Federal business valuation standards. Federal valuation standard
Project
Ministry of Economic Development Russian Federation
FEDERAL STANDARD OF ASSESSMENT "Real Estate Appraisal (FSO No. 7)"
I. General provisions
1. This federal standard has been developed taking into account international valuation standards and federal valuation standards " General concepts valuation, approaches to valuation and requirements for valuation (FSO No. 1)”, “Purpose of valuation and types of value (FSO No. 2)”. "Requirements for the assessment report (FSO No. 3)" and defines the requirements for the assessment real estate.
2. This federal valuation standard develops, supplements and specifies the requirements and procedures established by the federal valuation standards FSO No. 1-3, and is mandatory for use in real estate valuation.
3. The provisions of this federal standard do not apply to the assessment of subject state registration aircraft and sea vessels, inland navigation vessels, space objects, as well as subsoil plots.
II. Objects of assessment
4. For the purposes of this standard, real estate (real estate, immovable things) means land and everything. that is firmly connected with the land (hereinafter - improvements), including buildings, structures, including engineering communications, construction in progress, as well as parts (shares) of these objects, including residential and non-residential premises.
5. Land plots and/or parts thereof (shares), improvements and/or parts thereof (shares), as well as objects that include land plots (parts of land plots) and improvements (parts of improvements ), as well as property rights related to them, if this does not contradict the current legislation
III. General requirements for assessment
6. To determine the value of a real estate object, the appraiser examines the market in those segments, which include the actual use of the property being valued and other permitted uses necessary to determine its value.
7. When collecting information about the property being valued, it is inspected during a period possibly close to the date of the valuation, unless otherwise specified in the assignment for the valuation. In case of failure to inspect the object being valued, the appraiser shall provide in the assessment report the reasons why the object was not inspected, the rationale for the sufficiency of the materials at his disposal to identify the object, as well as factors that may affect the reliability of the final value of the object, and related assumptions and restrictions.
8. Evaluation of real estate objects with unregistered rights to a land plot is carried out taking into account the rights and obligations of the owner of improvements in relation to the land plot established by the current legislation and the typical intentions of the owners in relation to the land plot (for example, redemption or lease) prevailing in the market in question.
9. In the absence of documented property rights of third parties in relation to the property being valued, restrictions on use and encumbrance, as well as environmental pollution, the value of the property being valued is determined by the appraiser based on the assumption that there are no such rights, restrictions on use, encumbrance and pollution, if the assessment assignment does not state otherwise.
IV. Assignment for evaluation
10. The assignment for the valuation of a real estate object must contain the following information, additional to that specified in paragraph 17 of the FSO No. 1, information:
The composition of the real estate object, indicating information sufficient to identify each of its constituent parts (land and its improvements);
Characteristics of the property and its components, or links to documents available to the appraiser containing such characteristics;
Assessed rights, restrictions on these rights, as well as encumbrances of each of the constituent parts of the property.
11. The task for the appraisal may indicate other calculated values that the appraiser must determine when assessing the property. These values may include, but are not limited to:
Cost of reproduction or replacement of an object
real estate;
Losses (actual damage, lost profit) in case of forced alienation of the property, as well as in other cases;
Expenses for elimination of environmental pollution and/or land reclamation.
V. Market Analysis
12. Analysis of the real estate market should be performed in the following sequence:
a) Analysis of the general political, economic and social situation in the country and region of the appraisal, indicating its impact on the market of the property being appraised, including market trends in the period preceding the appraisal date.
b) Definition of the market segment to which the property being valued belongs. If the real estate market is underdeveloped and there is not enough data to get an idea of the prices of transactions (offers for transactions), it is allowed to include comparable properties from areas with similar economic characteristics.
c) Analysis of actual data on the prices of transactions and / or offers with real estate in the segment to which the property being valued belongs, indicating the range of their values.
d) Analysis of the main factors influencing the supply and demand of comparable real estate objects, with a reduction in the ranges of their values, including factors influencing the formation of the value of comparable real estate objects, taking into account possible approaches to assessing the value of a real estate object, for example, price zoning of the assessment area, bargaining discounts, real estate market rates of return, investment payback periods, capitalization and discount rates, and other factors.
e) The main conclusions regarding the market of the property being valued: market dynamics, demand, supply, sales volume, market capacity, motivation of buyers and sellers, liquidity, price fluctuations in the real estate market and other conclusions.
VI. Best use analysis
13. When determining the market value of a real estate object, the application of approaches to its valuation should be based on the results of an analysis of the most efficient use of this object.
14. The most efficient use is defined as the possible (probable) and reasonably justified use of the property, which is legal, physically realizable, financially feasible, at which its value will be the highest.
15. An analysis of the most efficient use of a real estate object containing a land plot and improvements is carried out by type of use, space-planning and design solutions for land plot improvements both for a conditionally free (non-built-up) plot and for a plot with existing improvements (built-up plot).
16. As the most efficient use of the property being valued, its actual use may be taken, if the costs of demolition and new construction or reconstruction of improvements to its land plot will not lead to a significant increase in the value of the property being valued
17. Analysis of the most efficient use of the assessed part (share) of the real estate object is carried out taking into account the use of other parts (shares) of this object. If there are documents confirming the possibility of transforming the property as a whole, the assessment of a part (share) of the property is carried out taking into account the most efficient use of the property as a whole.
18. When determining the market value of a land plot or a real estate object as a whole for the purposes of entering this value into the state real estate cadastre, as well as when determining the market rent, the actual use of the property being valued is taken as the most effective.
VII. Valuation Approaches
19. When applying the comparative approach, the appraiser takes into account the following provisions.
a) Comparative approach, as a rule, is used to evaluate real estate objects that have an active market, when it is possible to select a sufficient number of analogue objects with known sales prices (offers) to evaluate.
b) As analogue objects, real estate objects belonging to the same market segment and comparable with the object of assessment in terms of characteristics (pricing factors) that affect the assessed value are used. At the same time, for all real estate objects, including the assessed one, the influence of each of the factors on the value should be uniform.
c) To determine the value of a real estate object, units of comparison (specific indicators) typical for the market of the object being evaluated are used, such as price or rent per unit area or unit volume and other indicators.
d) When determining the cost and / or amount of adjustments for pricing factors, the volume of market data available to the appraiser on analogue objects and the rules for their selection for calculations should be described. The use in calculations of only a part of analogues available to the appraiser must be justified in the appraisal report.
e) Depending on the quality of the input information, qualitative valuation methods can be used in the valuation process (relative comparative analysis, method expert assessments, personal interview method, and other methods) and quantitative assessment methods (quantitative adjustment method, regression analysis method, and other methods).
