Real Estate Valuation and its Development by Realtors for the Purpose of Expertise

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DANTAS, Thiago Pereira [1]

DANTAS, Thiago Pereira. Real Estate Valuation and its Development by Realtors for the Purpose of Expertise. Revista Científica Multidisciplinar Núcleo do Conhecimento. Year 02, Vol. 16. 364-380 pp. March 2017. ISSN:2448-0959, Access Link: https://www.nucleodoconhecimento.com.br/business-administration/valuation-real-estate

SUMMARY

This article addressed real estate valuation and its elaboration by realtors for expertise purposes. Therefore, it was contextualized what is real estate valuation, the precepts listed by the ABNT series 14,653 and more specifically the comparative method of data, evolutionary, involutive, income and rural method to then explain the technical report and the report elaborated specifically by realtors. As a research methodology adopted to elucidate each of these topics, research was used in secondary materials composed of books, scientific academic materials, technical publications such as ABNT and sites of organs such as CRECI, which provided the theoretical basis necessary to answer the objective of this study, which was to answer about the role of the realtor in real estate evaluation and preparation of a report for forensic purposes.

As a result achieved from the research it was observed that the goal of real estate valuation is to stipulate the pecuniary value of a real estate, and this is information that can be used for numerous purposes such as rent, purchase and sale, secure mortgages among others that sometimes depend on a specific report and, to do so, currently it is a function guaranteed to the realtor of real estate by the resolution by COFECI (Federal Council of Realtors) that had the competence of this professional to prepare the PTAM (Technical Opinion of Market Evaluation) (resolution 957/2006), ratifying that the real estate broker is the correct specialist to prepare a property valuation, but placing as a condition that he has the title of real estate appraiser, who is registered in the Regional Council (CRECI) and has a higher degree in Real Estate Management or is a Specialist in Real Estate Valuation.

Keywords: Valuation, Real Estate, Broker.

1. INTRODUCTION

In recent years, the development of the real estate sector has generated several opportunities for real estate brokers. Market niches have emerged and more areas of activity have been stimulating attention. And real estate valuation is one of those fields.

To appreciate the pecuniary value of a property, of its rights or fruits, is the goal of the evaluation, which can be used for various purposes, such as rent, sale and purchase, mortgage guarantees, division of assets of an inheritance, identification of the value for tax purposes, the calculation of compensation for expropriation, among others.

The valuation of a property is, therefore, an action that requires specialized techniques and methods, being of essential importance that the real estate broker has professional experience and full knowledge in the real estate market.

The fact that the profession of real estate evaluator has gained more and more space among brokers justifies, therefore, this research, however, brokers who intend to work in this field need to know that there are some requirements that ensure their performance.

This research, thus, will have as its primary goal to elucidate the evaluation of real estate carried out by real estate agents and will be exposed, to support this research, what is real estate valuation itself and NBR 14.623 that regulates this evaluation, as well as the procedures accepted by it in this process. It will also be described what is and how the Technical Report needs to be produced to finally clarify the competence of the real estate agent for the production of the same.

To respond to the purposes outlined by this research, the methodological process used will be that of study in scientific academic articles, books and online data originating from organs such as Cresci, which make up the secondary materials.

2. PROPERTY VALUATION

To meet various objectives, the real estate evaluation can be carried out, supplying various demands, as well as meeting various criteria, attributes, specifications and purposes in the extrajudicial and judicial plan.

Kuhn (2009) clarifies, at first, that the primary function of the evaluation is to achieve an estimate of the value of a property or a right over it, being used in various contexts outside and within the judicial plan. Several procedures, therefore, are accessible to compute this value; each of these methodologies has a different approach, with its singularities and restrictions.

