SPB Git

spb/uqo-chat

Public
276.2 KB · 365 lines html
1<!DOCTYPE html>2<html lang="fr" data-theme="light">3<head>4<meta charset="utf-8">5<meta name="viewport" content="width=device-width, initial-scale=1, viewport-fit=cover">6<title>Séance 14 — Révision générale et cas intégrateur · IMM1003 — Éléments d’évaluation immobilière</title>7<meta name="description" content="Séance 14 du cours IMM1003 (Éléments d’évaluation immobilière) : Révision générale et cas intégrateur. Notes de cours complètes, explorateurs interactifs, exercices corrigés et quiz.">8<meta name="author" content="Simon-Pierre Boucher — Université du Québec en Outaouais">9<meta name="theme-color" content="#0f6180">10<meta property="og:site_name" content="IMM1003 — UQO">11<meta property="og:title" content="Séance 14 — Révision générale et cas intégrateur · IMM1003 — Éléments d’évaluation immobilière">12<meta property="og:description" content="Séance 14 du cours IMM1003 (Éléments d’évaluation immobilière) : Révision générale et cas intégrateur. Notes de cours complètes, explorateurs interactifs, exercices corrigés et quiz.">13<meta property="og:type" content="website">14<meta property="og:url" content="https://www.uqo-imm1003.app/seance/14/">15<meta property="og:image" content="https://www.uqo-imm1003.app/assets/og.png">16<meta property="og:image:width" content="1200"><meta property="og:image:height" content="630">17<meta property="og:image:alt" content="IMM1003 — Éléments d’évaluation immobilière — UQO">18<meta property="og:locale" content="fr_CA">19<meta name="twitter:card" content="summary_large_image">20<meta name="twitter:title" content="Séance 14 — Révision générale et cas intégrateur · IMM1003 — Éléments d’évaluation immobilière">21<meta name="twitter:description" content="Séance 14 du cours IMM1003 (Éléments d’évaluation immobilière) : Révision générale et cas intégrateur. Notes de cours complètes, explorateurs interactifs, exercices corrigés et quiz.">22<meta name="twitter:image" content="https://www.uqo-imm1003.app/assets/og.png">23<link rel="canonical" href="https://www.uqo-imm1003.app/seance/14/">24<link rel="icon" href="/favicon.svg" type="image/svg+xml">25<link rel="icon" href="/assets/brand/favicon-32.png" sizes="32x32" type="image/png">26<link rel="icon" href="/favicon.ico" sizes="any">27<link rel="apple-touch-icon" href="/assets/brand/apple-touch-icon.png">28<link rel="manifest" href="/manifest.webmanifest">29<link rel="preconnect" href="https://fonts.googleapis.com">30<link rel="preconnect" href="https://fonts.gstatic.com" crossorigin>31<link rel="stylesheet" href="https://fonts.googleapis.com/css2?family=Fira+Sans:ital,wght@0,300;0,400;0,500;0,600;0,700;0,800;1,400;1,600&family=Fraunces:opsz,wght@9..144,500;9..144,600;9..144,700&family=Source+Serif+4:ital,opsz,wght@0,8..60,400;0,8..60,600;0,8..60,700;1,8..60,400&display=swap">32<link rel="stylesheet" href="/assets/katex/katex.min.css">33<link rel="stylesheet" href="/assets/css/site.css">34<script>(function(){try{var t=localStorage.getItem('uqo:theme');if(t)document.documentElement.dataset.theme=JSON.parse(t);var f=localStorage.getItem('uqo:fs');if(f&&JSON.parse(f))document.documentElement.dataset.fs=JSON.parse(f);}catch(e){}})();</script>3536</head>37<body class="course-imm1003 " data-course="imm1003" data-part="4">3839<svg xmlns="http://www.w3.org/2000/svg" style="display:none" aria-hidden="true">40  <symbol id="i-book" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M2 4h6a4 4 0 0 1 4 4v12a3 3 0 0 0-3-3H2zM22 4h-6a4 4 0 0 0-4 4v12a3 3 0 0 1 3-3h7z"/></symbol>41  <symbol id="i-formula" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M3 12h3l3 8 4-16 3 8h5"/></symbol>42  <symbol id="i-bulb" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M9 18h6M10 22h4M12 2a7 7 0 0 0-4 12.7c.6.5 1 1.3 1 2.3h6c0-1 .4-1.8 1-2.3A7 7 0 0 0 12 2z"/></symbol>43  <symbol id="i-pencil" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M12 20h9M16.5 3.5a2.1 2.1 0 0 1 3 3L7 19l-4 1 1-4z"/></symbol>44  <symbol id="i-warning" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M10.3 3.9 1.8 18a2 2 0 0 0 1.7 3h17a2 2 0 0 0 1.7-3L13.7 3.9a2 2 0 0 0-3.4 0zM12 9v4M12 17h.01"/></symbol>45  <symbol id="i-hardhat" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M2 18h20M4 18v-3a8 8 0 0 1 5-7.4V12M20 18v-3a8 8 0 0 0-5-7.4V12M10 4h4v8h-4z"/></symbol>46  <symbol id="i-pen" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M12 19l7-7 3 3-7 7-3-3zM18 13l-1.5-7.5L2 2l3.5 14.5L13 18l5-5zM2 2l7.6 7.6"/><circle cx="11" cy="11" r="2" fill="none" stroke="currentColor" stroke-width="2"/></symbol>47  <symbol id="i-map" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M1 6v16l7-4 8 4 7-4V2l-7 4-8-4zM8 2v16M16 6v16"/></symbol>48  <symbol id="i-star" viewBox="0 0 24 24"><path fill="currentColor" d="M12 2l3.1 6.3 