When applying qualitative methods, the valuation of property is carried out by studying the relationships identified on the basis of the analysis of the prices of transactions or offers with analogue objects or relevant information received from experts, and using these relationships to calculate the value of the property in accordance with the technology of the method chosen for valuation.
When applying the adjustment method, each analogue object is compared with a real estate object according to the characteristics that affect the value, a difference in these characteristics is revealed, and the unit for comparing the prices of objects determined by the appraiser is adjusted according to the identified characteristics in order to further determine the value of the real estate object. In this case, the adjustment for each element of comparison should be based on the principle of the contribution of this element to the estimated value.
When applying regression analysis methods, the appraiser, using real estate market data, constructs a real estate appraisal model, with the help of which he determines the desired value of the appraisal.
f) Among the characteristics (elements of comparison, pricing factors) are analyzed, including the following:
Transferred property rights, restrictions on these rights, as well as encumbrances on the use of the property;
Terms of financing the completed or proposed transaction (type of payment, credit terms, and other terms);
Conditions of sale (non-market conditions, related sale, etc. conditions);
Market conditions (price changes between transaction and valuation dates, bargaining discount when used to evaluate bid prices);
Type of use;
Location of the object;
The physical characteristics of the object, including the properties of the land plot, the state of improvements, the ratio of the area of the land plot and the area of the property;
Economic characteristics (occupancy rate, level of operating expenses, type of lease, composition of tenants, and other characteristics);
The presence of movable property not related to real estate;
Other elements (characteristics) that affect prices,
h) When using information about the prices of offers for sale or purchase for evaluation, the appraiser must
make sure that this information is reliable and relevant to the real estate market.
i) In addition to cost, the comparative approach can be used to evaluate other calculated indicators: rental rates, depreciation, capitalization and discount rates, and other indicators.
20. When applying the income approach, the appraiser takes into account the following provisions.
a) The income approach is used to value properties that generate or are capable of generating income.
b) Under the income approach, the value of real estate can be determined by the direct capitalization method, the discounted cash flow method, or the capitalization method by models (income and value);
c) The method of direct capitalization of income is designed to evaluate existing real estate objects that do not require significant capital investments in their repair or reconstruction, the current use of which corresponds to their most efficient use. Determining the value of real estate using this method is performed by dividing the typical annual income by the total capitalization rate, which, using this method, is determined on the basis of an analysis of market data on the ratio of income and prices of real estate objects similar to the property being valued.
d) The discounted cash flow method is applied to future cash flows with any forecast of change over time and determines their present value by discounting at a rate corresponding to the return on investment in similar real estate. The method is generally used to value vacant land and built-up land that, based on a best use analysis, require demolition and new construction or improvements.
e) The method of capitalization by models (income and value) is applied to the valuation of properties that generate constant or regularly changing (changing in a known way) income streams, with a known dynamics of changes in value. Such income is capitalized at a general capitalization rate, which is constructed on the basis of a discount rate that takes into account the capital return model, financing methods and terms, and expected changes in income and property value in the future.
f) The structure (accounting for taxes, return of capital, rate of change in income and asset value) of the used discount rates and/or capitalization must correspond to the structure of the discounted (capitalized) income.
g) For real estate objects of general use, as a source of income within the framework of the income approach, income from the lease of the object or the sale of the created real estate object in whole or in part should be considered.
h) The valuation of real estate intended for running a business with a trading potential (hotels, restaurants, gas stations, etc.), with the exception of objects that are usually rented out, is carried out by separating from the value of the business the value attributable to appraised property.
21. When applied cost approach The appraiser takes into account the following provisions.
a) The cost approach is usually applied to the valuation of free-standing real estate objects (but not their parts or shares, for example, built-in premises or apartments).
b) The cost approach is most applicable to determining the value of new properties, when improvements represent the most efficient use of the land, or non-new properties, when the most efficient use of the undeveloped site coincides with the most efficient use of the built-up (improved) site, and it is possible to correct evaluation of depreciation of land improvements.
c) The cost approach is more often than other approaches used to assess the cost of special-purpose objects (pipelines, engineering networks, and other objects) that are poorly or not at all presented on the market as objects of transactions.
d) In general, the value of the property, determined by the cost approach, corresponds to the sum of the value of the rights to the land plot and the value of the ownership of the improvements, and is calculated, as a rule, in the following sequence:
Determining the cost of rights to a land plot;
Determining the cost of creating (reproducing or replacing) improvements;
Determining the entrepreneur's profit;
Determining wear and tear;
Determination of the cost of improvements by summing the costs of creating improvements and the profits of the entrepreneur, and deducting depreciation and obsolescence;
Determination of the market value of an object as the sum of the cost of rights to a land plot and the cost of improvements.
e) For the purposes of determining the market value, a land plot is considered as conditionally free on the assumption of its most efficient use.
f) Determining the cost of creating (reproducing or replacing) improvements is based on:
Data on construction contracts for the construction of similar facilities;
Data on the costs of construction of similar facilities from specialized directories based on the current regulatory framework;
Estimates of the cost of new construction;
Information about market prices for Construction Materials;
And other data.
g) The costs of creating (reproducing or replacing) improvements are calculated as the sum of the costs included in the construction and installation works, directly related to the construction of improvements to the land plot, and the costs associated with the construction of improvements, but not included in the construction and installation works.
h) For the purposes of determining the market value, the amount of the entrepreneur's profit is determined on the basis of market information, taking into account the costs of acquiring rights to a land plot and creating its improvements.
i) The amount of depreciation and obsolescence is defined as the loss of value by the property as a result of physical wear and tear, functional and external obsolescence. However, all types of depreciation and obsolescence, including obsolescence due to underutilization of the land, relate to improvements to the land.
22. The appraiser has the right to use a different calculation methodology and independently determine the method / methods of assessment within each of the selected approaches, based on the principles of materiality, validity, unambiguity, verifiability and sufficiency. At the same time, a description of the method (methods) chosen by the appraiser should be provided in the appraisal report, allowing the user of the report to understand the logic of the process of determining the value and the compliance of the method (methods) chosen by the appraiser with the property, the principles of appraisal, the type of value being determined and the intended use of appraisal results.
