requirements). In view of the international conformity drive in the latest round of FSO standards setting, general requirements in the new FSO standards are close to those in the International Valuation standards set, however they can be more specific on occasion and mandate compulsory disclosure of uncertainty in valuation reports using the interval/range format.

1609:

New Zealand, with perpetual succession under the Act. The NZIV can make Rules as lower level legislation and has a Code of Ethics (reviewed in 2023). The NZIV Rules were last changed in 2012 and remain current. The VRB has jurisdiction in relation to serious matters affecting the registration of a valuer including discipline where a valuer has acted in such a way as to meet the threshold. The Valuers Act 1948 sets the threshold under s31 as matters where a valuer could be struck off the register of valuers. The NZIV has power for discipline for relatively more minor matters. The NZIV governs NZIV members and has power to discipline members and fine them up to $ 500, admonish members or terminate their membership. The designations "Registered Valuer" and "Public Valuer" are legally protected under the legislation, being reserved for Valuers Registered under the Act. The NZIV, under the Act, can admit non-valuer members (such as non-valuer land economists).

587:. A mortgage valuation will be required by any mortgage lender as a condition of obtaining a mortgage loan. The homebuyer may take the option to instruct the same surveyor to carry out a "RICS HomeBuyer Report" or a "RICS Building Survey" (sometimes called a "Structural Survey"), usually at additional cost. When the surveyor is instructed in this combined role, the mortgage valuation is still produced for the lender, and the HomeBuyer Report or Building Survey is additionally prepared for the borrower. This arrangement can avoid the potential conflict of interest where the surveyor has as client both the lender and the borrower in the transaction. Because of the ethics and professional liability aspect, borrowers should note that the lender's survey is produced solely for the lender and the surveyor will not be liable for loss or omission to the borrower. Since reform of the 1613:

overseas (such as ex-pats in the UK, Asia and Australia). PINZ has a service level agreement with the NZIV, whereby PINZ contracts to perform tasks for the statutory professional body, NZIV. PINZ was formed in 2000 to act as the voice of the property professions. There have been 'political divisions' within the valuation profession in New Zealand, expressed at AGMs and through 'proxy wars' over the last 20 years or so. Many valuers are supportive of amalgamation of the NZIV functions under the multi-disciplinary voluntary body PINZ, whilst many others wish to retain a separate statutory professional body for valuers (the NZIV). There are various reasons in the debate and the governing legislation is under review and amendments or repeal is being considered. At present, the Act remains in force and the NZIV is legally a distinct body with statutory functions, powers and duties.

702:

building defects before recommending for further investigation. The building survey report is much longer than the condition report but may not be much longer than the homebuyer report as its content depends on the condition observed in each individual case. The practice note version building survey looks in more detail at the property to report on the visual condition and maintenance needs of nine external elements of construction, with scope for sub-division into individual features, with the nine internal elements of construction and the seven services supplied to the building examined in a similar manner. Also the three key components of the grounds in which the property is sited can be subdivided as necessary.

1402:

Federal oversight of TAF is provided by the Appraisal Subcommittee, made up of representatives of various federal lending regulators. TAF carries out its work through two boards: the Appraisal Standards Board promulgates and updates USPAP; the Appraisal Qualifications Board (AQB) promulgates minimum recommended standards for appraiser certification and licensure. During the 1990s, all of the states adopted USPAP as the governing standards within their states and developed licensure standards which met or exceeded the recommendations of TAF. Also, the various state and federal courts have adopted USPAP for real estate litigation and all of the federally lending regulators adopt USPAP for mortgage finance appraisal.

1575:

members of the national valuation profession, provides for three valuer-specializations: real estate valuers, plant and machinery valuers, and business and intangible asset valuers, with the exam content requirements varying substantially for each specialization. Valuers would lose a right to practice, unless they comply with the requirement to take this compulsory certification exam at or before 31 March 2018. A general assessment of this measure is that the numbers of certified valuers in Russia are set to dwindle down to some 2000–3000 valuers nationwide (across all the specialisms mentioned), i.e. decimating some 80% of the current Valuer SRO's membership, due to the complexity of the certification exams.

706:

analyzed and methods of repair and elimination of the cause discussed in some detail. The report also includes commentary to advise the solicitor on issues that need addressing in the conveyance, and any risks that affect the building, grounds and people of a more general nature. There is also discussion on the means of escape in case of fire, which in older houses in particular can be compromised by poor design and alterations. There is no market valuation or an assessment of rebuilding costs for insurance purposes in the document. These can be added, along with cost estimates for the repairs by a separate agreement as discussed in the helpful RICS explanatory notes to clients.

1397:(FIRREA) demanded all the states to develop systems for licensing and certifying real estate appraisers. To accomplish this, the Appraisal Subcommittee (ASC) was formed within the FFIEC, with representatives from the various Federal mortgage regulatory agencies. Thus, currently all the real estate appraisers must be state-licensed and certified. But prior to the 1990s, there were no commonly accepted standards either for appraisal quality or for appraiser licensure. In the 1980s, an ad-hoc committee representing various appraisal professional organizations in the United States and Canada met to codify the best practices into what became known as the USPAP. The 671: 1551:, established in 1993 and presently exercising oversight over about half of the valuation profession membership. Among its 6000+ members a sizeable majority are real property valuers, rubbing shoulders with business and intangible assets appraisers. The latter categories of valuers are also allowed to value property, though valuation professionals tend to specialize. In late 2016, it was mandated that valuers should pass through compulsory state-administered attestation process to verify their competence, the details of which as to breakdown in specialization or otherwise remain to be hammered out. 254:). A price paid might not represent that property's market value. Sometimes, special considerations may have been present, such as a special relationship between the buyer and the seller where one party had control or significant influence over the other party. In other cases, the transaction may have been just one of several properties sold or traded between two parties. In such cases, the price paid for any particular piece is not its market "value" (with the idea usually being, though, that all the pieces and prices add up to the market value of all the parts) but rather it's market "price". 1629:

clearing houses have largely ended the long-standing local practice of members of the public seeking advice directly from a valuer. The use of electronic estimates based on Rating Values (Local Government mass appraisal for levies) is also leading to a reduction in standard valuation work and is significantly affecting the viability of small valuation businesses. The profession is in the process of a wider corporate re-structuring of the valuation market due to these factors with various perceptions within profession as to the merits of the events of the last five years.

1584:

Ordinance in January 1990 (Cap. 1148). In July 1991, the Surveyors Registration Ordinance (Cap. 417) was passed to set up a Registration Board to administer the registration of surveyors. In May 2006, the number of members had reached 6,723. A general practice surveyor advises on the best use of the land, assesses the feasibility and viability of the proposed development project as well as the valuation, marketing, sale, leasing and management of completed developments. It also has a website to provide real-time properties' value estimate across whole Hong Kong.

887:– The interest held by a tenant. If the tenant pays market rent, then the leasehold has no market value. However, if the tenant pays less than the market, the difference between the present value of what is paid and the present value of market rents would be a positive leasehold value. For example, a major chain retailer may be able to negotiate a below-market lease to serve as the anchor tenant for a shopping center. This leasehold value may be transferable to another anchor tenant, and if so the retail tenant has a positive interest in the real estate. 1130:(market value, both terms with identical meaning) as follows: "The market value is determined by the price that can be realized at the date of valuation, in an arm's length transaction, with due regard to the legal situation and the effective characteristics, the nature and lay of the premises or any other subject of the valuation" (non-official translation). The intention, as in other countries, is to include all objective influences and to exclude all influences resulting from the subjective circumstances of the involved parties. 1471:

the state organizations and coalitions called the Board of Governors where those states can help guide the NAA in acting in the best interest of all appraisers. The NAA also has a designated membership, MNAA (Member of the National Association of Appraisers, who is an individual who holds an appraisal license, certification or similar appraisal credential issued by a governmental agency; and who accepts the membership requirements and objectives of the National Association of Appraisers.

36: 380:

would follow how most buyers would value it. As another example, single-family houses are most commonly valued with the greatest weighting to the sales comparison approach. However, if a single-family dwelling is in a neighborhood where all or most of the dwellings are rental units, then some variant of the income approach may be more useful. So the choice of valuation method can change depending upon the circumstances, even if the property being valued does not change much.

3916: 1435:. These organizations all existed to establish and enforce standards, but their influence waned with increasing government regulation. In March 2007, three of these organizations (ASFMRA, ASA, and AI) announced an agreement in principle to merge. NAIFA (National Association of Independent Fee Appraisers), a charter member of The Appraisal Foundation, helped to write Title XI, the Real Estate Appraisal Reform Amendments. It was founded in 1961. 606: 972: 3942: 644:

average buyer. Some surveyors agree to carry out these surveys as a precursor to then extending the service with a more detailed report in either of the other two types in the RICS Home Surveys suite. Usually, the fee for the first report is discounted in the fee for the detailed follow up report, since when the surveyor returns to the property, there is already an understanding of what problems are in the property.

445:, but using modern design, workmanship and materials. In practice, appraisers almost always use replacement cost and then deduct a factor for any functional dis-utility associated with the age of the subject property. An exception to the general rule of using the replacement cost is for some insurance value appraisals. In those cases, reproduction of the exact asset after a destructive event like a fire is the goal. 3929: 1621:

is usually related to an estimate by a real estate sales person or licensed agent under the Real Estate Agents Act 2008. The Real Estate Institute of New Zealand includes many valuer members, but the governing legislation for sales and agency (disposal of interests of land on behalf of others) does not extend to include provision for that role by valuers regardless of membership of NZIV, RICS or PINZ.

1350:(1 July 2017), superseding an edition published in 2011. RICS Valuation Standards contains mandatory rules, best practice guidance and related commentary. The 2017 version adopts and applies the International Valuation Standards (IVS) published by the International Valuation Standards Council (IVSC). Changes to the standards are approved by the RICS Valuation Professional Group Board, and the 1555:

public notaries. Regardless of the fact, over 80% of valuers tend to be employed by valuation or consulting companies, and thus do not enter practice as stand-alone individual entrepreneurs. High-end appraisal services are principally represented by valuation arms of the International "Big-four" consultancies in the country, but there also exist reputable national corporate valuation brands.

631:

reported, RICS produced a new range of consumer products with RICS branding. Three consumer products are now available - 1. RICS Condition Report 2. RICS HomeBuyer Report 3. RICS Building Survey These products have a consistent appearance over the range, with common typefaces and general format. The distinctions come in the detail that is subsequently provided. These are discussed below.

1297:

Council, which is a statutory body set up by law, and which oversees the training and administers the national professional exams that are a prerequisite for attaining registration. In 2005 the Council set up a Valuation Standards Committee with the purpose of developing and promulgating standards that would reflect best practice; these have tended to follow a rules-based approach.

1547:

property valuation, as it is called, is a specialism within general-purpose "valuation profession", which functions in a self-regulatory mode overseen by "self-regulated professional organizations" of valuers (SROs), i.e. public supervisory entities established under provisions of special legislation (which very loosely can be likened to trade unions). The principal among those is

881:– This is simply the fee simple interest encumbered by a lease. If the lease is at market rent, then the leased fee value and the fee simple value are equal. However, if the tenant pays more or less than market, the residual owned by the leased fee holder, plus the market value of the tenancy, may be more or less than the fee simple value. 520:(ERV), or "top slice" to the current ("passing") income, or "bottom slice", to give an indication of whether the future value of the property should rise or fall based on income. If a property's income is higher than the ERV this is sometimes known as "froth", which may be confused with the US use of "froth" describing the period before a 1617:

valuers. PINZ has developed into one of the largest professional bodies for standards, qualifications and ethics across all facets of the property profession within New Zealand. It works with government, industry and other professional associations, education stakeholders and the media to promote its standards and views.

