Theoretical foundations of real estate valuation. Basic concepts and principles From a traditional document to an electronic document

140. Task (( 140 )) TK No. 140

Streamline the stages of the real estate valuation process

· Definition of the assessment task

· Drawing up technical specifications and an assessment agreement

· Collection and analysis of information

· Analysis of the most effective use

· Calculation of the estimated value of a property based on three approaches

· Coordination of the results obtained and derivation of the final value of the real estate property

· Drawing up an assessment report

141. Task (( 141 )) TK No. 141

The economic principle according to which the maximum value of a property is determined by the lowest price at which another property with equivalent utility can be purchased is called:

the principle of substitution

principle of conformity

principle of expectation

the principle of changing the external environment

142. Task (( 142 )) TK No. 142

The economic principle that maximum income can be obtained from real estate subject to the optimal values of its constituent elements, called:

the principle of contribution

principle of separation

principle of residual productivity

the principle of substitution

principle of balance

143. Task (( 143 )) TK No. 143

Which of the following does not meet the definition market value

cost calculated taking into account sales on credit with deferred payment

most likely transaction price

buyer and seller have typical motivation

cost calculated for a specific date

the object of assessment is exposed to open market in the form of a public offer

all answers correspond to the definition of market value

144. Task (( 144 )) TK No. 144

If an investor purchases a property based on the assumption that its profitability will increase, then he proceeds from the principle

expectations

substitution

competition

usefulness

145. Task (( 145 )) TK No. 145

Which two types of value from the following may exceed the market value of the property:

investment

value for tax purposes

collateral

liquidation

146. Task (( 146 )) TK No. 146

The forms of manifestation of value in exchange include:

rental, mortgage, market

market, rental, investment

collateral, investment, market

insurance, market, taxable

liquidation, market, balance sheet

147. Task (( 147 )) TK No. 147

When determining the option for the most effective use of a property, the following are taken into account:

current legislation and administrative restrictions

physical characteristics land plot

financial feasibility of the use case

location potential

all of the above

148. Task (( 148 )) TK No. 148

The choice of real estate valuation methods depends on:

from the professionalism of the appraiser

requirements of the management of the appraisal company

type (purpose) of the property being valued

nature of reliable information

149. Task (( 149 )) TK No. 149

The final value of the property recorded in the assessment report must be expressed:

one number and only in foreign currency

one number and only in rubles

one number both in rubles and in foreign currency

range of values and only in foreign currency

range of prices and only in rubles

150. Task (( 150 )) TK No. 150

The market value of real estate recorded in the assessment report is:

the amount for which the transaction will be carried out

reasonable opinion of the appraiser

actual market value of the property

151. Task (( 151 )) TK No. 151

The final value of the property recorded in the appraisal report must be expressed:

only in rubles

only in foreign currency

maybe both

152. Task (( 152 )) TK No. 152

Which of the following approaches to real estate valuation involves adjustment for business income:

expensive

profitable

comparative

153. Task (( 153 )) TK No. 153

Which of the following approaches to real estate valuation uses a usability factor adjustment:

profitable

comparative

expensive

154. Task (( 154 )) TK No. 154

What approach to real estate valuation is based on economic principle expectations:

comparative

expensive

profitable

155. Task (( 155 )) TK No. 155

Which approach is preferable to use when evaluating unique and specialized real estate:

profitable

comparative

expensive

156. Task (( 156 )) TK No. 156

The most correct definition in relation to the concept of “market value” is:

the most probable price of the proposed transaction

actual transaction price with analogue

price that suits the seller

price that suits the buyer

price that suits a third party

157. Task (( 157 )) TK No. 157

Real estate valuation is carried out on the basis of information:

received from the customer

confirmed audit

accepted tax office

adjusted by the appraiser

adopted by the statistical office

158. Task (( 158 )) TK No. 158

Real estate valuation is the calculation of market value:

land plot

land and improvements made on it

residual value of buildings

deterioration of buildings

159. Task (( 159 )) TK No. 159

The correct sequence of stages of real estate valuation is:

· definition of the assessment task. collection of information, analysis of the most effective use case, assessment using the methods of income, cost and comparative approaches, derivation of the final cost;

· determination of the assessment task, collection of information, assessment using the methods of income, cost, comparative approaches, analysis of the most effective use case, derivation of the final cost;

160. Task (( 160 )) TK No. 160

When determining the cost of a school, the largest weighting factor must be assigned to the result obtained by the cost method:

