Gayrimenkul Değerlemede Doktrin–Uygulama Açığı
İşlevler, Sınırlar ve Gerilimler Üzerine Yapılandırılmış Bir İnceleme
DOI:
https://doi.org/10.67330/x7pbfd13Anahtar Kelimeler:
gayrimenkul değerleme- piyasa değeri- değerleme doktrini- bilgi temsili- değerleme standartları- icra değeriÖz
Gayrimenkul değerleme, kamu yararı bakımından önemli bir konumdadır; ne var ki resmî doktrini — geçmiş ve güncel koşullar altındaki piyasa değeri görüşleri çevresinde kurulmuş olan doktrin — değerleme ürünlerinin çağdaş finansal hatlarda fiilen nasıl kullanıldığıyla giderek artan bir gerilim içindedir. Bu makale, her biri açık ve sorgulanabilir bir Prolog bilgi tabanıyla eşleştirilmiş beş aşamada bu savı kurar: ilk ikisi değerlemenin gördüğü toplumsal ve iktisadi işlevleri ortaya koyar; üçüncüsü başlıca nihai ürününü, yani piyasa değeri görüşünü belirler; dördüncüsü ise değerlemenin niceliksel ve finansal öngörüye göre zamansal ve metodolojik yönelimini, bunları ayıran düzenleyici sınırla birlikte inceler. Bunlar beşincinin merkezî iddiasında birleşir: ipotekli kredide, kredi-değer oranıyla ölçeklenmiş piyasa değeri, gelecekteki icra değerinin örtük bir vekili olarak işlev görür — güncel değer doktrininin kabul etmediği, ileriye dönük bir kullanım. Bu teminat değerleme rolünden habersiz olan pek çok değerleme uzmanı, piyasa değerine, gelecekteki değer eğilimleri bakımından hak ettiği temkinle yaklaşmamaktadır — bu inceleme, söz konusu sorunu açığa çıkarmayı ve üzerine daha fazla çalışmaya davet etmeyi amaçlamaktadır.
İndirmeler
Referanslar
Agarwal, Sumit, Itzhak Ben-David, and Vincent Yao. 2015. “Collateral Valuation and Borrower Financial Constraints: Evidence from the Residential Real Estate Market.” Management Science 61 (9): 2220–40. https://doi.org/10.1287/mnsc.2014.2002.
Alexandrov, Alexei, Laurie Goodman, and Michael Neal. 2023. Reengineering the Appraisal Process: Better Leveraging Both Automated Valuation Models and Manual Appraisals. Urban Institute. https://www.urban.org/sites/default/files/2023-01/Reengineering%20the%20Appraisal%20Process.pdf.
Basel Committee on Banking Supervision. 2017. Basel III: Finalising Post-Crisis Reforms. Standards No. d424. Bank for International Settlements. https://www.bis.org/bcbs/publ/d424.pdf.
Board of Governors of the Federal Reserve System. 2021. Dodd-Frank Act Stress Test 2021: Supervisory Stress Test Methodology. Board of Governors of the Federal Reserve System. https://www.federalreserve.gov/publications/files/2021-april-supervisory-stress-test-methodology.pdf.
Campbell, John Y., Stefano Giglio, and Parag Pathak. 2011. “Forced Sales and House Prices.” American Economic Review 101 (5): 2108–31. https://doi.org/10.1257/aer.101.5.2108.
Clauretie, Terrence M., and Nasser Daneshvary. 2009. “Estimating the House Foreclosure Discount Corrected for Spatial Price Interdependence and Endogeneity of Marketing Time.” Real Estate Economics 37 (1): 43–67. https://doi.org/10.1111/j.1540-6229.2009.00235.x.
Crosby, Neil, Colin M. Lizieri, and Patrick M. McAllister. 2010. “Means, Motive and Opportunity? Disentangling Client Influence on Performance Measurement Appraisals.” Journal of Property Research 27 (2): 181–201. https://doi.org/10.1080/09599916.2010.499014.
Deng, Yongheng, John M. Quigley, and Robert Van Order. 2000. “Mortgage Terminations, Heterogeneity and the Exercise of Mortgage Options.” Econometrica 68 (2): 275–307. https://doi.org/10.1111/1468-0262.00110.
