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A Study on a basis of Other Values except Market Value -Focused on Appraisal Practice-

  • Korea Real Estate Review
  • 2014, 24(3), pp.23-34
  • Publisher : korea real estate research institute
  • Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate

최경관 1

1감정평가사

Accredited

ABSTRACT

There are considerable confusions in appraisal service field because it is ambiguity of concepts of “a basis of value” and “other values except market value” in 「The Rules on Appraisal Practice」. The purpose of this study is to review these problems and to find a solution. There are some profitable suggestions are as follows; First, “a basis of value” is a statement of the fundamental measurement assumptions of a valuation. so “a basis of value” should be translated into “Gachikijune(가치기준)” instead of “Kijunegachi(기준가치)” by Korean. Second, Investment value, Fair Value and Special Value should be introduced into 「The Rules on Appraisal Practice」 as other values except market value terminologically for internationalization of korean appraisal system. Third, a basis of value is one thing and the purpose of appraisal and appraisal conditions are another. Therefore the purpose of appraisal and appraisal conditions don‘t have effect on a basis of value. Fourth, Market value, Investment value, Fair Value and Special Value are only examples on appraisal rules. so appraisers should make a concept of some values by themselves when they need some values that are not prescribed on appraisal rules.

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