161. Task (( 161 )) TK No. 161

The principle of the most efficient use of real estate excludes the option:

suitable for a specific investor

secured by funding sources

permitted by law

economically feasible

physically feasible

162. Task (( 162 )) TK No. 162

The date of assessment and the date of inspection of the property are the same:

under certain circumstances

163. Task (( 163 )) TK No. 163

Investment cost allows you to determine:

maximum real estate sale price

the amount of loan provided by the bank for the purchase of real estate

the opinion of a particular investor about the usefulness of the property

the amount of capital invested in the project

164. Task (( 164 )) TK No. 164

Name the priority factor in the formation of real estate value:

physical characteristics of the property

the costs of its creation

usefulness of property in the eyes of solvent buyers

current usage

165. Task (( 165 )) TK No. 165

Payment for appraiser services is determined:

legislation

rules professional organizations

terms of the contract with the client

percentage of the total cost

166. Task (( 166 )) TK No. 166

The relatively low cost of an elite cottage located in a non-prestigious area indicates that the developer is ignoring the principle:

most effective use

compliance

expectations

167. Task (( 167 )) TK No. 167

The assessment report must not include:

the value set by the seller

cost determination date

description of the physical characteristics of the subject of assessment

limiting conditions of assessment

168. Task (( 168 )) TK No. 168

The correct characterization of the concept “value in use” is:

objective value

most likely price

cost for a specific user

liquidation value

169. Task (( 169 )) TK No. 169

The market value of the property is:

maximum amount funds that can be obtained from its sale on the market, for example at an auction

the most likely price for its sale in a short time

the price the average buyer would be expected to pay under typical conditions

the price paid for it by the current owner

170. Task (( 170 )) TK No. 170

Market value assessment is based on the use of market data using methods:

only cost approach

only income approach

only a comparative approach

all methods use market information

171. Task (( 171 )) TK No. 171

The statement that the maximum value of a property is determined by the lowest price at which other property with equivalent utility can be purchased is based on the principle:

substitution

compliance

expectations

residual productivity

172. Task (( 172 )) TK No. 172

The statement that the last available property in the area will be sold for a higher price than the first is based on the principle:

substitution

expectations

residual productivity

173. Task (( 173 )) TK No. 173

The sale price of a property will generally differ from its market value if:

the buyer and seller are informed about the main characteristics of the object

the seller is not interested in selling the property as quickly as possible

the seller is interested in selling the property as quickly as possible

buyer and seller pursue their own interests

In concept real estate included physical objects with a fixed location in space and everything that is inseparably connected with them both below and above the surface of the earth or is a service item, as well as rights, interests and benefits arising from the ownership of objects.

A distinctive feature of movable property is the ability to move it without damaging either itself or the property with which it is associated.

The Civil Code (Article 130) provides a clear definition of the term immovable thing. Immovable things (real estate, real estate, include land plots, subsoil plots, separate water bodies and everything that is firmly connected to the ground, that is, objects whose movement without disproportionate damage to their purpose is impossible, including forests, perennial plantings, buildings, structures).

IN this definition the concepts (immovable thing), (real estate), (real estate) are considered as synonyms, which, in our opinion, is quite fair, since they all characterize the same material objects.

Thus, it is necessary to distinguish between the concept of real estate (real estate as a set of physical objects (land and everything that is inextricably linked with it) and real estate property, which includes, in addition to material objects, interests, advantages and rights property related to these objects.

The theoretical basis of the assessment process is the system of assessment principles. In world practice, it is customary to distinguish four groups of evaluation principles:

1st group: principles based on the ideas of the potential owner;
2nd group: principles arising from the process of exploitation of real estate;
3rd group: principles determined by the action of the market environment;
4th group: the principle of best and most effective use.

The first group of evaluation principles. The initial principle for assessing the value of real estate is the principle of utility, which means that the more a property is able to satisfy the owner’s needs, the higher its utility and value.

The principle of expectation is determined by what income (taking into account the amount and timing of receipt) or what benefits and amenities from the use of the property, including proceeds from subsequent resale, the potential owner expects to receive. This principle underlies the valuation of real estate using the income approach and characterizes the point of view of the potential user on future income and their current value. For example, the cost of land in locality allocated for residential development will reflect the capitalized amount of rent (real or potential) that the owner expects to receive from the operation of the residential building.

The second group of evaluation principles is determined by the process of real estate operation and includes the principles of contribution, residual productivity, balance, and division.

The principle of contribution - to assess the value of a property, it is necessary to determine the contribution of each factor and its most important elements in the formation of the utility and value of the property.

The profitability of a real estate property is determined by a combination of four groups of factors: land with buildings (if the site is undeveloped, then only land), equipment and technical means (for an undeveloped site - also buildings and structures), labor and management. Moreover, the cost of each group of factors depends on how much the value of the entire property increases from their use, taking into account the existing quantitative and qualitative characteristics.

In other words, a contribution is an addition to the value of real estate that results from the presence of a specific factor or its elements.

If we consider the action of this principle in dynamics, in relation to an expanding object, then the value of each subsequent contribution may not correspond to the specific costs of creating the component in question, since total cost real estate is not always a simple sum of the values of the individual constituent elements.

The principle of balance - each type of land use requires certain components of the property, the optimal combination of which ensures the maximum value of the property.

In other words, any type of real estate corresponds to an optimal combination of interacting elements in the structure of a real estate object on the scale of a district or city (settlement), in which a state of equilibrium is achieved that ensures the maximum value of the entire object.

The balance is violated if the buildings on the land plot are characterized by insufficient improvements or, conversely, have excessive improvements in relation to the given land plot, for example, its size.

For real estate objects, balance is characterized by economic indicators capacity and efficiency.

Capacity shows how many real estate objects can be attached to a certain plot of land, while local authorities authorities can: regulate real estate parameters (height, building density, efficiency of land use); establish requirements for the preservation of landscapes, historical buildings, the protection of historical and cultural monuments, and environmental measures.