6.9 1-5 4.9 1.2 6.9L12 17.8 5.8 21l1.2-6.9-5-4.9 6.9-1z"/></symbol>49  <symbol id="i-target" viewBox="0 0 24 24"><circle cx="12" cy="12" r="10" fill="none" stroke="currentColor" stroke-width="2"/><circle cx="12" cy="12" r="6" fill="none" stroke="currentColor" stroke-width="2"/><circle cx="12" cy="12" r="2" fill="currentColor"/></symbol>50  <symbol id="i-clipboard" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M9 5H7a2 2 0 0 0-2 2v13a2 2 0 0 0 2 2h10a2 2 0 0 0 2-2V7a2 2 0 0 0-2-2h-2M9 5a2 2 0 0 1 2-2h2a2 2 0 0 1 2 2v0a2 2 0 0 1-2 2h-2a2 2 0 0 1-2-2zM9 14l2 2 4-4"/></symbol>51  <symbol id="i-check" viewBox="0 0 24 24"><circle cx="12" cy="12" r="10" fill="none" stroke="currentColor" stroke-width="2"/><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M8 12l3 3 5-6"/></symbol>52  <symbol id="i-search" viewBox="0 0 24 24"><circle cx="11" cy="11" r="7" fill="none" stroke="currentColor" stroke-width="2"/><path stroke="currentColor" stroke-width="2" stroke-linecap="round" d="M20 20l-3.5-3.5"/></symbol>53  <symbol id="i-sun" viewBox="0 0 24 24"><circle cx="12" cy="12" r="4" fill="none" stroke="currentColor" stroke-width="2"/><path stroke="currentColor" stroke-width="2" stroke-linecap="round" d="M12 2v2M12 20v2M4.9 4.9l1.4 1.4M17.7 17.7l1.4 1.4M2 12h2M20 12h2M4.9 19.1l1.4-1.4M17.7 6.3l1.4-1.4"/></symbol>54  <symbol id="i-menu" viewBox="0 0 24 24"><path stroke="currentColor" stroke-width="2" stroke-linecap="round" d="M4 6h16M4 12h16M4 18h16"/></symbol>55  <symbol id="i-text" viewBox="0 0 24 24"><path stroke="currentColor" stroke-width="2" stroke-linecap="round" d="M4 7V5h16v2M12 5v14M9 19h6"/></symbol>56  <symbol id="i-slides" viewBox="0 0 24 24"><rect x="2" y="3" width="20" height="14" rx="2" fill="none" stroke="currentColor" stroke-width="2"/><path stroke="currentColor" stroke-width="2" stroke-linecap="round" d="M8 21h8M12 17v4"/></symbol>57  <symbol id="i-quiz" viewBox="0 0 24 24"><circle cx="12" cy="12" r="10" fill="none" stroke="currentColor" stroke-width="2"/><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" d="M9.1 9a3 3 0 0 1 5.8 1c0 2-3 3-3 3M12 17h.01"/></symbol>58  <symbol id="i-cards" viewBox="0 0 24 24"><rect x="3" y="6" width="14" height="16" rx="2" fill="none" stroke="currentColor" stroke-width="2"/><path fill="none" stroke="currentColor" stroke-width="2" d="M7 2h12a2 2 0 0 1 2 2v14"/></symbol>59  <symbol id="i-calc" viewBox="0 0 24 24"><rect x="4" y="2" width="16" height="20" rx="2" fill="none" stroke="currentColor" stroke-width="2"/><path stroke="currentColor" stroke-width="2" stroke-linecap="round" d="M8 6h8M8 11h.01M12 11h.01M16 11h.01M8 15h.01M12 15h.01M16 15h.01M8 19h.01M12 19h.01M16 19h.01"/></symbol>60  <symbol id="i-download" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M21 15v4a2 2 0 0 1-2 2H5a2 2 0 0 1-2-2v-4M7 10l5 5 5-5M12 15V3"/></symbol>61  <symbol id="i-eye" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" d="M1 12s4-8 11-8 11 8 11 8-4 8-11 8-11-8-11-8z"/><circle cx="12" cy="12" r="3" fill="none" stroke="currentColor" stroke-width="2"/></symbol>62  <symbol id="i-arrow" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M5 12h14M13 6l6 6-6 6"/></symbol>63  <symbol id="i-bib" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M4 19.5A2.5 2.5 0 0 1 6.5 17H20M6.5 2H20v20H6.5A2.5 2.5 0 0 1 4 19.5v-15A2.5 2.5 0 0 1 6.5 2z"/></symbol>64  <symbol id="i-list" viewBox="0 0 24 24"><path stroke="currentColor" stroke-width="2" stroke-linecap="round" d="M8 6h13M8 12h13M8 18h13M3 6h.01M3 12h.01M3 18h.01"/></symbol>65  <symbol id="i-note" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M14 3v4a1 1 0 0 0 1 1h4M17 21H7a2 2 0 0 1-2-2V5a2 2 0 0 1 2-2h7l5 5v11a2 2 0 0 1-2 2zM9 13h6M9 17h6"/></symbol>66  <symbol id="i-audio" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M11 5 6 9H2v6h4l5 4zM15.5 8.5a5 5 0 0 1 0 7M19 5a10 10 0 0 1 0 14"/></symbol>67  <symbol id="i-up" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M12 19V5M5 12l7-7 7 7"/></symbol>68  <symbol id="i-dumbbell" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M6 5v14M18 5v14M3 8v8M21 8v8M6 12h12"/></symbol>69  <symbol id="i-game" viewBox="0 0 24 24"><rect x="2" y="7" width="20" height="12" rx="4" fill="none" stroke="currentColor" stroke-width="2"/><path stroke="currentColor" stroke-width="2" stroke-linecap="round" d="M7 11v4M5 13h4M15 12h.01M18 14h.01"/></symbol>70  <symbol id="i-chart" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M3 3v18h18M7 15l4-5 4 3 5-7"/></symbol>71  <symbol id="i-progress" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" d="M4 20V10M10 20V4M16 20v-8M22 20H2"/></symbol>72  <symbol id="i-network" viewBox="0 0 24 24"><circle cx="12" cy="12" r="3" fill="none" stroke="currentColor" stroke-width="2"/><circle cx="4" cy="6" r="2" fill="none" stroke="currentColor" stroke-width="2"/><circle