Real Estate education in Romania ANEVAR experience

Real Estate education Real Estate education in Romaniain Romania

ANEVAR experienceANEVAR experience

Dana ABABEI ANEVARDana ABABEI ANEVAR

Cristian BANACU Bucharest Academy of Cristian BANACU Bucharest Academy of Economics StudyEconomics Study

Dana ABABEI - ANEVAR, Cristian BANACU - ASE 2

ANEVAR historyANEVAR history

• ANEVAR – National Association of Romanian ANEVAR – National Association of Romanian ValuersValuers

• 30 founders set up ANEVAR in January 199230 founders set up ANEVAR in January 1992• Privatization of the state owned companies has Privatization of the state owned companies has

required business valuation; required business valuation; • important opportunity for the profession important opportunity for the profession

developmentdevelopment• in April 1992 starts first training course in in April 1992 starts first training course in

business valuationbusiness valuation• ANEVAR prepares and prints first Romanian ANEVAR prepares and prints first Romanian

course support in business valuationcourse support in business valuation


ANEVAR historyANEVAR history

• in September 1996 starts first training in September 1996 starts first training course in course in real property valuationreal property valuation

• April 2000 starts first course in machinery April 2000 starts first course in machinery and equipment (personal property) valuationand equipment (personal property) valuation

• December 2001 granted first professional December 2001 granted first professional designations MAAdesignations MAA

• February 2004 adopted IVS as ANEVAR February 2004 adopted IVS as ANEVAR standardsstandards

• Autumn 2007 starts first course in financial Autumn 2007 starts first course in financial assets valuationassets valuation


ANEVAR presentANEVAR present

• Now, the association counts more than 5,750 Now, the association counts more than 5,750 full members and 270 associated legal full members and 270 associated legal entities. Its activity is carried out in 40 entities. Its activity is carried out in 40 branches in the countryside, and 11 centers branches in the countryside, and 11 centers in the capital city, Bucharest. in the capital city, Bucharest.

• The matrix structure of ANEVAR is divided The matrix structure of ANEVAR is divided into four sections: into four sections: – bbuusiness valuation siness valuation – real estate valuation real estate valuation – personal property valuation personal property valuation – financial assets valuation financial assets valuation


ANEVAR presentANEVAR present

• The education program include: The education program include: – training courses:training courses:

• basic training courses (120 hours)basic training courses (120 hours)• in-house training courses (banks, in-house training courses (banks,

governmental entities) governmental entities)

– continuing education seminars continuing education seminars (only (only for members):for members):• distance / on line seminarsdistance / on line seminars• classroom classroom


ANEVAR coursesANEVAR coursesANEVAR courses

05

10152025

303540

4550

2001 2002 2003 2004 2005 2006 2007 2008

ANEVAR training courses participants

0

200

400

600

800

1000

1200

1400

1600

2001 2002 2003 2004 2005 2006 2007 2008

• From 1992 ANEVAR has organised 530 From 1992 ANEVAR has organised 530 courses with 18250 participants.courses with 18250 participants.


EDUCATIONAL EDUCATIONAL SUPPORTSUPPORT

• ANEVAR is providing materials to ANEVAR is providing materials to support the training process:support the training process:– Instructor manual and student bookInstructor manual and student book– Bank of tests with more than 500 test Bank of tests with more than 500 test

questionsquestions– Collection of case studiesCollection of case studies– Collection of International Valuation Collection of International Valuation

Standards –IVS 2007 (Romanian translation)Standards –IVS 2007 (Romanian translation)– Other reference books edited by IROVAL – Other reference books edited by IROVAL –

the research arm of the association the research arm of the association


ANEVAR COURSE ANEVAR COURSE STRUCTURESTRUCTURE

• REVREV = real estate valuation= real estate valuation• MEVMEV = machinery and equipment valuation= machinery and equipment valuation• BV BV = business valuation= business valuation• FAVFAV = financial assets valuation= financial assets valuation

BASIC MODULE M100

INTERMEDIARY MODULESREV 201

INTERMEDIARY MODULESPPV 101

INTERMEDIARY MODULES

BV 301

FINAL MODULEREV 202

FINAL MODULEPPV 102

FINAL MODULEBV 302

INTERMEDIARY MODULESFAV 401

FINAL MODULEFAV 402


ANEVAR coursesANEVAR courses

• Basic module (30 hours)Basic module (30 hours) includes: includes:– General principles regarding property General principles regarding property

valuationvaluation– Time value of moneyTime value of money– Valuation approachesValuation approaches– Legal aspects regarding property rightsLegal aspects regarding property rights– Accounting for valuationAccounting for valuation– Valuation reporting and valuation Valuation reporting and valuation

reviewingreviewing



• IntermediaryIntermediary modulesmodules REAL ESTATE REAL ESTATE VALUATION (60 hours) include:VALUATION (60 hours) include:– Buildings description and inspectionBuildings description and inspection– Guidance Note IVGN1 – Real Property Guidance Note IVGN1 – Real Property