Efficiency is determined by the level of profit that the combination of a land plot with the buildings located on it can provide when implementing various development projects.

The principle of subdivision means that the physical elements of real estate and the property rights to them can be divided and combined in such a way as to achieve maximum value of the property.

When dividing physical elements of real estate and property rights to them, the following options are possible:

- spatial division: division of rights to air space, to the soil layer of the earth, to underground space with subsoil, to water resources of coastal strips, dividing the land mass into separate plots, dividing the building into basements, floors, and so on;
- division by types of property rights: rent, limited use, mortgage, contribution to the authorized capital of enterprises, issue security for the issue of shares;
- division by time of ownership or use: short-term and long-term lease, perpetual use, lifelong ownership, right of economic management, operational management.

The third group of evaluation principles, determined by the action of the market environment, includes supply and demand, competition, compliance and changes in the external environment.

The principle of supply and demand means that the price of real estate changes as a result of the interaction of supply and demand. It expresses the interdependence between the growing need for real estate in the conditions of socio-economic development of society and the limited supply caused by the natural limitation of land plots, as well as the economic costs of construction (reconstruction) of improvements.

The principle of competition means that prices for real estate are set through constant competition between market participants who strive to obtain maximum profits. High rate profits stimulate the attraction of capital to the real estate market and enhance competition.

The positive role of competition is that only in a competitive market can market value be determined when it equalizes the return on investment in different segments of the real estate market. In the presence of monopoly, excess profits generate destructive competition, undermine the functioning of market mechanisms and, ultimately, lead to a distorted market value of real estate. This process is especially dangerous at the stage of the emergence and development of the real estate market (primarily land), which is typical for our country.

The principle of conformity is that the maximum value of a property arises when there is a reasonable level of architectural uniformity and compatible land uses. Compliance of the characteristics of the property with the needs and expectations of the local market ensures high market demand on it, and therefore the high cost.

The principle of changes in the external environment involves, when assessing real estate, taking into account possible changes in economic, social and legal conditions, in which they are used, as well as taking into account the external environment and development prospects of the area.

The principle of changes in the external environment must be taken into account when writing an assessment report by indicating the date on which the value of the property was determined.

The principle that summarizes the influence of the previously mentioned three groups of evaluation principles is best and most effective use (BBEI).

The fourth group of evaluation principles (LNEI) means that from possible options use of the property, the one in which the most fully realized functionality land with improvements. This option is used to assess the value of real estate.

The appraiser makes an adjustment for losses when collecting payments by analyzing retrospective information on a specific object with subsequent forecasting of this dynamics and thus can determine the option that brings the maximum possible income from the land plot, regardless of whether the site is developed or not and what buildings are located on it on the date assessments.

LNEI is considered in two stages: firstly, a plot of land as free, and secondly, a plot of land with existing improvements.

All of the above principles of real estate valuation are closely interrelated and, depending on the type and specifics of the property being valued, and the valuation method used, they can play a major or auxiliary role.

These principles represent the theoretical basis for assessing the value of real estate. They are the basis for three fundamental approaches to real estate valuation - income, comparison and cost.

Real estate is physical objects with a fixed location in space and everything that is inseparably associated with them both below and above the surface of the earth or everything that is a service item, as well as the rights, interests and benefits arising from the ownership of objects. Physical objects are understood as inextricably linked land plots and buildings located on them.

Differences in the concept of real estate as an object of assessment and in the definition of the Civil Code are reflected in Figure 1.1.

real estate

Figure - 1 The concept of real estate as an object of assessment and in the definition of the Civil Code

Therefore, a real estate property is understood, firstly, as an enterprise as a whole as a property complex, and secondly, as a land plot, an integral part of which may be:

5) A building (structure) or a group of buildings (structures) located on this site, underground structures related to this area;

6) Separate water bodies, perennial plantings;

7) Engineering structures and networks connecting the land plot and the buildings (structures) located on it to the infrastructure facilities of the block or city;

8) Stationary landscaping structures for the site;

9) Elements of economic, transport and engineering support related to this property, but located outside the boundaries of its land plot;

10) Other objects that, together with the above-mentioned components of real estate, constitute an indissoluble structural or functional whole.

Real estate valuation is necessary when:

1) purchase and sale or rental transactions;

2) corporatization of enterprises and redistribution of property shares;

3) attracting new shareholders and additional issue of shares;

4) cadastral valuation for tax purposes of real estate: buildings and land;

5) insurance of real estate;

6) lending secured by real estate;

7) contributing real estate as a contribution to the authorized capital of enterprises and organizations;

8) developing investment projects and attracting investors;

9) liquidation of real estate;

10) execution of inheritance rights, court verdict, resolution of property claims;

11) other operations related to the implementation of property rights to real estate.

The value of real estate, like any product, has two forms of manifestation - use value and exchange value.

Use value is determined by the totality of natural and social properties and processes of a real estate object from the point of view of a specific user, who proceeds from the current version of its use, as well as the natural and social properties of the product, which are determined by the level technical development and social needs.

