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ATTORNEY [ licensed to practice in KOREA, U.S.A., ILLINOIS ] LEE, JAE WOOK
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[Category]
U.S.A. California Real Estate Transaction LAW (̱ ĶϾ εŷǹ)
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  • U.S.A. California Real Estate Transaction LAW (̱ ĶϾ εŷǹ)
  • U.S.A. California Civil Procedure Code (̱ ĶϾ λҼ۹)
  • U.S.A. Illinois Civil Procedure ACT (̱ ϸ λҼ۹)
  • U.S.A. Trust Law and Principles ̱Ź ؼ
  • U.S.A. Federal Rules of Civil Procedure (FRCP. ̱ λҼ۱)
  • U.S.A. Uniform Prudent Investor Act (UPIA. ̱ ǥ ڹ)
  • U.S.A. Uniform Trust Code (̱ ǥ Ź 𵨾)
  • U.S.A. Uniform Principal and Income Act (UPAIA. ̱ ǥ й 𵨾)
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  • U.S.A. California Civil Code (̱ ĶϾ ι)
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[Category]
U.S.A. California Real Estate Transaction LAW (̱ ĶϾ εŷǹ)


[Title]
12 ε
Start →




12 ε



1 ε ε 򰡻 ڰ(
2. ε
3.
4. ŸŰ񱳹
5.
6. ҵںȭ
7.
8. 򰡺


ε 򰡰ġ ε Ȱ ȴ. ε ڰ ε ġ ° Ȯ ľϴ ɷ ٴ ε ڽ ̳ Ϲݴ ŷ ִ μ ε ִ ȴ.  

ε ϴ ε Ŀ(Broker) Sales Person ε 򰡰ġ ̷ ε ġ ġ ε ġǴ Ȯ ٹ ľؾ Ѵ.

Ƿ ε Ŀ(Broker) ϴ ϳ ε ġ 󸶳 Ǵġ ̴. ڽ ε꿡 , Ӵ, ŷ Ǵ ε ŷ ʿ ̷ ε ݿ ϴ ׻ ִ ̴.  ε Ŀ(Broker) ̿ Ȯ ʿ䰡 ִ.


ε ŷ ϴ ε Ŀ(Broker) Ƿ ε ڿ Listing Contract(ŵǷڰ) ε ڰ Listing Price(ŵǷڰ) ŵϷ ϴ ڽ ° ð ڽſ θ ǴϿ Ѵ. ε Ŀ(Broker) Ƿ Listing Price ϴ 쿡 ż Ͽ ŵϱ ּ ← Ѵٴ ؾ Ѵ. ε Ȳм ϰ ε ġ򰡿 õ Ʒ 3 ٹ Ȱ ƴ ε Ŀ(Broker) Sales Person̶ Ƿ ε ŵ Listing Price(ŵ) Ͽ ϵ ϴ ʿϴ.

׷ ε Ŀ(Broker) ε μ ڽ ̻ ڽ ɷ ϴ Ͽ ̴. ε ġ 򰡿 Ͽ ε Ŀ(Broker) ߴ Ǽ ϰ Ǹ ŵλӸ ƴ϶ ε Ŀ(Broker) ڽſԵ ū ذ ִ. ε꿡 Ƿ ŵ ġ 򰡿䱸 ڽ ٰ ǴܵǴ 쿡 ε꿡 ϴ 򰡻 ޵ Ͽ Ѵ. ε ڰ ε 򰡻 ǹȸ Ģ 忡 ִ ݼ Ͽ ׵ ɷ ǰ ִ.

1 ε ε 򰡻 ڰ(Concept of Appraisal and Appraiser Licensing)


ε 򰡶 ؼ İ ε꿡 ϰ ̿ м 򰡱 ġ Ǵ ǰ Ѵ. ̷ ε꿡 ϴ ε 򰡻 ε ſ ߿ ġ ϰ ұϰ ſ ̵ ϴ ġ . 1989 , ȸ ࿡ (Financial Institutions Reform, Recovery and  Enforcement Act) Ͽ 1993 1 1 ø ο ִ ŷ õ ε 򰡾 ε ηκ Licence(ڰ) ޾Ұų ε ε 򰡻翡 ؼ ְ Ǿ. ĶϾֿ 1992 11 1ڷ , ñ Ҽ Ͽ ε 򰡻(Office of Real Estate Appraisers Area) ξ Licence(ڰ) ϰ Ǿ, ŷӸ ƴ϶ ε ŷ ־ ڰִ ε 򰡻翡 ε 򰡸 ʿ ϰ ִ.
ε 򰡰 ʿ ù° ε , , Ư ո Ӹ ƴ϶ Ϲϰ Ģ DZ ư, ° ε 򰡴 䱸ǰ, ° ε ȸ ȭ̱ ̴.

2 ε (Real Estate Appraisal)


Ϲ ε 򰡶 ε꿡 Ͽ 忡 򰡰ġ ε 򰡻翡 򰡰 ǰ Ѵ.  ׷ ε 򰡴 پ ٸ ε ִ. ε 򰡴 ε , , ־ 뼺 Ǵ ͼ  ݵ 򰡰 ݵȴ.

ε 򰡶 ε 򰡻簡 ġ õ ϴ  Դ ε 򰡻簡 ϴ θ ǹϴ ȥǾ ȴ.