958:(SCAMA) is a general term for mass appraisal where spatial data is used with spatial dependence or spatial heterogeneity models. Spatial Lag Model (SLM) and Spatial Autoregressive Moving Average (SARMA) fall under spatial dependence while Geographically Weighted Regression Models (GWR) falls under spatial heterogeneity. 679:

guidance note 3rd edition" which was introduced in December 2013). The primary difference between guidance note and the practice note for the consumer is the format of the reports. A bespoke style or a framework (traffic light signal) style. For surveyors guidance is "best practice" and practice note is "mandatory".

1166:(abbr. WertR, "directive on the determination of value"). The WertR provides templates for calculations, tables (e.g., economic depreciation) and guidelines for the consideration of different influences. WertV and WertR are not binding for appraisals for nonofficial use, nonetheless, they should be regarded as 928:, or machine learning algorithms. While AVMs can be quite accurate, particularly when used in a very homogeneous area, there is also evidence that AVMs are not accurate in other instances such as when they are used in rural areas, or when the appraised property does not conform well to the neighborhood. 1612:

There are also voluntary professional bodies for real estate valuation such as the Royal Institute of Chartered Surveyors (RICS) and the Property Institute of New Zealand (PINZ). Both of these bodies have a wider membership, beyond real estate valuers. PINZ has around 1,700 members in New Zealand and

1608:

Real estate valuation in New Zealand is regulated by the New Zealand Institute of Valuers ('NZIV') and the Valuers Registration Board of New Zealand ('VRB'), both of which are statutory bodies established under the Valuers Act 1948 (NZ). The NZIV remains the statutory professional body for valuers in

1566:

Adjudication of valuer-certified estimates of value in case of the onset of disputes is conducted through the Experts Councils of valuers' SROs. Official courts tend to concur with the resolutions of such Councils. In some rare instances the imprimatur of SRO's Experts Councils is also required for a

1554:

As of mid-2016, Valuers in Russia, including real property valuers, are deemed to be purposely-educated individuals maintaining their Valuation SRO membership and bearing unlimited property liability for the result of their services, that is their professional status is modeled on the organization of

1546:

In Russia, on par with many other former Soviet Union economies, the profession emerged in the first half of 1990, and represented a clean break with the former practice of industry-specific pricing specialists and with activities of statutory price-setting authorities in the Soviet Union. Currently,

1517:

which is a sponsor member of the Appraisal Foundation and awards the ASA (Accredited Senior Appraiser) designation to candidates who complete five years of documented appraisal experience, pass a comprehensive exam along with required commercial and/or residential appraisal coursework, and submit two

1470:

The National Association of Appraisers (NAA) was formed with a purpose of uniting those engaged in the appraisal profession for the purpose of exerting a beneficial influence upon the profession and to advocate appraiser interests. The NAA has established an advisory group consisting of leadership at

911:

the appraiser to arrive at a different, probably lower, opinion of value. This information may be particularly helpful if one or both of the parties requesting the appraisal may end up in possession of the property. This is sometimes the case with property in a divorce settlement or a legal judgment.

769:

Besides the mandatory educational grade, which can vary from Finance to Construction Technology, most, but not all, countries require appraisers to have the license for the practice. Usually, the real estate appraiser has the opportunity to reach 3 levels of certification: Appraisal Trainee, Licensed

701:

The building survey is the most detailed survey available from most firms of Chartered Surveyors. Thorough though it is, it may still lead to recommendations for further investigation from other specialists; see below. However, A competent surveyor will always try to investigate causes of damp and

682:

The guidance note version can be provided in an agreed word document style format with an appendix for photographs etc. There is also a choice (at extra commissioning cost) to add a market valuation and other services such as costing for repairs and project management / further investigation services

388:

The sales comparison approach is based primarily on the principle of substitution. This approach assumes a prudent (or rational) individual will pay no more for a property than it would cost to purchase a comparable substitute property. The approach recognizes that a typical buyer will compare asking

1624:

There exists a significant difference in the responsibilities of a real estate agent and a valuer. While a real estate agent is allowed to represent the interests of their client, a valuer is required to offer an unbiased and independent assessment of value. The legal framework governing these roles

1620:

In New Zealand, the terms "valuation" and "valuer" usually relates to one who undertakes that professional role in terms of the Valuer Act 1948 requirements or the unregulated or voluntarily self-regulated (if members of PINZ) plant and machinery, marine or art valuers. Whereas, the term "appraisal"

1616:

PINZ incorporated much of the membership of the NZIV, the Institute of Plant & Machinery Valuers (IPMV) and the Property & Land Economy Institute of New Zealand (PLEINZ). PINZ now represents the interests of valuers, property and facilities managers, property advisors and plant and machinery

1599:

Today the API represents the interests of more than 8,600 property professionals throughout Australia. API members include residential, commercial and plant and machinery valuers, property advisers, property analysts, property fund and asset managers, property facility managers, property lawyers and

753:

The Chartered Surveyor's inspection is typically non-intrusive. They do not have the authority to lift floorboards, drill holes, or perform excavations at a property which the prospective buyer does not, at this stage, own, which means that certain defects or problems may not be apparent from their

652:

This document format has been revised in 2010 to include an easy to assimilate format for the reader. The problem with the earlier format often reported to RICS by clients in receipt of the previous 'Homebuyer's Survey and Valuation' was that the structure did not easily distinguish the faults from

440:

value of any improvements. The value of the improvements is often referred to by the abbreviation RCNLD (for "reproduction/replacement cost new less depreciation"). Reproduction refers to reproducing an exact replica; replacement cost refers to the cost of building a house or other improvement which

1628:

The number of Registered Valuers in New Zealand has generally between 1,000 - 1,300. This is an ageing 'top heavy' professional with difficulty retaining new and young members due to pay, work stress and the recent advent of 'clearing houses' for banks to order valuations for mortgage purposes. The

1574:

With effect from 1 August 2017, new amendments to the Federal Valuation Law came to impose the compulsory certification of valuers by a state-affiliated testing centre. Consequently, this two-hour written exam certification measure, aimed to counter a perception of wide-spread malpractice among the

1562:

Before the year 2000, valuations for corporate financial reporting held greater significance. However, this changed when the national accounting regulator discontinued its promotion of the accounting fair value option. Currently, the government is in the process of outsourcing the mass appraisal of

705:

The practice note version of the report also rates conditions from 1 - good, 2 - needing attention in the near future, 3 - needing attention now using a traffic light system to draw attention to things that matter. In this format, if there is a defect, not only will it be identified but its causes

643:

In practice this report is of little value to the buyer unless the surveyor attends at the same time as the buyer is carrying out a viewing and wants an early indication of general condition, making the most of the surveyor's expert knowledge about how buildings can fail that are not obvious to the

621:

A mortgage valuation is for the benefit of the lender. Its purpose is merely to confirm the property is worth the price paid, in order to protect the lender's interests. Invariably there is a disclaimer on the report that confirms that the surveyor has no responsibility to the borrower. This is a

554:. Used for land and buildings of special character for which profit figures cannot be obtained or land and buildings for which there is no market because of their public service or heritage characteristics. Both the residual method and the cost method would be grouped in the United States under the 479:

applied to a Net Operating Income (NOI). Usually, an NOI has been stabilized so as not to place too much weight on a very recent event. An example of this is an unleased building which, technically, has no NOI. A stabilized NOI would assume that the building is leased at a normal rate, and to usual

379:

For example, single apartment buildings of a given quality tend to sell at a particular price per apartment. In many of those cases, the sales comparison approach may be more applicable. On the other hand, a multiple-building apartment complex would usually be valued by the income approach, as that

280:

But the most common reason for value differing from price is that either the buyer or the seller is uninformed as to what a property's market value is but nevertheless agrees on a contract at a certain price which is either too expensive or too cheap. This is unfortunate for one of the two parties.

1558:

The majority of property valuations in the country are typically conducted to meet legal requirements outlined in the Federal Valuation Law, with the most recent amendment taking place in 2016. Additionally, other related laws, such as the Joint Stock Companies Law, outline over 20 instances where

1533:

and other industry leaders have confirmed that traditional modelling based on comparable sales and a variety of other factors (income, credit score, etc.) cannot explain the appraisal value gap minorities face. Some would argue that these pricing disparities are partially explained by neighborhood

910:

is performed prior to the appraisal and that report is provided to the appraiser, a more useful appraisal can result. This is because the appraiser, who is not an expert home inspector, will be told if there are substantial construction defects or major repairs required. This information can cause

843:

The scope of work is the first step in any appraisal process. Without a strictly defined scope of work, an appraisal's conclusions may not be viable. By defining the scope of work, an appraiser can properly develop a value for a given property for the intended user, and for the intended use of the

661:

Not all chartered surveyors are permitted to undertake providing the RICS HomeBuyer Report as it contains a market valuation. Under rules of the Royal Institution of Chartered Surveyors, any surveyor undertaking these surveys must also be an RICS Registered Valuer and carry professional indemnity

657:

system was introduced and surveyors have to rate each element of the inspection according to priority. In this way, serious impediments are identified easily, and less critical defects commented upon to give the reader advice on what will need attention in the near future. It does not comment on

639:

This is short report that looks briefly at the property to report on the visual condition of nine external elements of construction, nine internal elements of construction, seven services supplied to the building, and three key components of the grounds in which the property is sited. The reports

527:

The cash flows can be compared to the market-determined equivalent yield, and the property value can be determined by means of a simple model. Note that this method is really a comparison method, since the main variables are determined in the market. In standard U.S. practice, however, the closely

491:

When homes are purchased for personal use the buyer can validate the asking price by using the income approach in the opposite direction. An expected rate of return can be estimated by comparing net expected costs to the asking price. This return can be compared to the home owner's other investing

487:

analysis (DCF) model. The DCF model is widely used to value larger and more expensive income-producing properties, such as large office towers or major shopping centres. This technique applies market-supported yields (or discount rates) to projected future cash flows (such as annual income figures

471:

The income capitalization Approach (often referred to simply as the "income approach") is used to value commercial and investment properties. Because it is intended to directly reflect or model the expectations and behaviors of typical market participants, this approach is generally considered the

362:

As mentioned before, an appraiser can generally choose from three approaches to determine value. One or two of these approaches will usually be most applicable, with the other approach or approaches usually being less useful. The appraiser has to think about the "scope of work", the type of value,

315:

Thus, the definition of value used in an appraisal or Current Market Analysis (CMA) analysis and report is a set of assumptions about the market in which the subject property may transact. It affects the choice of comparable data for use in the analysis. It can also affect the method used to value

1401:

resulted in increased federal regulation via FIRREA, which required federal lending regulators to adopt appraisal standards. A nonprofit organization, The Appraisal Foundation (TAF), was formed by the same organizations that had developed USPAP, and the copyright for USPAP was signed over to TAF.

