Ko'chmas mulkni baholash - Real estate appraisal

Ko'chmas mulkni baholash, mulkni baholash yoki erni baholash uchun qadriyat fikrini shakllantirish jarayoni ko'chmas mulk (odatda bozor qiymati ). Ko'chmas mulk bilan bog'liq operatsiyalar ko'pincha baholashni talab qiladi, chunki ular kamdan-kam uchraydi va har bir mulk shunday bo'ladi noyob (ayniqsa ularning holati, baholashning asosiy omili), har kuni sotiladigan va bir xil bo'lgan korporativ aktsiyalardan farqli o'laroq (shu tariqa markazlashgan) Valrasiya kim oshdi savdosi kabi Fond birjasi haqiqiy emas). Joylashuv baholashda ham muhim rol o'ynaydi. Biroq, mulk manzilni o'zgartira olmasligi sababli, ko'pincha uyning yangilanishi yoki yaxshilanishi uning qiymatini o'zgartirishi mumkin. Baholash hisobotlari ipoteka kreditlari uchun asos bo'lib, hisob-kitoblarni amalga oshirmoqda mulk va ajralishlar, soliqqa tortish va boshqalar. Ba'zida mulkni sotish narxini belgilash uchun baholash hisobotidan foydalaniladi.

"Moliya" dan "Qurilish texnologiyasiga" qadar o'zgarishi mumkin bo'lgan majburiy o'quv sinfidan tashqari, aksariyat, ammo barchasi mamlakatlar baholovchilardan amaliyot uchun litsenziyani talab qilishadi. Odatda ko'chmas mulkni baholovchi 3 ta sertifikatlashtirish darajasiga erishish imkoniyatiga ega: baholovchi stajyor, litsenziyali baholovchi va sertifikatlangan baholovchi. Litsenziyaning ikkinchi va uchinchi darajalari uchun mos ravishda 12 oy ichida 2000 dan kam bo'lmagan ish staji va 24 oydan kam bo'lmagan holda 2500 ta ish vaqti talab qilinadi.^[1][2] Baholovchilar ko'pincha "mulkni baholovchi" yoki "erni baholovchi" deb nomlanadi; yilda Britaniya ingliz tili ular "baholash bo'yicha tadqiqotchilar". Agar baholovchining fikri bozor qiymatiga asoslangan bo'lsa, u ham ga asoslangan bo'lishi kerak eng yuqori va eng yaxshi foydalanish ko'chmas mulk. Qo'shma Shtatlarda yaxshilangan turar-joy ob'ektlarining ipoteka kreditlarini baholash odatda o'xshash standartlashtirilgan shaklda xabar qilinadi Uy-joylarni baholash bo'yicha yagona hisobot.^[3] Ko'proq tijorat xususiyatlarini baholash (masalan, daromad keltiradigan, xomashyo erlari) ko'pincha bayon shaklida bayon qilinadi va sertifikatlangan umumiy baholovchi tomonidan to'ldiriladi.

Qiymat turlari

Ko'chmas mulkni baholashda izlanadigan qiymatning bir nechta turlari va ta'riflari mavjud. Eng keng tarqalganlaridan ba'zilari:

• Bozor qiymati - aktiv raqobat sharoitida savdo qiladigan narx Valrasiya kim oshdi savdosi sozlash. Bozor qiymati odatda bilan almashtiriladi ochiq bozor qiymati yoki adolatli qiymat. Xalqaro baholash standartlari (IVS) quyidagilarni belgilaydi:

Bozor qiymati - aktiv yoki majburiyat almashishi kerak bo'lgan taxminiy miqdor baholash sanasi to'g'ri marketingdan so'ng va tomonlarning har biri bilimdon, ehtiyotkorona va majburlovsiz harakat qilganida, tayyor xaridor va qo'l sotadigan bitimdagi tayyor sotuvchi o'rtasida.^[4]

• Amaldagi qiymat, yoki foydalanish qiymati^[5] - The sof joriy qiymat (NPV)^[6] aktiv aniq foydalanishda ma'lum bir egasi uchun yaratadigan pul oqimining. Amaldagi qiymat - bu ma'lum bir foydalanuvchi uchun qiymat bo'lib, mulkning bozor qiymatidan yuqori yoki past bo'lishi mumkin.
• Investitsiya qiymati - bu ma'lum bir investor uchun qiymat bo'lib, mulkning bozor qiymatidan yuqori bo'lishi yoki bo'lmasligi mumkin. O'rtasidagi farqlar investitsiya qiymati aktiv va uning bozor qiymati xaridorlar yoki sotuvchilarning bozorga kirishiga turtki berish. Xalqaro baholash standartlari (IVS) quyidagilarni belgilaydi:

Investitsiya qiymati - yakka tartibdagi investitsiya yoki operatsion maqsadlar uchun mulk egasiga yoki bo'lajak egasiga aktivning qiymati.^[4]

• Ad Valorem soliq qiymati - soliqqa tortish maqsadida foydalaniladigan qiymatmi va ommaviy baholash jarayonida ma'lumotlarni yig'ish orqali aniqlanadi. Ommaviy baholash jarayoni soliq manbalarini aniqlash uchun ko'chmas mulkka turli manbalar orqali to'plangan ma'lumotlarni qo'llaydi^[7]

• Sug'urtalanadigan qiymat - tomonidan qoplanadigan ko'chmas mulk qiymati sug'urta polisi. Odatda, bu sayt qiymatini o'z ichiga olmaydi.
• Tugatish qiymati - yoki a sifatida tahlil qilinishi mumkin majburiy tugatish yoki an tartibli tugatish va bankrotlik protsessida odatda izlanadigan qiymat standartidir. U odatdagi vaqt oralig'idan kam bo'lgan ta'sir qilish davridan keyin sotishga majbur bo'lgan sotuvchini o'z zimmasiga oladi.

Narx va qiymat

Mulkning haqiqatan ham arziydigan qiymati o'rtasida farqlar bo'lishi mumkin (bozor qiymati ) va uni sotib olish qancha turadi (narx ). To'langan narx ushbu mulkning bozor qiymatini aks ettirmasligi mumkin. Ba'zida, xaridor va sotuvchi o'rtasida bir tomonning nazorati ostida bo'lgan yoki boshqa tomonga sezilarli ta'sir ko'rsatgan maxsus munosabatlar kabi alohida fikrlar mavjud bo'lishi mumkin. Boshqa hollarda, bitim ikki tomon o'rtasida sotilgan yoki sotilgan bir nechta mulklardan bittasi bo'lishi mumkin. Bunday hollarda, har qanday ma'lum bir buyum uchun to'lanadigan narx uning bozordagi "qiymati" emas (odatda, barcha g'oyalar va narxlar barcha qismlarning bozor qiymatiga qo'shiladi degan fikrga ega). ".