cx="20" cy="6" r="2" fill="none" stroke="currentColor" stroke-width="2"/><circle cx="4" cy="18" r="2" fill="none" stroke="currentColor" stroke-width="2"/><circle cx="20" cy="18" r="2" fill="none" stroke="currentColor" stroke-width="2"/><path stroke="currentColor" stroke-width="2" d="M6 7l4 3M18 7l-4 3M6 17l4-3M18 17l-4-3"/></symbol>73  <symbol id="i-report" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M14 2H6a2 2 0 0 0-2 2v16a2 2 0 0 0 2 2h12a2 2 0 0 0 2-2V8zM14 2v6h6M8 17l3-4 2 2 3-5"/></symbol>74</svg>7576<a class="skip" href="#main">Aller au contenu</a>77<header class="topbar">78  <div class="topbar-inner">79    <a class="brand" href="/" aria-label="IMM1003 — accueil"><img class="brand-logo" src="/assets/brand/uqo-logo.png" alt="UQO" width="568" height="238"><span class="brand-sep"></span><span class="brand-text"><span class="brand-code">IMM1003</span><span class="brand-title">Éléments d’évaluation immobilière</span></span></a>80    <nav class="topnav" aria-label="Navigation principale"><div class="dd current"><button type="button" aria-expanded="false" aria-haspopup="true">Séances <span class="caret" aria-hidden="true">▾</span></button><div class="dd-menu wide"><div class="dd-part"><i style="background:#2976bb"></i>Partie I — Fondements de l’évaluation immobilière</div><a href="/seance/01/" data-ch="01"><span class="pastille" style="background:#2976bb">1</span><span>Introduction à l'évaluation immobilière</span></a><a href="/seance/02/" data-ch="02"><span class="pastille" style="background:#2976bb">2</span><span>Le cadre professionnel au Québec</span></a><a href="/seance/03/" data-ch="03"><span class="pastille" style="background:#2976bb">3</span><span>Les principes fondamentaux de l'évaluation</span></a><div class="dd-part"><i style="background:#0f8b8d"></i>Partie II — Valeur, marché et données</div><a href="/seance/04/" data-ch="04"><span class="pastille" style="background:#0f8b8d">4</span><span>La valeur : concepts et types</span></a><a href="/seance/05/" data-ch="05"><span class="pastille" style="background:#0f8b8d">5</span><span>Le marché immobilier québécois</span></a><a href="/seance/06/" data-ch="06"><span class="pastille" style="background:#0f8b8d">6</span><span>Collecte et analyse des données</span></a><a href="/seance/07/" data-ch="07"><span class="pastille" style="background:#0f8b8d">7</span><span>Examen mi-session : révision des blocs 1 et 2</span></a><div class="dd-part"><i style="background:#cca424"></i>Partie III — Les trois méthodes d’évaluation</div><a href="/seance/08/" data-ch="08"><span class="pastille" style="background:#cca424">8</span><span>La méthode de comparaison — Partie 1 : principes et sélection des comparables</span></a><a href="/seance/09/" data-ch="09"><span class="pastille" style="background:#cca424">9</span><span>La méthode de comparaison — Partie 2 : ajustements et réconciliation</span></a><a href="/seance/10/" data-ch="10"><span class="pastille" style="background:#cca424">10</span><span>La méthode du coût</span></a><a href="/seance/11/" data-ch="11"><span class="pastille" style="background:#cca424">11</span><span>La méthode du revenu — Partie 1 : du revenu brut au RNE</span></a><a href="/seance/12/" data-ch="12"><span class="pastille" style="background:#cca424">12</span><span>La méthode du revenu — Partie 2 : le taux et le DCF</span></a><div class="dd-part"><i style="background:#6b4fbb"></i>Partie IV — Synthèse et pratique professionnelle</div><a href="/seance/13/" data-ch="13"><span class="pastille" style="background:#6b4fbb">13</span><span>Le rapport d'évaluation</span></a><a href="/seance/14/" data-ch="14"><span class="pastille" style="background:#6b4fbb">14</span><span>Révision générale et cas intégrateur</span></a><div class="dd-part">Annexes</div><a href="/aide-memoire/"><span class="pastille">A</span><span>Aide-mémoire des formules</span></a><a href="/glossaire/"><span class="pastille">B</span><span>Glossaire</span></a><a href="/rapport/"><span class="pastille" style="background:var(--teal)">R</span><span>Rapport — Le marché de l’habitation au Québec</span></a></div></div><div class="dd"><button type="button" aria-expanded="false" aria-haspopup="true">Réviser <span class="caret" aria-hidden="true">▾</span></button><div class="dd-menu "><a href="/aide-memoire/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg></span><span>Aide-mémoire<span class="dd-desc">Toutes les formules commentées</span></span></a><a href="/glossaire/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span>Glossaire<span class="dd-desc">Termes du métier, équivalents anglais</span></span></a><a href="/definitions/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-list"/></svg></span><span>Toutes les définitions<span class="dd-desc">Les formulations attendues aux