THE REAL ESTATE EVALUATIONS OPERATIONAL HANDBOOK
|
|
- Anastasia Jefferson
- 8 years ago
- Views:
Transcription
1 United Nations Economic Commission for Europe WORKING PARTY ON LAND ADMINISTRATION THE REAL ESTATE EVALUATIONS OPERATIONAL HANDBOOK Speaker: Mauro Iacobini Agenzia del Territorio Largo Leopardi, 5 Roma 06/ 05 / 2011
2 THE REAL ESTATE EVALUATIONS OPERATIONAL HANDBOOK Agenzia del Territorio Largo Leopardi, 5 Roma 06/05/2011 pag. 02
3 Therefore, it is increasing the gap beetwen: Traditional appraisal methodology GAP The wide variety of statistical and econometric techniques Agenzia del Territorio Largo Leopardi, 5 Roma 06/05/2011 pag. 03
4 The methods used by the Italian appraisers are based on: simple theoretical hypotheses; experience; subjective judgments. Result: Conflicting assessments Agenzia del Territorio Largo Leopardi, 5 Roma 06/05/2011 pag. 04
5 1. Valuation is a science that yields precise answers Reality 1: Valuations are always biased Truth 1.1: All valuations are biased. The only questions are how much and in which direction. Truth 1.2: The direction and magnitude of the bias in your valuation is directly proportional to who pays you and how much you are paid. Reality 2: Equity valuations are always imprecise but they are most valuable when they are most imprecise. Truth 2.1: There are no precise valuations Truth 2.2: The payoff to valuation is greatest when valuation is least precise. Reality 3: Complex valuations do not yield better estimates of value. Truth 3.1: One s understanding of a valuation model is inversely proportional to the number of inputs required for the model. Truth 3.2: Simpler valuation models do much better than complex ones. (Aswath Damodaran) Agenzia del Territorio Largo Leopardi, 5 Roma 06/05/2011 pag. 05
6 Agenzia del Territorio supports: ISVAP (public institute) in the supervision of insurance companies; Local authorities in the urban planning services; Public authorities in the activities of enhancement and disposal of their real estate assets; and it also provides: assessments related to feasibility studies for most important projects. Agenzia del Territorio Largo Leopardi, 5 Roma 06/05/2011 pag. 06
7 Necessary conditions for a right appraisal are: (1) Knowledge of the real estate market (specific economic information) (2) Knowledge of the real estate property and its location in the national area (characteristics of assets) Agenzia del Territorio Largo Leopardi, 5 Roma 06/05/2011 pag. 07
8 In particular, the economic information necessary for the real estate appraisal (knowledge of the real estate or housing market ) is represented by: Buying-selling prices, in order to use the Sales Comparison Approach; Construction costs, in order to use the Cost Approach; Rents, yields and costs in order to use the Income or Financial Approach. Agenzia del Territorio Largo Leopardi, 5 - Roma 06/05/2011 pag. 08
9 Initiatives undertaken by Agenzia del Territorio Implementation and improvement of statistical analysis on the real estate market; Drafting of an operational handbook for real estate appraisals; Training program addressed to the Agency's technical staff; Creation of a real estate estimates database in order to monitor and develop the best practice in the real estate field. Agenzia del Territorio Largo Leopardi, 5 - Roma 06/05/2011 pag. 9
10 Real Estate Market Observatory Detection of collection of basic market data; Explanation of the sources; Elaboration of criteria for determining the quotations; Quotations referred to the whole country (direct collection in ~ 1300/8100 municipalities). Agenzia del Territorio L.go Leopardi, 85 - Roma 06/05/2011 Pag 10
11 Activities for the future are: To improve data quality; To gather additional economic information (e.g. the unit construction costs related to different regional markets). Agenzia del Territorio Largo Leopardi, 5 - Roma 06/05/2011 pag. 11
12 THE REAL ESTATE EVALUATIONS OPERATIONAL HANDBOOK (the Italian acronym is MOSI) Main aim To standardize the behavior of the technicians working in the different Provincial Offices when enforcing various estimation procedures. Agenzia del Territorio Largo Leopardi, 5 - Roma 06/05/2011 pag. 12
13 THE REAL ESTATE EVALUATIONS OPERATIONAL HANDBOOK (MOSI) It is not a text of economic valuation; It defines: - the operating procedures to perform real estate appraisals also when (sufficient) economic information are missing; - the methodology to improve the knowledge of local housing market. Agenzia del Territorio Largo Leopardi, 5 - Roma 06/05/2011 pag. 13
14 Valuation approaches The variety of (direct and indirect) estimation methods necessarily requires a procedure choice to steer the Agency technicians. According to Agenzia del Territorio, it is better to use in turn simplified procedures or more complex methods depending on the specific case. Agenzia del Territorio Largo Leopardi, 5 - Roma 06/05/2011 pag. 14