1382:(FFIEC) finds that a particular state's appraiser regulation and certification program is inadequate, then under federal regulations all appraisers in that state would no longer be eligible to conduct appraisals for federally chartered banks. The ASC oversees the TAF. Banks make widespread use of 807:

appraisal and the use of the Departure Rule caused confusion to clients, appraisers, and appraisal reviewers. To deal with this, USPAP was updated in 2006 with what came to be known as the Scope of Work Project. Following this, USPAP eliminated both the Departure Rule and the concept of a limited

799:(USPAP) has always required appraisers to identify the scope of work needed to produce credible results, it became clear in recent years that appraisers did not fully understand the process for developing this adequately. In formulating the scope of work for a credible appraisal, the concept of a 1438:

One of the most recognized professional organizations of real estate appraisers in America is the Appraisal Institute (AI). It was formed from the merger of the American Institute of Real Estate Appraisers and the Society of Real Estate Appraisers. Founded along with others in the 1930s, the two

894:

A "valuer" is an individual or professional who is trained and qualified to determine the value of assets, typically real estate or personal property, for various purposes. Valuers assess the worth or fair market value of these assets based on their knowledge, expertise, and analysis of relevant

448:

In most instances when the cost approach is involved, the overall methodology is a hybrid of the cost and sales comparison approaches (representing both the suppliers' costs and the prices that customers are seeking). For example, the replacement cost to construct a building can be determined by

366:

The appraiser has to think about the way that most buyers usually buy a given type of property. What appraisal method do most buyers use for the type of property being valued? This generally guides the appraiser's thinking on the best valuation method, in conjunction with the available data. For

1583:

The Hong Kong Institute of Surveyors (HKIS) regulates property surveyors in Hong Kong. Established in 1984, Institute is the only professional organisation representing the surveying profession in Hong Kong. The HKIS was statutorily incorporated by virtue of the Hong Kong Institute of Surveyors

1183:

Land and improvements are treated separately. German GAVP assumes that the land can be used indefinitely, but the buildings have a limited lifespan; This coincides with the balancing of the assets. The value of the land is determined by the sales comparison approach in both the income and cost

1033:. This will facilitate global real estate appraisal standards, a much-needed adjunct to real estate investment portfolios which cross national boundaries. Some appraisal groups are already international organizations and thus, to some extent, already incorporate some level of global standards. 678:

There are a number of variations to a residential building survey which offers the home purchaser a choice of products. The two main variants are the RICS Guidance note version stemming from the earlier RICS guidance note 2004 (more recently updated by the "Surveys of residential property RICS

630:

Under the reforms undertaken by RICS in the early 21st century to better regulate the provision of professional products to the general public, a sector that is usually unable to fully appreciate the consequences of inadequate specification of the required items to be surveyed and how they are

401:

Data is collected on recent sales of properties similar to the subject being valued, called "comparables". Only SOLD properties may be used in an appraisal and determination of a property's value, as they represent amounts actually paid or agreed upon for properties. Sources of comparable data

1296:

In Israel, the real estate appraisal profession is regulated by the Council of Land Valuers, an organ of the Ministry of Justice; the largest professional organization, encompassing the majority of appraisers/land valuers is the Association of Land Valuers. Valuers must be registered with the

709:

Collectively, a key feature of RICS building surveys are that they provide an opportunity for clients and surveyors to strike up a detailed dialogue about the property they are intending to purchase. Purchasers find a building survey useful in allowing for further negotiations on price or for

311:

A type of value, stated as an opinion, that presumes the transfer of a property (i.e., a right of ownership or a bundle of such rights), as of a certain date, under specific conditions set forth in the definition of the term identified by the appraiser as applicable in an appraisal.

1137:(abbr. WertV, "regulation on the determination of value"). The WertV defines the codified valuation approaches and the general valuation technique. German codified valuation approaches (other approaches such as DCF or residual approach are also permitted, but not codified) are the: 534:. Used for properties ripe for development or redevelopment or for bare land only. The site or unimproved property value is based on the improved or developed value less costs of construction, professional fees, development finance costs and a developer's profit or return on risk. 1570:

The technical details of practice of real estate valuers in Russia are aligned with the international pattern. Members of the Russian Society of Appraisers formerly were bound by the observance of the International Valuation Standards. There also exists a set of 14 general-purpose

1625:

is distinct as well. Lawyers, Conveyancers, and Real Estate Agents operate under legislation separate from that which regulates valuers. Specifically, the legal provision outlining the responsibilities of Lawyers and Conveyancers is the Lawyers and Conveyancers Act of 2006..

1596:(API) was formed in 1926 as the Commonwealth Institute of Valuers. The Institute has undergone several name changes over the last century as the array of services offered by its members expanded. It serves to regulate the profession of property valuers throughout Australia. 1102:(abbr. BauGB, "German statutory code on building and construction'") contains guidelines on governing authorities, defines the term market value and refers to continuative rules (chapter 3, articles 192 ff.). Each municipality (city or administrative district) must form a 770:

Appraiser and Certified Appraiser. The second and third levels of license require no less than 2000 experience hours in 12 months and 2500 experience hours in no less than 24 months respectively. Appraisers are often known as "property valuers" or "land valuers"; in

452:

The cost approach is considered most reliable when used on newer structures, but the method tends to become less reliable for older properties. The cost approach is often the only reliable approach when dealing with special use properties (e.g., public assembly,

480:

occupancy levels. The Net Operating Income (NOI) is gross potential income (GPI), less vacancy and collection loss (= Effective Gross Income) less operating expenses (but excluding debt service, income taxes, and/or depreciation charges applied by accountants).

1114:(purchase price database). Most committees publish an official real estate market report every two years, in which besides other information on comparables the land value is determined. The committees also perform appraisals on behalf of public authorities. 544:) is capitalized using an appropriate yield. Note that since the variables used are inherent to the property and are not market-derived, therefore unless appropriate adjustments are made, the resulting value will be value-in-use or investment value, not 208:

Ad valorem tax value – the value used for taxation purposes, determined by the collection of data through the mass appraisal process. The mass appraisal process applies the data collected through various sources to real property to determine taxable

1414:

of the 1930s. One of the oldest in the United States is the American Society of Farm Managers and Rural Appraisers (ASFMRA), which was founded in 1929. Others were founded as needed and the opportunity arose in specialized fields, such as the

831:

Based on these factors, the appraiser must identify the scope of work needed, including the methodologies to be used, the extent of the investigation, and the applicable approaches to value. Currently, minimum standards for scope of work are:

1245:

Mathematically the distinction between land and improvements in the income approach will have no impact on the overall value when the remaining economic life is more than thirty years. For this reason, it has become quite common to use the

1090:(officially appointed and sworn expert). However, this formerly very important title has lost a lot of its importance over the past years, but still is of some value in court procedures. The title is not generally required for appraisals. 1354:

is updated accordingly on a regular basis. While based in the UK, RICS is a global organization and has become very active in the United States in recent years through its affiliation with the Counselors of Real Estate, a division of the

276:

is that "the sum is greater than its parts", since full ownership of a company provides full control of it. This is something that purchasers will sometimes pay a high price for. This situation can happen in real estate purchases too.

686:

The alternative is the practice note version (introduced to the market in November 2012). It is a similar traffic light signal format as the other RICS survey products such as the RICS condition report and the RICS homebuyer reports.

1600:

property researchers and academics. The Institute's primary role is to set and maintain the highest standards of professional practice, education, ethics and professional conduct for its members and the broader property profession.

375:

approach) would be more applicable. The third and final approach to value is the Cost Approach to value. The Cost Approach to value is most useful in determining insurable value, and cost to construct a new structure or building.

263:

for him) was higher than the market value. One specific example of this is an owner of a neighboring property who, by combining his property with the subject property (assemblage), could obtain economies-of-scale and added value

934:(CAMA) is a generic term for any software package used by government agencies to help establish real estate appraisals for property tax calculations. A CAMA is a system of appraising property, usually only certain types of 291:

Frequently, properties are assessed at a value below their market values; this is known as fractional assessment. Fractional assessment can result in properties that are assessed at 10% or less of their given market values.

1475: 1178:

In most regards Generally Accepted (German) Valuation Principles is consistent with international practice. The investment market weighs the income approach most heavily. However, there are some important differences:

1254:. However, the separate treatment of land and buildings leads to more precise results for older buildings, especially for commercial buildings, which typically have a shorter economic life than residential buildings. 898:"Valuation" refers to the process of determining the value or worth of an asset, property, business, or financial instrument. Valuation can be performed for a wide range of reasons, including businesses, assets, etc. 350:(similar to the methods used for financial valuation, securities analysis or bond pricing – where the implied property value is a function of the property's pro forma cash flow, or NOI in the context of real estate). 354:

However, the recent trend of the business tends to be toward the use of a scientific methodology of appraisal which relies on the foundation of quantitative-data, risk, and geographical based approaches. Pagourtzi

1507: 1483: 371:, office buildings) may give greater weight to the Income Approach. Buyers interested in purchasing single family residential property would rather compare price, in this case, the Sales Comparison Approach ( 1269:, abbr. BDSF) is the main professional organization encompassing the majority of licensed appraisers in Germany. In recent years, with the move towards a more global outlook in the valuation profession, the 844:

appraisal. The whole idea of "scope of work" is to provide clear expectations and guidelines for all parties as to what the appraisal report does, and does not, cover; and how much work has gone into it.

363:

the property itself, and the quality and quantity of data available for each approach. No overarching statement can be made that one approach or another is always better than one of the other approaches.

1106:(appraisal committee), consisting of a chairman and honorary members. The committee gathers information on all real estate deals (it is mandatory to send a copy of each notarial purchase contract to the 1479: 272:. For example, this can occur when a merger or acquisition happens at a price which is higher than the value represented by the price of the underlying stock. The usual explanation for these types of 300:

In the United States, appraisals are for a certain type of value (e.g., foreclosure value, fair market value, distressed sale value, investment value). The most commonly used definition of value is

2757: 1961:

Lins, Marcos Pereira Estellita; Novaes, Luiz Fernando de Lyra; Legey, Luiz Fernando Loureiro; et al. (2005). "Real Estate Appraisal: A Double Perspective Data Envelopment Analysis Approach".

171:(NPV) of a cash flow that an asset generates for a specific owner under a specific use. Value-in-use is the value to one particular user, and may be above or below the market value of a property. 1304:

Tax, a tax administered on any gains accruing to the property by way of changes to the local planning) as well as valuations performed for purposes of bank lending. Since Israel implemented the

488:

and typically a lump reversion from the eventual sale of the property) to arrive at a present value indication. In Canada, reversion values typically range from 16x-21x the NOI of year of sale.

1257:

An advantage of the comparatively high degree of standardization practiced by professional appraisers is the greater ability to check an appraisal for inconsistency, accuracy and transparency.

1044:(NGO) member of the United Nations with membership that encompasses all the major national valuation standard-setters and professional associations from 150 different countries (including the 540:. Used for trading properties where evidence of rates is slight, such as hotels, restaurants and old-age homes. A three-year average of operating income (derived from the profit and loss or 237:

and is a commonly sought standard of value in bankruptcy proceedings. It assumes a seller who is compelled to sell after an exposure period which is less than the market-normal time-frame.

1455:, to commercial review appraisers. The Institute has enacted rigorous regulations regarding the use and display of these designations. For example, contrary to popular belief, "MAI" does 1394: 1342:(RICS), a professional body encompassing all of the building and property-related professions. The RICS professional guidelines for valuers are published in what is commonly known as the 328:

There are three traditional groups of methodologies for determining value. These are usually referred to as the "three approaches to value" which are generally independent of each other:

2259: 389:

prices and seek to purchase the property that meets his or her wants and needs for the lowest cost. In developing the sales comparison approach, the appraiser attempts to interpret and

151:

between a willing buyer and a willing seller in an arm's length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.

602:

recommends that buyers should not rely only on the mortgage valuation, but obtain a fuller survey for their own purposes. However, a fuller survey is rarely a condition of the loan.

2192: 1559:

valuations are mandated. These mandatory cases include valuations for purposes such as privatization, securing loans, handling bankruptcy and liquidation proceedings, among others.

1459:

stand for "Member, Appraisal Institute". According to the institute, the letters "do not represent specific words", and an MAI may not use the words "Member, Appraisal Institute"

1057: 1233:

Based on the assumption that the economic life of the improvements is limited, the yield and remaining economic life determine the building value from the net operating income.

2028: 1236:

Contracts in Germany generally prescribe that the landlord bears a higher portion of maintenance and operating costs than their counterparts in the United States and the UK.

640:

rates conditions from 1 - good, 2, - needing attention in the near future, 3 - needing attention now using a traffic light system to draw attention to things that matter.

856:

interest is being valued. The fee simple interest is the most complete bundle of rights available. However, in many situations, and in many societies which do not follow

875:) – The most complete ownership in real estate, subject in common law countries to the powers reserved to the state (taxation, escheat, eminent domain, and police power) 2297: 1144:(sales comparison approach) – used where good evidence of previous sales is available and for owner-occupied assets, especially condominiums and single-family houses; 808:

appraisal, and a new Scope of Work rule was created. In this, appraisers were to identify six key parts of the appraisal problem at the beginning of each assignment:

782:. Appraisals of more commercial properties (e.g., income-producing, raw land) are often reported in narrative format and completed by a Certified General Appraiser. 1904: 1223: 1506:

is a small group of top U.S. appraisers and real estate analysts who have collectively authored a disproportionately large body of appraisal methodology and, the

1944: 1467:. These designations require attendance in appraisal technique classes, ethical training, exams, and a review of the candidate's work by designated appraisers. 1029:

The various U.S. appraisal groups and international professional appraisal organizations have started collaborating in recent years towards the development of

2390: 2050:

Pagourtzi, Elli; Assimakopoulos, Vassilis; Hatzichristos, Thomas; French, Nick; et al. (2003). "Real estate appraisal: a review of valuation methods".