examens</span></span></a><a href="/fiches/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-cards"/></svg></span><span>Fiches de révision<span class="dd-desc">Recto-verso, suivi d’acquisition</span></span></a><a href="/carte/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-network"/></svg></span><span>Carte du cours<span class="dd-desc">Les 14 séances et leurs objectifs en un coup d’œil</span></span></a><a href="/exercices/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span>Banque d’exercices<span class="dd-desc">Tous les exercices corrigés</span></span></a></div></div><div class="dd"><button type="button" aria-expanded="false" aria-haspopup="true">S’exercer <span class="caret" aria-hidden="true">▾</span></button><div class="dd-menu "><a href="/quiz/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-quiz"/></svg></span><span>Quiz et examens blancs<span class="dd-desc">QCM avec rétroaction, chronomètre</span></span></a><a href="/entrainement/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-dumbbell"/></svg></span><span>Entraînement<span class="dd-desc">Problèmes à données aléatoires, corrigés pas à pas</span></span></a><a href="/jeux/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-game"/></svg></span><span>Jeux de révision<span class="dd-desc">Association, vrai ou faux, remise en ordre</span></span></a><a href="/outils/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-calc"/></svg></span><span>Calculateurs<span class="dd-desc">Les formules en interactif</span></span></a><a href="/progression/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-progress"/></svg></span><span>Ma progression<span class="dd-desc">Lecture, quiz, objectifs, notes</span></span></a></div></div><div class="dd"><button type="button" aria-expanded="false" aria-haspopup="true">Ressources <span class="caret" aria-hidden="true">▾</span></button><div class="dd-menu "><a href="/diapositives/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-slides"/></svg></span><span>Diapositives<span class="dd-desc">Les 14 présentations en ligne</span></span></a><a href="/ressources/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-download"/></svg></span><span>Téléchargements<span class="dd-desc">Manuel, plan, TP, gabarits Excel</span></span></a><a href="/rapport/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-report"/></svg></span><span>Rapport marché QC<span class="dd-desc">Indices de prix, macro, abordabilité — 26 sections, 67 figures</span></span></a><a href="/bibliographie/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-bib"/></svg></span><span>Bibliographie<span class="dd-desc">Références citées</span></span></a><a href="/recherche/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-search"/></svg></span><span>Recherche<span class="dd-desc">Tout le manuel indexé</span></span></a></div></div></nav>81    <div class="topbar-actions">82      <button class="icon-btn search-btn" type="button" data-action="search" aria-label="Rechercher"><svg class="" aria-hidden="true"><use href="#i-search"/></svg><span>Rechercher</span><kbd>⌘K</kbd></button>83      <button class="icon-btn" type="button" data-action="theme" aria-label="Thème clair ou sombre" title="Thème"><svg class="" aria-hidden="true"><use href="#i-sun"/></svg></button>84      <button class="icon-btn menu-btn" type="button" aria-label="Menu" aria-expanded="false"><svg class="" aria-hidden="true"><use href="#i-menu"/></svg></button>85    </div>86  </div>87  <div class="readbar"><div class="readbar-fill"></div></div>88</header>8990<main id="main" class="chapter-page" data-chapter="14" data-title="Séance 14 — Révision générale et cas intégrateur" data-words="7108">91  92<header class="ch-hero">93  <svg class="deco" viewBox="0 0 1200 300" preserveAspectRatio="xMaxYMin slice" aria-hidden="true"><circle cx="1090" cy="20" r="110"/><circle cx="1160" cy="110" r="160"/><circle class="gold" cx="990" cy="170" r="45"/></svg>94  <div class="watermark" aria-hidden="true">14</div>95  <div class="ch-hero-inner">96    <div class="eyebrow"><span class="part-chip">Partie IV</span> Synthèse et pratique professionnelle · Séance 14 · IMM1003</div>97    <h1>Révision générale et cas intégrateur</h1>98    <div class="ch-sub">Éléments d’évaluation immobilière · Automne 2026 · Simon-Pierre Boucher · UQO</div>99    <div class="ch-meta">100      <span class="chip"><svg class="" aria-hidden="true"><use href="#i-list"/></svg> 9 sections</span>101      <span class="chip"><svg class="" aria-hidden="true"><use href="#i-book"/></svg> 1 définition</span>102      <span class="chip"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg> 2 formules</span>103      <span class="chip"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg> 5 exemples</span>104      <span class="chip"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg> 