15 Valuation Approaches Valuation approaches include: Market Approach; Cost Approach; Income Approach. Agenzia del Territorio Largo Leopardi, 5 - Roma 06/05/2011 pag. 15
16 Sales Comparison Approach The Sales Comparison approach is the most frequently used approach for estimating the market value of residential properties (including single and multifamily ones). Agenzia del Territorio makes use of a semi-empirical procedure, in order to assess real estate properties in markets having low-dynamic and low-transparency, and when it is not possible to use other approaches. Agenzia del Territorio Largo Leopardi, 5 - Roma 06/05/2011 pag. 16
17 Sales Comparison Approach The adjustment price of each real estate property characteristic is market-derived on the basis of activities carried out by the Agency Provincial offices. In the future, the market-derived adjustments could be identified through scientific methods, such as the Multiple Regression Analysis (MRA) and the Analytic Hierarchic Process (AHP). Agenzia del Territorio Largo Leopardi, 5 - Roma 06/05/2011 pag. 17
18 THE COST APPROACH assesses the market value of a real property by adding the prices of the different factors used in the production process. modern (new or recent) real estates, built with current technologies and distributive criterions, fittings endowments, comfort and safety levels consistent with standards in force cost for the asset duplicating COST VALUE REPRODUCTION COST ancient or historical real estates, built with outdated technologies and distributive criterions, fittings endowments, comfort and safety levels not consistent with standards in force cost of building a similar asset, using updated construction methods and materials SUBSTITUTION VALUE REPLACEMENT COST DECREASED ACCORDING TO DEPRECIATION Agenzia del Territorio Largo Leopardi, 5 Roma 06/05/2011 pag. 18
19 REPRODUCTION COST It deals with assuming normal real estate development activity appropriate to guarantee the reproduction of the property to be assessed, whether such reproduction is regarded as duplication or as replacement. V M Market value of the property FORMULA V M = C L + C B + B F + P D Market Value V M appraised through the procedure of the reproduction cost C L C B B F P D Cost of Land Construction Cost Financial burdens Entreprener Profit CL direct and indirect Costs of Land C B direct and indirect Construction Cost B F Financial burdens Ctc Technical Construction Cost Cic indirect Cost of Building P D Profit of the developer C BL B BL C FL C CS C ES B PSU B CC R P C LP E G E C B FL B FC P DL P DC Cost for buying land Burdens for buying land costs to make land suitable for building Construction Cost of Covered Surfaces Cost of arrangement of outdoor areas Burdens of Primary and Secondary Urbanization Contributions related to the cost of construction Professional fees Costs for connecting to public services General Expenses Marketing Expenses Financial burdens on the debt rate related to direct and indirect costs of the Land Financial burdens on the debt rate related to direct and indirect construction costs Profit of the developer on direct and indirect costs of the Land Profit of the developer on direct and indirect construction costs Ou Burdens of Urbanization Cg Management Costs of the real estate development Agenzia del Territorio Largo Leopardi, 5 Roma 06/05/2011 pag. 19
20 PARAMETRIC EVALUATION sources information unity of measure adjustments Specialized publications with index parametric costs typologies costs inpact times volume gross surface floor typical numbers location area works category C tc technical construction cost sources Local Specialized publications that collect the single costs of construction materials, working hours and other factors ANALYTICAL EVALUATION quantity costs metric calculation unitary prices amounts Agenzia del Territorio Largo Leopardi, 5 Roma 06/05/2011 pag. 20
21 PARAMETRIC EVALUATION sources information Agenzia del Territorio Largo Leopardi, 5 Roma 06/05/2011 pag. 21
22 ANALYTICAL EVALUATION sources metric calculation of the costs C TC pag. 22
23 INCOME APPROACH Direct Capitalization Yield Capitalization Discounted Cash Flow Analysis Agenzia del Territorio Largo Leopardi, 5 Roma 06/05/2011 pag. 23
24 Aswath Damodaran Valuation Inferno: Dante meets DCF Agenzia del Territorio Largo Leopardi, 5 Roma 06/05/2011 pag. 24
25 Agenzia del Territorio Largo Leopardi, 5 Roma 06/05/2011 pag. 25
26 Economic information necessary for the implementation of the DCFA in real estate appraisal (i.e. items likely to generate strong cash flows and the variables that affect its performance) are approximately the following: 1. gross annual income; 2. Inflation performance; 3. using period under the lease; 4. vacancy; 5. cost of purchasing the property (stamp duty, notary charges, etc.); 6. cost of debt; 7. operating costs of leased properties (local property tax, administration, insurance, maintenance etc.); when it is appropriate to assume a conversion of the property, the following must be added: 8. highest & Best Use; 9. any investment required for conversion (restructuring etc.); 10. any time for conversion (of the property) and to rent it out, compared to existing urban settlements and their constraints; 11. potential gross income of the converted property and for the last year flow (terminal value); 12. revaluation; 13. future market rents. Agenzia del Territorio Largo Leopardi, 5 Roma 06/05/2011 pag. 26