Exchange value arises in the process of exchanging real estate objects. At the same time, in a commodity economy, money is the universal equivalent of measurement. In a competitive market, the price is monetary value cost is a factor that balances the forces of supply and demand. The form of manifestation of exchange value is the price, which reflects the total effect of all market factors.

Utility is a form of expression of use value.

Costs are expressed in in cash expenses for the creation or reconstruction of a real estate property. First of all, they represent a measure of the costs required to reproduce an exact copy of an object or an object similar in utility to the object being assessed.

Location, which largely determines the amount of operating costs, especially transport costs, is often a necessary element of technology, and finally, an element of convenience for the buyer.

Supply and demand. If demand decreases, the likely selling price of an object may fall below the cost of its reproduction.

Being in civil circulation is a permitted possibility of transferring ownership of a real estate property. If the object is not in civil circulation, then it cannot be transferred in exchange for any equivalent. It will have only use value for its user.

Price is the monetary expression of the value of a property, from the point of view of typical market participants, on a specific date of sale, based on its option best use. Price as a form of manifestation of value, expressing the result, inevitably deviates from the cost of concluding a transaction between buyer and seller in specific market conditions under the influence of various factors.

The task of practicing appraisers is to estimate the value of an object as a fundamental basis for valuation.

To do this, practicing appraisers need to correctly select the type of value being determined that corresponds to the goals and conditions of the assessment, taking into account:

1) international standards assessments;

2) transition Russian economy to international requirements accounting and audit;

3) principles of financial management and investment design.

Depending on the purposes of the assessment, the completeness of the assessed rights to real estate different kinds costs can be combined into two main groups:

1) value in exchange as an expression of exchange value;

2) value in use as an expression of use value.

Value in exchange characterizes the ability of a real estate object to be exchanged for money or other goods, is objective in nature and underlies real estate transactions on the market: purchase and sale, collateral, including loans, leasing, depositing statutory funds of enterprises.

Forms of manifestation of value in exchange:

1) market;

2) liquidation;

Figure 2 - Real estate value groups

3) collateral;

4) insurance;

5) rental:

6) recycled.

Market value is the most probable price at which a given valuation object can be alienated on the open market in a competitive environment, when the parties to the transaction act reasonably, having all the necessary information, and the transaction price is not affected by any extraordinary circumstances, i.e. When:

1) one of the parties to the transaction is not obliged to alienate the object of valuation, and the other is not obliged to accept execution;

2) the parties to the transaction are well aware of the subject of the transaction and act in their own interests;

3) the valuation object is presented to the open market in the form of a public offer;

4) the transaction price represents a reasonable consideration for the subject of valuation;

5) payment for the valuation object is expressed in monetary form.

Liquidation value - sum of money in the form of the difference between the income from the liquidation of the property and the costs of its carrying out. This is the price that the seller has to agree to when forced to sell the property in a limited period of time, which does not allow a significant number of potential buyers to familiarize themselves with the property and the terms of sale.

Collateral value is the value of the property that provides mortgage, which the lender hopes to receive through a forced sale of a given property on the market in the event of the borrower’s insolvency. The amount of the collateral value serves as the upper limit of the loan that is provided against the property. The collateral value is less than the market value by the amount of the risk component, as well as the income of the credit institution from this operation.

Insurance value- the amount of money for which destructible elements of real estate can be insured, calculated in accordance with the methods used in the field of public and private insurance. Based on the principle of replacement or reproduction, taking into account the accumulated wear and tear of real estate objects at risk of destruction. Calculated as residual replacement cost. Replacement cost is an estimate of the total cost of restoring a property under current market conditions.

Market rental value is the amount of rent for which a property could be leased on the valuation date under typical market conditions, i.e. If:

1) on the date of valuation, the property is not occupied and is ready for rent on competitive market terms, and the landlord and tenant are sufficiently aware of the characteristics of the property and act reasonably and without coercion;

2) the period of exposure of the property is sufficient for the bank to be accessible to potential tenants, as well as to agreeing on the amount of rent, concluding a lease agreement and other conditions necessary for leasing the property;

3) the state of the market, the dynamics of rental rates and other conditions are typical at the date of assessment of the rental value, i.e. are not unduly burdensome or advantageous for the rental of this type and type of real estate;

4) when determining the rental price, offers of inflated rental rates by potential tenants who have a special interest in this property, as well as those who have family or business ties with the lessor, are not taken into account.

Investment value is the value of a property to a particular investor, based on his investment requirements and preferences. The cost calculation is based on a subjective assessment of discounted costs and investor income expected from the use of a given property in a promising investment project.

Book value is the value of an object reflected in the balance sheet of an enterprise or organization. It consists of initial cost real estate at the time of commissioning, adjusted for all revaluations of fixed assets minus accounting depreciation, as well as minus the cost of improvements made during the period of operation.

The value for tax purposes is determined based on regulatory documents related to real estate taxation. In countries with economies in transition, this value usually does not correspond to market value. So, in Russian Federation The law establishes that tax is calculated based on the book value, i.e. the value of assets included in certain balance sheet items of enterprises and organizations.