475:

In a commercial income-producing property this approach capitalizes an income stream into a value indication. This can be done using revenue multipliers or

2750: 2327: 1372: 852:

The type of real estate "interest" that is being valued, must also be known and stated in the report. Usually, for most sales, or mortgage financings, the

796: 305: 778:

of the real property. In the United States, mortgage valuations of improved residential properties are generally reported on a standardized form like the

2734: 516:. Used for most commercial (and residential) property that is producing future cash flows through the letting of the property. This method compares the 449:

adding the labor, material, and other costs. On the other hand, land values and depreciation must be derived from an analysis of comparable sales data.

1379: 257:

At other times, a buyer may willingly pay a premium price, above the generally accepted market value, if his subjective valuation of the property (its

2414: 2356: 506:. Used for most types of property where there is good evidence of previous sales. This is analogous to the sales comparison approach outlined above. 213: 423:

Reconcile the multiple value indications that result from the adjustment (upward or downward) of the comparable sales into a single value indication

3186: 2593: 2567: 2173: 1486:(MBREA), founded in 1934, is the only state appraisal association that has been named a sponsor of the Appraisal Foundation. In recent years, the 528:

related capitalizing of NOI is confounded with the DCF method under the general classification of the income capitalization approach (see above).

3052: 2085: 1099: 588: 2686: 1222:(abbr. LZ) does not include an allowance for default (not to be confused with a structural vacancy), therefore this needs to be subtracted from 2839: 2493: 2210: 731: 3900: 1490:(RICS) has become highly regarded in the United States, and has formed a collaboration with the Counselors of Real Estate, a division of the 1674: 662:

insurance for this task. This is an attempt by RICS to provide consumer confidence after the older valuation reports came into disrepute.

2189: 690:

Both report formats (guidance note and practice note versions) are appropriate for virtually all properties, including but not limited to

1305: 1273:

has gained a foothold in Germany, somewhat at the expense of the BDSF. Another German Organisation of Appointed and Sworn Experts is the

188: 134: 3855: 1812: 1773: 864:, some other interest may be more common. While there are many different possible interests in real estate, the three most common are: 758: 436:

was once called the summation approach. The theory is that the value of a property can be estimated by summing the land value and the

1335: 1317: 1037: 2273: 2720: 1704: 1371:(TAF) is the primary standards body; its Appraisal Standards Board (ASB) promulgates and updates best practices as codified in the 1339: 179:– the value to one particular investor, and may or may not be higher than the market value of a property. Differences between the 3361: 1503: 1375:(USPAP), while its Appraisal Qualifications Board (AQB) promulgates minimum standards for appraiser certification and licensing. 1834: 100:

characteristics. The location also plays a key role in valuation. Appraisal reports form the basis for mortgage loans, settling

3870: 2545: 2515: 1424: 989: 952:-centric software package used by government agencies to help establish real estate appraisals for property tax calculations. 3260: 2024: 1806: 1767: 738:

or expert of another kind, depending on what they find during their inspection. They may also recommend work by the buyer's

336:(comparing a property's characteristics with those of comparable properties that have recently sold in similar transactions). 2289: 1410:

In addition, there are professional appraisal organizations, organized as private non-profit organizations that date to the

1152:(German income approach) – standard procedure for property that produces future cash flows from the letting of the property; 359:

have provided a review on the methods used in the industry by comparison between conventional approaches and advanced ones.

3860: 779: 1158:(German cost approach) – used for specialised property where none of the above approaches applies, e. g. public buildings. 2728: 411:

Research the market to obtain information pertaining to sales, and pending sales that are similar to the subject property

3885: 2477: 2115: 1529:

and racial composition of neighborhoods have long been thought to impact on home appraisal values. Recent studies from

774:

they are "valuation surveyors". If the appraiser's opinion is based on market value, then it must also be based on the

417:

Determine relevant units of comparison (e.g., sales price per square foot), and develop a comparative analysis for each

1941: 3683: 3366: 1679: 1062: 1030: 1011: 726:

Chartered Surveyors are not necessarily specialists in other fields, and may recommend further investigations by an

710:

providing a clients briefing document for extensions or repairs. The building survey is a very interactive process.

2959: 1491: 1428: 1356: 104:

and divorces, taxation, and so on. Sometimes an appraisal report is used to establish a sale price for a property.

3228:

Italian Property Valuation Standard – Codice delle Valutazioni Immobiliari, Third edition – English version (2006)

2785: 1996:

Adair, Alastair; Norman Hutchison (2005). "The reporting of risk in real estate appraisal property risk scoring".

317: 3211:. Updated and published annually through the 2006 edition; henceforth, updated editions are to appear biannually. 1280:

With special focus on hypothetical value, in 1996, German banks with real estate financing activities formed the

112:

There are several types and definitions of value sought by a real estate appraisal. Some of the most common are:

1300:

Historically, most valuations in Israel were statutory valuations (such as valuations performed for purposes of

613:

The borrower may prefer to select an independent surveyor to undertake the HomeBuyer Report or Building Survey.

201:– the value of an asset to the owner or a prospective owner for individual investment or operational objectives. 3968: 3840: 3820: 3285: 2319: 2108:"Retail Investor .org : How To Value Real Estate, And Calculate Its Expected Returns – Investor Education" 1514: 1420: 1049: 993: 17: 2711: 2382: 1510:(NAREA), founded in 1966, with the goal to elevate the professionalism and success of the Appraisal Industry. 1308:(IFRS) in 2008, the profession has been engaged in performing valuations for purposes of financial reporting. 3946: 1639: 1593: 1548: 949: 591:

of valuation practice in recent years, the definition of a mortgage valuation has been deleted. It is now a

390: 2933: 1912:

Proceedings. Annual Conference on Taxation and Minutes of the Annual Meeting of the National Tax Association

3850: 3794: 3399: 2992: 2411: 1699: 939: 308:(USPAP) does not define Market Value, it provides general guidance for how Market Value should be defined: 2349: 1378:

The federal government regulates appraisers indirectly because if the Appraisal Subcommittee (ASC) of the

472:

most applicable valuation technique for income-producing properties, where sufficient market data exists.

420:

Compare the subject and comparable sales according to the elements of comparison and adjust as appropriate

3799: 3789: 3356: 1709: 599: 2597: 2571: 3456: 3346: 2442: 1694: 57: 3044: 3404: 3301: 3253: 3087:. European Real Estate Society 2011 – Eindhoven, The Netherlands, Best Paper on Real Estate Valuation 3022: 1905:"Determinants of Fractional Assessment Practice in Local Property Taxation: An Empirical Examination" 920: 333: 48: 2836: 2815: 2207: 1439:

organizations merged in the 1990s to form the AI. This group awards four professional designations:

3316: 2864: 1644: 1387: 1368: 273: 2627: 2135: 2133: 500:

In the United Kingdom, valuation methodology has traditionally been classified into five methods:

3932: 3598: 3487: 3336: 1929: 1494:. RICS, which is headquartered in London, operates on a global scale and awards the designations 1398: 1277:, abbr. DESAG. This organization also includes a large number of licensed appraisers in Germany. 982: 97: 3698: 3658: 3424: 2130: 1664: 1148: 53: 393:

the actions of parties involved in the marketplace, including buyers, sellers, and investors.

3759: 3713: 3703: 3663: 3531: 3492: 3394: 3351: 3341: 3326: 3306: 3180: 3155:"Commercial Leisure Property Valuation: A Comparison of the Case Studies in UK and Lithuania" 2167: 2142:"Commercial Leisure Property Valuation: A Comparison of the Case Studies in UK and Lithuania" 1796: 1757: 1211:

is the equivalent of the yield—with some important differences—and is also determined by the

683:

by agreement as cited at the end of this description. In effect, is a fully bespoke report.

670: 3920: 3673: 3603: 3466: 3409: 3331: 3321: 3311: 3246: 1719: 1192: 775: 484: 3232: 1888: 1871: 8: 3830: 3653: 3648: 3482: 3387: 3382: 2650: 2270: 2229: 1649: 1416: 1338:

who specializes in property valuation). Property valuation in the UK is regulated by the

1045: 925: 735: 561:

Under the current RICS Valuation Standards, the following bases of value are recognized:

476: 2713:

The Department of the Treasury Blueprint for a Modernized Financial Regulatory Structure

414:

Investigate the market data to determine whether they are factually correct and accurate

3880: 3754: 3708: 3688: 3521: 3502: 3444: 3419: 2915: 2487: 2067: 1978: 1724: 1464: 1199:(interest paid to the land-owner by the owner of the building, i.e., ground rent). The 857: 521: 343:(the buyer will not pay more for a property than it would cost to build an equivalent). 3973: 3784: 3593: 3576: 3536: 3461: 3451: 3429: 3414: 2919: 2907: 2724: 2473: 2071: 1845: 1802: 1763: 1654: 583:

The common public experience of chartered surveyors is in the process of obtaining a

269: 225: 168: 122: 3152: 2430: 2139: 924:(AVMs) are growing in acceptance. These rely on statistical models such as multiple 367:

instance, appraisals of properties that are typically purchased by investors (e.g.,

3804: 3779: 3678: 3620: 3581: 3541: 3166: 3139: 2899: 2153: 2059: 2005: 1982: 1970: 1883: 1411: 695: 592: 541: 517: 259: 218: 175: 2025:"Prediction of Housing Location Price by a Multivariate Spatial Method: Cokriging" 595:

which is the same definition given to the valuation in the RICS HomeBuyer Report.

3668: 3615: 2843: 2761: 2418: 2277: 2214: 2196: 1948: 1669: 907: 861: 771: 691: 466: 372: 347: 2107: 96:). Real estate transactions often require appraisals because every property has 3895: 3875: 3835: 3774: 3556: 3526: 2537: 2507: 1689: 942:

and adaptive estimation procedure to assist the appraiser in estimating value.

2903: 2063: 2009: 1974: 147:– the estimated amount for which an asset or liability should exchange on the 3962: 3693: 3625: 3610: 3439: 2911: 2888:"Are Minorities or Minority Neighborhoods More Likely to Get Low Appraisals?" 1526: 1487: 1383: 1167: 935: 584: 555: 340: 101: 89: 2958:

Perry, Andre M.; Rothwell, Jonathan; Harshbarger, David (27 November 2018).

1482:, which were also founding sponsor-members of the Appraisal Foundation. The 3865: 3764: 3749: 3723: 3546: 3512: 3233:

What Drives House Price Cycles? International Experience and Policy Issues.

1928:"Protecting Existing Trees on Building Sites" p.4 published by the City of 1659: 1432: 545: 301: 247: 159: 117: 93: 3171: 3154: 2887: 2158: 2141: 2049: 1513:

The leading appraisal organization for personal property valuation is the

35: 3890: 3744: 3566: 3561: 3434: 3269: 1714: 1563:

properties for taxation purposes to professional valuation institutions.

1530: 727: 483:

Alternatively, multiple years of net operating income can be valued by a

437: 368: 1098:

Real estate appraisal in Germany is partly codified by law. The federal

718:

Chartered surveyors can also provide an energy performance certificate.