(1) Market Value(尡ġ)

 繰 ġ ׼ Ǵ ȯ ִ ǰ̳ 񽺷 ȯǾ Ǵ ȯġ 򰡵 ִ. ׷ ̷ ȯġ(Value in Exchange) ġ ġ ƴϴ. ε  Ư Ǵ 쿡 밡ġ(Value in Use) . ̷ ȯġ 밡ġ ߿ ε꿡 Ǵ 尡ġ(Market Value)̴. ε꿡 ̷ 尡ġ 忡 ϰ ŷ ڰ ŷ ˰ ̿ ɷ Ͽ ϴ ŷ(Arms Length Transaction)ÿ Ǵ , ո̰ ̴.

̷ ǿ ŷ

ż̳ ŵ  з¿ Ͽ ൿϴ ƴϸ
ε ε꿡 ŸŰ ̷ Ϲ ҿǴ Ⱓ ȿ , ε Ź 忡 ־
żΰ ŵ ε ˰
ŷڰ ģô Ÿſ Ư Ȳ
ŸŰ, Ÿſ õ ڿ ( ſ )̰ų Ÿſ õ ڵ ̷ ŸŰŷ 纸 ʴ, Ϲ̰ ŷ ε꿡 밡 ǹϰ ȴ.

̷ ǿ ŷ Ǵ 尡̶ 强 ִ ε ո 忡 Ⱓ Ͽ ε 뿡 ŸŴڰ ο ǻ翡 Ͽ ǵ ִ ŸŰɰ ǹѴ.

(2) 尡ġ (Elements of Market Value)

尡ġ ϱ ؼ 4 ⺻Ұ   ǰ ؾ Ѵ. (demand) ȴ. ̷ ǿ Ҽ(Scarcity) õ ż() ǿ ǰμ ȿ밡ġ(Utility) Ǵ 뼺(Usefulness) Ͽ âǴ ̴. ̷ ǰ (Transferability)̾ ϴµ, ̴ ǰ Ÿſ Ͽ ƹ ְ Ѵٴ Ѵ.

̿ܿ ε 򰡸 ؼ ߰ Ұ ʿѵ, ż żڱ Ȯ (Financing) Ȯ ־ ϴ ̴.

ε ׸ ȴ.

ε 밡ɼ
ε ɼ
ż
ŵ ε꿡 ھ żο 絵 ִ

(3) ġ ⺻(Principles of Valuation)

ε 尡ġ ִ żϰ öϰ ľϴ ε 򰡻 ֿ ̴. ε ġ򰡿 ִ ε

ְ ּ ̿(Highest and Best Use)

ε꿡 ְ ּ ̿롱(Highest and Best Use)̶ ε ε Ư Ͽ Ǵ ϰ ̿ϴ ǹѴ. ̷ ְ ּ ̿롱(Highest and Best Use) 䰡 ̷ ִ δ () 簳ߺ ִ.

̷ 찡 ƴϰ ǹ ̹ Ѵٸ ̷  ְ ּ ̿롱(Highest and Best Use) 並 Կ ־ ǹ ̳ ü Ǿ Ѵ.

ε꿡 򰡿 ־ ε ºٴ 巡 ִ ߻ų ִ Ͽ ְ ּ ̿롱(Highest and Best Use) ε ̿ϴ Ͽ Ѵ. Ģ Ǵ ٰŴ ε 뵵 پ缺 ֱ ̴.


(Balance)

Ϲ ٸ ̷ ̿ õ ü ְ ε ġ ش. ü 繫̳ μͿ ġ ̿ شǴ ̴.


(Supply and Demand)

Ⱓ 忡 ޵Ǵ ε ż 踦 ݿѴ. ݿҰ ϴٰ Ѵٸ, 䰡 ޺ ũ , 並 ʰϸ ȴ.

ε 忡 ޵Ǵ Ź ̿ 並 ణ ʰ Ǵ ִ. ε 忡 ŵμ Ϲ ŷ ħüⰡ ⸦ ٸ ִ ִ 찡 , ̷ ŵ ŵ ⺸ٴ ѵ ε ŵ Ϸ ֱ ̴. ׷ ε ٸ ȭʹ ޸ ̷ Ģ ״ ʴ´. װ ε꿡 ź ̿ Ѽ Ǿ ẕ́ ̴.


缺(Conformity)

ǹ ̳ ࿬ 쿡 ̵ ǹ 缺 ش. Ư ε ڵ ش ǹ ΰ ϰ ̷ ߰ ġ ̵ ȴ.

ġ (Progression and Regression)

ֺ ǹ Ϲ 캸 ǰų εǾ ġ ִٸ, 򰡴 ǹ ġ ȴٴ ̴.
ֺ ǹ ġ ִٸ 򰡴 ǹ ġ ٴ ǹѴ.  ƹ Ƹ ִ ϴ ̿ ۰ ġ ٸ 簡ġ ̴.

⿩(Contribution)

ε ̳ 뿡 ε ü ġ ø ְ ִ. ε 򰡿 ε ̳ װ ε 尡ġ ⿩ ġ ִ.

̷ ̳ 쿡 ħ ϴ ͺ ° ġϴ 尡ġ ־ ġ ̻ ⿩ ִ. ̷ , ⿩ ε ġ򰡿 ǹ̸ ȴ.

(Competition)

ʰ ߱ϴ Ư , εŷ ε ȣ Ǵ ٸ ȭ ̿ ŷ ǰμ 谡 ܳ ε ȴٴ Ģ̴. ׷ ε ̷ ǰμ ε 뵵 ޸ ̷ ȴ.