27 THANKS FOR YOUR ATTENTION! Agenzia del Territorio Largo Leopardi, 5 Roma 06/05/2011 pag. 27
HIDDEN BUILDINGS PROJECT
UNECE Working Party on Land Administration HIDDEN BUILDINGS PROJECT an Italian best practice for a more effective land administration Eng. Marco SELLERI WPLA SIXTH SESSION Geneva, 19 th of June, 2009 Agenzia
More informationInternational Valuation Guidance Note No. 9 Discounted Cash Flow Analysis for Market and Non-Market Based Valuations
International Valuation Guidance Note No. 9 Discounted Cash Flow Analysis for Market and Non-Market Based Valuations 1.0 Introduction 1.1 Discounted cash flow (DCF) analysis is a financial modelling technique
More informationAgenzia del Territorio - Largo Leopardi, 5-00185 Roma - THE ITALIAN CADASTRAL SYSTEM MANAGING BODY AGENZIA DEL TERRITORIO
PLENARY SESSION 1 Knowledge to manage The Italian Cadastre and the Real Estate Taxation Franco Maggio Central Director for Cadastre and Cartography Agenzia del Territorio - Largo Leopardi, 5-00185 Roma
More informationBasics of Discounted Cash Flow Valuation. Aswath Damodaran
Basics of Discounted Cash Flow Valuation Aswath Damodaran 1 Discounted Cashflow Valuation: Basis for Approach t = n CF Value = t t =1(1+ r) t where, n = Life of the asset CF t = Cashflow in period t r
More informationReal Estate Appraisals Common Issues and Best Practices
Real Estate Appraisals Common Issues and Best Practices Real estate appraisals are the first line of credit risk defense Common Issues Key Takeaways Common areas for improvement Selecting the best appraisers
More informationRe/Max Acclaimed Realty Commercial Division Industry Specific Training Program
Re/Max Acclaimed Realty Industry Specific Training Program This course is meant to get brand new agents up to speed with the industry knowledge quickly. If a brand new agent completes this course within
More informationBefore you develop or acquire a property, you must know how big it is size is the key metric for real estate.
Real Estate Development Key Terms If you want to understand real estate development, you need to know the key terms used to describe properties whether you re developing the properties from the ground
More informationInternational Valuation Application 2 Valuation for Lending Purposes
International Valuation Application 2 Valuation for Lending Purposes Introduction 185 Scope 185 Definitions 186 Relationship to Accounting Standards 187 Application 187 Discussion 189 Disclosure Requirements
More informationValuation of Intellectual Property Mark Weston, CA, CBV Director, Advisory and Transaction Services
9:30 am 10:15 am Valuation of Intellectual Property Mark Weston, CA, CBV Director, Advisory and Transaction Services Agenda General Valuation Approaches Cost Based Valuation Methods Market Based Valuation
More informationCash Investments MORE: Multiple Owner Real Estate
Private Capital Corporation Inland Private Capital Corporation Cash Investments MORE: Multiple Owner Real Estate www.inland-investments.com Inland Private Capital Corporation 415 properties in 44 states
More informationAN INTRODUCTION TO REAL ESTATE INVESTMENT ANALYSIS: A TOOL KIT REFERENCE FOR PRIVATE INVESTORS
AN INTRODUCTION TO REAL ESTATE INVESTMENT ANALYSIS: A TOOL KIT REFERENCE FOR PRIVATE INVESTORS Phil Thompson Business Lawyer, Corporate Counsel www.thompsonlaw.ca Rules of thumb and financial analysis
More informationAppraiser Qualifications Board
Appraiser Qualifications Board COURSE APPROVAL PROGRAM APPLICATION FOR INITIAL COURSE APPROVAL or RENEWAL If renewal, please provide state approval number (if applicable) INSTRUCTIONS: This application
More informationUnderstanding the Appraisal
Understanding the Appraisal Understanding the Appraisal Much of the private, corporate and public wealth of the world consists of real estate. The magnitude of this fundamental resource creates a need
More informationEquity Value and Per Share Value: A Test
Equity Value and Per Share Value: A Test Assume that you have done an equity valuation of Microsoft. The total value for equity is estimated to be $ 400 billion and there are 5 billion shares outstanding.
More informationCOMMERCIAL REAL ESTATE INVESTING
REDEFINING REAL ESTATE INVESTING CRE101: INTRODUCTION TO COMMERCIAL REAL ESTATE INVESTING COMMERCIAL REAL ESTATE INVESTING ABOUT REALCROWD RealCrowd is a private, secure and simple-to-use online platform
More informationTrading Costs and Taxes!