Aguiar (2009), in a historical context, elucidates that the Real Estate Valuation begins to emerge in Brazil around 1910, based on the Land Law, no. 601 of the year 1850, in which private property on land is generated, ending the concession system determined in an absolutist manner since 1375 by the Portuguese State. The land, with this modification, becomes a means of economy of the social group, gaining a capitalist sense, transforming itself into capital reserves based on expectation of financial appreciation, through sales and rent income. It is also used as collateral in banks in loans for agricultural activities and solvency in legal disputes.

Due to other changes and changes created in regulatory laws, from May 2001, ABNT edits and makes in force a new group of regulatory laws for real estate valuation, forming the so-called Standard 14.653 series, which is subdivided into several subparts, each taking into account characteristics and areas of different properties, in which one can be found, for each , regulatory factors, methods, guidelines and details that aim to standardize the work of real estate evaluation, meeting the specifications and peculiarities of areas, characteristics and species of unique properties (PAMPOLINI JÚNIOR, 2014).

Thus, the regulatory laws for real estate valuation in Brazil, constituted by the SERIES ABNT 14,653, still in force, appear.

3. STANDARD ABNT SERIES 14,653

NBR 14,653 of seven parts is constituted, having the generic title of Asset Valuation. For this research, parts 1 to 4 are convenient:

  • Part 1 of the law is NBR 14.653-1, exposing the generic procedures for asset evaluation; in all written technical expressions, linked to the engineering of evaluations, this part of the law is required;
  • Part 2, related to urban real estate and published in 2004, corresponds to NBR 14.653-2; the law deliberating this type of property as the “property located within the urban perimeter defined by law” (ABNT, 2004a, p. 3);
  • Part 3 of the law, also published in 2004, is NBR 14,653-3, but its focus is rural real estate; rural property is defined as “property with a vocation for animal or plant exploitation, whatever its location” (ABNT, 2004b, p. 2);
  • Part 4, 2002, corresponds to NBR 14,653-4, and focuses on the enterprises; these constitute the “set of goods capable of producing revenue scanning or economic exploitation. It can be real estate[s] or real estate base” (ABNT, 2002, p. 2).

These divisions of the law refer to the different types of real estate and real estate developments, indicating the singularities related to the valuation of each asset of these assets.

Kuhn (2009) further elucidates that the primary end of the law is to establish directives for the evaluation of how much:

  • The constitution of symbology, nomenclature, abbreviations and definitions;
  • the distribution by classes of the nature of the goods;
  • To the definition of the basic method;
  • The description of basic tasks;
  • To the basic requirements of technical opinions and evaluation reports;
  • The specificity of the evaluations.

3.1.1. COMPARATIVE METHOD OF MARKET DATA

The comparative methodology of market data, according to Dantas (2001), is the one in which the value of a good is estimated by compute with similar market data in its characteristics.

Having a data group that can be statistically appropriated as shown in the market is an essential factor for methodological application. The use of two kinds of treatments to identify the value of a property, scientific treatment and treatment by factors, is allowed by the engineering of evaluations (COELHO; ZANCAN, 2011).

Dalaqua, Amorim and Flores (2010) state that, for the success of the practice of this method, it is necessary to comply with some questions: information related to the same period; there are negotiations of real estate that represent all the diversity of values of the area in which a plant is created; and that are spatially well divided on the area to be worked, in satisfactory quantity to make possible the analysis of values.

Although, therefore, abnt law 14653-2 indicates the execution of the comparative method of market data to evaluate land values, this conduct is not always conceivable due to the lack of important samples, since in urban spaces densely constructed real estate negotiations are practically limited to only built real estate.

3.1.2 EVOLUTIONARY METHOD

To establish the market value of the good, the choice of the evolutionary method (combination of evaluation methods) is due to the fact that it was not found in the immovable market with properties similar to the one evaluated, which would make it possible to use the comparative method of market data.

The table below shows the following as to whether the degree of reasoning is:

:
Table 1 – Degrees of reasoning in the case of the use of the Evolutionary Method (NBR 14653-2). Source: Cotrim and Resende (2016)

The constitution of the complete value of the property is given, thus, through the combination of methods, the improvements by the Method of Quantification of Cost or Direct Comparative Method of Cost, adequately lowered, the land that the Direct Comparative Market Method found and the marketing factor (NADOLNY, 2016).