6 exercices</span>105      <span class="chip"><svg class="" aria-hidden="true"><use href="#i-eye"/></svg> ≈ 39 min de lecture</span>106      107      <span class="chip">Préparation à l’examen final</span>108    </div>109    <div class="ch-tools">110      <a class="btn btn-ghost" href="/files/slides/seance14.pdf" target="_blank" rel="noopener"><svg class="" aria-hidden="true"><use href="#i-slides"/></svg> Diapositives (PDF)</a>111      <button class="btn btn-ghost" type="button" data-action="revision" aria-pressed="false"><svg class="" aria-hidden="true"><use href="#i-eye"/></svg> Mode révision</button>112      <button class="btn btn-ghost" type="button" data-action="tts"><svg class="" aria-hidden="true"><use href="#i-audio"/></svg> Écouter</button>113      <a class="btn btn-ghost" href="#quiz"><svg class="" aria-hidden="true"><use href="#i-quiz"/></svg> Quiz de la séance</a>114    </div>115  </div>116</header>117<div class="stepper-wrap"><nav class="stepper" aria-label="Sections"><a href="#s-14-1"><span class="n">1</span>Le processus complet : rappel en sept étapes</a><a href="#s-14-2"><span class="n">2</span>Le cas intégrateur : immeuble mixte à Gatineau</a><a href="#s-14-3"><span class="n">3</span>Méthode 1 : la comparaison</a><a href="#s-14-4"><span class="n">4</span>Méthode 2 : le coût</a><a href="#s-14-5"><span class="n">5</span>Méthode 3 : le revenu</a><a href="#s-14-6"><span class="n">6</span>La réconciliation des trois méthodes</a><a href="#s-14-7"><span class="n">7</span>Révision par blocs</a><a href="#s-14-8"><span class="n">8</span>Préparation à l'examen final</a><a href="#s-14-9"><span class="n">9</span>Exercices</a><span class="rem" id="read-remaining"></span></nav></div>118  <div class="ch-layout">119    120<aside class="ch-toc" aria-label="Sommaire de la séance">121  <div class="toc-progress"><div class="bar"><i></i></div><span>0 % lu</span></div>122  <h4>Dans cette séance</h4>123  <ol><li class="lvl2"><a href="#s-14-1"><span class="toc-num">14.1</span><span>Le processus complet : rappel en sept étapes</span></a></li><li class="lvl2"><a href="#s-14-2"><span class="toc-num">14.2</span><span>Le cas intégrateur : immeuble mixte à Gatineau</span></a></li><li class="lvl3"><a href="#s-14-2-1"><span class="toc-num">14.2.1</span><span>Le mandat</span></a></li><li class="lvl3"><a href="#s-14-2-2"><span class="toc-num">14.2.2</span><span>L'immeuble sujet</span></a></li><li class="lvl3"><a href="#s-14-2-3"><span class="toc-num">14.2.3</span><span>Marché et utilisation optimale du sujet</span></a></li><li class="lvl3"><a href="#s-14-2-4"><span class="toc-num">14.2.4</span><span>Les données financières</span></a></li><li class="lvl2"><a href="#s-14-3"><span class="toc-num">14.3</span><span>Méthode 1 : la comparaison</span></a></li><li class="lvl3"><a href="#s-14-3-1"><span class="toc-num">14.3.1</span><span>Les comparables</span></a></li><li class="lvl3"><a href="#s-14-3-2"><span class="toc-num">14.3.2</span><span>La grille d'ajustements</span></a></li><li class="lvl2"><a href="#s-14-4"><span class="toc-num">14.4</span><span>Méthode 2 : le coût</span></a></li><li class="lvl3"><a href="#s-14-4-1"><span class="toc-num">14.4.1</span><span>Le coût de remplacement à neuf</span></a></li><li class="lvl3"><a href="#s-14-4-2"><span class="toc-num">14.4.2</span><span>La dépréciation et le terrain</span></a></li><li class="lvl2"><a href="#s-14-5"><span class="toc-num">14.5</span><span>Méthode 3 : le revenu</span></a></li><li class="lvl3"><a href="#s-14-5-1"><span class="toc-num">14.5.1</span><span>Capitalisation directe</span></a></li><li class="lvl3"><a href="#s-14-5-2"><span class="toc-num">14.5.2</span><span>Vérification par le MRB</span></a></li><li class="lvl2"><a href="#s-14-6"><span class="toc-num">14.6</span><span>La réconciliation des trois méthodes</span></a></li><li class="lvl3"><a href="#s-14-6-1"><span class="toc-num">14.6.1</span><span>Les trois indications</span></a></li><li class="lvl3"><a href="#s-14-6-2"><span class="toc-num">14.6.2</span><span>Pondération et calcul</span></a></li><li class="lvl3"><a href="#s-14-6-3"><span class="toc-num">14.6.3</span><span>Justifier la pondération</span></a></li><li class="lvl3"><a href="#s-14-6-4"><span class="toc-num">14.6.4</span><span>Tester la robustesse : l'analyse de sensibilité</span></a></li><li class="lvl3"><a href="#s-14-6-5"><span class="toc-num">14.6.5</span><span>Ce que le cas enseigne</span></a></li><li class="lvl2"><a href="#s-14-7"><span class="toc-num">14.7</span><span>Révision par blocs</span></a></li><li class="lvl3"><a href="#s-14-7-1"><span class="toc-num">14.7.1</span><span>Bloc 1 — Introduction et fondements (séances 1 à 3)</span></a></li><li class="lvl3"><a href="#s-14-7-2"><span class="toc-num">14.7.2</span><span>Bloc 2 — Bases théoriques (séances 4 à 6)</span></a></li><li class="lvl3"><a href="#s-14-7-3"><span class="toc-num">14.7.3</span><span>Bloc 3 — Les méthodes (séances 8 à 12)</span></a></li><li class="lvl3"><a href="#s-14-7-4"><span class="toc-num">14.7.4</span><span>Bloc 4 — Synthèse et application (séances 13 et 14)</span></a></li><li class="lvl2"><a href="#s-14-8"><span class="toc-num">14.8</span><span>Préparation à l'examen final</span></a></li><li class="lvl3"><a href="#s-14-8-1"><span class="toc-num">14.8.1</span><span>Format et matière</span></a></li><li class="lvl3"><a href="#s-14-8-2"><span class="toc-num">14.8.2</span><span>Stratégie d'étude</span></a></li><li class="lvl3"><a href="#s-14-8-3"><span class="toc-num">14.8.3</span><span>Aborder chaque type de question</span></a></li><li class="lvl3"><a href="#s-14-8-4"><span class="toc-num">14.8.4</span><span>Les erreurs qui coûtent le plus de points</span></a></li><li class="lvl3"><a href="#s-14-8-5"><span class="toc-num">14.8.5</span><span>Auto-diagnostic éclair</span></a></li><li class="lvl2"><a href="#s-14-9"><span class="toc-num">14.9</span><span>Exercices</span></a></li></ol>124  <div class="toc-extra">125    <a href="#objectifs"><svg class="" aria-hidden="true"><use href="#i-target"/></svg> Objectifs d’apprentissage</a>126    <a href="#synthese"><svg class="" aria-hidden="true"><use href="#i-clipboard"/></svg> L’essentiel de la séance</a>127    <a href="#quiz"><svg class="" aria-hidden="true"><use href="#i-quiz"/></svg> Testez-vous</a>128    <a href="/fiches/?ch=14"><svg class="" aria-hidden="true"><use href="#i-cards"/></svg> Fiches de la séance</a>129    <a href="/entrainement/"><svg class="" aria-hidden="true"><use href="#i-dumbbell"/></svg> Entraînement</a>130    <a href="/aide-memoire/"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg> Aide-mémoire</a>131  </div>132  <h4 style="margin-top:14px">Raccourcis</h4>133  <div style="font-size:.76rem;color:var(--gris)"><kbd>←</kbd> <kbd>→</kbd> séance précédente / suivante · <kbd>⌘K</kbd> recherche · sélectionnez un passage pour le surligner</div>134</aside>135    <div class="ch-body">136      <div class="revision-banner"><svg class="" aria-hidden="true"><use href="#i-eye"/></svg><span><strong>Mode révision</strong> — seuls les définitions, formules, mises en garde, « À retenir », notes marginales et la fiche synthèse sont affichés.</span><button class="btn btn-sm btn-ghost" type="button" data-action="revision-off">Quitter</button></div>137      <div style="display:flex;justify-content:flex-end;margin-bottom:8px"><button class="btn btn-sm btn-ghost" type="button" data-action="toggle-solutions">Révéler toutes les solutions</button></div>138      <article class="prose" id="notes">139        <p id="p14-1">Cette dernière séance boucle la boucle. Tout le cours converge ici vers un seul exercice : évaluer un immeuble réel de A à Z — description, données financières, application des <strong class="c-bleu">trois méthodes</strong>, puis <strong class="c-bleu">réconciliation pondérée</strong> vers une conclusion unique et motivée. Le chapitre déroule d'abord ce grand cas intégrateur (un immeuble mixte de Gatineau) avec tous les calculs intermédiaires et, surtout, avec le raisonnement qui relie chaque étape à la suivante : pourquoi on vérifie telle donnée, pourquoi on retient tel comparable, pourquoi tel taux plutôt que la moyenne. Il propose ensuite une révision systématique des quatre blocs du cours et un plan de préparation à l'examen final. À la fin de ce chapitre, vous devriez pouvoir prendre n'importe quel immeuble courant du marché québécois et en produire une évaluation défendable — ce qui est, précisément, l'objectif du cours.</p>140<section class="box box-obj" id="objectifs"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-target"/></svg></span><span class="box-label">Objectifs d’apprentissage</span><span class="obj-progress" aria-live="polite"></span></div><div class="box-body"><ul><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-14-1" data-obj="obj-14-1"><span class="obj-text">Appliquer les trois méthodes d'évaluation à un même immeuble et         produire trois indications de valeur cohérentes ;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-14-2" data-obj="obj-14-2"><span class="obj-text">Extraire un taux global d'actualisation (TGA) et un multiplicateur de         revenu brut (MRB) à partir de ventes comparables ;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-14-3" data-obj="obj-14-3"><span class="obj-text">Réconcilier les indications par une pondération argumentée et formuler         une conclusion de valeur ;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-14-4" data-obj="obj-14-4"><span class="obj-text">Réviser les concepts clés des quatre blocs du cours (fondements,         bases théoriques, méthodes, synthèse) ;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-14-5" data-obj="obj-14-5"><span class="obj-text">Mobiliser les formules essentielles dans des mini-cas de format         examen ;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-14-6" data-obj="obj-14-6"><span class="obj-text">Planifier efficacement l'étude en vue de l'examen final (40 % de la         note).