VIII. Consolidation of evaluation results
23. Coordination of the results of the valuation of a real estate object, obtained using various approaches to valuation, is carried out in accordance with the requirements of FSO No. 3.
24. In the process of coordination, it is necessary to analyze all the advantages and disadvantages of the approaches used to assess the value of the property in terms of the reliability and accuracy of the input information, as well as the goals and objectives of this assessment, in order to determine the final value of the cost by weighing the results obtained using these approaches. .
25. If there is a lack of market data necessary to implement one or another approach to valuation in accordance with the requirements of this standard and federal valuation standards Nos. 1-3, it is allowed to obtain indicative estimates of the minimum and maximum values of the value of the object being valued within this approach. The resulting estimates can be used as verification data for the final result of the assessment, increasing the reliability of the latter.
26. After the approval procedure, the appraiser, in addition to indicating the estimated value of the estimated value in the report, is recommended to express in the report his opinion on the possible boundaries of the interval in which this value may lie.
IX. Valuation of lease rights
27. Under the market rent means the estimated amount of money for which a property can be leased at the valuation date in a lease transaction on appropriate terms between a concerned landlord and a concerned tenant after proper marketing, in which each party would act knowingly, prudently and without coercion.
28. When determining the market rent in the assessment task, in accordance with clause 17 of FSO No. 1, the following are indicated, among other things:
valuation object: real estate object;
Purpose of the valuation: determination of the market rent;
Estimated rights: the right of temporary use (possession and use) of the real estate object under the terms of the lease agreement;
The essential terms of the lease agreement: the scope of additional services, the payment for which is included in the rent, the tenant's costs compensated by the rent, the settlement and payment periods, the lease term, the conditions for changing the rent during the lease term.
29. When specifying the final value of the market rent, the valuation report must indicate the significant terms of the lease for which it was calculated.
30. The market value of the rights to conclude a lease agreement with the amount of rent known from the terms of the agreement and its change during the lease term is determined by capitalization (discounting) of the difference between the market rent and the rent under the agreement in each settlement period.
On approval of the Federal Valuation Standard "Real Estate Valuation (FSO No. 7)"
Article 20 federal law dated July 29, 1998 No. 135-FZ “On appraisal activities in the Russian Federation” (Collected Legislation of the Russian Federation, 1998, No. 31, item 3813; 2006, No. 31, item 3456; 2010, No. 30, item 3998 ; 2011, No. 1, article 43; No. 29, article 4291; 2014, No. 30, article 4226) I order:
Approve the attached Federal Valuation Standard "Real Estate Valuation (FSO No. 7)".
Minister
A.V. Ulyukaev
Federal valuation standard
"Real Estate Appraisal (FSO No. 7)"
I. General provisions
1. This Federal Valuation Standard has been developed taking into account international valuation standards and federal valuation standards “General concepts of valuation, approaches to valuation and requirements for valuation (FSO No. 1)”, “Purpose of valuation and types of value (FSO No. 2)”, “ Requirements for the valuation report (FSO No. 3) ”(hereinafter respectively - FSO No. 1, FSO No. 2, FSO No. 3) and determines the requirements for real estate valuation.
2. This Federal Valuation Standard develops, supplements and specifies the requirements and procedures established by FSO No. 1, FSO No. 2, FSO No. 3, and is mandatory for use in real estate valuation.
3. The provisions of this Federal Valuation Standard do not apply to the valuation of aircraft and sea vessels subject to state registration, inland navigation vessels, space objects, subsoil plots, enterprises as property complexes, as well as to determine the cadastral value of real estate objects by methods of mass valuation.
II. Objects of assessment
4. For the purposes of this Federal Standard, objects of real estate can be objects of assessment - built-up land plots, undeveloped land plots, objects capital construction, as well as parts of land plots and capital construction projects, residential and non-residential premises, together or separately, taking into account the property rights associated with them, if this does not contradict the current legislation. For the purposes of this Federal Standard, the objects of assessment may be shares in the right to a real estate object.
III. General requirements for assessment
5. When collecting information about the property being valued, the appraiser or his representative conducts an inspection of the appraisal object during the period possibly close to the date of the appraisal, unless otherwise specified in the appraisal task. In case of failure to conduct an inspection, the appraiser shall indicate in the valuation report the reasons why the object of appraisal was not examined, as well as the assumptions and restrictions associated with the failure to conduct an inspection.
6. A joint appraisal of a land plot and capital construction objects located on it in the absence of title and title documents for the land plot is carried out taking into account the rights and obligations of the owner of capital construction objects in relation to the land plot established by the current legislation, as well as the typical behavior of owners in the market under consideration in relation to a similar land plot (purchase or lease).
7. In the absence of documented property rights of third parties in relation to the assessed property, restrictions (encumbrances), as well as environmental pollution, the assessment of the object is carried out on the assumption that there are no such rights, restrictions (encumbrances) and pollution, taking into account the circumstances identified during the inspection unless otherwise specified in the valuation task.
IV. Assignment for evaluation
8. The assignment for the valuation of a real estate object must contain the following additional information in addition to that specified in paragraph 17 of FSO No. 1:
The composition of the object of assessment, indicating information sufficient to identify each of its parts (if any);
characteristics of the appraisal object and its evaluated parts or links to documents available to the appraiser containing such characteristics;
rights taken into account when assessing the appraisal object, restrictions (encumbrances) of these rights, including with respect to each of the parts of the appraisal object.
9. In the task for assessment, other calculated values may be indicated, including:
Market rent (the estimated amount for which a property could be rented out at the valuation date under typical market conditions);
costs for the creation (reproduction or replacement) of capital construction facilities;
losses (actual damage, lost profit) in case of alienation of the property, as well as in other cases;
costs for the elimination of environmental pollution and (or) land reclamation.
V. Market Analysis
10. To determine the value of real estate, the appraiser examines the market in those segments, which include the actual use of the property being valued and other types of use necessary to determine its value.
