Academy of Technical and
Art Applied Studies Belgrade

Assessment of Real Estate Market Values Course code: PTVN | 7 ECTS credits

Basic information
Level of Studies: Undergraduate applied studies
Year of Study: 1
Semester: 1
Requirements:
Goal: The course enables the acquisition of knowledge in the field of real estate valuation using the method of comparative (sales comparable) and the method of real estate valuation by analyzing the income of the real estate itself (income approach). Students will be able to practically master the problems of real estate valuation: market, investment, or to gain knowledge about the factors that affect the value of real estate.
Outcome: Mastering the necessary knowledge that students acquire through all forms of teaching (Lectures, exercises and consultations) creates a basis for solving specific tasks in the field of real estate valuation. Geodetic experts employed in the development and maintenance of real estate cadastre are increasingly encountering problems in this area, and thus there is a need for their knowledge to be supplemented with this topic.
Contents of the course
Theoretical instruction:
  1. Introduction to the basics of real estate valuation
  2. Types of real estate values
  3. Fundamentals of investment theory
  4. Capital value, interest rate, discount rate, types of loans
  5. Investment planning, taxes and loans
  6. Estimation of the market value of real estate using the comparable sales approach
  7. Estimation of the market value of real estate using income methods
  8. Cash-flow analysis
  9. Impact of risk on investments
  10. Mortgage
  11. Estimation of the market value of real estate
Practical instruction (Problem solving sessions/Lab work/Practical training):
Textbooks and References
  1. Appraisal institute 12th edition: ²The Appraisal of Real Estate², Chicago
  2. Jaffe, A., Sirmans, C. F.: ²Fundamentals of Real Estate Investment², New Jersey, Chapter 12
  3. Brown, G., Matysiak G.: ²Real Estate Investment – A Capital Market Approach², Financial Times Prentice Hall 2000, Chapter 2
  4. Applicable laws and bylaws related to the field of real estate valuation in Serbia
Number of active classes (weekly)
Lectures: 2
Practical classes: 2
Other types of classes: 0
Grading (maximum number of points: 100)
Pre-exam obligations
Points
activities during lectures
10
activities on practial excersises
0
seminary work
0
colloquium
35
Final exam
Points
Written exam
0
Oral exam
55