Diaz, III, Julian, and Marvin L. Wolverton. 1998. “A Longitudinal Examination of the Appraisal Smoothing Hypothesis.” Real Estate Economics 26 (2): 349–58. https://doi.org/10.1111/1540-6229.00749.
Ebrahim, M. Shahid, and Sikandar Hussain. 2010. “Financial Development and Asset Valuation: The Special Case of Real Estate.” Journal of Banking & Finance 34 (1): 150–62. https://doi.org/10.1016/j.jbankfin.2009.07.011.
Eriksen, Michael D., Hamilton B. Fout, Mark Palim, and Eric Rosenblatt. 2019. “The Influence of Contract Prices and Relationships on Appraisal Bias.” Journal of Urban Economics 111: 132–43. https://doi.org/10.1016/j.jue.2019.03.001.
Foote, Christopher L., Kristopher Gerardi, and Paul S. Willen. 2008. “Negative Equity and Foreclosure: Theory and Evidence.” Journal of Urban Economics 64 (2): 234–45. https://doi.org/10.1016/j.jue.2008.07.006.
Foster, Chester, and Robert Van Order. 1984. “An Option-Based Model of Mortgage Default.” Housing Finance Review 3 (4): 351–72.
Friedman, Jerome H. 1991. “Multivariate Adaptive Regression Splines.” The Annals of Statistics 19 (1): 1–67. https://doi.org/10.1214/aos/1176347963.
Gallimore, Paul. 1996. “Confirmation Bias in the Valuation Process: A Test for Corroborating Evidence.” Journal of Property Research 13 (4): 261–73. https://doi.org/10.1080/095999196368781.
Geltner, David M. 1991. “Smoothing in Appraisal-Based Returns.” The Journal of Real Estate Finance and Economics 4 (3): 327–45. https://doi.org/10.1007/BF00161933.
Ghent, Andra C., Walter N. Torous, and Rossen I. Valkanov. 2019. “Commercial Real Estate as an Asset Class.” Annual Review of Financial Economics 11: 153–71. https://doi.org/10.1146/annurev-financial-110118-123121.
Griffin, John M., and Gonzalo Maturana. 2016. “Who Facilitated Misreporting in Securitized Loans?” The Review of Financial Studies 29 (2): 384–419. https://doi.org/10.1093/rfs/hhv130.
Hendershott, Patric H., and Edward J. Kane. 1992. Office Market Values During the Past Decade: How Distorted Have Appraisals Been? NBER Working Paper No. 4128. National Bureau of Economic Research. https://doi.org/10.3386/w4128.
Hendershott, Patric H., and Edward J. Kane. 1995. “U.s. Office Market Values During the Past Decade: How Distorted Have Appraisals Been?” Real Estate Economics 23 (2): 101–16. https://doi.org/10.1111/1540-6229.00660.
Hull, John C. 2018. Options, Futures, and Other Derivatives. 10th ed. Pearson.
International Association of Assessing Officers. 2017. Standard on Mass Appraisal of Real Property. International Association of Assessing Officers, Kansas City, MO. https://www.iaao.org/wp-content/uploads/Standard_on_Mass_Appraisal.pdf.
International Valuation Standards Council. 2025. International Valuation Standards (IVS). International Valuation Standards Council, London. https://www.ivsc.org/.
K’Akumu, Owiti A., and James E. Larsen. 2024. “A Primer on Regulations and the Practice of Residential Property Appraisal.” Journal of Real Estate Practice and Education, ahead of print. https://doi.org/10.1080/15214842.2024.2377869.
Kau, James B., Donald C. Keenan, Walter J. Muller, and James F. Epperson. 1995. “The Valuation at Origination of Fixed-Rate Mortgages with Default and Prepayment.” The Journal of Real Estate Finance and Economics 11 (1): 5–36. https://doi.org/10.1007/BF01097934.
LaCour-Little, Michael, and Stephen Malpezzi. 2003. “Appraisal Quality and Residential Mortgage Default: Evidence from Alaska.” The Journal of Real Estate Finance and Economics 27 (2): 211–33. https://doi.org/10.1023/A:1024728420837.