Valuation issued by International Valuation Valuation issued by International Valuation Standard Committee (IVSC)Standard Committee (IVSC)

– Market analysisMarket analysis– Sale comparison approachSale comparison approach– Income capitalization approachIncome capitalization approach– Cost approachCost approach



• FinalFinal modulemodule REAL ESTATE REAL ESTATE VALUATION VALUATION (30 hours)(30 hours) includes: includes:– Commercial, industrial and residential Commercial, industrial and residential

property valuationproperty valuation– Valuation for tax purpose, for insurance, Valuation for tax purpose, for insurance,

for bank guarantee, etcfor bank guarantee, etc– Value reconciliationValue reconciliation– Valuation report and reviewing report Valuation report and reviewing report

structurestructure– Graduation project assistanceGraduation project assistance


EXAMINATION systemEXAMINATION system

• Project (fully self-sufficient valuation Project (fully self-sufficient valuation report) preparation under instructor report) preparation under instructor supervisionsupervision

• Written exam – 80 test questions and Written exam – 80 test questions and 2 case studies2 case studies

• Oral exam – valuation report Oral exam – valuation report presentation presentation


TUTORING systemTUTORING system

• Designated to supervise the skills Designated to supervise the skills acquiring processacquiring process

• 800 hours of proved practice under 800 hours of proved practice under the designated tutor supervisionthe designated tutor supervision

• Written exam – mainly from Written exam – mainly from ANEVAR code of ethics and by-lawANEVAR code of ethics and by-law

• Oral exam on the skills acquired Oral exam on the skills acquired during the practice periodduring the practice period


ANEVAR seminarsANEVAR seminars

• For its members, association provides For its members, association provides continuous education seminars :continuous education seminars :– Real estate valuation methods (advance study) - Real estate valuation methods (advance study) -

24 hours24 hours– Machinery and Equipment valuation methods Machinery and Equipment valuation methods

(advance study) - 16 hours(advance study) - 16 hours– Discounting rate and capitalization rate (8 hours)Discounting rate and capitalization rate (8 hours)– International Valuation Standards (8 hours)International Valuation Standards (8 hours)– Valuation for lending purpose (16 hours)Valuation for lending purpose (16 hours)– Valuation report and reviewing report (8 hours)Valuation report and reviewing report (8 hours)– Intangible assets valuation (8 hours)Intangible assets valuation (8 hours)


ANEVAR seminarsANEVAR seminars

• For applicants to MAA designation For applicants to MAA designation association provides the following association provides the following seminars:seminars:– Advance studyAdvance study in business valuation (26 in business valuation (26

hours)hours)– Advance study in real property Advance study in real property

valuation (26 hours)valuation (26 hours)


ANEVAR partnershipANEVAR partnership

• ANEVAR has initiated and developed ANEVAR has initiated and developed valuation courses in universitiesvaluation courses in universities, , showing openness towards the showing openness towards the training carried out in the higher training carried out in the higher education institutions and education institutions and accrediting these courses for its accrediting these courses for its membershipmembership

• These course cover business These course cover business valuation and real property valuation valuation and real property valuation


ANEVAR partnersANEVAR partners• Thus, the association has Thus, the association has twelve twelve

cooperation agreementscooperation agreements with faculties with faculties within: within: – ASE (Academy of Economic Studies) ASE (Academy of Economic Studies)

Bucharest,Bucharest,– Universitatea de Vest Timisoara (Timisoara Universitatea de Vest Timisoara (Timisoara

West University), West University), – Universitatea Babes Bolyai (Babes-Bolyai Universitatea Babes Bolyai (Babes-Bolyai

University) in Cluj, University) in Cluj, – Universitatea Tehnica de Constructii Universitatea Tehnica de Constructii

(University of Civil Engineering) Bucharest, (University of Civil Engineering) Bucharest, – Universitatea Ovidius (Ovidius University) Universitatea Ovidius (Ovidius University)

Constanta etc.Constanta etc.

Real Estate education in Romania ANEVAR experience

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