The principles of real estate valuation are the fundamental principles of the theory of valuation and the rules for determining the value of real estate. Valuation principles are divided into principles that reflect the user’s point of view, the relationship of individual parts of the valuation object, the market point of view, and the principle of the most effective use of the valuation object. The theoretical foundation of the valuation process is the system of valuation principles on which the calculation of the value of real estate is based. Valuation principles form the initial views of market participants on the value of a real estate property.

The theoretical basis of the assessment process is the system of assessment principles. In world practice, it is customary to distinguish four groups of evaluation principles:

1st group: principles based on the ideas of the potential owner;

2nd group: principles arising from the process of exploitation of real estate;

3rd group: principles determined by the action of the market environment;

4th group: the principle of best and most effective use.

The three approaches to real estate valuation reveal different aspects of utility.

From the point of view of the comparative approach, a rational buyer will not pay more for a property than the price of a comparable property that has the same utility.

From the standpoint of the cost approach, it is not advisable to pay more for a property being sold than it would cost to build a new facility of similar utility within an acceptable time frame.

From the point of view of the income approach, the value of a property is determined by the possibilities of investing in other objects of similar utility, i.e. into objects that generate approximately the same income stream.

For some types of real estate, the greatest utility is achieved when the properties are valued as individual units, while others may be more useful as part of a group (eg, mixed-use centers).

The principle of substitution means that if there is a certain number of homogeneous (in terms of utility or profitability) real estate objects, the highest demand will be for objects with the lowest price. This principle is based on the possibility of an alternative choice for the buyer, i.e. The value of a property depends on whether similar or substitute properties are available on the market. The principle of replacement is most fully implemented in new construction, in areas of mass residential or dacha development, when the same type of land plots predominate and the level of standardization of architectural and urban planning designs of buildings is high.

The second group of evaluation principles is determined by the process of real estate operation and includes the principles of contribution, residual productivity, balance, and division.

Contribution principle - to assess the value of a property, it is necessary to determine the contribution of each factor and its most important elements to formation of the utility and value of the object. In other words, a contribution is an addition to the value of real estate that results from the presence of a specific factor or its elements.

Residual productivity is defined as the remaining income allocated to a property after labor, equipment, and management costs have been paid.

The principle of balance – each type of land use requires certain components of the property, the optimal combination of which ensures the maximum value of the property. In other words, any type of real estate corresponds to an optimal combination of interacting elements in the structure of the real estate object, real estate classes on the scale of a district or city (settlement), in which a state of equilibrium is achieved that ensures the maximum value of the entire object. The balance is violated if the building on the land plot is characterized by insufficient improvements or, conversely, has excessive improvements in relation to the given land plot, for example, its size.

When considering possible options for increasing the efficiency of using a real estate property, it is necessary to take into account the principle of separation of real estate elements and property rights to them.

The principle of subdivision means that the physical elements of real estate and the property rights to them can be divided and combined in such a way as to achieve maximum value of the property.

The third group of evaluation principles, determined by the action of the market environment, includes supply and demand, competition, compliance and changes in the external environment.

The principle of supply and demand means that the price of real estate changes as a result of the interaction of supply and demand. It expresses the interdependence between the growing need for real estate in the context of socio-economic development of society and limited supply due to the natural limitation of land plots, as well as the economic costs of construction (reconstruction) of improvements.

Demand is the solvent need for real estate presented on the market.

Supply is the number of properties that can be put up for sale at the current price level.

The principle of competition means that prices for real estate are set through constant competition between market participants who strive to obtain maximum profits. A high rate of return stimulates the attraction of capital to the real estate market and increases competition. The positive role of competition is that only in a competitive market can market value be determined when it equalizes the return on investment in different segments of the real estate market.

The principle of conformity is that the maximum value of a property occurs when there is a reasonable level of architectural uniformity and compatible land uses. Compliance of the characteristics of the property with the needs and expectations of the local market ensures high market demand for it, and, consequently, high value. First of all, the principle of correspondence manifests itself through progression and regression.

The progression effect is the positive impact of the external environment or neighboring properties on the value of real estate.

Regression occurs, firstly, when a property is characterized by unnecessary improvements that are not in demand by the market, or when the external environment has a negative impact on the operation of the property.

The principle of changes in the external environment involves, when assessing real estate, taking into account possible changes in economic, the social and legal conditions under which they are used, as well as taking into account the external environment and development prospects of the area. The principle of changes in the external environment must be taken into account when writing an assessment report by indicating the date on which the value of the property was determined.

The fourth group of evaluation principles means that from the possible options for using the property, the one is selected that most fully realizes the functionality of the land plot with improvements. This option is used to assess the value of real estate.
Highest and highest use (HHU) is defined as the use of real property that:

1) is legally permitted, i.e. complies with legal standards, including zoning and environmental regulations, urban planning restrictions, historic preservation requirements, and landscaping of the surrounding area;

2) physically feasible, i.e. size and shape of the land plot, its transport accessibility, the existing buildings allow the chosen use case to be implemented;

3) financially justified in terms of return on invested capital, i.e. use provides income in excess of capital costs, operating costs and financial obligations;

4) provides highest cost or real estate profitability.

