ECTS
ECTS Course Catalogue
Course details
Course code: IGS10402o13Semester: 2013/2014 winter
Name: Property Management and Appraisal
Major: Geodesy and Cartography
Study Type: first cycle
Course type: compulsory
Study Semester: 5
ECTS points: 5
Hours (Lectures / Tutorials / Other): 30 / 15 / 0
Lecturer: dr inż. Edward Sawiłow
Language of instruction: Polish / English
The course in English will be available if a minimum of 6 students sign up for a group. If less than 6 students sign up for the group, the course will be available in Polish with the possibility of individual support in English.
Learning outcomes: After the course completion, the student is familiar with the basic property appraisal terms. Knows basic financial mathematics in the scope necessary for property appraisal. Is familiar with the property appraisal approaches, methods and techniques in force in Poland and their application principles depending on the purpose of appraisal. Knows how to appraise a property using the comparative, income-based, cost-based and mixed methods. Can prepare property appraisals for various purposes.
Competences: Understands economic and social phenomena at the property market. Understands the role and responsibility of a property appraisal expert in fostering economic development.
Prerequisites: Mathematics, Legal Basics of Property Management, Elements of spatial development planning.
Course content: Legal bases of a property appraisal. Basics of the theory of time value of money. Sources of changes in money value. Present and future time value of money. Definition of a property appraisal expert and the business of property appraising. Scope of activities of a property appraisal expert. Professional, civil and penal responsibility of a property appraisal expert. Professional standards and professional ethics. Definition of professional standards. Legal status and structure of Polish and international appraisal standards. Types of property appraisal approaches, methods and techniques in Poland. Comparative approach. Method of property comparison in pairs. Method of average price adjustment. Method of the statistical market analysis. Income approach. Investment method. Profit method. Simple capitalisation technique. Discounted cash flow technique. Cost approach. Contractor's method. Replacement cost method. Detailed technique. Consolidated elements technique. Indicator-based technique. Mixed approach. Residual method. Land estimated indicator method. Liquidation cost method. Urbanised property appraisal. Agricultural and forestry property appraisal. Documentation of the appraisal process. Property appraisal document. Function of a property appraisal document. Content and form of a property appraisal document.
Recommended literature: Cymerman R., Hopfer A., 2009, System, zasady i procedury wyceny nieruchomości, wyd. II, PFSRM, Warszawa. Sawiłow E., 2008, Analiza metod wyceny nieruchomości w podejściu porównawczym, Przegląd Geodezyjny nr 2. Sawiłow E., 2010, Gospodarka nieruchomościami i ich wycena (unpublished manuscript), Wrocław. Źróbek S., 2001, Wycena wartości rynkowej nieruchomości, praca zbiorowa, Wydawnictwo Uniwersytetu Warmińsko-Mazurskiego, Olsztyn. Property Management Act of 21 August 1997. Regulation of the Council of Ministers of 21 September 2004 on the property valuation and the preparation of a property appraisal document. Powszechne Krajowe Zasady Wyceny, PFSRM, Warszawa, 2009.
Assessment methods: mandatory credits for the tutorials, oral, written or test-based examination
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