ε ̷ ǰμ ε ε ޴´. ü  Ư εʿ ϰ , ϸ ȭǾ  ü ظ ִ. , ࿡ 繫 亸 ξ Դ. ó ̷ £ Ͽ ޵ ε꿡 ̳ ǽü ҿ Ͽ Ե ߰Ϳ ָϰ Ǿ ε ڵ Ͽ ҵ ø ְ Ͽ. ׷ ๰ װ Ͽ ϰ ִ ǹ Ǹ ε ҵ ִ.


(Change)

ε پ ҿ Ͽ ϰ ޴´. ε ε ڿ, ̿ܿ ֺ Ȳ õ , ȸ ׸ ġ ο ؼ Ӿ ǰ ִ.

Ģ̶ ε ̷ ڿ, ҿ Բ , ȸ, ġ ȭ Բ Ǵ Ѵ.

̷ Ը ְ ɰ ū ִ.
ε ڿ, ÷Ǵ ̸ ڿ ڿ¿
  Ѵ.

ε꿡 ο ڸ, ſ ԵǸ, ȸ ο Ȱ, ȹ, , ִ ε Եȴ. ġ δ 뵵, ǹڵ, ε 뿡 ٸ Եȴ.


Ŭ(Life Cycle)

ǹ ְŴ Ŭ ´. ε ߵʿ ش (Growth) ̷, ⸦ ȭ (Equilibrium, Stability)⸦ , ε Ƿ (Decline) ̸. Ŭ ó ܰ踦 ε ϰ Ǿ ϴ ձ ջ ġ ϵǴ Ÿ ȴ. شε ġ ̷ ö , ڸ Ͽ ° ܰ ȸ(Revitalization) ̸ ִ.

밨(Anticipation)

ε Ǵ 巡 ̵ Եȴ. ε ġ Ǿ Ա ż ε ġ ̶ 븦 ϰ ȴ.

ü(Substitution)

ü ε żϷ ڴ ε ġ ٸ ε üε
Ͽ õ ̳ ġ Ͽ ġ Ϸ ִ. ̷ ü ݰ ⺻ Ģ ϳ κ ְſ ε ٰŸ Ѵ. ε 򰡻 ε 򰡵Ǵ ε 񱳵Ǵ ε ġ ϰ ġ ε 򰡴 ε ⿡ Ѵ. ü Ģ Ǵ 򰡴󹰰ǰ ü 谡 ִ ε ȣ̴.




3 ε 򰡰(The Appraisal Process)


ε 򰡻 ε꿡 ִ , , , α ݿο ͼ Ѵ. μ ε 򰡻 򰡴 ε ü ű ȴ.

ε ġ ȿ ִ , ε ġϴ ó α  , ǹ 뵵ѹ װ ġ Ǵ° ƴϸ ְ Ǵ , ε ũⰡ ְ ּ ̿ Ը , װ 뿡 ִ , ε װͿ 屸(Ҹ) Űų ƴϸ ҽŰ ֿ ġϰ ִ ε 򰡻簡 ؾ Ϻο Ұϴ.

ҿ ε ǥ ö ߾ ε 򰡻 Ư ε () ʿ ڷḦ ߰ ϰ ȴ.

Ÿź񱳹 񱳹
(Sales Comparison Approach) ؼ ֱٿ ȸ ε꿡 ʿϸ,

(Cost Approach) ؼ ǹ뿡 ڷḦ ʿ ϰ,
ҵںȭ ҵ
(Income Capitalization Approach) ؼ ε ε꿡 ҵ ڷḦ ʿ Ѵ.

⼭ ڷ ϰ ٷ, ε 򰡻翡 򰡴 ε, Ÿ ûǿ Ȯ ε 򰡸 ⺻ Ұ ȴٴ ϰ Ѵ. ε ġ ִ Ҵ ε 򰡻 ɷ° ̴.

ε 򰡹 Ϲ , ̷ ΰ ε 򰡿 ̿Ǵ ƴϴ. ε 򰡻 Ͽ ŷڼ ִ ġ Ѵ. ġð ()(Reconciliation)̶ ϸ Ĺݺο Ѵ.


4 Ÿź񱳹(Sales Comparison Approach)


ŷʺ񱳹 Ǵ ڷ񱳹(Market Data Comparison Approach)̶ ϴµ, , ð Ÿ ๰μ ֺ 缺 ְ ŷ ϴ 쿡 ε Ŀ(Broker) Sales Person Ͽ  Ϲ äõǰ ִ. ü(Principle of  Substitution) ʿ ȴ. ε 濡 ־ ż ٸ üε ̻ ʴ´.


ε 򰡻 Ǵ ε ⺻ 3 5 ̻ εμ ֱٿ ŸŰŷ ̷ ã´. 񱳴 ε굵 ε ִ Ͱ μ(Amenities) ־ Ѵ. ε 򰡻 ֺ ε ŸŰ мϰ 񱳵Ǵ ε ε ߴ Ѵ. ׷ ε 򰡻 ε ġ ̹ ֺ ε ŸŰ Ȯϰ ݿϵ Ѵ. ε ܰ ڵ мϰ ߿ ε ġ Ÿ Ѵ. ǥ ִ.