Trading Costs and Taxes! Aswath Damodaran Aswath Damodaran! 1! The Components of Trading Costs! Brokerage Cost: This is the most explicit of the costs that any investor pays but it is usually the smallest
More informationSample Property 930 LaVergne Ln La Vergne, TN 37086
Property Report Sample Property Presented by: My Company 123 Main St Anywhere, CA 12345 Office: Mobile: Fax: You can customize the footer too! 1 Overview Sample Property Purchase Info Square Feet (2 Units)
More informationChapter 12. Introduction to Value Determination
Chapter 12 Value Theory, Highest and Best Use Analysis, and the Cost Approach 11/17/2005 FIN4777 - Special Topics in Real Estate - Professor Rui Yao 1 Introduction to Value Determination Price is usually
More informationi) Question Type The following are guidelines on the type of questions and their approximate weightings:
Purpose Financial Accounting: Assets [FA2] Examination Blueprint 2014/2015 The Financial Accounting: Assets [FA2] examination has been constructed using an examination blueprint. The blueprint, also referred
More informationInvesting on hope? Small Cap and Growth Investing!
Investing on hope? Small Cap and Growth Investing! Aswath Damodaran Aswath Damodaran! 1! Who is a growth investor?! The Conventional definition: An investor who buys high price earnings ratio stocks or
More informationThe Debt-Equity Trade Off: The Capital Structure Decision
The Debt-Equity Trade Off: The Capital Structure Decision Aswath Damodaran Stern School of Business Aswath Damodaran 1 First Principles Invest in projects that yield a return greater than the minimum acceptable
More informationMETHOD FOR PROJECT APPRAISAL: NET PRESENT VALUE OR NPV The sum of discounted cash flows.
OBJECTIVE: ECONOMIC ANALYSIS OF A PROJECT, consisting of the operation of a new incineration plant by the municipality. In particular we are interested in the computaton of a Solid Waste Tariff, consistent
More informationThe 2014 Italian Presidency of the Permanent Committee on Cadastre in the E.U.
The 2014 Italian Presidency of the Permanent Committee on Cadastre in the E.U. Athens, 25 th June 2014 Eng. Franco MAGGIO Central Director for Cadastre and Cartography Page 1 Agenda Overview of the Italian
More informationINCOME APPROACH Gross Income Estimate - $198,000 Vacancy and Rent Loss - $9,900
INCOME APPROACH The Income Approach considers the return on Investment and is similar to the method that investors typically use to make their investment decisions. It is most directly applicable to income
More information1. What is the difference between nominal returns and real returns?
End of Chapter 11 Questions and Answers 1. What is the difference between nominal returns and real returns? Answer: Nominal returns include inflation while real returns have inflation netted out. For example,
More informationQUADRANT SKEW CAPITAL Syllabus
QUADRANT SKEW CAPITAL Syllabus OVERVIEW Quadrant Skew Capital s Equity Research Program focuses on material, content and skills that are directly applicable to real-world application. Our program provides
More informationReal Estate Investment Analysis and Advanced Income Appraisal BUSI 331
Real Estate Division Real Estate Investment Analysis and Advanced Income Appraisal BUSI 331 Presentation by Graham McIntosh Outline 1. Introduction 2. Investment Analysis vs. Appraisal 3. The After Tax
More informationReliable Valuations. Session 2 Discount Rates DCF Analyses And others
OFFICE INDUSTRIAL APARTMENT HOSPITALITY Session 2 Discount Rates D Analyses And others RETAIL INDUSTRIAL LAND Session 1 Comparable Sales Capitalization Rates Discount Rates Discounted Cash Flow Band of
More informationAppendix A to Part 3500 -- Instructions for Completing HUD - 1 and HUD - 1A Settlement Statements
Appendix A to Part 3500 -- Instructions for Completing HUD - 1 and HUD - 1A Settlement Statements The following are instructions for completing Sections A through L of the HUD - 1 settlement statement,
More informationThe Match Game: Cap Rates and Cash Flows
The Match Game: Cap Rates and Cash Flows 44 th Annual Wichita Program Appraisal for Ad Valorem Taxation Jay Fletcher Washington Department of Revenue jayf@dor.wa.gov Paul Simon Xcel Energy paul.a.simon@xcelenergy.com
More informationDeveloping Commercial Property Price Indicators
Developing Commercial Property Price Indicators Paolo Passerini* *European Commission, Eurostat Ottawa Group Copenhagen -1-3 May 2013 Abstract Commercial Property Price Indicators (CPPIs) are a new and
More informationSUPPLEMENTARY GREEN BOOK GUIDANCE
SUPPLEMENTARY GREEN BOOK GUIDANCE ADJUSTING FOR TAXATION IN PFI vs PSC COMPARISONS 1 INTRODUCTION 1.1 This guidance looks at the differential tax receipts that arise from the use of the Private Finance
More informationUnderstanding the APOD How to Crunch the Numbers on Your Investment Transaction
Understanding the APOD How to Crunch the Numbers on Your Investment Transaction Commercial Investment Education Alliance Commercial Success Series 105 1 Commercial Investment Education Alliance Please
More informationCapital Investment Analysis and Project Assessment
PURDUE EXTENSION EC-731 Capital Investment Analysis and Project Assessment Michael Boehlje and Cole Ehmke Department of Agricultural Economics Capital investment decisions that involve the purchase of
More informationGlossary of Lending Terms
Glossary of Lending Terms Adjustable Rate Loan or Adjustable Rate Mortgage (ARM) A loan with an interest rate that changes during the term of the loan. The payments generally increase or decrease with
More informationNOTICE: For details of the project history please look under the Work Plan section of this website.