3845: 3718: 3144: 3127: 1301: 996: in this section. Unsourced material may be challenged and removed. 961: 853: 281:

It is the obligation of a real property appraiser to estimate the true

839:

The actions of the appraiser's peers who carry out similar assignments

3128:"Specialised property valuation: Multiple criteria decision analysis" 2777: 2241: 1794: 1535: 1074:

In Germany, real estate appraisal is known as real estate valuation (

743: 742:

to confirm matters which might affect their valuation, such as (with

739: 605: 1395:

Financial Institutions Reform, Recovery, and Enforcement Act of 1989

971: 938:, that incorporates computer-supported statistical analyses such as 3825: 3769: 3571: 3497: 3280: 3202:

Environmental Dead Zones: The Evaluation of Contaminated Properties

265: 1684: 1284:, an association for the certification of real estate valuers. A 442: 1463:

of the MAI mark. The primary motive for this rule is to prevent

1265:

The Federal German Organisation of Appointed and Sworn Experts (

914: 396: 295: 3630: 2984: 1367:

Appraisal practice in the United States is regulated by state.

454: 3238: 2934:"Racial and Ethnic Valuation Gaps In Home Purchase Appraisals" 1250:(simplified income approach), omitting the land value and the 3586: 3153:

Maliene, V., Deveikis, S., Kirsten, L. and Malys, N. (2010).

2812:

ASFMRA.org Land Expert Source – ASFMRA.org Land Expert Source

2140:

Maliene, V., Deveikis, S., Kirsten, L. and Malys, N. (2010).

1288:

qualification is regarded as mandatory by many German banks.

747: 251: 246:

There can be differences between what the property is worth (

2651:"Sachverständigenverband – Deutsche Sachverständige – DESAG" 2620:"Bundesverband Deutscher Sachverständiger und Fachgutachter" 1567:

valuation done by a particular valuer to enter into effect.

3551: 3231:

Duca, John V., John Muellbauer, and Anthony Murphy. 2021. "

2772: 2770: 1798:

Recent accomplishments in applied forest economics research

1270: 1053: 818:

Definition of value (e.g., market, foreclosure, investment)

121:– the price at which an asset would trade in a competitive 27:

Process of developing an opinion of value for real property

3078:

An expert system for appraisal by the method of comparison

1534:

quality, which opponents say is a byproduct of historical

1267:

Bundesverband Deutscher Sachverständiger und Fachgutachter

1170:

or Generally Accepted (German) Valuation Practice (GAVP).

3014: 2807: 2674: 1162:

WertV's general regulations are further supported by the

1041: 405: 3221:

The Appraisal Services in Middle East and North Africa,

2957: 2886:

LaCour-Little, Michael; Green, Richard K. (1 May 1998).

2767: 2380: 1795:

Finn Helles; Niels Strange; Lars Wichmann, eds. (2003).

821:

Any hypothetical conditions or extraordinary assumptions

2856: 2350:"Uniform Residential Appraisal Report (Form 1004): PDF" 750:, who is responsible for the boundaries, and so forth. 3159:

International Journal of Strategic Property Management

3113:

Practical Applications in Appraisal Valuation Modeling

2619: 2146:

International Journal of Strategic Property Management

1088:Öffentlich bestellter und vereidigter Sachverständiger 125:

setting. Market value is usually interchangeable with

3045:"Who We Are : Property Institute of New Zealand" 2751:

Penny Singer, "Reappraising the Appraisal Industry",

1995: 1218:

Unlike the All Risks Yield (ARY) in UK practice, the

187:

motivate buyers or sellers to enter the marketplace.

3209:

Uniform Standards of Professional Appraisal Practice

2086:"Apartment - Everything You Need to Know About Sell" 1951:

by Gary Moll, April 1985, American Forests Magazine.

1755: 1373:

Uniform Standards of Professional Appraisal Practice

962:

Governing authorities and professional organizations

797:

Uniform Standards of Professional Appraisal Practice

306:

Uniform Standards of Professional Appraisal Practice

1390:, and would be unable to do so without appraisals. 1191:In order to account for the usage of the land, the 3235:" Journal of Economic Literature, 59 (3): 773-864. 3090:Baum, A., Nunnigton, N., & Mackmin, D. (2011) 2960:"The devaluation of assets in Black neighborhoods" 2885: 1476:National Association of Independent Fee Appraisers 1474:Other leading appraisal organizations include the 1380:Federal Financial Institutions Examination Council 815:Intended use of the appraisal and appraisal report 3099:Real Estate Investment: A Capital Market Approach 2470:GIS for Property Tax and Assessment Professionals 2431:https://www.iaao.org/media/Pubs/IAAO_GLOSSARY.pdf 2290:"How to Become a Certified Residential Appraiser" 3960: 2892:The Journal of Real Estate Finance and Economics 1788: 383: 221:. Generally, it does not include the site value. 1960: 1902: 1405: 1230:will usually be lower than the All Risks Yield. 268:value). Similar situations sometimes happen in 1508:National Association of Real Estate Appraisers 1184:approaches, using the data accumulated by the 847: 3901:List of housing markets by real estate prices 3254: 3083:Barris, J., & Garcia-Almirall, P. (2011) 1484:Massachusetts Board of Real Estate Appraisers 1322:In the UK, real estate appraisal is known as 1260: 915:Mass appraisal and automated valuation models 397:Data collection methods and valuation process 296:Market value definitions in the United States 3185:: CS1 maint: multiple names: authors list ( 2381:Jennifer Saranow Schultz (27 October 2010). 2172:: CS1 maint: multiple names: authors list ( 2052:Journal of Property Investment & Finance 1998:Journal of Property Investment & Finance 1742: 1740: 1675:International Property Measurement Standards 320:can contribute up to 27% of property value. 3197:Environmental Law Institute, Washington, DC 3125: 3111:Kane, S., Linne, M. and Johnson, J. (2004) 1903:Hultquist, Andy; Petras, Tricia L. (2012). 1306:International Financial Reporting Standards 323: 217:– the value of real property covered by an 3941: 3261: 3247: 2655:deutsche-sachverstaendigen-gesellschaft.de 2492:: CS1 maint: location missing publisher ( 1835:"Standard on Mass Appraisal Real Property" 1188:which is then added to the building value. 1173: 836:Expectations of the client and other users 759:cost of moving house in the United Kingdom 571:Worth (investment value) (see PS 3.4); and 3170: 3143: 3108:(2nd Edition), Palgrave MacMillan, London 3092:The Income Approach to Property Valuation 3085:A density Function of the Appraisal Value 2443:"Assessment Analyst Adoption Accelerates" 2157: 1887: 1737: 1480:National Association of Master Appraisers 1318:Chartered surveyors in the United Kingdom 1203:is the product of the land value and the 1038:International Valuation Standards Council 1012:Learn how and when to remove this message 785: 88:is the process of assessing the value of 3132:Journal of Retail & Leisure Property 2721:United States Department of the Treasury 2190:Royal Institution of Chartered Surveyors 1705:Royal Institution of Chartered Surveyors 1488:Royal Institution of Chartered Surveyors 1340:Royal Institution of Chartered Surveyors 1093: 827:Salient features of the subject property 824:Effective date of the appraisal analysis 669: 604: 3195:When Bad Things Happen to Good Property 2185: 2183: 1504:Real Estate Counseling Group of America 746:properties), the unexpired term of the 495: 14: 3961: 3122:(6th edition). Estates Gazette, London 3094:(6th Edition). Estates Gazette, London 2548:from the original on 21 September 2007 2518:from the original on 20 September 2007 2467: 2225: 2223: 2022: 1869: 1842:iaao.org/media/standards/MARP_2013.pdf 1749: 1746:International Valuation Standards 2011 1425:International Right of Way Association 1275:Deutsche Sachverständigen Gesellschaft 1117: 460: 406:Steps in the sales comparison approach 3242: 3097:Brown, G., & Matysiak, G. (1999) 2740:from the original on 27 October 2011. 1932:, March 1989, Reprinted February 2000 1889:10.1146/annurev-polisci-050317-071146 1762:. Rockwell Publishing. pp. 36–. 1756:Joseph F. Schram Jr. (January 2006). 1133:This federal law is supported by the 578: 3928: 3225:. RICS certified Valuation services. 3104:Isaac, D., & O'Leary, J. (2012) 2393:from the original on 31 October 2010 2320:"How to Become a Licensed Appraiser" 2180: 2043: 2031:from the original on 22 October 2007 2016: 1989: 1502:to Members and Fellows of RICS. The 1447:, to residential review appraisers, 994:adding citations to reliable sources 965: 780:Uniform Residential Appraisal Report 427: 29: 3120:Valuation: Principles into Practice 2220: 1954: 1815:from the original on 3 January 2014 1776:from the original on 3 January 2014 24: 3886:Undergraduate real estate programs 3070: 2383:"Home Inspections During Divorces" 2362:from the original on 21 March 2012 1876:Annual Review of Political Science 1248:Vereinfachtes Ertragswertverfahren 1207:(interest rate for land use). The 946:Geographic-assisted mass appraisal 901: 757:Their fees are a component of the 25: 3985: 3684:Investment rating for real estate 3055:from the original on 10 July 2017 2648: 1680:Investment rating for real estate 1348:RICS Valuation – Global Standards 1326:and a real estate appraiser is a 1311: 1063:International Valuation Standards 1031:International Valuation Standards 948:(GAMA) is a generic term for any 698:, timber frame homes and so on,. 241: 189:International Valuation Standards 135:International Valuation Standards 107: 3940: 3927: 3915: 3914: 3025:from the original on 3 June 2017 2995:from the original on 3 June 2017 2867:from the original on 3 June 2017 2818:from the original on 6 June 2017 2788:from the original on 9 June 2017 2630:from the original on 9 June 2017 2330:from the original on 18 May 2017 2300:from the original on 18 May 2017 2118:from the original on 4 June 2017 1492:National Association of Realtors 1451:, to commercial appraisers, and 1429:National Association of Realtors 1423:(ASA) founded in the 1930s, the 1362: 1357:National Association of Realtors 1066:(IVS), now in its 12th edition. 1024: 970: 932:Computer-assisted mass appraisal 790: 34: 3268: 3037: 3007: 2977: 2951: 2926: 2879: 2849: 2830: 2800: 2744: 2704: 2679: 2668: 2642: 2612: 2586: 2560: 2530: 2500: 2461: 2435: 2424: 2405: 2374: 2342: 2312: 2282: 2264: 2252: 2234: 2201: 2100: 2078: 981:needs additional citations for 812:Client and other intended users 3841:Graduate real estate education 3286:Tertiary sector of the economy 3115:. Appraisal Institute, Chicago 1935: 1922: 1896: 1863: 1827: 1603: 1521: 1518:appraisal reports for review. 1515:American Society of Appraisers 1421:American Society of Appraisers 1050:American Society of Appraisers 714:Energy performance certificate 250:) and what it cost to buy it ( 229:– may be analyzed as either a 13: 1: 3106:Property Valuation Principles 2808:"Land Expert Source – ASFMRA" 1963:Annals of Operations Research 1942:"How Valuable Are Your Trees" 1731: 1640:American Measurement Standard 1594:Australian Property Institute 1549:Russian Society of Appraisers 1443:, to residential appraisers, 1058:Appraisal Institute of Canada 1042:non-governmental organization 950:geographic information system 764: 384:The sales comparison approach 3795:Real estate investment trust 3400:Extraterrestrial real estate 3216:The Appraisal of Real Estate 3204:The Appraisal Journal (2021) 3080:. PhD Thesis, UPC, Barcelona 1844:. April 2013. Archived from 1700:Peak land value intersection 1587: 1578: 1399:U.S. Savings and Loan Crisis 1240: 940:multiple regression analysis 7: 3800:Real property administrator 3790:Real estate investment club 2675:German page of HypZert GmbH 2230:Council of Mortgage Lenders 1710:Verification and validation 1632: 1346:. The 2017 version was the 1078:). Real estate appraisers ( 848:Types of ownership interest 600:Council of Mortgage Lenders 316:the property. For example, 47:to comply with Knowledge's 10: 3990: 3457:Private equity real estate 3207:The Appraisal Foundation, 2764:Retrieved 14 February 2008 2594:"German text of the WertR" 2568:"German text of the WertV" 2538:"§ 194 BauGB – Einzelnorm" 2508:"§ 192 BauGB – Einzelnorm" 2468:Cusack, Margie M. (2018). 2276:February 28, 2009, at the 2195:November 17, 2007, at the 1801:. Springer. pp. 20–. 1695:List of real estate topics 1406:Professional organizations 1388:mortgage-backed securities 1315: 1261:Professional organizations 1086:) can qualify to become a 1069: 921:Automated valuation models 565:Market value (see PS 3.2); 464: 285:of a property and not its 3909: 3813: 3732: 3639: 3511: 3475: 3405:International real estate 3375: 3294: 3276: 3214:The Appraisal Institute, 3118:Hayward, R. (ed.) (2008) 3101:. Financial Times, London 2064:10.1108/14635780310483656 2010:10.1108/14635780510599467 1975:10.1007/s10479-005-2446-1 1872:"The Politics of Housing" 1541: 1431:which were founded after 1291: 1164:Wertermittlungsrichtlinie 1135:Wertermittlungsverordnung 1110:) and includes it in the 653:the main description. A 622:legally valid exclusion. 617:Mortgage valuation report 568:Market rent (see PS 3.3); 334:sales comparison approach 2723:. 2008. pp. 79–80. 1645:Auditing Standards Board 1369:The Appraisal Foundation 324:Main approaches to value 274:mergers and acquisitions 60:may contain suggestions. 45:may need to be rewritten 3599:Real estate transaction 3488:Real estate development 2904:10.1023/A:1007727716513 2842:5 December 2006 at the 2782:appraisalfoundation.org 2417:8 December 2005 at the 1930:Raleigh, North Carolina 1870:Ansell, Ben W. (2019). 1174:Comments on German GAVP 1142:Vergleichswertverfahren 574:Fair value (see PS 3.5) 3699:Real estate derivative 3659:Effective gross income 3425:Healthcare real estate 3193:Simons, Robert (2007) 2846:, Appraisal Foundation 2246:adrianjsingleton.co.uk 1947:11 August 2011 at the 1665:German income approach 1224:gross operating income 1122:The BauGB defines the 1060:). IVSC publishes the 891:Valuer and Valuation: 786:Further considerations 675: 610: 518:estimated rental value 3969:Real estate valuation 3856:Industry trade groups 3760:Exclusive buyer agent 3714:Real estate valuation 3704:Real estate economics 3664:Gross rent multiplier 3493:Real estate investing 3395:Corporate Real Estate 3172:10.3846/ijspm.2010.04 2159:10.3846/ijspm.2010.04 1759:Real Estate Appraisal 1334:(usually a qualified 1316:Further information: 1228:Liegenschaftszinssatz 1220:Liegenschaftszinssatz 1209:Liegenschaftszinssatz 1205:Liegenschaftszinssatz 1094:Governing authorities 673: 648:RICS HomeBuyer Report 635:RICS Condition Report 608: 504:1. Comparative method 78:Real estate appraisal 3674:Highest and best use 3640:Economics, financing 3604:Real estate contract 3498:Real estate flipping 3467:Residential property 3410:Lease administration 3362:United Arab Emirates 3223:www.landsterling.com 3200:Tachovsky, Michael, 3126:Maliene, V. (2011). 