񱳴 ε ŸŰ = 򰡴 ε ġ


ε 򰡻 񱳵Ǵ ε ŸŰݿ 񱳴 ε꿡 򰡴 ε꿡 ϴ Ư¡ ߰ ġ ϰ, 񱳴 ε꿡 ε꿡 ġ ϴ 򰡴 ε ġ Ѵ.
̻δ 񱳴 ε 򰡴 ε α ġؾ Ѵ. 񱳴 ε 򰡴 ε , ࿬, , ǹ ũ, İ Ϲ ҿ ؾ ϸ, 񱳴 ε ȸ ż̳ ŵο Ư δ Ϲ ̾ Ѵ. ŸŰ ֱٿ ̷ , ε Ϸκ 3 6 ̳ ŷ ٶϴ.


񱳵Ǵ ε ŸŰݿ 򰡴 ε 񱳴ε갣 ϴ Ǵ ־ ̴. ̵ ε갣 ϳ Ұ 쵵 ִµ, ŵ ӹ ⳪ ȥ, ۽ ̵ Ҹ Ȳ Ͽ 񱳴󹰰 Ÿ 찡 װ̴. ̷ 񱳴 ε 򰡸 񱳴 ε꿡 ܵǾ ̴. ̴ 񱳴 ε ŷ ŷ ƴ Ÿ ɼ ̴.  

ε 򰡸 ϴ ε Ŀ(Broker) 򰡸 غ Ÿ ڷ ڽŸ ö ִ. ׵ ⱸ(MLS, Multiple Listing Service)κ Ÿ ְ, ٸ ε Ŀ(Broker) ŷ ڷḦ ȯ ִ. ϴ ŷ īƼ ҿ Ǹ īƼ ε 򰡰 Ÿ ó ִ.

Ÿź񱳹 ü Ģ ̷ ٰŸ ΰ Ƿ ̰ ̸ ذ ⵵ , ֺ 񱳰 ŷʰ 쿡 ϰ, ε 򰡻 迡 ϹǷ ũ, 򰡽, ε 򰡺, ȭ ̵ ȣ񱳰 Ȯ ɼ ٴ ִ.


(1) м(Competitive Market Analysis, CMA)

ε 򰡻 ڰ ε Ŀ(Broker)鵵 Ƿ ŵ̳ ż ε ġ 򰡸 м(Competitive Market Analysis, CMA) ϰ ȴ. ε Ŀ(Broker) CMA ϴ   ŵ̳ ż ڽŵ ŷ ε꿡 ġ ϴ ִ. CMA ε 򰡸ŭ ε 򰡿 ϴ. ׷ CMA ε 򰡿 ξ ѵǾ ְ, ε Ŀ(Broker) ڽ ε ġ Ȯ ǰ ̿ ԽŰ ʴ´. ηϿ ĶϾ ȸ(California Association of Realtors) ۼϿ CMA ߺ ִ.

CMA ϰ Ǵ ڷ õ ε Ŀ(Broker) ⱸ(MLS) ޵Ǵ ε ̴. ŵ ݰ ϴ , 忡 ִ Ⱓ , 1. ֱٿ ȸ ε, 2. Ź ε, ׸ 3. Ź Ծ Ⱓ Ǿų 忡 ö εꡱ Ͽ ִ.

񱳴 ε鿡 ŵݰ ŵ 򰡴 ε Բ , Ѵٸ, ε Ŀ(Broker) ŵο ŵ ̳ ŵݻ ƴ϶ ε Ǵ ŸŰ ϴ ġ  ִ

׷ ڷ ε ȸ 忡 Ź Ⱓ ˷ش. żοԴ м ż û(Offer)ݰ 񰡸 Ͽ ִ밡 Ͻϱ⵵ Ѵ.

5 (Cost Approach)


־ ε꿡 򰡰ġ() () ݰ ε 򰡴 ǹ Ͽ ҿǴ ()κ ǹ Ѱġ϶(Accrued Depreciation accrued depreciation: The amount of depreciation expense that has been claimed to the present. Also called accumulated depreciation. Accrued depreciaton means the total depreciation claimed, to date, on a property. It is an entry on the balance sheet and is supposed to properly reflect that the property is becoming less valuable with the passage of time.Realistically,in the case of real estate,the property is usually becoming more valuable each year.As a result,you may have a book value of $200,000 but a fair Market value of $2,000,000.
, Accumulated Depreciation, 󰢴Ѿ) ܾ ջ .

, ε ǹ ǹ ݿ ε 򰡴ǹ ġ ϶ ܾ׿ 븦 ε ̴. ⿡ ü ȴ. ε ߼ ġ ü ݿ Ͽ . ü ̶ ( ) ǹ μ ǹ ϴµ ҿ (ü Reproduction Cost)̴. ¿ ݰ ǹ ġ϶ ϱ , ǹ ϴµ ҿǴ ҿ븦 ġ Ѽ ̴. ٸ ϴ ־ ִ.


(Reproduction Cost) 򰡴 ε Ȱ ΰ 縦 Ͽ Ȱ ǹ ̴. ü(Replacement Cost) , 縦 Ͽ ε ̿ 밡ġ ǹ üϿ ϴ ̴. ε ̳ ó ϱⰡ Ұ ǹ ٴ ü ȴ. ڰ ȭϰ ٹ ó, , õ ǹ Ư Ⱑ Ұ ֱ ̿ ü üϿ ϰ ȴ.
ġ Ÿź񱳹̳ ٸ ȴ. īƼ ε 򰡰 ġ ̲ 񱳴 ε ϴ ๰ ش.

, ̷ ĶϾ ũ ̰ 뿡 Ͽ Ѵٴ ִ. డ پϸ Ǵ ǹ ڿ ٸ 찡 . 뿡 ش. , Ʋ ΰǺ ϰ ̴.