NOTICE: This Exposure Draft is available to show the historic evolution of the project. It does not include changes made by the Board following the consultation process and therefore should not be relied
More informationStep 1: Determine the Size, Parameters and Construction Timeline for the Property
The Real Estate Development Process While real estate development models may look complex, the actual concepts are simpler than what you see for normal companies. Real estate development modeling is different
More informationTHE APPRAISAL OF REAL ESTATE 3 RD CANADIAN EDITION BUSI 330
THE APPRAISAL OF REAL ESTATE 3 RD CANADIAN EDITION BUSI 330 REVIEW NOTES by CHUCK DUNN CHAPTER 7 Copyright 2010 by the Real Estate Division and Chuck Dunn. All rights reserved CHAPTER 7 - THE VALUATION
More informationDirector s Guide to Credit
Federal Reserve Bank of Atlanta Director s Guide to Credit This guide was created by the Supervision and Regulation Division of the Federal Reserve Bank of Atlanta, 1000 Peachtree Street NE, Atlanta,
More informationHOUSING FINANCE AND LOW-INCOME HOUSING TAX CREDITS. September 2012 With gratitude to Kathleen Foster
BASIC AFFORDABLE HOUSING FINANCE AND LOW-INCOME HOUSING TAX CREDITS September 2012 With gratitude to Kathleen Foster Public Housing Finance Today Conventional Public Housing Finance: Capital and operating
More informationState Tax Commission. Basic Income. MAAO Prerequisite Course. Published July 2014
State Tax Commission Basic Income MAAO Prerequisite Course Published July 2014 All rights reserved. This material may not be published, broadcast, rewritten or redistributed in whole or part without the
More informationBreakeven Analysis. Breakeven for Services.
Dollars and Sense Introduction Your dream is to operate a profitable business and make a good living. Before you open, however, you want some indication that your business will be profitable, if not immediately
More informationIntroduction to Real Estate Investment Appraisal
Introduction to Real Estate Investment Appraisal Maths of Finance Present and Future Values Pat McAllister INVESTMENT APPRAISAL: INTEREST Interest is a reward or rent paid to a lender or investor who has
More informationTen reasons to be invested in European Listed Real Estate
Ten reasons to be invested in European Listed Real Estate Executive Summary At Petercam Institutional Asset, we are convinced that investing part of one s assets in European listed real estate makes sense.
More informationFundamentals Level Skills Module, Paper F9
Answers Fundamentals Level Skills Module, Paper F9 Financial Management June 2008 Answers 1 (a) Calculation of weighted average cost of capital (WACC) Cost of equity Cost of equity using capital asset
More informationHow should banks account for their investment in other real estate owned (OREO) property?
TOPIC 5: OTHER ASSETS 5A. REAL ESTATE Question 1: (December 2008) How should banks account for their investment in other real estate owned (OREO) property? Detailed accounting guidance for OREO is provided
More informationThree approaches to valuing intangible assets
CGMA TOOLs Three approaches to valuing intangible assets Powered by CONTENTS Two of the world s most prestigious accounting bodies, AICPA and CIMA, have formed a joint-venture to establish the Chartered
More informationAPPENDIX A TO PART 3500 INSTRUCTIONS FOR COMPLETING HUD-1 AND HUD-1A SETTLEMENT STATEMENTS; SAMPLE HUD-1 AND HUD-1A STATEMENTS
APPENDIX A TO PART 3500 INSTRUCTIONS FOR COMPLETING HUD-1 AND HUD-1A SETTLEMENT STATEMENTS; SAMPLE HUD-1 AND HUD-1A STATEMENTS The following are instructions for completing the HUD-1 settlement statement,
More informationPage One of Settlement Statement A. U.S. Department of Housing B. Type of Loan and Urban Development 1. [ ] FHA 2. [ ] FMHA 3. [ ] Conv. Unins.