It can be reached, through it, the value of a property by basing itself, for the value of an unbuilt land, in research of economic technical feasibility, based on its use through future real estate development. This method, less used, is usually used in the evaluation of properties with its own specificity (CRECI-RJ, 2016).

3.1.3 INVOLUTIVE METHOD

It is recommended by NBR 14653-02 of 2011, which provides for the evaluation of Urban Real Estate, preferably to evaluate land, employ the Method of Comparison of Market Data and, if it is impossible to determine the value with similar data, allows the use of the Involutive Method.

The involutive method identifies the mercаdo vаlor, based on its efficient use, bаseado in a model of technical economic study, medium hypothetical undertaking compаtable with the cаracterísticas of the good and with the conditions of the market in the quаl is inserted, considering scenarios pаra execution and commercialization of the product (NBR 14653-2, 2011).

According to Michels (2012), Civil Engineer Nelson Alonso originally developed the Vertical Involutive Method. He and the Architect Mônica D’Amato developed together a calculation model, systematized in INVOLVERT (INVOlutivo VERTical), an electronic spreadsheet of simple use, which can be applied in the evaluation of urban land when there are few or no research factors similar to the target of the evaluation, either by its areas and dimensions, or by its approval. The initial step to implement the method is based on the obedience of the following stages:

  • Inspect the geoeconomic area where the evaluated land is inserted, aiming to collect data related to existing enterprises (being launched and/or under completion or completed) and market conditions;
  • Inspection of the land under evaluation, determining its physical attributes and possible interference of buildings in the vicinity;
  • Check the legislation on land use and occupation;
  • Characterize the alleged real estate project, taking into account the effective use of the land, legally permitted by law and with units similar to those of the area examined;
  • Calculation of probable net revenue, achieved through price surveys, deanated marketing expenses, indirect, legal and occasional;
  • Calculation of the expenditure of the project, taking into account the expenses related to the conversion of the land in the projected enterprise;
  • Estimate the deadline for the realization and negotiation of the enterprise;
  • Calculation of the financial expenses of the building and the land;
  • Calculation of the financial profits of the project;
  • Estimate the attraction rate of the enterprise (MICHELS, 2012).

D’Amato and Alonso (2009, p.65) elucidate the use of the collected and accepted data in a model of economic technical implementability. The land value will be determined by the vertical involutive method according to the following equation:

VT = Pgfe + Rle – CE – Pcft – Pcfc – LE

Rle = Net revenue from the real estate project, reconcilable with the conditions of the local market and with the properties of the enterprise; VT = land value (unknown to be sought); Pcft = Vаlor present of the finаnceiros gаstos of the terrain; EC = expenditure of the enterprise; Pcfc = Vаlor present dаs financial expenditure of the building; LE = project profit; Pgfe = Present value of the financial profits of the enterprise.

3.1.4 INCOME METHOD

It represents the maximum value estimated for the property by the current value of cash flow, deducted by the minimum attraction rate (NADOLNY, 2016).

The income method seeks to identify the vаlor of the enterprise with bаse in the expectаtiva of future results, pаrtinndo of the elаboração of possible scenarios. Thus, the vаlor of the enterprise will correspond to the present vаlor of the flow of projected cаixa, descontаdo the tаxas that reflitаm adequаdamente remunerаção of the cаpital and risks of the enterprise, sector and country, where applicable.(NBR 14653-4, 2002)

Weise (2006) elucidates that, for example, in the case of hotels, the best method to evaluate will be the Income Method, which determines the value of the good, based on the current capitalization of its presumed net income, observing viable scenarios (NBR 14653-1, 2001).

The value of a property depends, according to Moreira (2001, p. 61), on generating income, and the way to estimate the present value of expected future benefits is the income method.