ε 򰡻 ü ֽ ,    ִ. ׷ ų Ǹ Ǵ ȭ ݿϴ ȭ 񽺵 ִ.

ᱹ ̹ ǹ ְ ּ ̿ǰ ϰ ִ.  ε 밡ġ ε꿡 ڰ ġ̹Ƿ ̴ְ. ݸ 尡ġ ̴. ܿ ƹԵ ǹ̳ ġ ε꿡 ؼ ϰ 򰡵 ̴. ּ ʴ ε .

(1) ü (Finding Reproduction Cost or Replacement Cost)

ε 򰡻 Ư ๰ Ǵ ü ϴµ ̻ ִ.



Ʈ(Square Foot Method square foot method: The practice of estimating the Cost of construction work by reference to the number of square feet in a structure. For example, houses of a certain quality might Cost $100 per square foot to build. One might obtain a wide variety of bids for subContracting work, such as plumbing and painting, because of the ability of some subContractors to review plans and calculate the labor, materials, overhead, and profit necessary for them to accept the job, while others use a simple square footage method and hope that it all works out okay.
)

Ʈ Ͽ ϴ , ǰ ϱ Ʈ 100޷ ҿ ִ ϴ ̴. ̳ ࿡ ʿ ҿ ޾ڵ ȹ İ߰ ̷ ޾ڵ 뵿, , پ ̷ ſ پ ް ȴ.  

񱳴 ǹ Ʈ ǹ Ʈ ϴ ε 򰡻 ϴ ̴. ̿ ԹƮε â ε꿡 ַ ȴ. ֽ ǹ ε Ǵ Թ Ʈ ˾Ƴ ִ.

(Unit in Place Method Unit-In-Place Method: A technique used by appraisers to estimate the reproduction Cost (new) of a structure. The method involves estimating the Cost of producing and installing individual components, such as the foundation, exterior walls, and plumbing.
)

򰡻簡 ϱ ϴ μ, ǹ , ü, Ҹ ġϴµ ʿ ϴ Ѵ. , , ε κ ̿Ѵ. , 뵿, డ ϴ Ѵ. κ ̷ κк ջȴ. κ Ʈ ý ϳ ֵǾ ȴ.

(Quantity Survey Method The appraisal method of estimating building costs by calculating the cost of all of the physical components in the improvements, adding the cost to assemble them, and then including the indirect costs associated with such construction. quantity surveyor (QS) is a professional working within the construction industry concerned with building costs. There are around 75,000 professional QSs working in the UK. In the United States, QSs are called cost engineers.
)

( ΰǺ) (㰡, , , ) ö ׸ ȭ ʿ Ѵ. , ΰǺ Ǿ ջȴ. ǹ 鿡 ͼ ؼ ִ.


(Index Method Index method: Technique to calculate Rates of return that is based on initial and terminal values.
)

ʿ ġ ٰϿ ں ȸ ϴ ̴. ε 򰡻簡 Ϲ ε Կ ־ κ Ҹ Ÿ ġ(Index) ȴ. ̿ ʿ ̳ 뺯 (Index) ð 帧 뺯ȭ Ӹ ƴ϶ Ѵ.

ε ˰ ִٸ س ̴. ׷ ̰ ſ Ȯϱ ٸ μ Ǿ ̴.


(2) (Depreciation)

򰡴 ε ġ Ͽ ġ򰡿 ݿϴ Ѵ. ε 򰡸 ڵ εκ ҵκ ̷ κ ϵ ϴ 󰢰 ٸ. ݸ ڸ ϱ ̸ װ ̳ ٸ ο ġ ǰ ƹ 谡 . ε 򰡻 ε ǻ ġ (߻) ݾ׸ŭ ε ü뿡 ϴ ̴.

󰢿 ֿ ִ.     ε ࿡ ֱ ĥ ִ(curable) ֵȴ. ݸ  װ ϱ ʰ ĥ (incurable) ֵDZ⵵ Ѵ.


ġ(Physical Deterioration)

⿡ ġϴ ǹ ջ̳ ı ƴ϶ Ϲ ̹ ȿ ͵ Ѵ. ıڿ ı â, dz ؼջ, ð 帧 ƴ , ġ ̴.

ڿۿ, Ϲݻ뿡 ̴. ð ջ, ڿؿ ջ, Ÿ ̷ ̴.



ġ(Functional Obsolescence)

ġϴ ǹ , ġ ϰų ϴ ̻ ٶ ߻Ѵ. ġϴ ȭϴ ݿϸ ð ๰ ο ߻ ִ. ô ȭ ̳ ϳۿ ܵ ġ ̴.

ҷ, ȭ, ׿ ɷ ̸, ο ߻Ǵ ġ϶ ǹѴ.



ܺ ο ġ(External Obsolescence)

ȸ Ǵ ġ϶ ϴ ġϴ ܺ ο ε ġ Ǵ ϸ Ѵ. , 뵵 ̳ α ȭ ġ Ǵ ִ. 뵵 ε ġ ҽŰ 뵵 ε ġ ų ִ. 뵵 ð ε ġ ־ ϴ ε ̷ ȥ⿡ ġ ȴ. ֺ ȯ ȭ α , 强 , ֺ ȯ ̷ ϸ, ο ġ϶ ǹѴ.

ε꿡 Ͽ ıȿ ᱹ ε ġ ִ ִ. ֿ ü ̵Ѵٸ Ǵ ε ο ҷ ̻Կ 忡 Ź ü ̴.