The real estate valuation process includes the following steps:

1st stage. Defining the Assessment Problem

Purpose of the assessment

Type of value determined

Establishment of assessed property rights

Date of assessment

2nd stage. Drawing up a plan and contract for the assessment

Assessment work schedule

Information sources

Selection of assessment methods

Assessment costs

Monetary reward for conducting the assessment

Drawing up an assessment agreement

3rd stage. Collection and analysis of information

Inspection of the facility and surrounding area

Legal description of the property

Physical characteristics and location

Economic information

Verifying the accuracy of the collected information

Analysis and processing of information

4th stage. Best and most effective use analysis

Analysis of a land plot Analysis of a land plot

as conditionally free with improvements

Legal validity of the chosen use case

Physical feasibility

Financial feasibility

Highest real estate value

5th stage. Calculation of the estimated value of a property based on three approaches:

1) valuation based on the income approach

2) cost assessment based on a comparative approach

3) cost assessment based on the cost approach

6th stage. Coordination of the results obtained and derivation of the final value of the property value

Checking the received data on the value of the cost

Assumptions and limiting conditions due to the completeness and reliability of the information used

Calculation of the total value of the cost

7th stage. Preparation of an assessment report

From a traditional document to an electronic document

Modern office work

Currently, regulation of documentation, organization and technology of documentation support for management is carried out in several directions: legislative regulation, standardization, development of normative and normative-methodological documents for nationwide action.

The current legislation contains a significant number of mandatory norms, rules and requirements for documenting various areas of activity of state and non-governmental organizations, to the design of certain types of documents, their content and text structure.

The obligation to document information is determined by law "About information, information technology and on the protection of information." It states: " documented information is information recorded on a tangible medium with details that allow its identification. Documenting information is prerequisite inclusion of information in information resources. Documentation of information is carried out in the manner established by government bodies responsible for organizing office work, standardizing documents and their arrays, and security of the Russian Federation." .

In parallel with the term “office work”, the term “documentation support for management” is used in our time. The appearance of this term is associated with the introduction of computer systems into management, their organizational, software and information support. To get closer to the terminology used in computer programs and literature in the field of office work, the term “document management support” began to be used in a similar way, which, in essence, is synonymous with the term “office work”.

The broader term used today is information and documentation support for management, includes, in addition to traditional work with documents, information services, creation, maintenance and work with databases.

There were 4 types of stamp paper at a price

1. The essence of real estate.

2. Signs of real estate.

3. Real estate functions

4. Types of real estate.

5. Usefulness of real estate.

In Russia, the term “real and movable property” first appeared in legislation during the reign of Peter 1 in the Decree of March 23, 1714. “On the procedure of inheritance in movable and immovable property.” Real estate included land, land, houses, plants, factories, and shops. Real estate also included minerals located in the ground, and various buildings, both above the ground and built under it, for example, mines, dam bridges. Economic reforms in Russia, assigning property rights to individuals and legal entities, led to the need to divide property into movable and immovable.

Since 1994 According to Article 130 of the Civil Code of the Russian Federation, “immovable things (real estate, real estate) include land plots, subsoil plots, isolated water bodies and everything that is firmly connected to the land, i.e. objects, the movement of which without disproportionate damage to their purpose is impossible, including forests, perennial plantings, buildings and structures.”

Other property may also be classified as real estate. Thus, according to Article 132 of the Civil Code of the Russian Federation, “the enterprise as a whole, as a property complex used to carry out business activities, is recognized as real estate.” Items that are not real estate, including money and securities, are recognized as movable property.

Real estate is physical objects with a fixed location in space and everything that is integrally connected with them both below and above the surface of the earth, or everything that is a service item, as well as the rights, interests and benefits arising from the ownership of the object.

Differences in the concept of real estate as an object of assessment and in the definition of the Civil Code are reflected in Figure 1.

Real estate

As an object of evaluation In the definition civil code

Land as a physical object is a state obligation

and everything that is firmly connected with it registration

land plots land plots

subsoil areas subsoil areas

isolated water bodies isolated water bodies

forests forests

perennial plantings perennial plantings

buildings buildings

building structures

sea vessels

aircraft

inland navigation vessels

space objects

Therefore, real estate is understood as

1) enterprise as a property complex

2) a land plot, an integral part of which may be:

- a building (structure) or a group of buildings (structures) located on this site, underground structures related to this site;

- isolated water bodies, perennial plantings;

- engineering structures and networks that connect the land plot and the buildings (structures) located on it to the infrastructure of the block or city. This also includes ownership shares in objects engineering infrastructure jointly operated by property owners of a block or city;

- stationary facilities for landscaping the site;

- elements of economic, transport and engineering support related to this property, but located outside the boundaries of its land plot;

- other objects that, together with the above-mentioned components of real estate, constitute an indissoluble constructive or functional whole.

Also distinguish economic classification real estate objects, according to which income-generating (commercial) and non-income (non-commercial) real estate are distinguished. Non-profit real estate is intended to satisfy the specific needs of the owner and is not intended to generate income. Commercial real estate involves the owner receiving a certain reward, for example in the form of income, for assigning to others part of his right to real estate.

Real estate

Non-profit (non-profit) Commercial (profit)

Apartments; - cafes, bars, restaurants;

Cottages; - hotels;

Individual garages; -public baths;

Household plots-income apartment buildings.