Page One of Settlement Statement A. U.S. Department of Housing B. Type of Loan and Urban Development 1. [ ] FHA 2. [ ] FMHA 3. [ ] Conv. Unins. 4. [ ] VA 5. [ ] Conv. Ins. 6. File Number 7. Loan Number
More informationKeyware Technologies N.V- valuation highlights
Keyware Technologies N.V- valuation highlights This memorandum brings a short summary of Keyware Technologies N.V's (hereinafter 'Keyware' or the 'Company') valuation report as of December 31, 2014. This
More informationFinding the Right Financing Mix: The Capital Structure Decision. Aswath Damodaran 1
Finding the Right Financing Mix: The Capital Structure Decision Aswath Damodaran 1 First Principles Invest in projects that yield a return greater than the minimum acceptable hurdle rate. The hurdle rate
More informationDealing with Operating Leases in Valuation. Aswath Damodaran. Stern School of Business. 44 West Fourth Street. New York, NY 10012
Dealing with Operating Leases in Valuation Aswath Damodaran Stern School of Business 44 West Fourth Street New York, NY 10012 adamodar@stern.nyu.edu Abstract Most firm valuation models start with the after-tax
More informationAccounts Payable Accounts Receivable Amortization Annual Interest Rate Annual Percentage Rate Attorney Fees Bridge Financing
Accounts Payable Accounts payable are business debts that must be paid off within a relatively short period of time, as opposed to long term debt such as mortgage loans and equipment loans. Accounts payable
More informationWhat's Your Business Worth? What you see isn't usually what you get - or want!
What's Your Business Worth? What you see isn't usually what you get - or want! "How much is my business worth?" and "How do I know for sure?" and "Why should I care? After all, I have no intention of selling
More information--Works within Department to foster a culture of best practices and teamwork.
S23530, page 1 Nothing in this job description restricts management's right to reassign duties and responsibilities to this job at any time. DUTIES Serves as Real Estate Asset Manager in the Real Estate
More informationWhat is the fair market
3 Construction Company Valuation Primer Fred Shelton, Jr., CPA, MBA, CVA EXECUTIVE SUMMARY This article explores the methods and techniques used in construction company valuation. Using an illustrative
More informationValuation of Intangibles under IFRS 3R, IAS 36 and IAS 38
Valuation of Intangibles under IFRS 3R, IAS 36 and IAS 38 Jim Eales Agenda Overview of Purchase Price Allocation under IFRS 3R Valuation of Intangibles - Approaches & Methodologies Impairment Testing (IAS
More informationFrequently Asked Questions on Residential Tract Development Lending (September 8, 2005)
Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency Office of Thrift Supervision Frequently
More informationREAL ESTATE PARTNERS LIMITED (A CALIFORNIA LIMITED PARTNERSHIP)
(A CALIFORNIA LIMITED PARTNERSHIP) INDEPENDENT AUDITORS' REPORT AND FINANCIAL STATEMENTS DECEMBER 31, 1999 (A CALIFORNIA LIMITED PARTNERSHIP) TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS' REPORT 1 FINANCIAL
More informationAccounting for Fixed Assets
96 Accounting Standard (AS) 10 Accounting for Fixed Assets Contents INTRODUCTION Paragraphs 1-6 Definitions 6 EXPLANATION 7-17 Identification of Fixed Assets 8 Components of Cost 9 Self-constructed Fixed
More informationAgricultural Land Assessment. Valuation Procedure For Property Tax Purposes
Agricultural Land Assessment Valuation Procedure For Property Tax Purposes 1 Basic Formula Average Annual Net Cash Rental Capitalization Rate Land Full Cash Value 2 Valuation Statute 42-13101. Valuation
More informationThe value of information technology: A case study
ABSTRACT The value of information technology: A case study Lin Zhao Purdue University Calumet Songtao Mo Purdue University Calumet This case requires students to examine how to effectively assess the business
More informationFRBSF ECONOMIC LETTER
FRBSF ECONOMIC LETTER 01-1 April, 01 Commercial Real Estate and Low Interest Rates BY JOHN KRAINER Commercial real estate construction faltered during the 00 recession and has improved only slowly during
More informationCommercial Real Estate Investing 101
Commercial Real Estate Investing 101 RealCrowd invest@realcrowd.com 2013 RealCrowd. All rights reserved. A better way to invest in real estate. What is RealCrowd? RealCrowd offers direct real estate investing
More informationQualified Personal Residence Trust (QPRT)
Qualified Personal Residence Trust (QPRT) Overview A Qualified Personal Residence Trust (QPRT) can allow a homeowner to transfer a residence to other family members at a reduced gift tax cost while retaining
More informationDiscussion of Discounting in Oil and Gas Property Appraisal
Discussion of Discounting in Oil and Gas Property Appraisal Because investors prefer immediate cash returns over future cash returns, investors pay less for future cashflows; i.e., they "discount" them.