(3) (Methods of Computing Depreciation)

Ǵ ̴.

װ(Straight - Line Method The simplest and most commonly used depreciation method, straight line depreciation is calculated by taking the purchase or acquisition price of an asset subtracted by the salvage value divided by the total productive years the asset can be reasonably expected to benefit the company (called "useful life" in accounting jargon). (Purchase Price of Asset - Approximate Salvage Value) Estimated Useful Life of Asset

Example: You buy a new computer for your business costing approximately $5,000. You expect a salvage value of $200 selling parts when you dispose of it. Accounting rules allow a maximum useful life of five years for computers. In the past, your business has upgraded its hardware every three years, so you think this is a more realistic estimate of useful life, since you are apt to dispose of the computer at that time. Using that information, you would plug it into the formula: ($5,000 purchase price - $200 approximate salvage value) 3 years estimated useful life. The answer, $1,600, is the depreciation charges your business would take annually if you were using the straight line method.
)

װ ذ ϴ. ǹ ǵ 밡 Ⱓ (economic life) ִ. ǹ ġ 󰢵Ǵ ݾ ִ.

װ û(Internal Revenue Service) ϴ ̴. ׷ IRS ݵ ε 򰡻簡 ϴ ġ ʴ´.
ֿ ε 27.5 , Ǵ ̻ Ⱓ, ε 39 , Ǵ ̻ Ⱓ , ٲ .



°(Observed Condition Method a method of computing depreciation in which the appraiser estimate the Loss in value for all items of depreciation. Oserved condition method of computing depreciation is also called the breakdown mothod. it requires the appraiser to estimate the Loss in value caused by every individual item of depreciation, whether curable or incurable. Curable items are those that can be economically remedied, considering the remaining useful life of the building, and cost of repair. all other items are ocnsidered incurable. Many buildings damaged by earthquakes or mudsliders could be repaired, but at too greate an expense to make the repairs feasible as a practical matter.
)

° Һм(Breakdown Method breakdown method: In Appraisal, the process of dividing depreciation into sepaRate components, assigning a weight to each one, and then arriving at a depreciated value of the property. This has nothing to do with book depreciation or tax depreciation, but is instead intended to calculate the true curRent value of the improvements.The three types of property depreciation are: 1. Physical depreciation. What is the condition of the improvement? 2. Functional obsolescence. Loss of value because of physical factors other than deterioration, such as a poor floor plan, a one-car garage instead of a two-car garage, or high ceilings and multiple windows creating heating and cooling problems. 3. Economic obsolescence. Loss of value because of factors outside the property, such as noise  pollution from nearby highways or an airport.}
)̶ µ, 򰡸 Կ ־, 󰢺 ҿ ġ ξ ҿ ϴ ڻ Ұġ ϴ Ѵ. ̷ λ ̳ 󰢰 μ ε꿡 簡ġ ִ. ̰ ε 򰡻 Ͽ ǰ񺰷 ġ Ƿ 䱸Ѵ.

ĥ ִ ǰ ǹ ִ ִ , ǰ ĥ ǰ ֵȴ. ̳ ¿ ջ ǹ ϱ⿡ ʹ ִ. ܺ ο ġϴ װ ܺ ο ̹Ƿ ĥ ֵȴ.

ε 򰡻 ( ġ, ġ ܺ ο ġ϶) ϴ (detail) ġ ȿ ǹ 뿡 ǵ ġ Ѵ. м(°) ǹ ʹ ϹǷ ٸ ٹ ϰ Ѵ.



6 ҵںȭ(Income Capitalization Approach         
Definition of "income capitalization approach": A real estate appraisal method that allows investors to estimate the value of the property based on the income produced. The income approach is computed by taking the Net operating income of the Rent collected and dividing it by the capitalization Rate (the investor's Rate of return). It is most typically used for income producing properties and the formula is: Market Value= Net Operating Income/Capitalization Rate. Also called the 'Income Approach'. The income approach is one of three popular approaches to appraising real estate. The others are the cost approach and the comparison approach. Often most important for hotels, apartments and office buildings. Because the income approach methodology looks at the Rents and values of real estate in the area, it may not take into account features that a piece of property may have, the condition of the property, the exact neighborhood or financing concessions. As such, people looking to invest in property use the income approach as a quick snapshot of what property might be worth.
)


ҵںȭ κ Ե ̷ҵ濡 ()ġ õ ̴. ܵ Ǵ ٹμ ſ ϱ װ ҵâ(Income-Producing Property : Ӵ ǹ ) 򰡿 ־ ߿ϴ. ٹ ־ ߿ Ҵ ڷμ ǹ Ͽ ε , ϴ ڰ ๰ ϴ ҵ(Net Income)̴. Ѽҵ(Gross Income) Ӵ ¼(Gross Rent Multiplier, GRM, GIM) ϴ ȵ ִ.

ҵ â(Income Stream)ϴ ɷ ε ġ ϴ ںȭ(Capitalization) Ѵ. ںȭ ٹ ַ , ü, 밨̶ ε 򰡿 õ Ҹ ʷ Ѵ.


(1) ҵڻȭٹ(Net Income Capitalization Approach)

ҵĿ ġ ϴ ε 򰡻 εκ ִ ҵ Ѵ. Ѽҵ(Potential Gross Income)̶  ε ִ ִ ҵ̴. ܵ ⺻ Ӵ() ְ, 繫̳ Ʈ ǹ ü Ӵҵ ƴ϶ ̿ ġ ڵǸű⳪ Źκ͵ ҵ ִ.