Lee, Ming-Hsiang, Chien-Wen Peng, and Hui-Fen Liao. 2020. “An Analysis of Objectivity in the Real Estate Appraisal Process.” International Real Estate Review 23 (4): 483–504.
Mayer, Yanling G., and Frank E. Nothaft. 2022. “Appraisal Overvaluation: Evidence of Price Adjustment Bias in Sales Comparisons.” Real Estate Economics 50 (3): 862–81. https://doi.org/10.1111/1540-6229.12351.
Murphy, Edward V. 2012. Regulation of Real Estate Appraisers. CRS Report No. RS22953. Congressional Research Service. https://sgp.fas.org/crs/misc/RS22953.pdf.
Office of the Comptroller of the Currency and Board of Governors of the Federal Reserve System and Federal Deposit Insurance Corporation and National Credit Union Administration and Consumer Financial Protection Bureau and Federal Housing Finance Agency. 2024. Quality Control Standards for Automated Valuation Models. Final Rule, 89 Fed. Reg. 64538 (Aug. 7, 2024). https://www.federalregister.gov/documents/2024/08/07/2024-16197/quality-control-standards-for-automated-valuation-models.
Pennington-Cross, Anthony. 2006. “The Value of Foreclosed Property.” Journal of Real Estate Research 28 (2): 193–214. https://doi.org/10.1080/10835547.2006.12091177.
Qi, Min, and Xiaolong Yang. 2009. “Loss Given Default of High Loan-to-Value Residential Mortgages.” Journal of Banking & Finance 33 (5): 788–99. https://doi.org/10.1016/j.jbankfin.2008.09.010.
Quan, Daniel C., and John M. Quigley. 1991. “Price Formation and the Appraisal Function in Real Estate Markets.” The Journal of Real Estate Finance and Economics 4 (2): 127–46. https://doi.org/10.1007/BF00173120.
Steurer, Miriam, Robert J. Hill, and Norbert Pfeifer. 2021. “Metrics for Evaluating the Performance of Machine Learning Based Automated Valuation Models.” Journal of Property Research 38 (2): 99–129. https://doi.org/10.1080/09599916.2020.1858937.
The Appraisal Foundation. 2024. Uniform Standards of Professional Appraisal Practice (USPAP), 2024 Edition. The Appraisal Foundation, Appraisal Standards Board, Washington, DC. https://www.appraisalfoundation.org/.
United States Code. 1970. Federal National Mortgage Association and Federal Home Loan Mortgage Corporation Charter Acts. 12 U.S.C. § 1717(b)(2) (Fannie Mae) and 12 U.S.C. § 1454(a)(2) (Freddie Mac).
United States Congress. 1989. Financial Institutions Reform, Recovery, and Enforcement Act of 1989. Pub. L. No. 101-73, 103 Stat. 183; Title XI codified at 12 U.S.C. §§ 3331–3356. https://www.govinfo.gov/content/pkg/STATUTE-103/pdf/STATUTE-103-Pg183.pdf.
United States Congress. 1998. Homeowners Protection Act of 1998. Pub. L. No. 105-216, 112 Stat. 897; codified at 12 U.S.C. §§ 4901–4910.
U.S. Department of Housing and Urban Development. 2013. Revision of Federal Housing Administration Policies Concerning Cancellation of the Annual Mortgage Insurance Premium. Mortgagee Letter 2013-04, Federal Housing Administration. https://www.hud.gov/sites/documents/13-04ml.pdf.
Yayınlanmış
Lisans
Telif Hakkı (c) 2026 William Bert Craytor
Bu çalışma Creative Commons Attribution 4.0 International License ile lisanslanmıştır.
All articles are published under the Creative Commons Attribution 4.0 International license (CC BY 4.0).
Under this license, anyone is free to share and adapt the material for any purpose, including commercially, provided appropriate credit is given to the author and the journal, a link to the license is provided, and any changes are indicated.
Translated editions of an article are covered by the same license as the English edition, which is the version of record.