2985:"香港物業估價網 – 免費住宅物業估值" 2542:bundesrecht.juris.de 2512:bundesrecht.juris.de 2217:'s mortgage glossary 1720:Real estate business 1193:net operating income 1149:Ertragswertverfahren 990:improve this article 871:(known in the UK as 776:highest and best use 666:RICS Building Survey 510:2. Investment method 496:UK valuation methods 485:discounted cash flow 477:capitalization rates 183:of an asset and its 3654:Capitalization rate 3649:Asset-based lending 3483:Property management 3388:Commercial building 3383:Commercial property 2837:2006 "USPAP Online" 2760:7 June 2008 at the 2472:. Kansas City, MO. 2421:, RICS Organization 2023:Chica-Olmo, Jorge. 1650:Building inspection 1417:Appraisal Institute 1226:. As a result, the 1118:Federal regulations 1076:Immobilienbewertung 1046:Appraisal Institute 926:regression analysis 736:structural engineer 609:A structural defect 461:The income approach 235:orderly liquidation 3881:Real estate trends 3785:Real estate broker 3755:Chartered Surveyor 3709:Real estate bubble 3689:Mortgage insurance 3522:Adverse possession 3445:Luxury real estate 3420:Garden real estate 3145:10.1057/rlp.2011.7 3076:Barris, J. (2008) 2938:www.freddiemac.com 2387:The New York Times 2213:2008-07-24 at the 2112:retailinvestor.org 1725:Real estate bubble 1465:trademark dilution 1336:chartered surveyor 1324:property valuation 1213:Gutachterausschuss 1195:is reduced by the 1186:Gutachterausschuss 1108:Gutachterausschuss 1104:Gutachterausschuss 1080:Immobilienbewerter 858:English Common Law 676: 674:A thatched cottage 611: 579:Practice in the UK 532:3. Residual method 522:real estate bubble 231:forced liquidation 82:property valuation 3956: 3955: 3594:Property abstract 3577:Land registration 3537:Concurrent estate 3462:Real estate owned 3452:Off-plan property 3430:Vacation property 3415:Niche real estate 2574:on 26 August 2007 2449:. 14 January 2016 1808:978-1-4020-1127-6 1769:978-1-887051-25-5 1655:Climate appraisal 1252:Liegenschaftszins 1201:Liegenschaftszins 1197:Liegenschaftszins 1156:Sachwertverfahren 1112:Kaufpreissammlung 1022: 1021: 1014: 696:thatched cottages 626:RICS Home Surveys 428:The cost approach 270:corporate finance 226:Liquidation value 169:net present value 127:open market value 123:Walrasian auction 75: 74: 49:quality standards 16:(Redirected from 3981: 3944: 3943: 3931: 3930: 3918: 3917: 3861:Investment firms 3780:Property manager 3679:Home equity loan 3582:Leasehold estate 3542:Conditional sale 3263: 3256: 3249: 3240: 3239: 3190: 3184: 3176: 3174: 3149: 3147: 3065: 3064: 3062: 3060: 3041: 3035: 3034: 3032: 3030: 3011: 3005: 3004: 3002: 3000: 2981: 2975: 2974: 2972: 2970: 2955: 2949: 2948: 2946: 2944: 2930: 2924: 2923: 2883: 2877: 2876: 2874: 2872: 2853: 2847: 2834: 2828: 2827: 2825: 2823: 2804: 2798: 2797: 2795: 2793: 2774: 2765: 2748: 2742: 2741: 2739: 2718: 2708: 2702: 2701: 2699: 2697: 2683: 2677: 2672: 2666: 2665: 2663: 2661: 2646: 2640: 2639: 2637: 2635: 2616: 2610: 2609: 2607: 2605: 2600:on 9 August 2007 2596:. Archived from 2590: 2584: 2583: 2581: 2579: 2570:. Archived from 2564: 2558: 2557: 2555: 2553: 2534: 2528: 2527: 2525: 2523: 2504: 2498: 2497: 2491: 2483: 2465: 2459: 2458: 2456: 2454: 2439: 2433: 2428: 2422: 2409: 2403: 2402: 2400: 2398: 2378: 2372: 2371: 2369: 2367: 2361: 2354: 2346: 2340: 2339: 2337: 2335: 2316: 2310: 2309: 2307: 2305: 2286: 2280: 2268: 2262: 2256: 2250: 2249: 2238: 2232: 2227: 2218: 2208:Shire Direct.com 2205: 2199: 2187: 2178: 2177: 2171: 2163: 2161: 2137: 2128: 2127: 2125: 2123: 2104: 2098: 2097: 2095: 2093: 2082: 2076: 2075: 2047: 2041: 2040: 2038: 2036: 2020: 2014: 2013: 1993: 1987: 1986: 1958: 1952: 1939: 1933: 1926: 1920: 1919: 1909: 1900: 1894: 1893: 1891: 1867: 1861: 1860: 1858: 1856: 1851:on 15 April 2019 1850: 1839: 1831: 1825: 1824: 1822: 1820: 1792: 1786: 1785: 1783: 1781: 1753: 1747: 1744: 1412:Great Depression 1017: 1010: 1006: 1003: 997: 974: 966: 879:Leased fee value 869:Fee simple value 692:listed buildings 593:market valuation 542:income statement 538:4. Profit method 512:, also known as 260:investment value 219:insurance policy 199:Investment value 181:investment value 176:Investment value 70: 67: 61: 38: 30: 21: 3989: 3988: 3984: 3983: 3982: 3980: 3979: 3978: 3959: 3958: 3957: 3952: 3905: 3809: 3728: 3669:Hard money loan 3641: 3635: 3616:Rent regulation 3507: 3471: 3371: 3290: 3272: 3267: 3218:(15th Edition). 3178: 3177: 3073: 3071:Further reading 3068: 3058: 3056: 3049:property.org.nz 3043: 3042: 3038: 3028: 3026: 3013: 3012: 3008: 2998: 2996: 2983: 2982: 2978: 2968: 2966: 2956: 2952: 2942: 2940: 2932: 2931: 2927: 2884: 2880: 2870: 2868: 2855: 2854: 2850: 2844:Wayback Machine 2835: 2831: 2821: 2819: 2806: 2805: 2801: 2791: 2789: 2776: 2775: 2768: 2762:Wayback Machine 2749: 2745: 2737: 2731: 2730:978-016080645-2 2716: 2710: 2709: 2705: 2695: 2693: 2687:"Red Book 2017" 2685: 2684: 2680: 2673: 2669: 2659: 2657: 2647: 2643: 2633: 2631: 2618: 2617: 2613: 2603: 2601: 2592: 2591: 2587: 2577: 2575: 2566: 2565: 2561: 2551: 2549: 2536: 2535: 2531: 2521: 2519: 2506: 2505: 2501: 2485: 2484: 2480: 2466: 2462: 2452: 2450: 2441: 2440: 2436: 2429: 2425: 2419:Wayback Machine 2410: 2406: 2396: 2394: 2379: 2375: 2365: 2363: 2359: 2352: 2348: 2347: 2343: 2333: 2331: 2318: 2317: 2313: 2303: 2301: 2288: 2287: 2283: 2278:Wayback Machine 2269: 2265: 2257: 2253: 2240: 2239: 2235: 2228: 2221: 2215:Wayback Machine 2206: 2202: 2197:Wayback Machine 2188: 2181: 2165: 2164: 2138: 2131: 2121: 2119: 2106: 2105: 2101: 2091: 2089: 2084: 2083: 2079: 2048: 2044: 2034: 2032: 2021: 2017: 1994: 1990: 1959: 1955: 1949:Wayback Machine 1940: 1936: 1927: 1923: 1907: 1901: 1897: 1868: 1864: 1854: 1852: 1848: 1837: 1833: 1832: 1828: 1818: 1816: 1809: 1793: 1789: 1779: 1777: 1770: 1754: 1750: 1745: 1738: 1734: 1729: 1670:Home inspection 1635: 1606: 1590: 1581: 1544: 1524: 1408: 1365: 1332:property valuer 1320: 1314: 1294: 1263: 1243: 1176: 1120: 1096: 1072: 1056:, the and the 1027: 1018: 1007: 1001: 998: 987: 975: 964: 917: 908:home inspection 904: 902:Home inspection 885:Leasehold value 862:Napoleonic Code 850: 793: 788: 772:British English 767: 581: 498: 492:opportunities. 469: 467:Income approach 463: 430: 408: 399: 386: 373:market analysis 348:income approach 326: 298: 244: 214:Insurable value 110: 71: 65: 62: 52: 39: 28: 23: 22: 15: 12: 11: 5: 3987: 3977: 3976: 3971: 3954: 3953: 3951: 3950: 3947:List of topics 3937: 3924: 3910: 3907: 3906: 3904: 3903: 3898: 3896:Urban planning 3893: 3888: 3883: 3878: 3876:Property cycle 3873: 3868: 3863: 3858: 3853: 3848: 3843: 3838: 3836:Gentrification 3833: 3828: 3823: 3817: 3815: 3811: 3810: 3808: 3807: 3802: 3797: 3792: 3787: 3782: 3777: 3775:Moving company 3772: 3767: 3762: 3757: 3752: 3747: 3742: 3736: 3734: 3730: 3729: 3727: 3726: 3721: 3716: 3711: 3706: 3701: 3696: 3691: 3686: 3681: 3676: 3671: 3666: 3661: 3656: 3651: 3645: 3643: 3637: 3636: 3634: 3633: 3628: 3623: 3618: 3613: 3608: 3607: 3606: 3596: 3591: 3590: 3589: 3579: 3574: 3569: 3564: 3559: 3557:Eminent domain 3554: 3549: 3544: 3539: 3534: 3529: 3527:Chain of title 3524: 3518: 3516: 3515:and regulation 3509: 3508: 3506: 3505: 3500: 3495: 3490: 3485: 3479: 3477: 3473: 3472: 3470: 3469: 3464: 3459: 3454: 3449: 3448: 3447: 3442: 3437: 3432: 3427: 3422: 3412: 3407: 3402: 3397: 3392: 3391: 3390: 3379: 3377: 3373: 3372: 3370: 3369: 3367:United Kingdom 3364: 3359: 3354: 3349: 3344: 3339: 3334: 3329: 3324: 3319: 3314: 3309: 3304: 3298: 3296: 3292: 3291: 3289: 3288: 3283: 3277: 3274: 3273: 3266: 3265: 3258: 3251: 3243: 3237: 3236: 3229: 3226: 3219: 3212: 3205: 3198: 3191: 3150: 3123: 3116: 3109: 3102: 3095: 3088: 3081: 3072: 3069: 3067: 3066: 3036: 3006: 2976: 2950: 2925: 2898:(3): 301–315. 2878: 2848: 2829: 2799: 2766: 2755:, Aug 19, 1990 2753:New York Times 2743: 2729: 2703: 2678: 2667: 2641: 2611: 2585: 2559: 2529: 2499: 2479:978-0883292433 2478: 2460: 2434: 2423: 2404: 2373: 2341: 2311: 2281: 2263: 2251: 2233: 2219: 2200: 2179: 2129: 2099: 2077: 2058:(4): 383–401. 2042: 2015: 2004:(3): 254–268. 1988: 1953: 1934: 1921: 1895: 1862: 1826: 1807: 1787: 1768: 1748: 1735: 1733: 1730: 1728: 1727: 1722: 1717: 1712: 1707: 1702: 1697: 1692: 1690:Land value tax 1687: 1682: 1677: 1672: 1667: 1662: 1657: 1652: 1647: 1642: 1636: 1634: 1631: 1605: 1602: 1589: 1586: 1580: 1577: 1543: 1540: 1523: 1520: 1407: 1404: 1384:mortgage loans 1364: 1361: 1313: 1312:United Kingdom 1310: 1293: 1290: 1262: 1259: 1242: 1239: 1238: 1237: 1234: 1231: 1216: 1189: 1175: 1172: 1160: 1159: 1153: 1145: 1119: 1116: 1095: 1092: 1071: 1068: 1026: 1023: 1020: 1019: 978: 976: 969: 963: 960: 916: 913: 903: 900: 889: 888: 882: 876: 849: 846: 841: 840: 837: 829: 828: 825: 822: 819: 816: 813: 792: 789: 787: 784: 766: 763: 724: 723: 716: 715: 668: 667: 650: 649: 637: 636: 628: 627: 619: 618: 580: 577: 576: 575: 572: 569: 566: 552:5. Cost method 497: 494: 465:Main article: 462: 459: 429: 426: 425: 424: 421: 418: 415: 412: 407: 404: 398: 395: 385: 382: 352: 351: 344: 337: 325: 322: 297: 294: 243: 242:Price vs value 240: 239: 238: 222: 210: 205: 204: 203: 202: 193: 192: 172: 155: 154: 153: 152: 149:valuation date 139: 138: 109: 108:Types of value 106: 86:land valuation 73: 72: 42: 40: 33: 26: 18:Property value 9: 6: 4: 3: 2: 3986: 3975: 3972: 3970: 3967: 3966: 3964: 3949: 3948: 3938: 3936: 3935: 3925: 3923: 3922: 3912: 3911: 3908: 3902: 3899: 3897: 3894: 3892: 3889: 3887: 3884: 3882: 3879: 3877: 3874: 3872: 3869: 3867: 3864: 3862: 3859: 3857: 3854: 3852: 3849: 3847: 3844: 3842: 3839: 3837: 3834: 3832: 3829: 3827: 3824: 3822: 3819: 3818: 3816: 3812: 3806: 3803: 3801: 3798: 3796: 3793: 3791: 3788: 3786: 3783: 3781: 3778: 3776: 3773: 3771: 3768: 3766: 3763: 3761: 3758: 3756: 3753: 3751: 3748: 3746: 3743: 3741: 3738: 3737: 3735: 3731: 3725: 3722: 3720: 3717: 3715: 3712: 3710: 3707: 3705: 3702: 3700: 3697: 3695: 3694:Mortgage loan 3692: 3690: 3687: 3685: 3682: 3680: 3677: 3675: 3672: 3670: 3667: 3665: 3662: 3660: 3657: 3655: 3652: 3650: 3647: 3646: 3644: 3642:and valuation 3638: 3632: 3629: 3627: 3626:Torrens title 3624: 3622: 3619: 3617: 3614: 3612: 3611:Real property 3609: 3605: 3602: 3601: 3600: 3597: 3595: 3592: 3588: 3585: 3584: 3583: 3580: 3578: 3575: 3573: 3570: 3568: 3565: 3563: 3560: 3558: 3555: 3553: 3550: 3548: 3545: 3543: 3540: 3538: 3535: 3533: 3530: 3528: 3525: 3523: 3520: 3519: 3517: 3514: 3510: 3504: 3501: 3499: 3496: 3494: 3491: 3489: 3486: 3484: 3481: 3480: 3478: 3474: 3468: 3465: 3463: 3460: 3458: 3455: 3453: 3450: 3446: 3443: 3441: 3440:Golf property 3438: 3436: 3433: 3431: 3428: 3426: 3423: 3421: 3418: 3417: 3416: 3413: 3411: 3408: 3406: 3403: 3401: 3398: 3396: 3393: 3389: 3386: 3385: 3384: 3381: 3380: 3378: 3374: 3368: 3365: 3363: 3360: 3358: 3355: 3353: 3350: 3348: 3345: 3343: 3340: 3338: 3335: 3333: 3330: 3328: 3325: 3323: 3320: 3318: 3315: 3313: 3310: 3308: 3305: 3303: 3300: 3299: 3297: 3293: 3287: 3284: 3282: 3279: 3278: 3275: 3271: 3264: 3259: 3257: 3252: 3250: 3245: 3244: 3241: 3234: 3230: 3227: 3224: 3220: 3217: 3213: 3210: 3206: 3203: 3199: 3196: 3192: 3188: 3182: 3173: 3168: 3164: 3160: 3156: 3151: 3146: 3141: 3138:(5): 443–50. 