Preparatory Course For the CIS ImmoZert and Court Expert Examination

Basics of real estate valuation (procedure for the preparation of an expert opinion)

• Value terms and value definitions
• Legal basis
• Property Valuation Act, Austrian standards, Real Estate Investment
• Fund Act
• Structure of an appraisal
• Definition of the assignment, principles and documents, explanations of the valuation methodology and the contents of an appraisal
• National valuation methods/overview
• Research and documentation
  
  

Financial math basics

• Concepts of financial mathematics (present value, terminal value, compounding, discounting, annuities in advance and in arrears)
• Calculation of interest and compound interest
• Annuity calculation
• Static and dynamic investment calculation methods
• Practical application examples

Plan reading and planning sequences

• Plan symbols, plan types, 
  building data modeling (BIM)
• Scheduling Construction and equipment descriptions
  
  

Requirements for components, damage patterns

• Electrical installations, heating and cooling systems
• Walls - ceilings - roofs - windows - outdoor facilities
  
  

Research on the property (real estate, land register and cadastre)

• The property as the central point of reference for the valuation.
• Obtaining information from the land register, cadastre, subdivision plan, zoning plans, development regulations, building site, development, assignments, submission plans
  
  

Comparative value method

• Process, influencing factors in detail: number, timeliness and quality of comparative values, premiums and discounts
• Practical examples of valuation
  
  

The expert in court (incl. GEBAG)

• Function and tasks of the court-certified expert
• Fee Claims Act
  
  

WE justification and utility value report

• Definition of usable value, properties suitable for condominium ownership, accessories, calculation of usable space and usable value, recommendations for additions and deductions in usable value appraisals
• Selected examples

Contaminated properties

• Suspected sites and contaminated sites
• Registration procedure
• Special features in the valuation of contaminated properties
• Mercantile reduction in value
  
  

The property in foreclosure and insolvency

• Procedures in foreclosure and insolvency proceedings
• Tasks of the expert
  
  

Material value method and area definitions

• Process and influencing factors in detail: New construction costs, age value reduction, outdoor facilities, land value, development discount
• Valuation examples from practice
  
  

Income capitalization approach I + II

• Procedure of the method
• Influencing factors in detail: Sustainable rental income, contractual data, management costs, remaining useful life, capitalization interest rate
• Practical examples of valuation
• Discounted cash flow method (ÖNORM B 1802-2)
• Residual value (ÖNORM B 1802-3)
  
  

Assessment of rights and obligations

• Servitudes (concept and treatment)
• Easements, personal easements
• Repurchase, buy-back and pre-emption rights
• Superficies and building rights
• Fate of the superficies/building rights building on termination
• Calculation examples
  
  

Real estate valuation for income tax purposes

• Determination of the value standards under tax law
• Partial value, common value and notional acquisition costs, market value in accordance with the Reorganization Tax Act/the Real
• Estate Valuation Act
• Partial value depreciation, fixed assets/current assets
• Valuation methods in tax law
• Purchase price allocation of land and property
• Useful life appraisal
  
  

International assessment procedures

• Ethical principles
• International standards (TEGoVA, IAS)
• International value concepts
• Market value, market rent
• Differences between national/international procedures
  
  

Valuation of hotel real estate

• Hotel key figures national/international
• Procedure and assessment procedures
• Selection of the procedure
• Data collection and analysis
  
  

Tenancy law within the full scope of application of the MRG

• Legally permissible rents
• Indexation
• Fixed term
• Assignment of/entry into tenancies
  
  

Practical examples

• Commercial property, Salzburg (practical example I)
• Residential property, Tyrol (practical example II)
• Apartment building (practical example III)
  
  

Extended real estate procedures

• Hedonic prices
• Mortgage lending value
• Monte Carlo simulation
• Ellwood procedure
  
  

Real estate crises and real estate bubbles

• Definitions of real estate bubbles
• Key figures and origins
• Crises in the history
• Real estate bubble Austria
  
  

National and international real estate markets

• Price comparison
• Building stock
• Market rating
• Market peculiarities (e.g. regulation etc.)