Along with the previously discussed classifications of real estate, its objects are distinguished by their form of ownership.

The concept of “real estate”

The concept of real estate in civil law

According to Russian legislation (Article 130 of the Civil Code of the Russian Federation), real estate (immovable things, real estate) includes: land plots, subsoil plots, isolated water bodies and everything that is firmly connected to the land, that is, objects whose movement without disproportionate damage to their purpose is impossible , including forests, perennial plantings, buildings, structures. Immovable things also include subjects state registration air and sea vessels, inland navigation vessels, space objects.

State registration of rights to real estate is a public legal act, from the moment of which the corresponding rights to immovable things arise, transfer or terminate ( the federal law dated July 21, 1997 No. 122-FZ “On state registration of rights to real estate and transactions related to them”).

Also, the enterprise as a whole as a property complex is recognized as real estate (Article 132 of the Civil Code of the Russian Federation). Things not related to real estate, including money and securities, are recognized as movable property (Article 130 of the Civil Code of the Russian Federation).

Rights to real estate

The right of ownership (full ownership) implies the rights of possession, use and disposal (Article 209 of the Civil Code of the Russian Federation). The owner's rights to buildings, structures and other real estate arise, change or terminate only from the moment of state registration of their occurrence, change or termination (and not from the moment of concluding the relevant agreement or paying the purchase price) (Articles 219, 223 of the Civil Code of the Russian Federation ).

The transfer of one or more rights to another person results in partial ownership rights. An important concept is the ownership of an immovable thing - a movable thing that, without being an essential part of the immovable thing, serves the immovable thing and is connected with it general purpose(Article 135 of the Civil Code of the Russian Federation).

Real estate as an object of evaluation

The theory of valuation refers to real estate as: the plot itself on the surface of the earth; space above the surface of the site; the space below the surface of the site down to the center of the earth; all improvements firmly connected to the ground whose movement is impossible without:

damaging their functional properties
disproportionately high costs for such a move (since there are known cases of moving even buildings).

When determining the object of assessment, in the case of real estate assessment, it should be taken into account that Art. 5 of the Law on Valuation Activities the objects of valuation include:

individual material objects (things);
the totality of things that constitute a person’s property, including property of a certain type (movable or immovable, including enterprises);
property rights and other real rights on property or individual items from the property;
rights of claim, obligations (debts);
works, services, information;
other objects of civil rights in respect of which the legislation of the Russian Federation establishes the possibility of their participation in civil circulation.

In addition to the unambiguous identification of the valuation object, the report must contain an accurate description of it (Article 11 of the law on valuation activities).

Goals and objectives of real estate valuation

The goals and objectives of the assessment, which must be indicated in the assessment report (Article 11 of the law on assessment activities), usually mean: the type of value and the practical application of the assessment results, respectively.

In particular, a real estate appraisal is necessary in the following situations:

transactions of purchase and sale or rental;
corporatization of enterprises and redistribution of property shares;
attracting new shareholders and additional issue of shares;
cadastral valuation for tax purposes of real estate: buildings and land;
insurance of real estate;
lending secured by real estate;
entering real estate as a contribution to the authorized capital of enterprises and organizations;
developing investment projects and attracting investors;
liquidation of real estate;
execution of inheritance rights, court verdict, resolution of property disputes;
other operations related to the implementation of property rights to real estate.

The goals and objectives of the assessment determine the features of the application of the assessment methodology.

Concept and types of cost

When conducting an assessment, it is necessary to distinguish between the following concepts: cost, costs and price. The corresponding values in practice also usually differ.

Price- this is a historical fact that reflects how much was spent on the purchase of similar objects in past transactions.

Expenses- this is a measure of the costs required to create a property similar to the one being valued.

Price is a measure of how much a hypothetical buyer would be willing to pay for the property being appraised.

Cost has two forms of manifestation:

use value (determined by the totality of natural and social properties and processes of a real estate object from the point of view of a specific user, who proceeds from the current version of its use).
exchange value (characterizes the ability of a property to be exchanged for money or other goods, is objective in nature (mass) and underlies real estate transactions on the market).

Valuation standards, mandatory for use by subjects of valuation activities, contain definitions of the following types of value (clause 3 of the standards):

market value of the subject of assessment;
the value of the appraisal object with a limited market;
cost of replacement of the subject of assessment;
cost of reproduction of the subject of assessment;
the value of the property being assessed in its current use;
investment value of the subject of assessment;
the value of the valuation object for tax purposes;
liquidation value of the valuation object;
salvage value of the valuation object;
special value of the valuation object.

The purpose of determining market value is the most common in the reports of Russian appraisers. However, the feasibility of its criteria in some cases is difficult to prove.

The special value of the appraised object allows the appraiser to independently establish criteria for its determination.

Basic principles of real estate valuation

The theoretical foundation of the valuation process is the system of valuation principles on which the calculation of the value of real estate is based. Valuation principles model the initial views of market participants on the value of a real estate property.

In world practice, it is customary to distinguish four groups of evaluation principles:

principles based on the views of the potential user (owner);
principles arising from the process of exploitation of real estate (related to land, buildings and structures);
principles determined by the action of the market environment;
(best and) most effective use.