3137: 3133: 3129: 3124: 3121: 3117: 3114: 3110: 3107: 3103: 3100: 3096: 3093: 3089: 3086: 3082: 3079: 3075: 3074: 3054: 3050: 3046: 3040: 3024: 3020: 3016: 3010: 2994: 2990: 2986: 2980: 2965: 2961: 2954: 2939: 2935: 2929: 2921: 2917: 2913: 2909: 2905: 2901: 2897: 2893: 2889: 2882: 2866: 2862: 2858: 2852: 2845: 2841: 2838: 2833: 2817: 2813: 2809: 2803: 2787: 2783: 2779: 2773: 2771: 2763: 2759: 2756: 2754: 2747: 2736: 2732: 2726: 2722: 2715: 2714: 2707: 2692: 2688: 2682: 2676: 2671: 2656: 2652: 2645: 2629: 2625: 2621: 2615: 2599: 2595: 2589: 2573: 2569: 2563: 2547: 2543: 2539: 2533: 2517: 2513: 2509: 2503: 2495: 2489: 2481: 2475: 2471: 2464: 2448: 2444: 2438: 2432: 2427: 2420: 2416: 2413: 2408: 2392: 2388: 2384: 2377: 2358: 2351: 2345: 2329: 2325: 2321: 2315: 2299: 2295: 2291: 2285: 2279: 2275: 2272: 2271:Northern Rock 2267: 2260: 2255: 2247: 2243: 2237: 2231: 2226: 2224: 2216: 2212: 2209: 2204: 2198: 2194: 2191: 2186: 2184: 2175: 2169: 2160: 2155: 2151: 2147: 2143: 2136: 2134: 2117: 2113: 2109: 2103: 2087: 2081: 2073: 2069: 2065: 2061: 2057: 2053: 2046: 2030: 2026: 2019: 2011: 2007: 2003: 1999: 1992: 1984: 1980: 1976: 1972: 1968: 1964: 1957: 1950: 1946: 1943: 1938: 1931: 1925: 1917: 1913: 1906: 1899: 1890: 1885: 1881: 1877: 1873: 1866: 1847: 1843: 1836: 1830: 1814: 1810: 1804: 1800: 1799: 1791: 1775: 1771: 1765: 1761: 1760: 1752: 1743: 1741: 1736: 1726: 1723: 1721: 1718: 1716: 1713: 1711: 1708: 1706: 1703: 1701: 1698: 1696: 1693: 1691: 1688: 1686: 1683: 1681: 1678: 1676: 1673: 1671: 1668: 1666: 1663: 1661: 1658: 1656: 1653: 1651: 1648: 1646: 1643: 1641: 1638: 1637: 1630: 1626: 1622: 1618: 1614: 1610: 1601: 1597: 1595: 1585: 1576: 1572: 1568: 1564: 1560: 1556: 1552: 1550: 1539: 1537: 1532: 1528: 1527:Implicit bias 1519: 1516: 1511: 1509: 1505: 1501: 1497: 1493: 1489: 1485: 1481: 1477: 1472: 1468: 1466: 1462: 1458: 1454: 1450: 1446: 1442: 1436: 1434: 1430: 1426: 1422: 1419:(AI) and the 1418: 1413: 1403: 1400: 1396: 1391: 1389: 1385: 1381: 1376: 1374: 1370: 1363:United States 1360: 1358: 1353: 1349: 1345: 1341: 1337: 1333: 1329: 1325: 1319: 1309: 1307: 1303: 1298: 1289: 1287: 1283: 1278: 1276: 1272: 1268: 1258: 1255: 1253: 1249: 1235: 1232: 1229: 1225: 1221: 1217: 1214: 1210: 1206: 1202: 1198: 1194: 1190: 1187: 1182: 1181: 1180: 1171: 1169: 1168:best practice 1165: 1157: 1154: 1151: 1150: 1146: 1143: 1140: 1139: 1138: 1136: 1131: 1129: 1125: 1115: 1113: 1109: 1105: 1101: 1100:Baugesetzbuch 1091: 1089: 1085: 1081: 1077: 1067: 1065: 1064: 1059: 1055: 1051: 1047: 1043: 1039: 1034: 1032: 1025:International 1016: 1013: 1005: 995: 991: 985: 984: 979:This section 977: 973: 968: 967: 959: 957: 953: 951: 947: 943: 941: 937: 936:real property 933: 929: 927: 923: 922: 912: 909: 899: 896: 892: 886: 883: 880: 877: 874: 870: 867: 866: 865: 863: 859: 855: 845: 838: 835: 834: 833: 826: 823: 820: 817: 814: 811: 810: 809: 806: 802: 798: 791:Scope of work 783: 781: 777: 773: 762: 760: 755: 751: 749: 745: 741: 737: 733: 729: 721: 720: 719: 713: 712: 711: 707: 703: 699: 697: 693: 688: 684: 680: 672: 665: 664: 663: 659: 656: 655:traffic light 647: 646: 645: 641: 634: 633: 632: 625: 624: 623: 616: 615: 614: 607: 603: 601: 596: 594: 590: 589:RICS Red Book 586: 585:mortgage loan 573: 570: 567: 564: 563: 562: 559: 558:(see above). 557: 556:cost approach 553: 549: 547: 543: 539: 535: 533: 529: 525: 523: 519: 515: 511: 507: 505: 501: 493: 489: 486: 481: 478: 473: 468: 458: 456: 450: 446: 444: 441:has the same 439: 435: 434:cost approach 422: 419: 416: 413: 410: 409: 403: 394: 392: 381: 377: 374: 370: 364: 360: 358: 349: 345: 342: 341:cost approach 338: 335: 331: 330: 329: 321: 319: 313: 309: 307: 303: 293: 289: 288: 287:market price. 284: 278: 275: 271: 267: 262: 261: 255: 253: 249: 236: 232: 228: 227: 223: 220: 216: 215: 211: 207: 206: 200: 197: 196: 195: 194: 191:(IVS) define: 190: 186: 182: 178: 177: 173: 170: 166: 162: 161: 157: 156: 150: 146: 143: 142: 141: 140: 137:(IVS) define: 136: 132: 128: 124: 120: 119: 115: 114: 113: 105: 103: 99: 95: 91: 90:real property 87: 83: 79: 69: 59: 55: 50: 46: 43:This article 41: 37: 32: 31: 19: 3945: 3933: 3919: 3866:Land banking 3765:Land banking 3750:Buyer broker 3739: 3724:Rental value 3547:Conveyancing 3357:Saudi Arabia 3222: 3215: 3208: 3201: 3194: 3181:cite journal 3165:(1): 35–48. 3162: 3158: 3135: 3131: 3119: 3112: 3105: 3098: 3091: 3084: 3077: 3057:. Retrieved 3048: 3039: 3027:. Retrieved 3018: 3009: 2997:. Retrieved 2988: 2979: 2969:30 September 2967:. Retrieved 2963: 2953: 2943:30 September 2941:. Retrieved 2937: 2928: 2895: 2891: 2881: 2869:. Retrieved 2860: 2851: 2832: 2820:. Retrieved 2811: 2802: 2790:. Retrieved 2781: 2752: 2746: 2712: 2706: 2694:. Retrieved 2690: 2681: 2670: 2658:. Retrieved 2654: 2644: 2632:. Retrieved 2623: 2614: 2602:. Retrieved 2598:the original 2588: 2576:. Retrieved 2572:the original 2562: 2550:. Retrieved 2541: 2532: 2520:. Retrieved 2511: 2502: 2469: 2463: 2451:. Retrieved 2446: 2437: 2426: 2407: 2395:. Retrieved 2386: 2376: 2364:. Retrieved 2344: 2332:. Retrieved 2323: 2314: 2302:. Retrieved 2293: 2284: 2266: 2254: 2245: 2236: 2203: 2168:cite journal 2152:(1): 35–48. 2149: 2145: 2120:. Retrieved 2111: 2102: 2090:. Retrieved 2080: 2055: 2051: 2045: 2035:15 September 2033:. Retrieved 2018: 2001: 1997: 1991: 1969:(1): 79–96. 1966: 1962: 1956: 1937: 1924: 1915: 1911: 1898: 1879: 1875: 1865: 1855:30 September 1853:. Retrieved 1846:the original 1841: 1829: 1817:. Retrieved 1797: 1790: 1778:. Retrieved 1758: 1751: 1660:Conveyancing 1627: 1623: 1619: 1615: 1611: 1607: 1598: 1591: 1582: 1573: 1569: 1565: 1561: 1557: 1553: 1545: 1525: 1512: 1499: 1495: 1473: 1469: 1460: 1456: 1452: 1448: 1444: 1440: 1437: 1433:World War II 1409: 1392: 1377: 1366: 1351: 1347: 1343: 1331: 1327: 1323: 1321: 1299: 1295: 1285: 1282:HypZert GmbH 1281: 1279: 1274: 1266: 1264: 1256: 1251: 1247: 1244: 1227: 1219: 1212: 1208: 1204: 1200: 1196: 1185: 1177: 1163: 1161: 1155: 1147: 1141: 1134: 1132: 1127: 1124:Verkehrswert 1123: 1121: 1111: 1107: 1103: 1097: 1087: 1083: 1079: 1075: 1073: 1061: 1040:(IVSC) is a 1035: 1028: 1008: 1002:October 2019 999: 988:Please help 983:verification 980: 956:Spatial-CAMA 955: 954: 945: 944: 931: 930: 919: 918: 905: 897: 893: 890: 884: 878: 872: 868: 851: 842: 830: 804: 800: 794: 768: 756: 754:inspection. 752: 732:gas engineer 725: 717: 708: 704: 700: 689: 685: 681: 677: 660: 654: 651: 642: 638: 629: 620: 612: 597: 582: 560: 551: 550: 546:market value 537: 536: 531: 530: 526: 513: 509: 508: 503: 502: 499: 490: 482: 474: 470: 451: 447: 433: 431: 400: 387: 378: 365: 361: 356: 353: 327: 314: 310: 302:market value 299: 290: 286: 283:market value 282: 279: 258: 256: 248:market value 245: 234: 230: 224: 212: 198: 185:market value 184: 180: 174: 164: 160:Value-in-use 158: 148: 145:Market value 144: 130: 126: 118:Market value 116: 111: 94:market value 85: 81: 77: 76: 63: 54:You can help 44: 3891:Urban decay 3745:Buyer agent 3567:Foreclosure 3562:Encumbrance 3435:Arable land 3347:Puerto Rico 3295:By location 3270:Real estate 2412:"Valuation" 2088:(in Polish) 1882:: 165–185. 1715:Real estate 1604:New Zealand 1531:Freddie Mac 1522:Racial bias 1328:land valuer 728:electrician 438:depreciated 369:skyscrapers 66:August 2024 3963:Categories 3846:Green belt 3719:Remortgage 3503:Relocation 3302:Bangladesh 3019:api.org.au 2696:17 October 2397:30 October 2092:19 January 1918:: 146–152. 1732:References 1302:Betterment 854:fee simple 795:While the 765:Appraisers 318:tree value 131:fair value 3831:Filtering 3821:Companies 3740:Appraiser 3621:Severance 3317:Indonesia 2964:Brookings 2920:152452718 2912:1573-045X 2861:mbrea.org 2488:cite book 2324:kapre.com 2294:kapre.com 2261:(webpage) 2072:154722531 1819:7 January 1780:7 January 1588:Australia 1579:Hong Kong 1536:redlining 1241:Criticism 1128:Marktwert 1084:Gutachter 744:leasehold 740:solicitor 165:use value 92:(usually 58:talk page 3974:Mortgage 3921:Category 3826:Eviction 3770:Landlord 3572:Land law 3337:Pakistan 3281:Property 3053:Archived 3023:Archived 2993:Archived 2865:Archived 2840:Archived 2816:Archived 2786:Archived 2758:Archived 2735:Archived 2691:rics.org 2628:Archived 2546:Archived 2516:Archived 2415:Archived 2391:Archived 2357:Archived 2328:Archived 2298:Archived 2274:Archived 2211:Archived 2193:Archived 2116:Archived 2029:Archived 1945:Archived 1813:Archived 1774:Archived 1633:See also 1478:and the 1427:and the 1352:Red Book 1344:Red Book 873:freehold 805:complete 514:hardcore 304:. While 266:plottage 3934:Commons 3851:Indices 3733:Parties 3532:Closing 3476:Sectors 2989:香港物業估價網 2857:"MBREA" 2649:DESAG. 2624:bdsf.de 2447:GISuser 1983:2263094 1685:Kriging 1461:in lieu 1286:HypZert 1070:Germany 860:or the 803:versus 801:limited 455:marinas 443:utility 391:measure 102:estates 3939: 3926: 3913: 3871:People 3805:Tenant 3631:Zoning 3352:Russia 3342:Panama 3327:Turkey 3307:Canada 3059:1 June 3029:1 June 2999:1 June 2918: 2910: 2871:1 June 2822:1 June 2792:1 June 2778:"Home" 2727: 2660:1 June 2634:1 June 2604:1 June 2578:1 June 2552:1 June 2522:1 June 2476: 2453:6 July 2366:1 June 2334:1 June 2304:1 June 2242:"Home" 2122:1 June 2070: 1981: 1805: 1766: 1542:Russia 1453:AI-GRS 1445:AI-RRS 1292:Israel 1052:, the 1048:, the 895:data. 722:Limits 357:et al. 233:or an 209:value. 167:– the 98:unique 56:. The 3814:Other 3587:Lease 3376:Types 3332:Kenya 3322:Italy 3312:China 3015:"API" 2916:S2CID 2738:(PDF) 2717:(PDF) 2360:(PDF) 2353:(PDF) 2258:RICS 2068:S2CID 1979:S2CID 1908:(PDF) 1849:(PDF) 1838:(PDF) 1500:FRICS 1496:MRICS 906:If a 748:lease 252:price 163:, or 3552:Deed 3187:link 3061:2017 3031:2017 3001:2017 2971:2021 2945:2021 2908:ISSN 2873:2017 2824:2017 2794:2017 2725:ISBN 2698:2018 2662:2017 2636:2017 2606:2017 2580:2017 2554:2017 2524:2017 2494:link 2474:ISBN 2455:2023 2399:2010 2368:2017 2336:2017 2306:2017 2174:link 2124:2017 2094:2021 2037:2008 1857:2018 1821:2012 1803:ISBN 1782:2012 1764:ISBN 1592:The 1498:and 1393:The 1386:and 1271:RICS 1054:RICS 1036:The 734:, a 730:, a 598:The 432:The 346:The 339:The 332:The 3513:Law 3167:doi 3140:doi 2900:doi 2154:doi 2060:doi 2006:doi 1971:doi 1967:138 1916:105 1884:doi 1457:not 1449:MAI 1441:SRA 1330:or 1126:or 1082:or 992:by 457:). 129:or 84:or 3965:: 3183:}} 3179:{{ 3163:14 3161:. 3157:. 3134:. 3130:. 3051:. 3047:. 3021:. 3017:. 2991:. 2987:. 2962:. 2936:. 2914:. 2906:. 2896:16 2894:. 2890:. 2863:. 2859:. 2814:. 2810:. 2784:. 2780:. 2769:^ 2733:. 2719:. 2689:. 2653:. 2626:. 2622:. 2544:. 2540:. 2514:. 2510:. 2490:}} 2486:{{ 2445:. 2389:. 2385:. 2355:. 2326:. 2322:. 2296:. 2292:. 2244:. 2222:^ 2182:^ 2170:}} 2166:{{ 2150:14 2148:. 2144:. 2132:^ 2114:. 2110:. 2066:. 2056:21 2054:. 2027:. 2002:23 2000:. 1977:. 1965:. 1914:. 1910:. 1880:22 1878:. 1874:. 1840:. 1811:. 1772:. 1739:^ 1538:. 1359:. 761:. 694:, 548:. 524:. 133:. 80:, 3262:e 3255:t 3248:v 3189:) 3175:. 3169:: 3148:. 3142:: 3136:9 3063:. 3033:. 3003:. 2973:. 2947:. 2922:. 2902:: 2875:. 2826:. 2796:. 2700:. 2664:. 2638:. 2608:. 2582:. 2556:. 2526:. 2496:) 2482:. 2457:. 2401:. 2370:. 2338:. 2308:. 2248:. 2176:) 2162:. 2156:: 2126:. 2096:. 2074:. 2062:: 2039:. 2012:. 2008:: 1985:. 1973:: 1892:. 1886:: 1859:. 1823:. 1784:. 1215:. 1015:) 1009:( 1004:) 1000:( 986:. 264:( 68:) 64:( 51:. 20:)

Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.

Index