11. Analysis of the real estate market is performed in the following sequence:
a) analysis of the impact of the general political and socio-economic situation in the country and region where the appraisal object is located on the market of the appraised object, including trends that have emerged on the market in the period preceding the appraisal date;
b) determination of the market segment to which the property being valued belongs. If the real estate market is not developed and there is not enough data to get an idea of the prices of transactions and (or) offers with comparable real estate, it is allowed to expand the study area at the expense of territories similar in economic characteristics to the location of the property being evaluated;
c) analysis of actual data on the prices of transactions and (or) offers with real estate objects from market segments, to which the object being evaluated can be attributed in the actual, as well as in alternative options for its use, indicating the range of price values;
d) analysis of the main factors affecting the demand, supply and prices of comparable real estate, such as rates of return, payback periods of investments in the real estate market, with the intervals of values of these factors;
e) the main conclusions regarding the real estate market in the segments necessary to evaluate the object, for example, market dynamics, demand, supply, sales volume, market capacity, motivation of buyers and sellers, liquidity, price fluctuations in the market of the object being evaluated, and other conclusions.
The scope of research is determined by the appraiser based on the principle of sufficiency.
VI. Best use analysis
12. Highest use analysis underpins market value assessments of real estate.
13. Highest use is that use of the property that maximizes its productivity (corresponding to its highest value) and that is physically possible, legally permitted (at the date the value of the property was determined) and financially justified.
14. The most efficient use of the property may correspond to its actual use or involve other use, for example, repair (or reconstruction) of capital construction objects on the land plot.
15. Analysis of the most efficient use allows you to identify the most profitable use of the property, which market participants (buyers and sellers) are guided by when forming the transaction price. When determining the market value, the appraiser is guided by the results of this analysis to select approaches and methods for assessing the subject of appraisal and selecting comparable real estate objects when applying each approach.
16. Analysis of the most efficient use of the object of assessment is carried out, as a rule, according to space-planning and design solutions. For objects of appraisal, including a land plot and capital construction facilities, the most efficient use is determined taking into account the existing capital construction facilities. At the same time, such an analysis is carried out by carrying out the necessary calculations for this or without them, if justifications are presented that do not require calculations.
17. An analysis of the most efficient use of parts of the property, such as built-in residential and non-residential premises, is carried out taking into account the actual use of other parts of this property.
18. An analysis of the most efficient use of a part of a real estate object being reconstructed or subject to reconstruction is carried out taking into account the most efficient use of the entire real estate object being reconstructed.
19. The most efficient use of a property valued separately may differ from its most efficient use as part of the complex of properties being valued.
20. The market value of a land plot built up with capital construction objects or capital construction objects for entering this value into the state real estate cadastre is estimated based on the type of actual use of the object being evaluated. At the same time, the built-up land plot is assessed as undeveloped, intended for use in accordance with the type of its actual use.
21. The analysis of the most efficient use of a real estate object for leasing is carried out taking into account the conditions for the use of this object, established by the lease agreement or the draft of such an agreement.
VII. Valuation Approaches
22. When applying a comparative approach to the valuation of real estate, the appraiser takes into account the following provisions:
a) a comparative approach is used for real estate valuation, when it is possible to select a sufficient number of similar objects with known transaction and (or) offer prices for valuation;
b) real estate objects are used as analogue objects that belong to the same market segment as the object being evaluated and are comparable with it in terms of pricing factors. At the same time, for all real estate objects, including the one being assessed, pricing for each of these factors should be uniform;
c) during the assessment, the volume of market data available to the appraiser about objects-analogues and the rules for their selection for calculations should be described. The use in the calculations of only a part of the analogous objects available to the appraiser must be justified in the appraisal report;
d) to perform calculations, specific cost indicators (comparison units) typical for a similar object prevailing on the market of the evaluated object, in particular, the price or rent per unit of area or unit of volume, are used;
e) depending on the initial information available on the market, in the process of real estate valuation, qualitative valuation methods (relative comparative analysis, expert evaluation method and other methods), quantitative valuation methods (regression analysis method, quantitative adjustment method and other methods) can be used, as well as their combinations.
When applying qualitative methods, real estate valuation is performed by studying the relationships identified on the basis of an analysis of the prices of transactions and (or) offers with analogue objects or relevant information received from experts, and using these relationships to conduct an assessment in accordance with the technology of the method chosen for valuation.
When applying the adjustment method, each analogue object is compared with the object of assessment in terms of pricing factors (elements of comparison), differences in objects are revealed by these factors, and the price of the analogue object or its specific indicator is adjusted according to the identified differences in order to further determine the value of the object of assessment. In this case, the adjustment for each comparison element is based on the principle of the contribution of this element to the value of the object.
When applying the methods of regression analysis, the appraiser, using the data of the market segment of the appraised object, constructs a pricing model corresponding to the market of this object, according to which it determines the estimated value of the desired value;
f) to compare the object of assessment with other real estate objects with which transactions have been made or which are presented on the market for their completion, the following elements of comparison are usually used:
Transferable property rights, restrictions (encumbrances) of these rights;
terms of financing the completed or proposed transaction (type of payment, credit terms, other terms);
conditions of sale (atypical conditions for the market, transaction between affiliates, other conditions);
market conditions (price changes for the period between transaction and valuation dates, discounts to offer prices, other conditions);
type of use and (or) zoning;
the location of the object;
the physical characteristics of the object, including the properties of the land plot, the state of capital construction objects, the ratio of the area of the land plot and the area of its development, other characteristics;
economic characteristics (level of operating expenses, lease terms, composition of tenants, other characteristics);
the presence of movable property not related to real estate;
other characteristics (elements) affecting the cost;
g) in addition to cost, the comparative approach can be used to determine other calculation indicators, such as rental rates, depreciation and obsolescence, capitalization and discount rates.
23. When applying the income approach, the appraiser takes into account the following provisions:
a) the income approach is applied to the valuation of real estate that generates or is able to generate income streams;
b) within the framework of the income approach, the value of real estate can be determined by the direct capitalization method, the discounted cash flow method or the capitalization method according to calculation models;
c) the direct capitalization method is used to evaluate real estate objects that do not require significant capital investments in their repair or reconstruction, the actual use of which corresponds to their most efficient use. Determining the value of real estate objects using this method is performed by dividing the annual income from the object corresponding to the market by the total capitalization rate, which is determined on the basis of an analysis of market data on the ratio of income and prices of real estate objects similar to the object being valued;
d) the discounted cash flow method is used to evaluate real estate that generates or is able to generate income flows with an arbitrary dynamics of their change over time by discounting them at a rate corresponding to the return on investment in similar real estate;
e) the calculation model capitalization method is used to evaluate real estate that generates regular income streams with the expected dynamics of their change. Such income is capitalized at a general capitalization rate, which is constructed on the basis of a discount rate taken into account in the capital return model, methods and conditions of financing, as well as expected changes in income and property values in the future;
f) the structure (accounting for taxes, return of capital, rate of change in income and asset value) of the used discount rates and (or) capitalization must correspond to the structure of the discounted (capitalized) income;
g) for real estate that can be rented out, rental payments should be considered as a source of income;
h) the valuation of real estate intended for the conduct of a particular type of business (for example, hotels, restaurants, gas stations) can be carried out on the basis of information about the operating activities of this business by separating from its value components that are not related to the property being valued.