Boshqa paytlarda, xaridor, agar mol-mulkni sub'ektiv baholasa (uning investitsiya qiymati u uchun) bozor qiymatidan yuqori bo'lgan. Bunga aniq misollardan biri qo'shni mulk egasi bo'lib, u o'z mulkini sub'ekt mulki (yig'ish) bilan birlashtirib, miqyosi tejamkorligi va qo'shimcha qiymatga ega bo'lishi mumkin (talon-taroj qilish qiymati). Shunga o'xshash holatlar ba'zan sodir bo'ladi korporativ moliya. Masalan, bu birlashish yoki qo'shilish asosiy aktsiya bahosi bilan ifodalangan qiymatdan yuqori bo'lgan narxda sodir bo'lganda yuz berishi mumkin. Ushbu turdagi odatiy tushuntirish birlashish va qo'shilish shundan iboratki, "summa uning qismlaridan kattaroqdir", chunki kompaniyaning to'liq egaligi uni to'liq nazorat qilishni ta'minlaydi. Bu xaridorlar ba'zan yuqori narxni to'laydigan narsadir. Bunday holat ko'chmas mulk sotib olishda ham bo'lishi mumkin.

Ammo narxning narxdan farq qilishining eng keng tarqalgan sababi shundaki, xaridor yoki sotuvchi mol-mulkning bozor qiymati qanday ekanligidan xabardor emas, ammo shunga qaramay, juda qimmat yoki juda arzon bo'lgan ma'lum bir narxdagi shartnomani kelishib oladi. Bu ikki tomonning biri uchun baxtsizdir. Bu ko'chmas mulkni baholovchining haqiqatini baholash majburiyati bozor qiymati mulk emas, balki mulk bozor narxi.

Ko'pincha mol-mulk ularning bozor qiymatlaridan past bo'lgan qiymatda baholanadi; bu fraksiyonel baho sifatida tanilgan.^[8] Fraksiyonel baholash, ularning berilgan bozor qiymatlarining 10% yoki undan kamida baholanadigan xususiyatlarga olib kelishi mumkin.^[9]

Qo'shma Shtatlardagi bozor qiymatining ta'riflari

Qo'shma Shtatlarda baholash ma'lum bir qiymat turiga tegishli (masalan, garovga qo'yilgan mablag ', adolatli bozor qiymati, qiynalgan sotuv qiymati, investitsiya qiymati). Qiymatning eng ko'p ishlatiladigan ta'rifi Bozor qiymati. Esa Professional baholash amaliyotining yagona standartlari (USPAP) bozor qiymatini aniqlamaydi, u bozor qiymatini qanday aniqlash kerakligi to'g'risida umumiy ko'rsatma beradi:

Fikr sifatida ko'rsatilgan qiymat turi, aniqlangan atamaning ta'rifida ko'rsatilgan muayyan sharoitlarda, ma'lum bir sanaga mol-mulkni (ya'ni egalik huquqi yoki bunday huquqlar to'plami) o'tkazilishini nazarda tutadi. baholashda qo'llanilishi mumkin bo'lgan baholovchi tomonidan.

Shunday qilib, baholashda yoki joriy bozor tahlili (CMA) tahlilida va hisobotida ishlatiladigan qiymatning ta'rifi, bu sub'ekt mulki amalga oshirishi mumkin bo'lgan bozor haqidagi taxminlar to'plamidir. Bu tahlilda foydalanish uchun taqqoslanadigan ma'lumotlarni tanlashga ta'sir qiladi. Shuningdek, bu xususiyatni baholash uchun ishlatiladigan usulga ta'sir qilishi mumkin. Masalan, daraxt qiymati mulk qiymatining 27 foizigacha hissa qo'shishi mumkin.^[10][11]

Qiymatga uchta yondashuv

Qiymatni aniqlashning uchta an'anaviy metodik guruhi mavjud. Odatda ular bir-biridan mustaqil bo'lgan "qiymatga uchta yondashuv" deb nomlanadi:

• The sotishni taqqoslash yondashuvi (mulk xususiyatlarini yaqinda o'xshash bitimlarda sotilgan taqqoslanadigan xususiyatlar bilan taqqoslash).
• The xarajatlar yondashuvi (xaridor mol-mulk uchun ekvivalenti qurish uchun sarflanganidan ko'proq pul to'lamaydi).
• The daromad yondashuvi (moliyaviy baholash, qimmatli qog'ozlarni tahlil qilish yoki obligatsiyalar narxlarini aniqlash usullariga o'xshash).

Biroq, biznesning so'nggi tendentsiyasi miqdoriy ma'lumotlar asosiga asoslangan ilmiy baholash metodologiyasidan foydalanishga intilmoqda,^[12] xavf va geografik asoslangan yondashuvlar.^[13][14] Pagourtzi va boshq. an'anaviy yondashuvlar va ilg'or usullarni taqqoslash orqali sohada qo'llaniladigan usullarni ko'rib chiqdilar.^[15]

Avval aytib o'tganimizdek, baholovchi odatda qiymatni aniqlash uchun uchta yondashuvni tanlashi mumkin. Ushbu yondashuvlardan biri yoki ikkitasi odatda ko'proq mos keladi, boshqa yondashuv yoki yondashuvlar odatda kamroq foydali bo'ladi. Baholovchi "ish ko'lami", qiymat turi, mulkning o'zi va har bir yondashuv uchun mavjud bo'lgan ma'lumotlar sifati va miqdori to'g'risida o'ylashi kerak. Biron bir yondashuv har doim boshqa yondashuvlardan har doim yaxshiroq ekanligi to'g'risida hech qanday umumiy fikrlarni aytish mumkin emas.

Baholovchi, aksariyat xaridorlar odatda ushbu mulk turini qanday sotib olishlari haqida o'ylashlari kerak. Aksariyat xaridorlar baholanadigan mulk turi uchun qanday baholash usulidan foydalanadilar? Bu odatda baholovchini mavjud ma'lumotlar bilan birgalikda eng yaxshi baholash usuli bo'yicha fikrlashga yo'naltiradi. Masalan, odatda investorlar tomonidan sotib olinadigan mulklarni baholash (masalan, osmono'par binolar, ofis binolari) Daromad yondashuviga katta ahamiyat berishi mumkin. Bitta oilaviy uy-joy mulkini sotib olishga qiziqqan xaridorlar narxlarni taqqoslashni afzal ko'rishadi, bu holda sotuvlarni taqqoslash usuli (bozorni tahlil qilish yondashuvi) ko'proq mos keladi. Qiymatga nisbatan uchinchi va yakuniy yondashuv - bu qiymatga xarajat yondashuvi. Qiymatga bo'lgan yondashuv sug'urta qilinadigan qiymatni va yangi bino yoki bino qurish uchun sarf-xarajatlarni aniqlashda eng foydali hisoblanadi.