</span></label></li></ul></div></section>141<h2 id="s-14-1" class="h-section"><span class="h-num">14.1</span><span class="h-text">Le processus complet : rappel en sept étapes</span><a class="h-anchor" href="#s-14-1" aria-label="Lien vers cette section">#</a></h2>142<p id="p14-8">Avant d'entrer dans le cas, resituons la démarche d'ensemble apprise à la séance 1 — chaque étape correspond à un bloc du cours et à une section du rapport étudié au chapitre <a class="xref" href="/seance/13/">13</a>.</p>143<div class="center"><div class="tikz"><img src="/assets/fig/e7547eaf45a2548f.svg" alt="Figure" width="418" height="234" style="width:min(100%,607px)" loading="lazy" decoding="async"></div></div>144<p id="p14-9">Le cas intégrateur qui suit couvre les étapes 2 à 6 ; l'étape 7 a fait l'objet du chapitre précédent. Gardez ce schéma en tête pendant toute la lecture : à chaque section du cas, demandez-vous à quelle étape du processus nous sommes, et ce que le rapport final devra en dire.</p>145<h2 id="s-14-2" class="h-section"><span class="h-num">14.2</span><span class="h-text">Le cas intégrateur : immeuble mixte à Gatineau</span><a class="h-anchor" href="#s-14-2" aria-label="Lien vers cette section">#</a></h2>146<h3 id="s-14-2-1" class="h-subsection"><span class="h-num">14.2.1</span><span class="h-text">Le mandat</span><a class="h-anchor" href="#s-14-2-1" aria-label="Lien vers cette section">#</a></h3>147<p id="p14-10">Notre cliente, une société de gestion familiale, envisage de vendre l'immeuble qu'elle détient depuis 2015 et veut connaître sa valeur marchande avant de rencontrer des courtiers. Le mandat est donc clair : estimer la <span class="motcle" data-term="valeur marchande">valeur marchande</span> de la pleine propriété en date de décembre 2026, à l'usage exclusif de la cliente pour sa décision de mise en marché. Il s'agit d'un rapport complet, avec inspection, et le mandat prévoit l'application des trois méthodes suivie d'une réconciliation — exactement le programme du cours. Notez au passage que chaque terme de ce paragraphe mobilise une notion étudiée : le type de valeur (chapitre <a class="xref" href="/seance/04/">4</a>), les droits évalués et l'usage prévu (chapitre <a class="xref" href="/seance/13/">13</a>), la date d'évaluation. Rien, dans un mandat bien rédigé, n'est décoratif.</p>148<h3 id="s-14-2-2" class="h-subsection"><span class="h-num">14.2.2</span><span class="h-text">L'immeuble sujet</span><a class="h-anchor" href="#s-14-2-2" aria-label="Lien vers cette section">#</a></h3>149<div class="box box-def" id="def-14-1"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span class="box-label">Définition 14.1</span><span class="box-title">— immeuble sujet du cas</span><a class="box-anchor" href="#def-14-1" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-11">Immeuble mixte sis au 250, boulevard Saint-Joseph, Gatineau (Québec) ; lot <span class="num">2 345 678</span> du cadastre du Québec ; zonage C-2 (commercial et résidentiel). Terrain de 800 m<sup>2</sup> (20 m <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>×</mo></mrow><annotation encoding="application/x-tex">\times</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">×</span></span></span></span> 40 m) ; superficie totale brute de 980 m<sup>2</sup> ; construction 2008, bon état, entretien régulier ; valeur au rôle 2026–2028 : <span class="num">1 450 000 $</span>.</p></div></div>150<p id="p14-12">L'immeuble<label for="sn-14-1" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-14-1" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-repere">Immeuble mixte : commerces au RDC, logements aux étages — un classique des artères de Gatineau.</span> est un mixte classique des artères commerciales de Gatineau. Le rez-de-chaussée abrite deux locaux commerciaux totalisant 220 m<sup>2</sup> : le local A, 120 m<sup>2</sup>, est occupé par une clinique dentaire bien établie ; le local B, 100 m<sup>2</sup>, par un bureau comptable. Les deux profitent de vitrines sur le boulevard et d'entrées indépendantes — un atout locatif réel, car chaque commerce contrôle son image et ses heures. Le deuxième étage compte quatre logements 4 ½ de 80 m<sup>2</sup> chacun, le troisième, quatre logements 3 ½ de 65 m<sup>2</sup>. Un stationnement arrière de 12 places, une buanderie commune et des rangements au sous-sol complètent l'ensemble.