24. When applying the cost approach, the appraiser takes into account the following provisions:
a) the cost approach is recommended to be used to evaluate real estate objects - land plots built up with capital construction projects, or capital construction projects, but not their parts, for example, residential and non-residential premises;
b) it is advisable to use the cost approach for real estate valuation if it corresponds to the most efficient use of the land plot as undeveloped and it is possible to correctly assess physical deterioration, as well as functional and external (economic) obsolescence of capital construction objects;
c) the cost approach is recommended to be used when the market is low, when there is not enough data necessary to apply the comparative and income approaches to valuation, as well as to valuate real estate for special purposes and uses (for example, linear facilities, hydraulic structures, water towers, pumping stations, boiler houses , engineering networks and other real estate, in respect of which there are no market data on transactions and offers);
d) in general, the value of the property, determined using the cost approach, is calculated in the following sequence:
determination of the cost of rights to a land plot as undeveloped;
calculation of costs for the creation (reproduction or replacement) of capital construction facilities;
determination of the entrepreneur's profit;
determination of wear and obsolescence;
determination of the cost of capital construction objects by summing up the costs of creating these objects and the profit of the entrepreneur and subtracting their physical wear and tear and obsolescence;
determination of the value of a real estate object as the sum of the value of rights to a land plot and the value of capital construction objects;
e) for the purposes of determining the market value of a real estate object using the cost approach, the land plot is assessed as undeveloped on the assumption of its most efficient use;
f) calculation of costs for the creation of capital construction facilities is made on the basis of:
data on construction contracts (agreements) for the construction of similar facilities;
data on the costs of construction of similar facilities from specialized directories;
budget calculations;
information on market prices for building materials;
other data;
g) the costs of creating capital construction objects are determined as the sum of the costs included in the construction and installation works directly related to the creation of these objects, and the costs associated with their creation, but not included in the construction and installation works;
h) for the purposes of assessing the market value of real estate, the amount of profit of an entrepreneur is determined on the basis of market information by extraction methods, expert assessments or analytical models, taking into account direct, indirect and imputed costs associated with the creation of capital construction facilities and the acquisition of rights to a land plot;
i) the amount of depreciation and obsolescence is defined as the loss of property value as a result of physical depreciation, functional and external (economic) obsolescence. At the same time, depreciation and obsolescence relate to capital construction objects related to the property being valued.
25. The appraiser has the right to use a different calculation methodology and independently determine the method (methods) of real estate valuation within the framework of each of the selected approaches, based on the principles of materiality, validity, unambiguity, verifiability and sufficiency. At the same time, the appraisal report must contain a description of the method (methods) chosen by the appraiser, allowing the user of the appraisal report to understand the logic of the process of determining the value and the compliance of the method (methods) chosen by the appraiser with the property, the principles of appraisal, the type of value being determined and the intended use of the appraisal results.
VIII. Consolidation of evaluation results
26. Coordination of the results of real estate valuation obtained using various methods and approaches for valuation, and reflection of its results in the valuation report are carried out in accordance with the requirements of FSO No. 1 and FSO No. 3.
27. If several valuation methods are used within any of the approaches to real estate valuation, their results are preliminarily coordinated in order to obtain an intermediate result of real estate valuation by this approach.
28. In the process of harmonizing the intermediate results of real estate valuation obtained using different approaches, it is necessary to analyze the advantages and disadvantages of these approaches, explain the discrepancy between the intermediate results and, based on the analysis, determine the final result of the real estate valuation.
29. If there is insufficient market data necessary for the implementation of any of the approaches to real estate valuation in accordance with the requirements of this Federal Valuation Standard and FSO No. 1, FSO No. 2, FSO No. 3, within the framework of the chosen approach, based on the available data, it is recommended to indicate indicative values (value) of the value being assessed, which are not taken into account in the final approval, but can be used as a reference to the final result of the real estate valuation.
30. After the approval procedure, the appraiser, in addition to indicating in the appraisal report the final result of the real estate appraisal, gives his opinion on the possible boundaries of the interval in which, in his opinion, this value may be, unless otherwise specified in the appraisal task.
With changes and additions from:
In order to implement the provisions federal law dated July 27, 2006 N 157-FZ "On Amendments to the Federal Law "On Appraisal Activities in the Russian Federation" (Sobraniye Zakonodatelstva Rossiyskoy Federatsii, 2006, N 31, Art. 3456), in accordance with clause 5.2.5 of the Regulations on Ministry of Economic Development and Trade of the Russian Federation, approved by Decree of the Government of the Russian Federation of August 27, 2004 N 443 (Collected Legislation of the Russian Federation, 2004, N 36, Art. 3670; 2005, N 22, Art. 2121; 1182; N 16, item 1743, item 1744; N 18, item 2005; N 22, item 2333; N 32, item 3569, item 3578; 2007, N 22, item 2642), I order:
26. The final value of the market or other value of the appraisal object, with the exception of the cadastral value, indicated in the appraisal report, may be recognized as recommended for the purposes of making a transaction with appraisal objects, if from the date of the appraisal report to the date of the transaction with the appraisal object or the date of submission no more than six months have passed since the public offer.
27. The final value of the cost must be expressed in the currency of the Russian Federation (in rubles).
11.10.2015 13:45
FEDERAL STANDARD ASSESSMENT
"General concepts of assessment, approaches and requirements for assessment (FSO No. 1)"
I. General provisions
1. This Federal Valuation Standard defines the general concepts of valuation, approaches to valuation and requirements for valuation used in the implementation of valuation activities.