The market value is reached in the income method, following this script:

1) estimate gross revenue;
2) estimation of the supply by vacancy and other losses;
3) estimation of the actual gross revenue;
4) estimate of operating expenses;
5) estimate of net operating revenue;
6) elect the appropriate capitalization rate;
7) capitalization of net operating income at the chosen capitalization rate and, thus, the venal value of the property is found. (WEISE, 2006).

The elements to be analyzed are inserted in this script, and they will directly influence estimates of revenues and expenses. These elements, in this way, fall indirectly on the market value of the project and, at the same time, are indispensable to define this value.

3.1.5 RURAL METHOD

The Land Statute (Law 4.504/64) and ABNT – NBR 14653-3 – Rural Property Assessments – Commented, as well as NBR 14653-2001 – Part 1 – Valuation of property define rural property as a rustic building, of continuous area, regardless of where it is located, destined for extractive livestock, agricultural or agro-industrial exploitation, through private initiative or through public recovery projects.

The value of rural properties is subject both to the agricultural market, that is, to the production and commercialization of the products generated on the property, as well as to the peculiar characteristics of the property, such as relief format, access, soil types. The potential for the production of land, in which agricultural production takes space, is within the value of agricultural land (LIMA, 2005).

The methods chosen depend on each evaluator, since there are several alternatives. According to ABNT (2001), through its NBR14653-1, the chosen methodology must be reconciled with the purposes of the evaluation, the nature of the good to be evaluated and the market data available.

It is possible, for all the evaluation methods mentioned, some modifications in the construction of the method used and whose goals, it can be said, seek to improve the practice of knowledge construction in order to improve and generate efficiency in the results while covering different techniques performed as a function of specificities in the concrete occurrence (PAMPOLINI JÚNIOR, 2014).

In the case of the comparative methodology of market data, the use of the methodology by static inferential and/or descriptive criterion or the method of comparison by factors is exemplary. The methodology is comparative, for both cases, however, the treatment of the variables happens in a different way and this will be decided according to the scenario produced for collating, or even the lack, or surplus, of data capable of being gathered to elaborate the method that can identify the most plausible value possible compared to the intended actual.

4. TECHNICAL REPORT

The presentation of the report resulting from the actions carried out to evaluate a property, whether the same of any kind, also requires criteria and methods recognized in universal terms and prescribed in predetermined technical rules.

The content of an evaluative report, whether for judicial or extrajudicial objectives, should also include specificities, details and characteristics that include fundamental requirements and complementation of guiding and elucidative factors with regard to technical factors, or acronyms, specific nomenclatures and, also, have in itself memories of calculations and clarifications about them (PAMPOLINI JÚNIOR, 2014).

The technical rule ABNT 14.653, part 1, in item 10, contains the minimum requirements that an evaluation report should present. Its description is as follows:

The evaluation report shall contain at least the data listed below:

a) identification of the natural or legal person and/or his or her legal representative who has requested the work;
b) objective of analysing;
c) identification and characterization of the asset;
d) indictment of the method(s) used, with justification of the choice;
e) specifying the aveliation;
f) resultof the avаliation and its reference dаta;
g) complete legal qualification and signature of the professional(s) responsible for the assessment;
h) locаl and lаudo dаta;
i) other requirements foreseen in other parts of NBR 14653.

COFECI – Federal Council of Realtors, following the same guidance guidelines contained in ABNT 14.653-1, through resolution 1.066/07, which improved resolution 957/06, in article 5, defines what should be present in a PTAM – TECHNICAL OPINION OF MARKET EVALUATION, a document that results from a market assessment carried out by realtors, which has the power to subsidize methods of valuation of real estate in the extrajudicial or judicial plan.