ε 򰡻 ε Ӵ(Market Rent) Ǵ Ӵ(Economic Rent) Ͽ Ѽҵ . Ӵ 忡 Ӵ밡 ϴٸ Ӵ ִ Ӵ̴. ο ޴ Ӵ ε Ӵ(Contract Rent) Ǵ ȹӴ(Scheduled Rent) Ѵ. Ӵ ӴẸ ְ ִ.

Ѽҵ ε 򰡻 (vacancy) Ӵ¡ ߻ ս(Collection Loss) ġ Ѵ. ǹ ׻ Ӵ밡 ƴϸ, ӴḦ ü ִ. ȿ Ѽҵ(Effective Gross Income) ϱ ؼ Ǵ ǰ Ӵ¡ ս Ѽҵ濡 װ ϸ ȴ.

ȿ Ѽҵ濡  Ͽ ҵ(Net Operation Income) Ѵ. ںȭ(Capitalization Rate) ҵ濡 Ͽ ε 򰡻 ε 尡ġ Ѵ.

ںȭ ε ڰ ϴ Ѵ. ںȭ εκ ҵ װ 尡ġ ν ǥõ ִ. ̷κ ִ


ҵ
= ںȭ
ġ


κ ִ.



ںȭ ġ = ҵ,
ҵ ġ
= ںȭ



  ںȭ 񱳴 ε ҵ ŸŰ мν ִ.


(2) Ѽҵ ¼(Gross Income Multiplier Definition of 'Gross Income Multiplier':A rough measure of the value of an investment property that is obtained by dividing the property's sale price by its Gross annual Rental income. GIM is used in valuing commercial real estate, such as shopping centers and apartment complexes, but is limited in that it does not consider the cost of factors such as utilities, taxes, maintenance and vacancies. Other, more detailed methods commonly used to value commercial properties include capitalization Rate (cap Rate) and the discounted cash flow method. The Gross income multiplier can be used to roughly determine whether the asking price of a property is a good deal. Multiplying the GIM by the property's Gross annual income yields the property's value, or what it should be selling for.

)

ܵ κ ε ó ҵ濡 缺 ؼ ŵǴ ƴϴ. ҵ濡 ٰϴ ε ġ򰡹 ̿ϸ Ͽ ġ ϴ. ̴ Ѽҵ ¼(GIM) ϴ ̿ϴ ε, ̰ 񱳴 Ӵε ŸŰ Ѽҵ ̴. ̿ ִ.


ŸŰ
= Ѽҵ ¼
Ѽҵ



Ѽҵ ¼ ε̳ ε꿡 ַ ̿Ǹ Ѽҵ ¼ ֿ ε꿡 ȴ. ܵ ҵ Ϲ Ӵῡ DZ װ ¼ Ӵ() ¼(Gross Rent Multiplier) Ѵ.

ε 򰡻 򰡴 ε꿡 ¼ ϱ  񱳴 ε Ѽҵ ¼ Ѵ. ׷ õ Ѽҵ ¼ װ Ǵ ȹϴ Ӵῡ Ͽ 򰡴 ε 尡ġ ã´. ̿ Ʒ .


Ѽҵ Ѽҵ ¼ = 尡ġ


Ѽҵ ¼ 尡ġ ϴ μ ״ Ȯ ʴ. ֳϸ ε ü Ѽҵ ߻ ⿩ϴ δü(Źü, ڵǸű, ŷü ) ҵ̳ ҵ ҽų ִ پ ҵ ʱ ̴. ׷ ϱ Ƿ ٸ ε 򰡹 尡ġ ٽ ̴.

7 (Reconciliation)


ε 򰡻 ġ, , Ǵ ҵ ڽ ̿Ͽ ε 򰡰 Ĵܰ迡 . ׸Ͽ ε ġ Ͽ ε 򰡴 ε , ε ε 򰡿 Ư ٸ ε Ͽ ġ ɻѴ.

򰡴 ε꿡 򰡿 ߿ ߾ ġ ٸ ִ (Reconciliation or Correlation)̶ Ѵ. м 尡ġ Ȯϰ ݿϴ Ǵ ġ ϴ ִ.

8 ε 򰡺(Appraisal Reports)

ε 򰡻 򰡰 Ƿο õǰ ȴ.

(1) (Narrative Report)

ε 򰡻簡 ۼϴ ̴. װͿ ε 򰡻 ڰ Եȴ. ε 򰡵 ε ǥ, ε 򰡸 ġ ⳻ ޹ħϴ ڷῡ Ӹ ƴ϶ 򰡴 ε , , ̿ 䵵 Եȴ. ܵ 츸 ص ü 30 ̻ ִ.

ε 򰡺 Ѵ.

(ǥ)
ε 򰡻 ġ()

ε
ε 򰡵 ġ
ε 򰡵ǰ ִ ε꿡 Ǹ
ְ ּ ̿
߿ е
ó ڷ
̿ ڷ

ڷ ͽü

б, , , Ȱǽü
(ü) ǥ⹮
? Ÿź񱳹 м
? м
? ҵںȭ м
? ޵ ġ
? ϴ ε 򰡻 ϴ ⺻
? ε
? ε 򰡻 ڰ
? 򰡴 ε , , ñ ε 򰡿 ̿ 񱳴 ε ټ ִ 浵 ÷ε μ ö


(2) ƯĿ (Form Report)

ƯĿ ַ α ׵ õ ڵ鿡 ȴ. װ κ ε 򰡸 ϱ ̴. 򰡴 ε ε μ Ŀ Եǵ 䱸ϰ ִ. ȸ(Federal National Mortgage Association) 鿡 ǰ ִ ǥ   򰡺(Uniform Residential Appraisal Report, URAR) ηϿ ִ.