2. This Federal Valuation Standard is mandatory for use in the implementation of valuation activities.
II. General concepts of evaluation
3. The objects of assessment include objects of civil rights, in respect of which the legislation of the Russian Federation establishes the possibility of their participation in civil circulation.
4. Price is the amount of money requested, offered or paid by participants as a result of a completed or proposed transaction.
5. The value of the appraisal object is the most probable calculated value determined as of the appraisal date in accordance with the selected type of value in accordance with the requirements of the Federal Appraisal Standard "Purpose of appraisal and types of value (FSO No. 2)".
6. The final value of the value - the value of the appraisal object, calculated using approaches to appraisal and justified by the appraiser agreement (generalization) of the results obtained as part of the application of various approaches to appraisal.
7. An assessment approach is a set of assessment methods united by a common methodology. The appraisal method of the appraised object is a sequence of procedures that allows, on the basis of information essential for this method, to determine the value of the appraised object within the framework of one of the appraisal approaches.
8. The date of determining the value of the appraisal object (date of appraisal, appraisal date) is the date as of which the value of the appraised object was determined. Information about events that occurred after the appraisal date can be used to determine the value of the appraisal object only to confirm trends, prevailing at the valuation date, if such information is in line with prevailing market expectations at the valuation date.
9. Assumption - an assumption accepted as true and concerning facts, conditions or circumstances related to the object of assessment or approaches to valuation, which do not require verification by the valuer in the valuation process.
10. Analogous object - an object similar to the object of assessment in terms of the main economic, material, technical and other characteristics that determine its value.
III. Valuation Approaches
11. The main approaches used in valuation are the comparative, income and cost approaches. When choosing the approaches used in the assessment, one should take into account not only the possibility of applying each of the approaches, but also the goals and objectives of the assessment, the intended use of the assessment results, assumptions, completeness and reliability of the initial information. Based on the analysis of these factors, the choice of approaches used by the appraiser is substantiated. Comparative approach.
12. Comparative approach - a set of valuation methods based on obtaining the value of the appraised object by comparing the appraised object with analogue objects.
13. A comparative approach is recommended to be applied when reliable and sufficient information on prices and characteristics of analogous objects is available for analysis. In this case, both the prices of completed transactions and the prices of offers can be applied.
14. As part of the comparative approach, various methods are used, based both on a direct comparison of the object being valued and analogue objects, and methods based on the analysis of statistical data and information about the market of the object of assessment. Income approach.
15. Income approach - a set of valuation methods based on the determination of expected income from the use of the valuation object.
17. The income approach uses various methods based on discounted cash flows and income capitalization. Cost approach.
18. Cost approach - a set of methods for assessing the value of an appraisal object based on determining the costs necessary for the acquisition, reproduction or replacement of an appraisal object, taking into account wear and tear and obsolescence.
19. The cost approach is mainly used in cases where there is reliable information that allows you to determine the cost of acquiring, reproducing or replacing the object of assessment.
20. The cost approach uses various methods based on determining the cost of creating an exact copy of the object of assessment or an object that has similar useful properties. The criteria for recognizing an object as an exact copy of the object of assessment or an object with comparable useful properties are determined by federal assessment standards that establish requirements for the assessment certain types objects of evaluation and (or) for special purposes.
IV. Assignment for evaluation
21. The valuation assignment is an integral part of the valuation contract. The valuation assignment must contain the following information: a) the object of the valuation; b) the rights to the valuation object taken into account when determining the value of the valuation object; c) the purpose of the valuation; d) the intended use of the results valuation; e) type of value; f) date of valuation; g) assumptions on which the valuation should be based; h) other information provided for by federal valuation standards.
22. Additional requirements for the assessment assignment may be regulated by the relevant federal assessment standards.
V. Evaluation requirements
23. Conducting an assessment includes the following steps: a) conclusion of an assessment agreement, including an assignment for assessment; b) collection and analysis of information necessary for the assessment; c) application of approaches to assessment, including the choice of assessment methods and the implementation of the necessary calculations; d ) coordination (if necessary) of the results and determination of the final value of the object of assessment; e) drawing up an assessment report.
24. The appraiser has the right to independently determine the need to apply certain valuation approaches and specific valuation methods within the application of each of the approaches. During the valuation, it is possible to establish additional assumptions to those specified in the valuation task related to the intended use of the valuation results and the specifics of the object of valuation.
25. In the case of using several approaches to assessment, as well as using several assessment methods within any of the approaches to assessment, preliminary coordination of their results is carried out in order to obtain an intermediate result of assessing the object of assessment by this approach. When reconciling materially different intermediate assessment results obtained by different approaches or methods, the report must reflect the analysis performed and the identified reason for the discrepancies. Such a difference is recognized as significant, in which the result obtained by applying one approach (method) is outside the boundaries of the value range indicated by the appraiser obtained by applying another approach (methods) (if any).
26. After the approval procedure, the appraiser, in addition to indicating in the appraisal report the final value of the appraisal object, has the right to give his opinion on the possible boundaries of the interval in which, in his opinion, this value may be, unless otherwise specified in the appraisal task.
27. The final value of the value of the appraisal object must be expressed in rubles of the Russian Federation.
28. Based on the results of the assessment, an assessment report is drawn up. Requirements for the content and formatting of an appraisal report are established by Federal Law No. 135-FZ of July 29, 1998 “On Appraisal Activities in the Russian Federation” (Sobraniye Zakonodatelstva Rossiyskoy Federatsii, 1998, No. 31, Art. 3813; 2002, No. 4, Art. 251; No. 12, item 1093; No. 46, item 4537; 2003, No. 2, item 167; No. 9, item 805; 2004, No. 35, item 3607; 2006, No. 2, item 172 ; No. 31, item 3456; 2007, No. 7, item 834; No. 29, item 3482; No. 31, item 4016; 2008, No. 27, item 3126; 2009, No. 19, item 2281; No. 29, Article 3582, Article 3618; No. 52, Article 6419, 6450; 2010, No. 30, Article 3998; 2011, No. 1, Article 43; No. 27, Article 3880; No. 29, Article 4291 ; No. 48, item 6728; No. 49, item 7024, item 7061; 2012, No. 31, item 4333; 2013, No. 23, item 2871; No. 27, item 3477; No. 30, item 4082 ; 2014, No. 11, item 1098; No. 23, item 2928; No. 30, item 4226; 2015, No. 1, item 52; No. 10, item 1418) and federal evaluation standards.