More informationFinancing Residential Real Estate: SAFE Comprehensive 20 Hours
Financing Residential Real Estate: SAFE Comprehensive 20 Hours COURSE ORGANIZATION and DESIGN Roy L. Ponthier, Ph.D., Ed.D., CDEI, DREI Executive Director Module 1: Finance and Investment Mortgage loans
More informationFully Amortized Loan: Fixed Rate This loan is the easiest payment to calculate since the payment stays the same throughout the term of the loan.
SECTION THREE: TYPES AND EXAMPLES OF LOANS This Section on types of loans, provides the opportunity to begin calculating actual loan payments. A basic understanding of the use of a financial calculator
More informationDiscounted Cash Flow Valuation: Basics
Discounted Cash Flow Valuation: Basics Aswath Damodaran Aswath Damodaran 1 Discounted Cashflow Valuation: Basis for Approach Value = t=n CF t t =1(1+r) t where CF t is the cash flow in period t, r is the
More informationEstimated Going Concern Enterprise Valuation
UBS Securities LLC 299 Park Avenue New York NY 10171 www.ubs.com September 12, 2005 VARIG, S.A. (VIAÇÃO AÉREA RIO-GRANDENSE) Em Recuperação Judicial Brazilian Bankruptcy Court in Rio de Janeiro, Brazil
More informationCRMS Exam Study Guide
CRMS Exam Study Guide The following five sections of this study guide provide questions similar to the ones you will encounter in the CRMS exam. The number of questions appearing below is proportional
More informationInvesting in unlisted property schemes?
Investing in unlisted property schemes? Independent guide for investors about unlisted property schemes This guide is for you, whether you re an experienced investor or just starting out. Key tips from
More informationValuing the Business
Valuing the Business 1. Introduction After deciding to buy or sell a business, the subject of "how much" becomes important. Determining the value of a business is one of the most difficult aspects of any
More informationTo understand and apply the concept of present value analysis in management decision making within the framework of the regulatory process.
Present Value Analysis Effective management decision making means making the best possible choices from the available investment alternatives consistent with the amount of funds available for reinvestment.
More informationWhen Your Home is on The Line:
515 Erie Boulevard West Syracuse, NY 13204 800-462-5000 When Your Home is on The Line: What You Should Know About Home Equity Lines of Credit If you are in the market for credit, a home equity plan is
More informationCHANGES IN FASB 13 RULES TO CHANGE COMMERCIAL REAL ESTATE INDUSTRY
CHANGES IN FASB 13 RULES TO CHANGE COMMERCIAL REAL ESTATE INDUSTRY BRIAN OWENDOFF BMO Commercial Real Estate L.L.C. As a child growing up to the late 1970s, I remember the push for the metric system in
More informationLondon Borough of Havering. Draft Planning Guidance Note on Affordable Housing. Commuted Sum Payments
London Borough of Havering Draft Planning Guidance Note on Affordable Housing Commuted Sum Payments May 2016 Affordable housing circumstances where Havering Council will use commuted sum payments to the
More informationCONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED INTERIM FINANCIAL STATEMENTS AND GROUP INTERIM MANAGEMENT REPORT SECOND QUARTER OF 2008 JUNE 30, 2008 FRANCONOFURT AG FRANKFURT AM MAIN FRANCONOFURT AG, FRANKFURT AM MAIN CONSOLIDATED INTERIM
More informationFinancial Statement Analysis!
Financial Statement Analysis! The raw data for investing Aswath Damodaran! 1! Questions we would like answered! Assets Liabilities What are the assets in place? How valuable are these assets? How risky
More informationSupplemental agreement and deed of variation of
Supplemental agreement and deed of variation of section 106 agreement dated 24 September 2003 (as varied on 14 February 2007) relating to land at Southgate, Bath Dated 5 Df2CombQr 2008 Bath and North East
More informationThe Market Value of Mature Trees in Single-Family Housing Markets.