Masalan, ma'lum bir sifatga ega bo'lgan bitta qavatli uylar har bir xonadon uchun ma'lum narxda sotiladi. Bunday holatlarning ko'pida sotuvlarni taqqoslash yondashuvi ko'proq qo'llanilishi mumkin. Boshqa tomondan, ko'p qavatli turar-joy majmuasi odatda daromad yondashuvi bilan baholanadi, chunki bu xaridorlarning aksariyati uni qanday baholashiga bog'liq. Yana bir misol, yakka tartibdagi uylar, odatda, sotishni taqqoslash yondashuvida eng katta vazn bilan baholanadi. Ammo, agar bitta oilaviy uy turar joylarning barchasi yoki aksariyati ijaraga beriladigan mahallada bo'lsa, unda daromad yondashuvining ba'zi bir variantlari foydali bo'lishi mumkin. Shunday qilib, baholash uslubini tanlash sharoitga qarab o'zgarishi mumkin, hatto baholanayotgan mol-mulk unchalik o'zgarmasa ham.

Sotishni taqqoslash usuli

Sotishni taqqoslash yondashuvi birinchi navbatda almashtirish printsipiga asoslanadi. Ushbu yondashuv ehtiyotkorlik bilan (yoki oqilona) jismoniy shaxs mol-mulk uchun taqqoslanadigan o'rnini bosadigan mulkni sotib olish uchun sarflanadigan xarajatdan ko'proq haq to'lamaydi. Yondashuv odatdagi xaridor talab qilinadigan narxlarni taqqoslashini va eng kam xarajat evaziga uning talab va ehtiyojlariga javob beradigan mulkni sotib olishga intilishini tan oladi. Sotishni taqqoslash yondashuvini ishlab chiqishda baholovchi izohlashga harakat qiladi va o'lchov bozorda ishtirok etuvchi tomonlarning, shu jumladan xaridorlar, sotuvchilar va investorlarning harakatlari.

Ma'lumot yig'ish usullari va baholash jarayoni

Yaqinda baholanadigan ob'ektga o'xshash mulklarni sotish bo'yicha ma'lumotlar to'planib, "taqqoslanadigan narsalar" deb nomlanadi. Ko'chmas mulkni baholashda va qiymatini aniqlashda faqat SOTILGAN mulklardan foydalanish mumkin, chunki ular mulk uchun aslida to'langan yoki kelishilgan summalarni aks ettiradi. Taqqoslanadigan ma'lumotlar manbalariga ko'chmas mulk nashrlari, ommaviy yozuvlar, xaridorlar, sotuvchilar, ko'chmas mulk brokerlari va / yoki agentlar, baholovchilar va boshqalar kiradi. Har bir taqqoslanadigan sotuvning muhim tafsilotlari baholash hisobotida tasvirlangan. Taqqoslash mumkin bo'lgan sotuvlar ob'ektning mulki bilan bir xil emasligi sababli, sotish sanasi, joylashuvi, uslubi, qulayliklari, kvadrat metrlari, sayt o'lchamlari va boshqalar bo'yicha tuzatishlar kiritilishi mumkin. Asosiy g'oya, agar har bir taqqoslanadigan bo'lsa, to'lanadigan narxni taqlid qilishdir. savdo ob'ekti bilan bir xil bo'lgan. Agar taqqoslanadigan narsa omil yoki aspekt bo'yicha sub'ektdan ustun bo'lsa, unda ushbu omil uchun pastga qarab tuzatish kerak.^{[tushuntirish kerak ]} Xuddi shunday, agar taqqoslanadigan narsa biron bir jihati bo'yicha mavzudan pastroq bo'lsa, unda ushbu jihat uchun yuqoriga qarab tuzatish kerak.^{[tushuntirish kerak ]} Tuzatish biroz sub'ektiv bo'lib, baholovchining tayyorgarligi va tajribasiga bog'liq. Taqqoslash mumkin bo'lgan sotuvlarning tuzatilgan sotish narxlari guruhini tahlil qilishdan baholovchi sub'ekt mulki vakili bo'lgan qiymat ko'rsatkichini tanlaydi. Turli xil baholovchilar uchun qiymatning boshqa ko'rsatkichini tanlashi mumkin, bu oxir-oqibat turli xil mulk qiymatini beradi.

Sotishni taqqoslash yondashuvidagi qadamlar

1. Savdoga oid ma'lumotni va ob’ekt mulkiga o'xshash kutilayotgan sotuvlarga oid ma'lumotlarni olish uchun bozorni o'rganing
2. Bozor ma'lumotlarini haqiqatan ham to'g'ri va to'g'riligini aniqlash uchun o'rganing
3. Tegishli taqqoslash birliklarini aniqlang (masalan, kvadrat metr uchun sotish narxi) va har biri uchun taqqoslama tahlilni ishlab chiqing
4. Mavzu va taqqoslanadigan sotuvlarni taqqoslash elementlari bo'yicha taqqoslang va kerak bo'lganda sozlang
5. Taqqoslash mumkin bo'lgan sotuvlarni (yuqoriga yoki pastga) moslashtirish natijasida hosil bo'lgan bir nechta qiymat ko'rsatkichlarini bitta qiymat ko'rsatkichiga moslashtirish

Xarajatlar yondashuvi

The xarajatlar yondashuvi bir vaqtlar yig'ish yondashuvi deb nomlangan. Nazariya shundan iboratki, mulkning qiymatini er qiymati va amortizatsiya qilingan har qanday yaxshilanishlarning qiymati. Yaxshilashlarning qiymati ko'pincha RCNLD qisqartmasi bilan ataladi ("ishlab chiqarish / almashtirish qiymati yangi eskirgan holda"). Reproduksiya - bu aniq nusxani ko'paytirishni anglatadi; almashtirish qiymati bir xil bo'lgan uy qurish yoki boshqa obodonlashtirish xarajatlarini anglatadi qulaylik, ammo zamonaviy dizayn, mahorat va materiallardan foydalangan holda. Amalda, baholovchilar deyarli har doim almashtirish narxidan foydalanadilar va keyinchalik ob'ekt mulkining yoshi bilan bog'liq har qanday funktsional foydasizlik uchun omilni chiqarib tashlashadi. Sug'urta qiymatini baholash uchun almashtirish narxidan foydalanishning umumiy qoidalaridan istisno. Bunday hollarda, vayron qiluvchi hodisadan keyin aniq aktivni olov kabi takrorlash maqsadga muvofiqdir.

Ko'pgina hollarda xarajatlar yondashuvi bilan bog'liq bo'lgan holda, umumiy metodologiya xarajatlarni va sotishni taqqoslash yondashuvlarining gibrididir (etkazib beruvchilarning xarajatlari va mijozlar izlayotgan narxlarni aks ettiradi). Masalan, bino qurish uchun almashtirish xarajatlari mehnat, material va boshqa xarajatlarni qo'shib aniqlanishi mumkin. Boshqa tomondan, er qiymatlari va amortizatsiya taqqoslanadigan sotish ma'lumotlarini tahlil qilishdan kelib chiqishi kerak.

Xarajat yondashuvi yangi tuzilmalarda qo'llanilganda eng ishonchli hisoblanadi, ammo usul eski xususiyatlar uchun unchalik ishonchsiz bo'lib qoladi. Narxlar yondashuvi ko'pincha maxsus foydalanish xususiyatlari (masalan, jamoat yig'ilishi, marinalar ).