MINISTRY OF ECONOMIC DEVELOPMENT AND TRADE
RUSSIAN FEDERATION
(MINISTRY OF ECONOMIC DEVELOPMENT OF RUSSIA)
P R I C A Z
On approval of the federal assessment standard "Types of expertise, procedure for its conduct, requirements for an expert opinion and the procedure for its approval (FSO No. 5)"
In accordance with Articles 17.1 and 20 of the Federal Law of July 29, 1998 No. 135-FZ “On Appraisal Activities in the Russian Federation” (Sobraniye Zakonodatelstva Rossiyskoy Federatsii, 1998, No. 31, Art. 3813; 2006, No. 31, Art. 3456 ; 2011, No. 1, art. 43) in case of order:
Approve the federal valuation standard "Types of expertise, procedure for its implementation, requirements for an expert opinion and the procedure for its approval" (FSO No. 5) submitted by the National Council for Valuation Activities.
Minister
E.S. Nabiullina
FEDERAL STANDARD ASSESSMENT
"Types of examination, the procedure for its conduct, requirements for an expert opinion and the procedure for its approval (FSO No. 5)"
I. General provisions
1. This federal valuation standard has been developed taking into account international valuation standards, on the basis of the Federal Law of July 29, 1998 No. 135-FZ “On Valuation Activities in the Russian Federation” (Sobraniye Zakonodatelstva Rossiyskoy Federatsii, 1998, No. 31, Art. 3813; 2002, No. 12, item 1093, No. 46, item 4537; 2003, No. 2, item 167; 2004, No. 35, item 3607; 2006, No. 2, item 172, No. 31, item 3456; 2007, No. 29, Article 3482, No. 31, Article 4016; 2009, No. 52, Article 6450; 2010, No. 30, Article 3998; 2011, No. 1, Article 43) (hereinafter referred to as the Federal Law) and contains requirements for the examination of evaluation reports.
2. This federal appraisal standard establishes the types of expertise of the appraisal report, the procedure for conducting it, the requirements for an expert opinion and the procedure for its approval.
3. This federal valuation standard is mandatory for use in the examination of valuation reports.
4. Expertise of an appraisal report means the actions of an expert or experts of a self-regulatory organization of appraisers in order to verify a report signed by an appraiser (appraisers) who are (are) members of this self-regulatory organization, in accordance with the type of expertise.
During the examination of the appraisal report, a study of the work performed by the appraiser (appraisers) is carried out. When conducting an examination of the assessment report by an expert (experts), a re-assessment is not carried out.
The appraisal report is reviewed in accordance with the requirements of the Federal Law, federal appraisal standards, standards and rules of appraisal activities of a self-regulatory organization of appraisers, whose expert council member is the expert (experts) conducting the appraisal report review.
The actions (inaction) of the expert (experts), as well as the results of the examination, may be appealed by the appraiser who signed the relevant assessment report to the self-regulatory organization of appraisers in the manner established by the internal documents of such a self-regulatory organization that establish the time limits for considering a complaint against the actions (inaction) of an expert and ( or) the results of the examination, the procedure for sending such a complaint, consideration, decision-making and notification of interested parties about the results of its consideration.
II. Types of examination of the assessment report
5. This federal valuation standard establishes the following types of expertise of valuation reports:
examination for compliance with the requirements of the legislation of the Russian Federation on valuation activities, including the requirements of the Federal Law, federal valuation standards and other acts of the authorized federal body exercising the functions of legal regulation of valuation activities, and standards and rules for valuation activities (hereinafter referred to as the regulatory and methodological expertise);
examination to confirm the value of the appraisal object determined by the appraiser in the appraisal report, which also includes verification of the appraisal report for compliance with the requirements of the legislation of the Russian Federation on appraisal activities, including the requirements of the Federal Law, federal appraisal standards and other acts of the authorized federal body that performs the functions of normative-legal regulation of appraisal activity, and standards and rules of appraisal activity.
III. The procedure for conducting an examination
6. Examination of the assessment report is carried out in cases established by the legislation of the Russian Federation. Other cases and grounds for conducting an examination are established by internal documents of the self-regulatory organization of appraisers.
If the examination of the assessment report is carried out on the basis of an agreement on the examination of the assessment report, the amount of payment for the examination of the assessment report is determined by the agreement and cannot depend on the conclusion contained in the positive (negative) expert opinion prepared by the expert (experts) self-regulatory organization of appraisers based on the results of the examination (hereinafter referred to as the expert opinion).
7. Expertise of the appraisal report is carried out within the terms established by the legislation of the Russian Federation, internal documents of the self-regulatory organization of appraisers (unless other terms are provided by the contract for the expertise) or the contract for the expertise.
8. The selection of an expert (experts) of the self-regulatory organization of appraisers, carrying out (carrying out) the examination of the valuation report, is carried out in the manner established by the internal documents of the self-regulatory organization of appraisers, containing the selection criteria and the procedure for appointing an expert (experts) of the self-regulatory organization of appraisers, the grounds and procedure for the refusal of an expert (experts) of the self-regulatory organization of appraisers from participating in the examination of the appraisal report.
9. Examination of the appraisal report cannot be carried out by an expert who signed the appraisal report in respect of which the appraisal is being carried out, or who is the founder, owner, shareholder, officer or employee of a legal entity - the customer of the appraisal, the owner of the object of appraisal.
Examination of the appraisal report also cannot be carried out by an expert if the expert has a property interest in the object of appraisal, in respect of the appraisal report of which the appraisal is being carried out, or if the expert is with the founder, owner, official of the legal entity - the customer of the appraisal, an individual - the customer of the examination or the person who signed the relevant assessment report, in close relationship or property, and also if entity- the expert's customer is the expert's creditor or insurer.
10. The expert is obliged to notify the self-regulatory organization of appraisers of the facts of influence on him by any persons in order to influence the conclusion (conclusions) contained (contained) in the expert opinion.
11. For the examination, the appraisal report or a copy certified in accordance with the procedure established by the self-regulatory organization of appraisers shall be submitted to the self-regulatory organization of appraisers, a member or members of which is (are) the appraiser (appraisers) who signed (signed) the appraisal report in the manner and within the time limits, established by the internal documents of such a self-regulatory organization of appraisers, unless otherwise provided by the legislation of the Russian Federation.