(3) ǰ߼(Letter of Opinion)

ε 򰡻 ġ Ե ǰ߼ , ε 򰡻 ڷ м ٸ ̷ ܼ ǰ߼ ̴.


(4) 򰡴󹰰 ε



򰡴 Ģ ŷʺ񱳹 , ŷʺ񱳹 򰡰 ƴ 쿡 Ǵ ҵȯ ִ.

Ǵ α ִ ǥ Ѵ.
α ǥ 뵵 ǥ Ǵ α Ư ϼޱ ǥ Ѵ.
Ÿ 뵵 α Ѵ.

ǹ

ǹ 򰡴 Ģ , 򰡰 ƴ 쿡 ŷʺ񱳹 Ǵ ҵȯ ִ.



򰡴 Ģ ŷʺ񱳹 , ŷʺ񱳹 򰡰 ƴ 쿡 ҵȯ ִ.
        


긲 Ը Ͽ ϴ Ģ̳, Ը ü 긲̳ Ը񰡰 ݿ 긲 ׸ Ǽ  ؼ ϰϿ ִ.

:

ŷʺ񱳹 Ģ ϵ, ǽõǾų ȣü Ǿ ִ 򰡹 Ѵ.

Ը :

ŷʺ񱳹 Ģ ϵ, Ұ() 򰡹 Ѵ.

Ӿδü :

򰡹 Ģ ϵ, () ŷʺ񱳹 Ѵ.




򰡴 Ģ ŷʺ񱳹 , ŷʺ񱳹 򰡰 ƴ 쿡 򰡹, 쿡 ҵȯ Ѵ.




ڻ꿡 򰡾װ ڻ꿡 򰡾 ջϿ ҵ Ǵ 쿡 ҵȯ Ѵ.




ڻ̹Ƿ ҵȯ ȯݹ ҵȯѴ.

:

ҵ氡 - 巡ҿ

:

ε 򰡰 - ü

ü :

ε 򰡹 ؿѴ.


.
ڵ

ڵ 򰡴 Ģ ŷʺ񱳹 , ŷʺ񱳹 򰡰 ƴ 쿡 򰡹 , ڵμ ȿ밡ġ üóа(ڵ, , , װ ȿ밡ġ ü ) Ѵ.

߱⿡

߱⿡ 򰡴 Ģ 򰡹 , 򰡹 򰡰 ƴ 쿡 ŷ 񱳹 , ߱μ ȿ밡ġ üóа Ѵ.


ڿ

ڿ 򰡴 Ģ 򰡹 , 򰡹 򰡰 ƴ 쿡 ŷʺ񱳹 , μ ȿ밡ġ üó Ѵ.


װ⿡

װ⿡ 򰡴 Ģ 򰡹 , 򰡹 򰡰 ƴ 쿡 ŷ 񱳹 , װμ ȿ밡ġ üóа Ѵ.


ǿ

ϹǷ ҵȯ ݹ ҵ ȯѴ.

򰡰 = ü ҵ氡 - üҿ(ü + 巡ҿ)
򰡰 = 򰡰 + ü


Ÿ ڻ꿡

ǿ 򰡴 ҵȯ 򰡰 쿡 ŷʺ񱳹 ذ Ǵ Ѵ.
ʰҵ濡 ɼ Ӽ ؾ Ѵ.
Ư, ǿžȱ, , ǥ, ۱, ̿, Ÿ ڻ ǿ 򰡹 ؿѴ.
絵 ȭ ŷʺ񱳹 ذ, 絵 Ұ ȭ ű氡 Ѵ.



ֽġäǿ

ֽ :

ǰŷ ü ִ ֽ ǹŷ ݽ 30ϰ ߻հ Ѵ.

ֽ :

ȸ ڻꡤä ں׸ Ͽ ǥ ۼ ڻѰ迡 äѰ踦 ڻ ġ ֽ Ѵ.

ä :

ǰŷ ü ִ ֽĿ 򰡿 ϸ, ü ȯϿ ޹ް ݰ ڸ ҵ ݽ ȯϱ ϼ Ͽ ȭ Ѵ.



꿡 򰡴 Ģ ŷʺ񱳹 , ŷʺ񱳹 򰡰 ƴ 쿡 򰡹 , μ ȿ밡ġ üóа Ѵ.



ӷῡ

ӷῡ 򰡴 Ģ Ӵʺ񱳹 , Ӵʺ񱳹 򰡰 ƴ 쿡 ݿ Ǵ ҵм ִ.

← End



[Title]
12 ε



  23 →   ȥ ̱ 纸 ø 1 Һκ 5  
  22 →   ̱ ε  
  21 →   14 ðް  
  20 →   18 Źڱݰ  
  19 →   17 ε õ  
  18 →   16 , ߰  
  17 →   15 ü ڻ ߰  
  16 →   13 ȹ ÿ  
  →   12 ε  
  14 →   11 Ӵ  
  13 →   10 ε  
  12 →   9 ŷ  
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  10 →   7 ε  
  8 →   8 ر(Recovery Account)  
  6 →   6 븮(Agency)  
  5 →   5  
  4 →   4 ε δ  

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