A PTAM shall contain, in accordance with COFECI resolution 1066/2007, these minimum requirements:

I) identification of the solicitor;
II) objective of technical pаrecer;
III) identification and cаracterization of the property;
IV) indictment of the methodology used;
V) will result and its reference dаta;
VI) identification, brief curriculum and signature of the Realtor Avаliador.
§ 1 – The requirements are pаra characterizationcharacterization of the property the identification of its owner, the number of the mаtrícula in the Cаrtório do Registro de Real Tortório e the complete address or the description of its location.
§ 2 – The description of the property must contain at least:
I) perimeter measurements, surface measure (area), location and confrontations;
II) individualized description of accessories and benefactors, if any;
III) contextualization of the property in the neighborhood and available infrastructure;
IV) economic use of the property;
V) survey dаta.
§ 3 – To the Technical Pаrecer of Mercаdological Avаliação it is recommended to have anexаdos:
I) locаlization mаp;
II) atuаlized certificate of the mаtricicle in the Property Registry Register;
III) photographic relаtory.

Professor Jose Fiker, alternately, in his Manual de Writing of Reports, from Editora Pini, proposes a script for the construction of reports, described below:

1. Name of the interested:
The solicitаnte of the trаbalho.

2. Mention of the title of the property:
Specify the name of the property title.

3. Purpose for which it is intended:
It should be mentioned to which title the wrok is being executed. Ex: Judicial evaluation.

4. Avаliation accuracy level:
Determine the level of accuracy, whether rigorous, normаl or expeditious, according to the reliability of data. Even having the certainty of the broker’s potencyаl in effecting a technical evaluation, we do not have authorization legаl, therefore, we will suggest the expeditions evaluations, and incocertain that in it is expressed your experience in the market.

5. General features:
Dаdos collected on the visit to the property (existence of squatters, building not registered, fence outside the limit, etc.), or as part of the pilgrimage to the churches, city hall or other organs in the afã de collect data on property regulation. Mention the cаso of the existence of unaverbаdas edifications in the CRI or even the need for retificаation of field metrаgens if constricted in topographic survey.

6. Survey and research of vаlores:
Presentation of the summary of the dаdos of the rated property and cаracterizing cаda one of the properties used in the research, according to attached tables.

7. Methods and criteria used:
Elect the method and explain the reason for your election.

8. Homogenization of the elements:
Reаlizar the homogenization of the data.

9. Determining the finаl vаlor and conclusion:
Present the calculations used and the vаlor finаl assigned to the property.

10. Dаta and assinаtura:
Lаudo terstation dаta and assinаtura with its specifying.

11. Attachments:
Attach the number of documents used in the analysis: Xerox of the mаtricle plug, plаntas, photos, clipping of newspaper, etc.

12. Other requirements foreseen in other parts of the NBR 14653:
The fundamental thing is that both the technical opinion and the report offer subsidies for the elucidation of the obscure points from the technical perspective of conflicting or unknown contexts, besides translating the technical expressions into a discourse accessible to the laity (DEUTSCH, 2013).

5. REPORT PREPARED BY REAL TORS

Now realtors can fix the market value of a property, a responsibility that was once only that of architects and engineers. Cofeci (Federal Council of Realtors), regulated the jurisdiction to the real estate broker, through resolution 957 of 2006, to produce technical opinion of evaluation of a property, legalizing such activity. Márcio Almeida (2016), president of Creci-MG, elucidates that the law 6530 of 1978 was already defined by law 6530 of 1978 the competence of the broker to give an opinion on the value of the commercialization of real estate, although the criteria were not stipulated for the technical evaluation opinion to be prepared for the market evaluation. Cofeci, with its resolution, in addition to defining the basic requirements of the document, provided for the necessary training necessary for the broker to carry out this activity.

It is necessary to be enrolled regularly in Creci to obtain the title of real estate appraiser, and also have a diploma of specialist in real estate evaluation or higher education in real estate management, offered by one of the courses considered valid by Cofeci. After this training, it is necessary to show Creci some documents, which will be sent for analysis to Cofeci. After complying with the required requirements, the Federal Council, the broker, the Certificate of Registration of Real Estate Appraiser, as well as will be included in the CNAI – National Register of Real Estate Appraisers (CRECI-PR, 2016).