Daromad yondashuvi

Tijorat va investitsiya xususiyatlarini baholash uchun daromadlarni kapitallashtirish yondashuvi (ko'pincha "daromad yondashuvi" deb nomlanadi) ishlatiladi. Bozorning odatdagi ishtirokchilarining kutishlarini va xatti-harakatlarini bevosita aks ettirish yoki modellashtirish uchun mo'ljallanganligi sababli, ushbu yondashuv odatda bozor ma'lumotlari mavjud bo'lgan daromad keltiruvchi xususiyatlarni baholashning eng qo'llaniladigan usuli hisoblanadi.

Tijorat daromad keltiradigan mulkda ushbu yondashuv daromadlar oqimini qiymat ko'rsatkichiga aylantiradi. Buni daromadni ko'paytiruvchi yoki yordamida amalga oshirish mumkin kapitallashuv stavkalari aniq operatsion daromadga (NOI) qo'llaniladi. Odatda, yaqinda sodir bo'lgan hodisaga ortiqcha og'irlik bermaslik uchun NOI barqarorlashtirildi. Bunga texnik jihatdan NOI bo'lmagan, chiqmagan bino keltirilgan. Stabilizatsiya qilingan NOI binoning normal stavkasida va odatdagi yashash darajasida ijaraga olinganligini taxmin qiladi. Faoliyat sof daromadi (NOI) - bu yalpi potentsial daromad (GPI), bo'sh ish o'rinlari va inkasso yo'qotishlarini kamaytirgan (= Effektiv yalpi daromad) operatsion xarajatlarni kamaytiradigan (ammo qarz xizmati, daromad solig'i va / yoki buxgalterlar tomonidan qo'llaniladigan amortizatsiya to'lovlari bundan mustasno).

Shu bilan bir qatorda, bir necha yillik sof operatsion daromadni a diskontlangan pul oqimi tahlil (DCF) modeli. DCF modeli katta ofis minoralari yoki yirik savdo markazlari kabi katta va qimmatroq daromad keltiruvchi xususiyatlarni baholash uchun keng qo'llaniladi. Ushbu uslub joriy qiymat ko'rsatkichiga erishish uchun bozor tomonidan qo'llab-quvvatlanadigan daromadlarni (yoki diskontlash stavkalarini) kelajakdagi pul oqimlariga (masalan, yillik daromad ko'rsatkichlari va odatda mol-mulkni sotishdan bir martalik qaytarish kabi) nisbatan qo'llaniladi.

Uylar shaxsiy foydalanish uchun sotib olinsa, xaridor daromad yo'nalishini teskari yo'nalishda qo'llash orqali narxni tasdiqlashi mumkin. Kutilayotgan rentabellik darajasi sof kutilgan xarajatlarni talab qilinadigan narx bilan taqqoslash orqali taxmin qilinishi mumkin. Ushbu daromadni uy egasining boshqa investitsiya imkoniyatlari bilan taqqoslash mumkin.^[16]

Buyuk Britaniyani baholash usullari

Buyuk Britaniyada baholash metodologiyasi an'anaviy ravishda beshta usulga bo'lingan:^[17]

1. Qiyosiy usul. Avvalgi savdolarning yaxshi dalillari mavjud bo'lgan mulkning aksariyat turlari uchun foydalaniladi. Bu yuqorida ko'rsatilgan sotishni taqqoslash yondashuviga o'xshaydi.

2. Investitsiya usuli, shuningdek, nomi bilan tanilgan hardcore. Ko'chmas mulkni ijaraga berish orqali kelajakdagi pul oqimlarini keltirib chiqaradigan ko'pgina tijorat (va uy-joy) mulklari uchun foydalaniladi. Ushbu usul bilan taqqoslanadi taxminiy ijara qiymati (ERV) yoki joriy ("o'tuvchi") daromadga "yuqori tilim" yoki "pastki tilim", mol-mulkning kelajakdagi qiymati daromadga qarab ko'tarilishi yoki tushishi to'g'risida ko'rsatma berish uchun. Agar mulkning daromadi ERV dan yuqori bo'lsa, bu ba'zan "ko'pik" deb nomlanadi, bu AQShning "ko'pik" dan oldingi davrni tavsiflashi bilan aralashishi mumkin. ko'chmas mulk qabariq.

Pul oqimlarini bozorda belgilangan ekvivalent rentabellik bilan taqqoslash mumkin va mulk qiymati oddiy model yordamida aniqlanishi mumkin. E'tibor bering, bu usul haqiqatan ham taqqoslash usuli hisoblanadi, chunki asosiy o'zgaruvchilar bozorda aniqlanadi. Biroq AQShning standart amaliyotida daromadlarni kapitallashtirish yondashuvining umumiy tasnifi bo'yicha NOI bilan chambarchas bog'liq kapitalizatsiya DCF usuli bilan aralashtiriladi (yuqoriga qarang).

3. Qoldiq usuli. Rivojlanish yoki qayta qurish uchun pishgan mulk uchun yoki faqat yalang'och er uchun ishlatiladi. Sayt yoki yaxshilanmagan mulk qiymati qurilish xarajatlari, professional to'lovlar, rivojlanishni moliyalashtirish xarajatlari va ishlab chiqaruvchining foydasi yoki tavakkalchilikni kamaytirgan yaxshilangan yoki ishlab chiqilgan qiymatiga asoslanadi.^{[tushuntirish kerak ]}

4. Foyda usuli. Mehmonxonalar, restoranlar va qariyalar uylari kabi narxlar dalillari oz bo'lgan savdo-sotiq xususiyatlari uchun ishlatiladi. Operatsion daromadning uch yillik o'rtacha qiymati (foyda va zarardan olingan yoki daromad jadvali ) tegishli daromad yordamida kapitallashtiriladi. Shuni esda tutingki, ishlatiladigan o'zgaruvchilar mulkka xosdir va bozor asosida ishlab chiqarilmaydi, shuning uchun tegishli tuzatishlar kiritilmasa, natijada foydalanilgan qiymat yoki investitsiya qiymati bo'ladi bozor qiymati.

5. Xarajatlar usuli. Foyda ko'rsatkichlarini olish mumkin bo'lmagan erlar va maxsus xarakterdagi binolar yoki jamoat xizmati yoki meros xususiyatlari tufayli bozor mavjud bo'lmagan erlar va binolar uchun foydalaniladi. Ham qoldiq usul, ham xarajatlar usuli AQSh ostida guruhlangan bo'lar edi xarajatlar yondashuvi (yuqoriga qarang).

