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2 (Chiefly Brit) a large area of property development, esp. of new houses or (trading estate)
of factories
3 (Property law)
a property or possessions
b the nature of interest that a person has in land or other property, esp. in relation to the right of
others
c the total extent of the real and personal property of a deceased person or bankrupt
4 (Also called) estate of the realm an order or class of persons in a political community,
regarded collectively as a part of the body politic: usually regarded as being the lords temporal
(peers), lords spiritual and commons
See also States General fourth estate
5 state, period, or position in life, esp. with regard to wealth or social standing
Estate Management is an important aspect of human life espeically now that the
population density of inndividuals are emernacing and growing at a fast rate... There is
need for this course.
Real estate appraisal, property valuation or land valuation is the process of developing an
opinion of value for real property (usually market value). Real estate transactions often require
appraisals because they occur infrequently and every property is unique (especially their
condition, a key factor in valuation), unlike corporate stocks, which are traded daily and are
identical (thus a centralized Walrasian auction like a stock exchange is unrealistic). The
location also plays a key role in valuation. However, since property cannot change location, it is
often the upgrades or improvements to the home that can change its value. Appraisal reports
form the basis for mortgage loans, settling estates and divorces, taxation, and so on.
Sometimes an appraisal report is used to establish a sale price for a property.
Besides of the mandatory educational grade, which can vary from Finance to Construction
Technology, most, but not all, countries require appraisers to have the license for the practice.
Usually, the real estate appraiser has the opportunity to reach 3 levels of certification: Appraisal
Trainee, Licensed Appraiser and Certified Appraiser. The second and third levels of license
require no less than 2000 experience hours in 12 months and 2500 experience hours in no
less than 24 months respectively.[1][2] Appraisers are often known as "property valuers" or "land
valuers"; in British English they are "valuation surveyors". If the appraiser's opinion is based on
market value, then it must also be based on the highest and best use of the real property. In
the United States, mortgage valuations of improved residential properties are generally
reported on a standardized form like the Uniform Residential Appraisal Report.[3] Appraisals of
more commercial properties (e.g., income-producing, raw land) are often reported in narrative
format and completed by a Certified General Appraiser.
UK valuation methods[edit]
In the United Kingdom, valuation methodology has traditionally been classified into five
methods:[14]
1. Comparative method. Used for most types of property where there is good evidence of
previous sales. This is analogous to the sales comparison approach outlined above.
2. Investment method. Used for most commercial (and residential) property that is producing
future cash flows through the letting of the property. If the current estimated rental value (ERV)
and the passing income are known, as well as the market-determined equivalent yield, then
the property value can be determined by means of a simple model. Note that this method is
really a comparison method, since the main variables are determined in the market. In
standard U.S. practice, however, the closely related capitalizing of NOI is confounded with the
DCF method under the general classification of the income capitalization approach (see
above).
3. Residual method. Used for properties ripe for development or redevelopment or for bare
land only.[clarification needed]
4. Profit method. Used for trading properties where evidence of rates is slight, such as hotels,
restaurants and old-age homes. A three-year average of operating income (derived from the
profit and loss or income statement) is capitalized using an appropriate yield. Note that since
the variables used are inherent to the property and are not market-derived, therefore unless
appropriate adjustments are made, the resulting value will be value-in-use or investment value,
not market value.
5. Cost method. Used for land and buildings of special character for which profit figures
cannot be obtained or land and buildings for which there is no market because of their public
service or heritage characteristics. Both the residual method and the cost method would be
grouped in the United States under the cost approach (see above).
Under the current RICS Valuation Standards, the following bases of value are recognized:
Types of value[edit]
There are several types and definitions of value sought by a real estate appraisal. Some of the
most common are:
Market value The price at which an asset would trade in a competitive Walrasian
auction setting. Market value is usually interchangeable with open market value or fair
value. International Valuation Standards (IVS) define:
Market value the estimated amount for which an asset or liability should exchange
on the valuation date between a willing buyer and a willing seller in an arm's length
transaction, after proper marketing and where the parties had each acted
knowledgeably, prudently and without compulsion.[4]
Value-in-use, or use value[5] The net present value (NPV)[6] of a cash flow that an
asset generates for a specific owner under a specific use. Value-in-use is the value to
one particular user, and may be above or below the market value of a property.