12. Depending on the type of expertise being carried out, the self-regulatory organization of appraisers establishes assumptions and restrictive conditions, subject to which the appraisal report is reviewed, which do not contradict the Federal Law, federal valuation standards and other acts in the field of valuation activities.
13. For the purposes of conducting an examination, the information necessary for conducting an examination, but missing in the appraisal report, referred to by the appraiser in the appraisal report, is provided by the appraiser at the request of the expert. The expert sends a request, and the appraiser sends the relevant information in the manner prescribed by the internal documents of the self-regulatory organization of appraisers, of which the appraiser who signed the appraisal report is a member, containing requirements for:
14. When conducting an examination of an assessment report, it is not allowed for an expert to use information that became known after the date of assessment.
15. The procedure for the expert's actions during the examination of the appraisal report is established by the internal documents of the self-regulatory organization of appraisers in accordance with the types of expertise.
IV. Requirements for an expert opinion
16. The expert opinion shall indicate:
a) the date and number of the expert opinion;
b) the basis for the examination of the assessment report;
c) information about the customer for the examination of the assessment report or another body that initiated the examination of the assessment report (full name, location, OGRN (if any).
In the event that the customer for the examination of the valuation report is individual, information about him is indicated in the following composition: last name, first name, patronymic, series and number of the identity document, date of issue and the authority that issued the specified document;
d) the type of examination of the assessment report being carried out;
e) information about the appraisal report (the date and serial number of the appraisal report, information identifying the appraisal object, the date the value of the appraisal object was determined), as well as information about other documents and materials submitted for examination of the appraisal report;
f) information on the assumptions and restrictive conditions, taking into account which the examination of the assessment report was carried out;
g) information about the expert (experts) who signed (signed) the expert opinion (last name, first name, patronymic, registration number according to the register of members of the self-regulatory organization of appraisers);
h) the results of checking the valuation report for compliance with the requirements of the legislation of the Russian Federation on valuation activities, including the requirements of the Federal Law, federal valuation standards and other acts of the authorized federal body exercising the functions of legal regulation of valuation activities, and (or) standards and rules of appraisal activities of a self-regulatory organization of appraisers;
i) the results of checking the validity of the valuation methods chosen by the appraiser within the framework of each of the approaches to valuation used by the appraiser and checking the compliance of the calculation of the value of the appraised object performed in the report with the relevant approaches and methods;
j) the results and justification of other actions of the expert during the examination to confirm the cost;
k) conclusion based on the results of the examination of the assessment report, which must be substantiated.
17. The result of the examination of the assessment report is a positive or negative expert opinion.
When conducting a regulatory and methodological examination, a positive expert opinion is recognized as an expert opinion containing a conclusion on the compliance of the valuation report with the requirements of the legislation of the Russian Federation on valuation activities, including the requirements of the Federal Law, federal valuation standards and other acts of the authorized federal body that performs the functions of regulatory legal regulation of valuation activities, and standards and rules for valuation activities (hereinafter referred to as the conclusion on the compliance of the valuation report with the law).
When conducting an examination to confirm the value of the appraisal object determined by the appraiser in the report, a positive expert opinion is recognized as an expert opinion containing a conclusion on the confirmation of the value of the appraisal object determined by the appraiser in the appraisal report, including a conclusion on the compliance of the appraisal report with the law.
A negative expert opinion is an expert opinion containing a conclusion different from the conclusions specified in paragraphs two or three of this paragraph.
A negative expert opinion includes a complete list of violations identified and their justification.
18. A negative expert opinion should contain a list of identified technical errors (typo, misprint, grammatical or arithmetic error) that can mislead users of the assessment report, and also lead to an ambiguous interpretation.
Identified technical errors made by the appraiser when compiling the appraisal report, but which did not lead to a violation of the requirements of the legislation of the Russian Federation, including the requirements of the Federal Law, federal appraisal standards and other acts of the authorized federal body that performs the functions of legal regulation of appraisal activities, and (or) standards and rules of appraisal activities, and not reflected in the value of the appraisal object, determined by the appraiser in the appraisal report, are not grounds for drawing up a negative expert opinion.
19. In the event that the type of expertise is not indicated in the regulatory legal act, the contract for the examination of the valuation report, the court ruling or internal documents of the self-regulatory organization of appraisers, the expert conducts a regulatory and methodological examination.
20. An expert opinion is drawn up in writing in accordance with the requirements of the Federal Law, federal valuation standards, standards and rules for the valuation activities of a self-regulatory organization of appraisers and must be page numbered, stitched, sealed by a self-regulatory organization of appraisers (except for cases where an expert opinion is drawn up in the form of an electronic of the document), signed by the expert (experts) who conducted (have) reviewed the appraisal report, approved by the head of the expert council of the self-regulatory organization of appraisers or by another authorized person, certified by the head executive body self-regulatory organization of appraisers or other authorized person and approved in the manner established by the self-regulatory organization of appraisers in accordance with the requirements of this Federal Valuation Standard.
V. Requirements for the procedure for approving an expert opinion
21. The procedure for approving an expert opinion prepared by an expert (experts) of a self-regulatory organization of appraisers (hereinafter referred to as the procedure for approving an expert opinion) established by a self-regulatory organization of appraisers must contain provisions defining:
- composition of persons signing the expert opinion;
- the form of approval of the expert opinion by the head of the expert council of the self-regulatory organization of appraisers or another authorized person;
- the form of certification of the expert opinion by the head of the executive body of the self-regulatory organization of appraisers or another authorized person;
- the sequence and timing of the procedures for signing, approving and certifying the expert opinion;
- the composition and scope of the information indicated in the expert opinion on the information received from the appraiser on the basis of requests for information necessary for the examination, but not included in the appraisal report.
The procedure for approving an expert opinion must contain requirements for signing an expert opinion drawn up in the form of an electronic document, enhanced by a qualified electronic signature.
22. Unless otherwise provided by the legislation of the Russian Federation on appraisal activity or the contract for the examination of the appraisal report, the self-regulatory organization of appraisers shall notify the appraisers who signed the appraisal report of the results of the examination of the reports signed by them within the period stipulated by the internal documents of the self-regulatory organization appraisers.
23. A copy of the expert opinion is kept by the self-regulatory organization of appraisers during the general limitation period established by the legislation of the Russian Federation.
A copy of the expert opinion may be stored in the form of an electronic document signed with an enhanced qualified electronic signature.
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