Amaldagi RICS baholash standartlariga muvofiq quyidagi qiymat asoslari tan olinadi:

• Bozor qiymati (PS 3.2 ga qarang);
• Bozor ijarasi (PS 3.3 ga qarang);
• Qiymat (investitsiya qiymati) (PS 3.4 ga qarang); va
• Adolatli qiymat (PS 3.5 ga qarang)

Keyingi fikrlar

Ish hajmi

Da Professional baholash amaliyotining yagona standartlari (USPAP) har doim baholovchilardan ishonchli natijalarga erishish uchun zarur bo'lgan ish hajmini aniqlashni talab qilgan, bu so'nggi yillarda aniq bo'ldi^{[qachon? ]} baholovchilar buni etarli darajada rivojlantirish jarayonini to'liq anglamaganliklari. Ishonchli baholash uchun ish hajmini shakllantirishda a tushunchasi cheklangan ga qarshi to'liq baholash va ketish qoidasidan foydalanish mijozlar, baholovchilar va baholash sharhlovchilarida chalkashliklarni keltirib chiqardi. Buni hal qilish uchun USPAP 2006 yilda yangilangan bo'lib, "Ish hajmi" loyihasi deb nomlandi. Buning ortidan USPAP ketish qoidasini ham, cheklangan baho kontseptsiyasini ham yo'q qildi va yangi ish ko'lami qoidasi yaratildi. Bunda baholovchilar har bir topshiriqning boshida baholash muammosining oltita asosiy qismini aniqlashlari kerak edi:

• Mijoz va boshqa mo'ljallangan foydalanuvchilar
• Baholash va baholash hisobotidan maqsadli foydalanish
• Qiymat ta'rifi (masalan, bozor, musodara qilish, investitsiya)
• Har qanday taxminiy shartlar yoki g'ayrioddiy taxminlar
• Baholash tahlilining kuchga kiradigan sanasi
• Sub'ekt xususiyatining taniqli xususiyatlari

Ushbu omillarga asoslanib, baholovchi zarur bo'lgan ish hajmini, shu jumladan qo'llanilishi kerak bo'lgan metodologiyani, tekshiruv hajmini va qiymatga nisbatan qo'llaniladigan yondashuvlarni aniqlashi kerak. Hozirgi vaqtda ish hajmining minimal standartlari quyidagilardan iborat:

• Mijoz va boshqa foydalanuvchilarning kutishlari
• Shunga o'xshash topshiriqlarni bajaradigan baholovchi tengdoshlarining harakatlari

Ish ko'lami har qanday baholash jarayonidagi birinchi qadamdir. Qat'iy belgilangan ish ko'lami bo'lmasa, baholash xulosalari hayotiy bo'lishi mumkin emas. Ish ko'lamini belgilab, baholovchi ushbu mulk uchun mo'ljallangan foydalanuvchiga va bahodan maqsadli foydalanishga tegishli qiymatni to'g'ri ishlab chiqishi mumkin. "Ish ko'lami" ning butun g'oyasi - barcha tomonlar uchun baholash hisoboti nimani qamrab olayotgani va qamrab olmasligi to'g'risida aniq taxminlar va ko'rsatmalar berishdan iborat; va unga qancha ish ketgan.

Mulk foizlarining turlari

Baholanayotgan ko'chmas mulk "foizlari" turi ham ma'lum bo'lishi va hisobotda ko'rsatilishi kerak. Odatda, ko'pgina savdo-sotiq yoki ipoteka kreditlari uchun to'lov oddiy foizlar baholanmoqda. To'lov oddiy foizlar - bu mavjud bo'lgan to'liq huquqlar to'plami. Biroq, ko'p holatlarda va unga rioya qilmaydigan ko'plab jamiyatlarda Ingliz umumiy qonuni yoki Napoleon kodeksi, boshqa ba'zi qiziqishlar keng tarqalgan bo'lishi mumkin. Ko'chmas mulkka nisbatan turli xil qiziqishlar mavjud bo'lsa-da, eng keng tarqalgan uchta narsa:

• To'lov oddiy qiymat (Buyuk Britaniyada sifatida tanilgan ozodlik) - ko'chmas mulkka to'liq egalik huquqi, umumiy huquq davlatlarida davlatga tegishli vakolatlarga (soliqqa tortish, qochish, taniqli domen va politsiya kuchi) tegishli.
• Ijara haqi qiymati - Bu shunchaki ijaraga olingan oddiy foizlar to'lovi. Agar ijara bozor ijarasida bo'lsa, unda ijara haqi qiymati va to'lovning oddiy qiymati teng bo'ladi. Ammo, agar ijarachi bozorga nisbatan ko'proq yoki ozroq haq to'lasa, ijaraga olingan badal egasiga tegishli qoldiq, shuningdek ijaraga beruvchining bozor qiymati, to'lovning oddiy qiymatidan ko'p yoki kam bo'lishi mumkin.
• Ijara qiymati - ijarachining qiziqishi. Agar ijarachi bozor ijarasini to'lasa, u holda ijara shartnomasi bozor qiymatiga ega bo'lmaydi. Ammo, agar ijarachi bozordan kamroq haq to'lasa, to'lanadigan narsaning hozirgi qiymati bilan bozor ijarasining bugungi qiymati o'rtasidagi farq ijobiy ijara qiymati bo'ladi. Masalan, yirik savdo tarmog'i chakana savdo markazining langar ijarachisi sifatida xizmat qilish uchun bozor ostidagi ijara shartnomasini tuzishi mumkin. Ushbu ijara qiymati boshqa langar ijarachiga o'tkazilishi mumkin va agar shunday bo'lsa, chakana ijarachi ko'chmas mulkka ijobiy qiziqish bildiradi.

Uyni tekshirish

Agar a uyni tekshirish baholashdan oldin amalga oshiriladi va ushbu hisobot baholovchiga taqdim etiladi, yanada foydali baho natijasi bo'lishi mumkin. Buning sababi shundaki, uyning mutaxassis inspektori bo'lmagan baholovchiga, agar qurilishdagi katta nuqsonlar mavjud bo'lsa yoki kapital ta'mirlash zarur bo'lsa, ularga xabar beriladi. Ushbu ma'lumotlar baholovchining qiymatning boshqacha, ehtimol pastroq qiymatiga kelishiga olib kelishi mumkin. Ushbu ma'lumot, ayniqsa, baholashni talab qiladigan tomonlardan biri yoki ikkalasi mulkka egalik qilishi mumkin bo'lsa, ayniqsa foydali bo'lishi mumkin. Bu ba'zida mulkni ajrashish to'g'risidagi nizomda yoki qonuniy qarorda uchraydi.^[18]

Ommaviy baholash va avtomatlashtirilgan baholash modellari

Avtomatlashtirilgan baholash modellari (AVM) qabul qilishda o'sib bormoqda. Ular bir nechta kabi statistik modellarga tayanadi regressiya tahlili, mashinada o'rganish algoritmlari yoki geografik axborot tizimlari (GIS).^[19] AVMlar juda aniq bo'lishi mumkin, ayniqsa juda bir hil hududda foydalanilganda, AVMlarning boshqa holatlarda aniq emasligi, masalan, qishloq joylarida ishlatilganda yoki baholangan mulk mahallaga yaxshi mos kelmasa ham dalillar mavjud. .