Concepts and principles based on the perceptions of the potential user

Utility is the ability of a property to satisfy the needs of a user in a given location and during a given period of time.

Determined by the amount, timing and nature of receipt of income or other benefits from the use of real estate. The principle of substitution states that the maximum value of a property is determined by the lowest price or value at which other property with equivalent utility can be purchased.

Expectation is an establishment current value income or other benefits that may be derived in the future from ownership of property. Expectation can be both positive and negative.

Concepts and principles determined by the operation process

Residual productivity is measured as the net income attributed to land after the costs of labor, capital and entrepreneurship have been paid.

A contribution is the amount by which the value of a business object or the net income from it increases or decreases due to the presence or absence of any additional factor of production (resource). The cost of each component depends on how much the value of the entire property increases from its use, taking into account the available quantitative and qualitative characteristics. The value of the contribution is determined by the utility of the item from the buyer's (i.e., market) perspective.

The principle of balance (proportionality) states that any type of land use corresponds to the optimal sums of various factors of production (components of the object), the optimal combination of which achieves the maximum value of the land. Economic subdivision occurs when the rights to real property can be divided into two or more property interests, thereby increasing the overall value of the property.

Principles related to the market environment

The principle of dependence states that the value of a particular property is subject to influence and itself affects the nature and value of other objects in the area of its location.

The principle of conformity is that the maximum value of a property arises when there is a reasonable level of architectural uniformity and compatible land use.

The principle of supply and demand means that the price of real estate is formed as a result of the interaction of supply and demand. Supply refers to the number of real estate properties that can be put up for sale at the current price level. Demand is the solvent need for real estate presented on the market.

The principle of competition: when profits in the market exceed the level necessary to pay for factors of production, competition in this market intensifies, which, in turn, leads to a decrease in the average level of net income.

The principle of changing the external environment involves taking into account, when assessing real estate, possible changes in the economic, social and legal conditions under which they are used, as well as the external environment and development prospects of the area.<.p>

NEI principle

The synthesis of the principles discussed above is the principle of (best and) most effective use of the object of assessment (NEI). These mean such uses as:

is legally permitted, i.e. complies with legal standards, including zoning and environmental regulations, urban planning restrictions, requirements for the protection of historical monuments, landscaping of adjacent areas, etc.;
physically feasible, i.e. the size and shape of the land plot, its transport accessibility, existing buildings make it possible to implement the chosen use option;
financially justified in terms of return on invested capital, i.e. use provides income that exceeds capital costs, operating costs and financial obligations (IS monorail project);
provides the highest value or profitability of real estate

The assessment of the market value of a property necessarily includes the determination of the NEI.

NEI analysis includes two aspects:

analysis of the NEI of the land plot as vacant;
analysis of the NEI of a land plot with improvements.

Stages of the analysis of NEI:

Analysis of the site as empty from the point of view of 4 NEI criteria.
Analysis of the current use of improved memory. If the value of the site and its improvements, while maintaining the existing use, is less than the value of the site vacant and available for an alternative use, then the existing improvements are no longer NUI. If existing improvements, in their current use, give the property a value greater than what the vacant lot would have, then the current use is potentially an NIE.
Analysis of an existing improvement to determine what repairs, upgrades or renovations need to be done to maximize profits.
In special cases it is carried out special analysis when establishing or checking NEI.

Approaches and methods of assessment

In assessment practice, it is customary to classify all assessment methods according to their belonging to one of three approaches:

costly;
comparative;
profitable.

This division is conditional, since specific methods may have features of several approaches. The normative definition of approaches to assessment is given in paragraph 5 of the Assessment Standards and within the relevant sections of this material.

The procedure for agreeing on the results of applying the cost, comparative and income approaches determined by the content of the assessment task, the approaches and assessment methods used, the completeness and reliability of the information used, and the identification of the advantages and disadvantages of the methods used.

Sequence of real estate assessment

Stage 1. Definition of the assessment task.

Purpose of the assessment.
Type of value determined.
Establishment of assessed property rights.
Date of assessment.

Stage 2. Drawing up a plan and contract for the assessment.

Assessment work schedule.
Information sources.
Selection of assessment methods.
Costs of conducting the assessment.
Monetary reward for conducting the assessment.
Drawing up an assessment agreement.

Stage 3. Collection and analysis of information.

Inspection of the facility and surrounding area.
Legal description of the property.
Physical characteristics and location.
Economic information.
Checking the accuracy of the collected information.
Analysis and processing of information.

Stage 4. Analysis of the most effective use.

Analysis of the land plot. Analysis of the land plot as conditionally vacant with improvements.
Legal validity of the chosen use case.
Physical feasibility.
Financial feasibility.
Highest real estate value.

Stage 5. Calculation of the estimated value of a property based on three approaches

Valuation based on the income approach.
Valuation based on a comparative approach.
Cost estimation based on the cost approach.

Stage 6. Coordination of the results obtained and derivation of the final value of the property.

Checking the received data on the value of the cost.
Assumptions and limiting conditions conditioned by the completeness and reliability of the information used.
Deriving the total cost.

Stage 7. Writing an assessment report