Investment value is the value to one particular investor, and may or may not be
higher than the market value of a property. Differences between the investment
value of an asset and its market value provide the motivation for buyers or sellers to
enter the marketplace. International Valuation Standards (IVS) define:
Investment value the value of an asset to the owner or a prospective owner for
individual investment or operational objectives. [4]
Valuation Definition:
An expert's assessment, appraisal or opinion as to the
market value of an item of property.
In selling items of property not commonly sold in a public market, but for which a value is
needed to, such as shares, businesses or pensions, buyers and sellers need to know the
value of an item, in order to calculate the consideration to be given for the transfer of the thing.
Valuation is the art (or, depending on who you ask, the science) of inspecting and thereafter
giving an opinion as to fair market value, expressed in cash or dollars, of the price which,
in the opinion of the independent and neutral expert, such property would fetch if presented for
sale to the public at the relevant time.
It is always a difficult exercice as fair market value may not represent the actual value to
the seller or the buyer, for whom the particular asset may have far greater (or lesser) value.
Other items are not generally on the public market (such as a share of a pension).
A valuation is conducted by a valuator (companies or businesses), appraisor (the term
preferred when the item being valued is real property or a vessel) or actuary (pensions), or a
board or committee of them, and is usually as of a specified date, and to the best of the
expert's abilities.
The valuator must be objective and not have any conflict of interest, unless this is disclosed
and accepted by interested parties.
Valuations are often required in law such as the buying and selling of shares of
private corporations or to assess the fair compensation to give a person for their share in a
business, a pension or a house.
Employers of labour
Estate Surveyors and Valuers trained in the art and science of estate
management has important and inevitable roles to play in the
management and maintenance of the nations public infrastructures
land and buildings, plant and machinery, furniture and fixtures
based on their professional expertise, training, qualification, years of
working experience and the knowledge they possess in all matters
relating to land and landed properties.
The roles Estate Surveyors and Valuers perform in the society when
appointed as land and property disputes arbitrators by the aggrieved
parties are:
The various roles Estate Surveyors and Valuers play in the society
on all matters relating to issues of land and landed properties has
made them to be very relevant in the development of a nations
economy and social wellbeing of the total populace. This is so
because there is no person or institution that will not require the
professional services of Estate Surveyors and Valuers for various
individual purposes and needs.
Comentar
2. Estate surveyors and other form of surveying and building related advices their
client.
3. Both quantity survey and estate surveyors serves as project appraisal as the
forecasting the future of proposed project.
4. Both estate surveyors and quantity surveyors look for their client or
contractors working man office or on site, they are involve in project from the
start, preparing estimates and cost of the project.
3. Quantity surveyor manages all cost relating to buildings and civil engineering
project from the initial calculation to the final figure. While the estate surveyor
seek to value the period which it will take the project to receiving its initial
capital investment in construction.
quantity surveyor
noun
1. a person who calculates the amount of materials needed for
building work, and how much they will cost.
valuer
noun
1. a person whose job is to estimate the value of something that is to
be purchased.
Reading the above definitions, it can be easy to see why people may get
confused and think that quantity surveyors and valuers do the same
thing.
Although their definitions read similarly, that is where the similarity
ends, as individually they play very different but important roles.
To become a quantity surveyor, a person must complete a tertiary
degree. Their studies teach them how to estimate and monitor
construction costs on a project from feasibility stage through to
completion based on initial designs and drawings.
Quantity surveyors work very closely with key personnel on a project,
from architects through to contractors, to ensure the project remains on
budget and on target using cost management reports.
Once the project is completed, the quantity surveyor can produce
depreciation schedules on the items within the project and give advice
on insuring the items should they need to replaced.
So, in summary, a quantity surveyor is involved in the project from
concept to completion.
A valuer on the other hand generally becomes involved once the
property has been fully completed and a valuation of the properties price
is required.
Recently, the Economic and Financial Crimes Commission (EFCC) has seen the
need to hand over seized real estate assts to Estate Surveyors and Valuers for
management. Also very recently, the Central Bank of Nigeria has gotten the
legal nod to set up the Asset Management Company of Nigeria (AMCON) to
take over from the banks the collateral assets of those loans that are deemed
non-performing. There is no doubt that the bulk of these assets will be real
estate. The Institution is making representations to the Central Bank and we
hope that they will see the need to partner with us and ensure that these
assets are put in the care of our members for proper management.