Kompyuter yordamida ommaviy baholash

Kompyuter yordamida ommaviy baholash, "CAMA" qisqacha qilib aytganda, davlat idoralari tomonidan mol-mulk solig'ini hisoblash uchun ko'chmas mulkni baholashni o'rnatishda yordam beradigan har qanday dasturiy ta'minot to'plamining umumiy atamasi. CAMA - bu mulkni baholash tizimi, odatda faqat ayrim turlari ko'chmas mulk kabi kompyuter tomonidan qo'llab-quvvatlanadigan statistik tahlillarni o'z ichiga oladi ko'p regressiya tahlili baho beruvchiga qiymatni baholashda yordam beradigan moslashuvchan baholash tartibi.^[20]

Boshqaruv organlari va professional tashkilotlar

Ushbu bo'lim uchun qo'shimcha iqtiboslar kerak tekshirish. Iltimos yordam bering ushbu maqolani yaxshilang tomonidan ishonchli manbalarga iqtiboslarni qo'shish. Ma'lumot manbasi bo'lmagan materialga qarshi chiqish va olib tashlash mumkin. (Oktyabr 2019) (Ushbu shablon xabarini qanday va qachon olib tashlashni bilib oling)

Xalqaro

So'nggi yillarda AQShning turli baholash guruhlari va xalqaro professional baholash tashkilotlari rivojlanish yo'lida hamkorlik qilishni boshladilar Xalqaro baholash standartlari. Bu ko'chmas mulkni baholash bo'yicha global standartlarni, milliy chegaralarni kesib o'tadigan ko'chmas mulk investitsiya portfellariga juda zarur bo'lgan yordamni osonlashtiradi. Ba'zi baholash guruhlari allaqachon xalqaro tashkilotlardir va shu bilan ma'lum darajada global standartlarning bir qismini o'z ichiga oladi.

The Xalqaro baholash standartlari kengashi (IVSC) bu a nodavlat tashkilot (NNT) Birlashgan Millatlar Tashkilotining 150 turli mamlakatlaridan kelgan barcha milliy baholash standartlarini o'rnatuvchi va professional uyushmalarini o'z ichiga olgan a'zosi (shu jumladan, Baholash instituti, Amerika baholovchilar jamiyati, RICS, [Hindistonning qadriyatlar amaliyoti uyushmasi] va Kanada baholash instituti ). IVSC nashr etadi Xalqaro baholash standartlari (IVS), endi uning 12-nashrida.

Germaniya

Germaniyada ko'chmas mulkni baholash ko'chmas mulkni baholash deb nomlanadi (Immobilienbewertung). Ko'chmas mulk baholovchilari (Immobilienbewerter yoki Gutachter) a bo'lish huquqiga ega bo'lishi mumkin Öffentlich bestellter und vereidigter Sachverständiger (rasman tayinlangan va qasamyod keltirgan ekspert). Biroq, ilgari juda muhim bo'lgan ushbu unvon o'tgan yillarda juda muhim ahamiyatini yo'qotdi, ammo baribir sud protseduralarida muhim ahamiyatga ega. Sarlavha odatda baholash uchun talab qilinmaydi.

Boshqaruv organlari

Germaniyada ko'chmas mulkni baholash qisman qonun hujjatlariga muvofiq kodifikatsiya qilingan. Federal Baugesetzbuch (qisqacha BauGB, "Qurilish va qurilish to'g'risidagi nemis qonun hujjatlari" ") boshqaruv organlari to'g'risidagi ko'rsatmalarni o'z ichiga oladi, bozor qiymati atamasini belgilaydi va doimiy qoidalarga ishora qiladi (3-bob, 192 ff. moddalari). Har bir munitsipalitet (shahar yoki ma'muriy tuman) a tashkil qilishi kerak Gutachterausschuss (baholash qo'mitasi), rais va faxriy a'zolardan iborat.^[21] Qo'mita ko'chmas mulk bilan bog'liq barcha bitimlar to'g'risida ma'lumot to'playdi (har bir notarial sotib olish shartnomasining nusxasini Gutachterausschuss) ga qo'shiladi va Kaufpreissammlung (sotib olish narxlari ma'lumotlar bazasi). Ko'pgina qo'mitalar ko'chmas mulk bozori to'g'risidagi rasmiy hisobotni har ikki yilda bir nashr etadilar, unda boshqa ma'lumotlar bilan taqqoslanadigan ma'lumotlarga qo'shimcha ravishda er qiymati aniqlanadi. Shuningdek, qo'mitalar davlat hokimiyati organlari nomidan baholashni amalga oshiradilar.

Federal qoidalar

BauGB ta'riflaydi Verkehrswert yoki Marktvert (bozor qiymati, har ikkala atama bir xil ma'noga ega) quyidagicha: "bozor qiymati huquqiy vaziyat va samarali xususiyatlarni hisobga olgan holda, bitim tuzish paytida baholash sanasida amalga oshirilishi mumkin bo'lgan narx bilan belgilanadi; binolarning tabiati va joylashuvi yoki boshqa har qanday baholash predmeti to'g'risida "^[22] (rasmiy bo'lmagan tarjima). Maqsad, boshqa mamlakatlarda bo'lgani kabi, barcha ob'ektiv ta'sirlarni o'z ichiga oladi va ishtirok etgan tomonlarning sub'ektiv sharoitlaridan kelib chiqadigan barcha ta'sirlarni istisno qiladi.

Ushbu federal qonun tomonidan qo'llab-quvvatlanadi Wertermittlungsverordnung (qisqacha. WertV, "qiymatni aniqlash to'g'risidagi nizom").^[23] WertV kodlangan baholash yondashuvlarini va umumiy baholash texnikasini belgilaydi. Germaniyaning kodlangan baholash yondashuvlari (DCF yoki qoldiq yondashuv kabi boshqa yondashuvlarga ham ruxsat beriladi, lekin kodifikatsiya qilinmagan):

• Vergleichswertverfahren (sotuvlarni taqqoslash yondashuvi) - avvalgi savdolarning yaxshi dalillari mavjud bo'lgan hollarda va mulk egalari egallagan aktivlar, ayniqsa, kondominyumlar va yakka tartibdagi uylar uchun foydalaniladi;
• Ertragswertverfahren (Germaniya daromad yondashuvi) - mol-mulkni ijaraga berishdan kelajakda pul oqimlarini keltirib chiqaradigan mulk uchun standart tartib;
• Saxwertverfahren (Germaniya xarajatlari yondashuvi) - yuqoridagi yondashuvlarning hech biri qo'llanilmagan ixtisoslashtirilgan mulk uchun ishlatiladi, e. g. jamoat binolari.