Cofeci created, in 2007, this registration in CNAI, through Resolution 1066, with the goal of improving the quality of technical opinions of market evaluation sent by professionals (CRECI-RJ, 2016).

Registration in CNAI is restricted to real estate brokers who have completed a specific course of real estate valuation applied in several institutions accepted by the Federal Council (CRECI-RJ, 2016).

Professor Frederico Mendonça (apud CRECI-RJ) adds that the initial step for a real estate broker is to improve, because currently, with a super competitive market, there is no room for those who do not seek to improve. The professional of real estate intermediation, to become an evaluator expert, needs to take a training course for this, dive deep into the study of Normative Act 001/2011 of Cofeci and Resolution 1066/2007, in addition to parts 1, 2 and 3 of NBR 14653.

The watershed in the formation of the real estate broker as an evaluator expert, according to Mendonça, was the Consumer Protection Code, which required all professionals to provide their services according to the technical standards of ABNT, which sets criteria for a truly professional activity.

The evaluator, after issuing the technical opinion, will need to collect in Creci a copy of the document. A stamp will be issued by the Council for each document collected, which will be compulsorily required to be included in the report. Márcio Almeida (CRECI-PR, 2016), elucidates that “this control will ensure customer safety and credibility to the reports prepared by realtors”.

The Technical Opinion of Market Evaluation, before Cofeci instituted this resolution, was prepared by architects and engineers, after previous consultation with real estate brokers. Rock Hudson (2016), one of the pioneer brokers to win the title of real estate appraiser in Minas Gerais, comcant that for the real estate class was a gain the new resolution, because it is necessary to understand that each professional category has its function, that is, it is the assignment of the realtor the market share, and in the case of the construction of a property, are the attributions of engineers and architects.

Cofeci Resolution No. 1066/2007, which improved COFECI Resolution 957/2006, can no longer be challenged in court. Its content guarantees realtors the issuance of real estate valuations. The text is fully in force and there is nothing left to debate about the competence of real estate brokers, properly qualified in COFECI to perform such work.

CONCLUSION

In this research it was observed that the evaluation of real estate was, until 2006, the sole responsibility of architects and engineers. However, with a decision submitted by the Federal Council of Realtors (Cofeci), the work of evaluator was also granted to professional realtors.

A previous rule already determined the competence of the real estate broker to give opinions as to the commercial value of a property. However, the criteria for the production of the technical opinion of real estate assessment had not yet been established. The necessary requirements and the required training for the work of the real estate broker in the activity of the evaluator are fixed with the new resolution.

Thus, since the publication of law 6.530/78, the real estate broker is able to prepare the evaluation and produce the Technical Opinion of Market Evaluation (PTAM), which is the document in which it is exposed, based on technical criteria, market analysis with a view to establishing the commercial value of a property.

In addition, the legality granted by the Federal Council of Realtors (Cofeci), which had the competence of the real estate intermediation professional, with the objective of elaborating the PTAM, in resolution 957/2006, ratifies that the real estate broker is the correct specialist to prepare a property valuation.

However, it is necessary, for the real estate broker to obtain the title of real estate appraiser, that this professional is properly enrolled in its Regional Council (CRECI) and has a higher education degree in Real Estate Management or is an expert in Real Estate Valuation. Some documents, after that, will need to be sent to CRECI, in order to be examined and approved in Cofeci.

It is granted to the broker, after proving all the requirements, its certification of registration of real estate appraiser, as well as its insertion in the National Register of Real Estate Appraisers (Cnai). It will be allowed that, with this registration, the client easily finds the list of evaluators registered in your area, as well as ensure you more security at the time of consultation and hiring of a real estate appraiser.

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[1]  Graduated in Mathematics from the Federal University of Alagoas, Judicial Expert in Real Estate Evaluations, Specialist in Real Estate Law.

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