The Market Value of Mature Trees in Single-Family Housing Markets. By Jonathan Dombrow, Mauricio Rodriguez, and C.F. Sirmans January 1, 2000 Appraisal Journal Abstract How does the existence of mature
More informationContent Specification Outlines Certified Management Accountant (CMA) Examinations
Effective January 1, 2015 Content Specification Outlines Certified Management Accountant (CMA) Examinations The content specification outlines presented below represent the body of knowledge that will
More information8. Real Property Taxation in the Philippines 1
8. Real Property Taxation in the Philippines 1 Local governments in the Philippines are vested with the power to create their own revenue sources. Such power must of course be exercised within the limitations
More informationDar es Salaam Masterplan 2012 2032 Ministry of Lands, Housing and Human Settlements Development
Dar es Salaam Masterplan 2012 2032 Ministry of Lands, Housing and Human Settlements Development Roma_22 April 2013 Dodi Moss Happold Group AfriArch QConsult CONTENTS PART I : MAIN REPORT Introduction FIRST
More informationINVESTMENT CONSULTING SERVICES DISCLOSURE BROCHURE
INVESTMENT CONSULTING SERVICES DISCLOSURE BROCHURE PREFACE My advice to investors (who cannot give full time to a study of investments) is to seek out some trusted investment counselor. The emergence of
More informationQuestions and Answers on Accounting for Loan and Lease Losses
Office of the Comptroller of the Currency Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation National Credit Union Administration Office of Thrift Supervision Questions
More informationA Basic Introduction to the Methodology Used to Determine a Discount Rate
A Basic Introduction to the Methodology Used to Determine a Discount Rate By Dubravka Tosic, Ph.D. The term discount rate is one of the most fundamental, widely used terms in finance and economics. Whether
More information6. Debt Valuation and the Cost of Capital
6. Debt Valuation and the Cost of Capital Introduction Firms rarely finance capital projects by equity alone. They utilise long and short term funds from a variety of sources at a variety of costs. No
More informationChapter 11: Refinances
Chapter 11: Refinances 11.1 Overview 11.2 Trust Land Documentation 11.3 Type of Refinances 11.1 Overview The Section 184 loan can be used to refinance a single family one- to- four unit dwellings located
More informationAlternative Structures to Physician-Owned Hospitals
WHITE PAPER Alternative Structures to Physician-Owned Hospitals Nicholas J. Janiga Manager August 20, 2013 Introduction Due to Section 6001 of the Patient Protection and Affordable Care Act ( PPACA ),
More informationChapter 4: Liquor Store Business Valuation
Chapter 4: Liquor Store Business Valuation In this section, we will utilize three approaches to valuing a liquor store. These approaches are the: (1) cost (asset based), (2) market, and (3) income approach.
More informationTEACHING OF STATISTICS IN NEWLY INDEPENDENT STATES: THE CASE OF KAZAKSTAN
TEACHING OF STATISTICS IN NEWLY INDEPENDENT STATES: THE CASE OF KAZAKSTAN Guido Ferrari, Dipartimento di Statistica G. Parenti, Università di Firenze, Italy The aim of this report is to discuss the state
More informationValue of Equity and Per Share Value when there are options and warrants outstanding. Aswath Damodaran
Value of Equity and Per Share Value when there are options and warrants outstanding Aswath Damodaran 1 Equity Value and Per Share Value: A Test Assume that you have done an equity valuation of Microsoft.
More informationF. Name & Address of Lender Seller 1217 Fort Branch Blvd. Austin, TX 78721
File No 2413014409 A. Settlement Statement U.S. Department of Housing and Urban Development OMB No. 2502-0265 B. Type of Loan 1. FHA 2. 6. File Number 7. Loan Number 8. Mortgage Ins Case FmHA 3. Conv Unins
More informationPart 610 Natural Resource Economics Handbook
Part 610 Natural Resource Economics Handbook 610.20 Introduction Subpart C Discounted Cash Flow Analysis A. Benefits and costs of conservation practices do not necessarily occur at the same time. Certain
More informationThis article brought to you by Commercial Investment Real Estate, the magazine of the CCIM Institute.
This article brought to you by Commercial Investment Real Estate, the magazine of the CCIM Institute. To read the entire issue or find out more about the Institute, go to www.ccim.com. TO LEASE OR That
More informationwww.commercialloansinalaska.com
Financial Corporation 5313 Arctic Blvd., Suite 206 Anchorage, Alaska 99518 (907)279-8551 www.commercialloansinalaska.com CHAPTER 1 INTRODUCTION TO COMMERCIAL LOANS Commercial Loans are defined as: "Any
More informationInformation & Instructions: HUD 1 Settlement closing statement PREVIEW
Information & Instructions: HUD 1 Settlement closing statement 1. Section 5 of the Real Estate Settlement Procedures Act of 1974 (Public Law 93-533), effective on June 30, 1976 (RESPA), requires certain
More informationHHIF Lecture Series: Financial Statement Analysis
HHIF Lecture Series: Financial Statement Analysis Alexander Remorov Based on the Materials by Daanish Afzal University of Toronto November 5, 2010 Alexander Remorov, Daanish Afzal (University of Toronto)
More information1.040 Project Management
MIT OpenCourseWare http://ocw.mit.edu 1.040 Project Management Spring 2009 For information about citing these materials or our Terms of Use, visit: http://ocw.mit.edu/terms. Project Financial Evaluation
More information