WertV-ning umumiy qoidalari bundan keyin ham qo'llab-quvvatlanadi Wertermittlungsrichtlinie (qisqacha WertR, "qiymatni aniqlash bo'yicha ko'rsatma").^[24] WertR hisob-kitoblar uchun shablonlarni, jadvallarni (masalan, iqtisodiy amortizatsiya) va turli ta'sirlarni ko'rib chiqish bo'yicha ko'rsatmalarni taqdim etadi. WertV va WertR norasmiy foydalanish uchun baholash uchun majburiy emas, shunga qaramay, ular eng yaxshi amaliyot yoki umuman qabul qilingan (nemis) baholash amaliyoti (GAVP).

Germaniya GAVP-ga sharhlar

Ko'p jihatdan umumiy qabul qilingan (nemis) baholash printsiplari xalqaro amaliyotga mos keladi. Investitsiya bozori daromad yondashuvini eng og'ir darajada tortadi. Biroq, ba'zi muhim farqlar mavjud:

• Er va obodonlashtirish ishlari alohida ko'rib chiqiladi. Germaniya GAVP erni muddatsiz ishlatishi mumkin deb hisoblaydi, ammo binolarning yashash muddati cheklangan; Bu aktivlar balansiga to'g'ri keladi. Erning qiymati daromadlar va xarajatlar yondashuvlarida sotishni taqqoslash yondashuvi bilan aniqlanadi Gutachterausschuss keyinchalik qurilish qiymatiga qo'shiladi.
• Erdan foydalanishni hisobga olish uchun sof operatsion daromad tomonidan kamaytiriladi Liegenschaftszinlar (bino egasi tomonidan er egasiga to'lanadigan foizlar, ya'ni yer ijarasi). The Liegenschaftszinlar er qiymatining hosilasi va Liegenschaftszinssatz (erdan foydalanganlik uchun foiz stavkasi). The Liegenschaftszinssatz ba'zi muhim farqlar bilan hosilning ekvivalenti bo'lib, shuningdek tomonidan belgilanadi Gutachterausschuss.
• Buyuk Britaniyadagi amaliyotda barcha xavf-xatarlardan (ARY) farqli o'laroq Liegenschaftszinssatz (qisqacha LZ) sukut bo'yicha nafaqani o'z ichiga olmaydi (tarkibiy bo'shliq bilan aralashmaslik kerak), shuning uchun uni olib tashlash kerak yalpi operatsion daromad. Natijada Liegenschaftszinssatz odatda barcha xatarlar rentabelligidan past bo'ladi.
• Yaxshilashning iqtisodiy muddati cheklangan degan taxminga asoslanib, hosil va qolgan iqtisodiy hayot sof operatsion daromaddan qurilish qiymatini aniqlaydi.
• Germaniyadagi shartnomalar, odatda, uy egasi AQSh va Buyuk Britaniyadagi hamkasblariga qaraganda texnik xizmat ko'rsatish va ekspluatatsiya xarajatlarining yuqori qismini o'z zimmasiga oladi.

Tanqid

Matematik jihatdan er o'rtasidagi farq va daromad yondashuvining yaxshilanishi, qolgan iqtisodiy hayoti o'ttiz yildan ortiq bo'lganida umumiy qiymatga ta'sir qilmaydi. Shu sababli, dan foydalanish odatiy holga aylandi Vereinfachtes Ertragswertverfahren (soddalashtirilgan daromad yondashuvi), er qiymatini va Liegenschaftszinlar. Biroq, er va binolarga alohida ishlov berish eski binolar uchun, ayniqsa, odatda, iqtisodiy hayoti turar-joy binolariga qaraganda qisqaroq bo'lgan tijorat binolari uchun yanada aniq natijalarga olib keladi.

Professional baholovchilar tomonidan qo'llaniladigan nisbatan yuqori darajadagi standartlashtirishning afzalligi - bu bahoni nomuvofiqlik, aniqlik va shaffoflikni tekshirish qobiliyati.

Professional tashkilotlar

Belgilangan va qasamyod qilingan mutaxassislarning Federal Germaniya tashkiloti (Bundesverband Deutscher Sachverständiger und Fachgutachter, qisqacha BDSF)^[25] Germaniyadagi litsenziyali baholovchilarning aksariyatini qamrab oluvchi asosiy professional tashkilotdir. So'nggi yillarda, baholash kasbining yanada global dunyoqarashiga o'tish bilan RICS BDSF mablag'lari hisobidan Germaniyada o'z o'rnini topdi. Boshqa Germaniya tayinlangan va qasamyod qilingan mutaxassislar tashkiloti (Deutsche Sachverständigen Gesellschaft), qisqacha DESAG)^[26] Ushbu tashkilot Germaniyadagi ko'plab litsenziyali baholovchilarni ham o'z ichiga oladi.

Gipotetik qiymatga alohida e'tibor berib, 1996 yilda ko'chmas mulkni moliyalashtirish faoliyati bilan nemis banklari tuzildi HypZert GmbH, ko'chmas mulk bahosini sertifikatlash assotsiatsiyasi.^[27] A HypZert malaka ko'p nemis banklari tomonidan majburiy hisoblanadi.

Isroil

Isroilda ko'chmas mulkni baholash kasbi Adliya vazirligi organi bo'lgan Yerni baholovchilar kengashi tomonidan tartibga solinadi; baholovchilar / er baholovchilarining aksariyat qismini qamrab oladigan eng yirik professional tashkilot - bu erni baholovchilar uyushmasi. Baholovchilar qonun bilan tashkil etilgan ustav organi bo'lgan va ro'yxatdan o'tishning zaruriy sharti bo'lgan milliy kasbiy imtihonlarni o'qitishni boshqaradigan Kengashda ro'yxatdan o'tkazilishi kerak. 2005 yilda Kengash eng yaxshi amaliyotni aks ettiradigan standartlarni ishlab chiqish va e'lon qilish maqsadida Baholash standartlari bo'yicha qo'mita tuzdi; bular qoidalarga asoslangan yondoshishga moyil bo'lishdi.

Tarixga ko'ra, Isroilda aksariyat baholash qonuniy baholardan iborat bo'lgan (masalan, maqsadlar uchun qilingan baholash kabi) Yaxshilash 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 Xalqaro moliyaviy hisobot standartlari (IFRS) in 2008, the profession has been engaged in performing valuations for purposes of financial reporting.

Birlashgan Qirollik

In the UK, real estate appraisal is known as mulkni baholash and a real estate appraiser is a erni baholovchi yoki property valuer (usually a qualified ijaraga olingan surveyer who specializes in property valuation).^[17] Property valuation in the UK is regulated by the Buyurtma bo'yicha tadqiqotchilarning qirollik instituti (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 Qizil kitob. The 2017 version was the RICS Valuation – Global Standards (2017 yil 1-iyul)^[28], 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 Qizil kitob 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 Milliy rieltorlar uyushmasi.

Qo'shma Shtatlar

Appraisal practice in the United States is regulated by state. Baholash fondi (TAF) is the primary standards body; its Appraisal Standards Board (ASB) promulgates and updates best practices as codified in the Professional baholash amaliyotining yagona standartlari (USPAP), while its Appraisal Qualifications Board (AQB) promulgates minimum standards for appraiser certification and licensing.

The federal government regulates appraisers indirectly because if the Appraisal Subcommittee (ASC) of the Federal moliya institutlarini ekspertiza kengashi (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.^[29] The ASC oversees the TAF. Banks make widespread use of ipoteka kreditlari va ipoteka kreditlari bilan ta'minlangan qimmatli qog'ozlar, and would be unable to do so without appraisals.

The 1989 yilgi moliyaviy institutlarni isloh qilish, tiklash va ijroga oid qonun (FIRREA) demanded all the states to develop systems for licensing and certifying real estate appraisers.^[30] To accomplish this, the Appraisal Subcommittee (ASC) was formed within the Federal moliya institutlarini ekspertiza kengashi (FFIEC), with representatives from the various Federal mortgage regulatory agencies.^[31] 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 Professional baholash amaliyotining yagona standartlari (USPAP). The AQShda jamg'arma va kredit inqirozi resulted in increased federal regulation via the Financial Institutions Reform, Recovery and Enforcement Act of 1989, which required federal lending regulators to adopt appraisal standards. A nonprofit organization, Baholash fondi (TAF), was formed by the same organizations that had developed USPAP, and the copyright for USPAP was signed over to TAF. 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.^[31]

Professional tashkilotlar

In addition, there are professional appraisal organizations, organized as private non-profit organizations that date to the Katta depressiya 1930-yillarning. One of the oldest in the United States is the American Society of Farm Managers and Rural Appraisers (ASFMRA), which was founded in 1929.^[32] Others were founded as needed and the opportunity arose in specialized fields, such as the Baholash instituti (AI) and the Amerika baholovchilar jamiyati (ASA) founded in the 1930s, the Xalqaro yo'l harakati assotsiatsiyasi va Milliy rieltorlar uyushmasi which were founded after Ikkinchi jahon urushi. 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.

One of the most recognized professional organizations of real estate appraisers in America is the Baholash instituti (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 organizations merged in the 1990s to form the AI. This group awards four professional designations: SRA, to residential appraisers, AI-RRS, to residential review appraisers, MAI, to commercial appraisers, and AI-GRS, 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 emas 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" o'rniga of the MAI mark. The primary motive for this rule is to prevent trademark dilution. These designations require attendance in appraisal technique classes, ethical training, exams, and a review of the candidate's work by designated appraisers.

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 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.

Other leading appraisal organizations include the National Association of Independent Fee Appraisers va National Association of Master Appraisers, which were also founding sponsor-members of the Appraisal Foundation.^[33] The Massachusetts Board of Real Estate Appraisers (MBREA), founded in 1934, is the only state appraisal association that has been named a sponsor of the Appraisal Foundation.^[34] So'nggi yillarda, Buyurtma bo'yicha tadqiqotchilarning qirollik instituti (RICS) has become highly regarded in the United States, and has formed a collaboration with the Counselors of Real Estate, a division of the Milliy rieltorlar uyushmasi. RICS, which is headquartered in London, operates on a global scale and awards the designations MRICS va FRICS to Members and Fellows of RICS. The Amerikaning ko'chmas mulk bo'yicha maslahat guruhi 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 National Association of Real Estate Appraisers (NAREA), founded in 1966, with the goal to elevate the professionalism and success of the Appraisal Industry.

The leading appraisal organization for personal property valuation is the Amerika baholovchilar jamiyati 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 appraisal reports for review.

Rossiya

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, 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 Rossiya baholovchilar jamiyati, 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.

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 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.

Most of valuations in the country tend to be performed for statutory purposes envisaged by the Federal Valuation Law (the latest amendment in 2016) and other related laws, such as the Joint Stock Companies Law. Such pieces of legislation provide for more than 20 so-called "mandatory cases of valuation", including valuations for privatization purposes, lending purposes, bankruptcy and liquidation etc. Valuations for corporate accounts used to be much more prominent before 2000, when the national accounting regulator ceased to incentivize the accounting fair value option. At present, the mass appraisal of property for taxation purposes is also starting to be outsourced by the Government to the institution of professional valuers.

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 valuation done by a particular valuer to enter into effect.

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 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.

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 2-hour written-exam certification measure, aimed to counter a perception of wide-spread malpractice among the members of the national valuation profession, provides for 3 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.

Gonkong

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 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 property's value estimate across whole Hong Kong.^[35]

Avstraliya

The Avstraliya mulk instituti (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.

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 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.^[36]

Yangi Zelandiya

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 New Zealand, with perpetual succession under the Act (which is under review as at 2015). The NZIV can make Rules as lower level legislation and has a Code of Ethics. 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).

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 over 2,500 members in New Zealand and 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.

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 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.^[37]

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" 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.

There is a key distinction between the role of a real estate agent and a valuer, as an agent may advocate for its principal's interests, whereas a valuer must impartially and independently provide opinion as to value. Lawyers, Conveyancers and Real Estate Agents are permitted to act in the sale of real estate under quite different legislation from that which governs valuers. The provision for the role in relation to Lawyers and Conveyancers is the Lawyers and Conveyancers 2006.

In 2011 to 2015, the number of Registered Valuers in New Zealand has generally between only around 900 to 950 each year. 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 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.

Shuningdek qarang

Adabiyotlar

Qo'shimcha o'qish

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• Barris, J., & Garcia-Almirall, P. (2011) A density Function of the Appraisal Value. European Real Estate Society 2011 – Eindhoven, The Netherlands, Best Paper on Real Estate Valuation
• Baum, A., Nunnigton, N., & Mackmin, D. (2011) Mulkni baholash bo'yicha daromad yondashuvi (6th Edition). Estates Gazette, London
• Brown, G., & Matysiak, G. (1999) Real Estate Investment: A Capital Market Approach. Financial Times, London
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• Hayward, R. (ed.) (2008) Baholash: Amaldagi printsiplar (6-nashr). Estates Gazette, London
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• Maliene, V., Deveikis, S., Kirsten, L. and Malys, N. (2010). "Commercial Leisure Property Valuation: A Comparison of the Case Studies in UK and Lithuania". International Journal of Strategic Property Management. 14 (1): 35–48. doi:10.3846/ijspm.2010.04.CS1 maint: bir nechta ism: mualliflar ro'yxati (havola)
• Simons, Robert (2007) Yaxshi mulkka yomon narsalar yuz berganda Environmental Law Institute, Washington, DC
• The Appraisal Foundation, Professional baholash amaliyotining yagona standartlari. Updated and published annually through the 2006 edition; bundan buyon yangilangan nashrlar ikki yilda bir marta paydo bo'lishi kerak.
• The Appraisal Institute, Ko'chmas mulkni baholash (13th Edition). An industry-recognized textbook.
• The Appraisal Services in Middle East and North Africa, www.landsterling.com. RICS certified Valuation services.
• Italian Property Valuation Standard – Codice delle Valutazioni Immobiliari, Third edition – English version (2006)