</p>151<p id="p14-13">Côté bâti, l'inspection révèle un immeuble sain : fondations en béton coulé, structure acier et béton, revêtement de brique, membrane élastomère refaite en 2020, fenêtres de PVC d'origine (2008) — à surveiller —, chauffage au gaz naturel avec chaudière remplacée en 2018, plomberie de cuivre, entrée électrique de 600 A conforme et ventilation commerciale fonctionnelle. Les baux résidentiels sont encadrés par le Tribunal administratif du logement (TAL), ce qui borne la vitesse à laquelle un acquéreur pourrait rapprocher les loyers du marché — un fait dont la méthode du revenu devra tenir compte.</p>152<div class="box box-terrain" id="terrain-14-14"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-hardhat"/></svg></span><span class="box-label">Sur le terrain</span><a class="box-anchor" href="#terrain-14-14" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-15">Comment un investisseur visite-t-il réellement un immeuble comme celui-ci? Rarement comme un futur occupant. Il commence par le sous-sol — l'état des fondations, de l'entrée électrique et de la chaudière en dit plus long que n'importe quelle cuisine rénovée —, monte par les espaces communs (leur tenue trahit la qualité de la gestion), demande à voir le logement le plus défraîchi plutôt que le plus beau, et termine sur le toit ou, à défaut, avec la facture de la dernière réfection. Côté papier, il exigera les baux, les relevés de taxes, les factures d'énergie et l'historique des travaux — exactement les pièces dont l'évaluateur a besoin pour normaliser revenus et dépenses. L'inspection d'évaluation et la vérification diligente de l'acheteur se ressemblent : ce n'est pas un hasard, les deux cherchent la même chose — la vérité économique de l'immeuble derrière sa façade.</p></div></div>153<div class="box box-rem" id="remarque-14-16"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pen"/></svg></span><span class="box-label">unités du cas</span><a class="box-anchor" href="#remarque-14-16" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-17">Le cas est présenté en <strong>unités métriques</strong> (1 m<sup>2</sup> <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≈</mo></mrow><annotation encoding="application/x-tex">\approx</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.4831em;"></span><span class="mrel">≈</span></span></span></span> 10,76 pi<sup>2</sup>), alors que les ateliers du cours utilisaient les pieds carrés : les deux systèmes coexistent dans la pratique québécoise, et l'examen peut employer l'un ou l'autre. Vérifiez toujours l'unité avant de calculer un taux unitaire.</p></div></div>154<h3 id="s-14-2-3" class="h-subsection"><span class="h-num">14.2.3</span><span class="h-text">Marché et utilisation optimale du sujet</span><a class="h-anchor" href="#s-14-2-3" aria-label="Lien vers cette section">#</a></h3>155<p id="p14-18">Avant tout calcul, deux analyses qualitatives cadrent le dossier. L'analyse de marché d'abord : le segment des immeubles mixtes de Gatineau est actif en 2026 — les taux d'intérêt ont reflué, les investisseurs recherchent les artères en revitalisation, et cinq ventes comparables ont été conclues dans les six derniers mois, ce qui est abondant pour ce segment. Le marché locatif résidentiel demeure tendu (inoccupation bien sous les 3 %), et la demande de petits locaux commerciaux de services — santé, services professionnels — est soutenue sur Saint-Joseph. Autrement dit : de bonnes données pour la comparaison, des revenus stables pour la méthode du revenu.</p>156<p id="p14-19">L'utilisation optimale ensuite. Comme si vacant, le terrain zoné C-2 supporterait un immeuble mixte de gabarit semblable — le zonage, la profondeur du lot et la demande convergent vers l'usage actuel. Telle qu'améliorée, la propriété exploite déjà cette utilisation : aucun usage alternatif ne produirait une valeur supérieure nette des coûts de conversion. Conclusion : l'utilisation optimale est <strong class="c-bleu">la continuation de l'usage mixte actuel</strong>. Cette conclusion, banale en apparence, est la charnière du dossier : elle autorise à évaluer l'immeuble tel qu'il est, avec ses revenus actuels, et elle valide le choix des comparables mixtes.</p>157<h3 id="s-14-2-4" class="h-subsection"><span class="h-num">14.2.4</span><span class="h-text">Les données financières</span><a class="h-anchor" href="#s-14-2-4" aria-label="Lien vers cette section">#</a></h3>158<h4 id="s-14-2-4-1" class="h-subsubsection"><span class="h-num">14.2.4.1</span><span class="h-text">Revenus normalisés (année 2026)</span><a class="h-anchor" href="#s-14-2-4-1" aria-label="Lien vers cette section">#</a></h4>159<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Poste de revenus</th><th class="al-r">Montant annuel</th></tr></thead><tbody><tr><td>Local A (clinique) : 120 m<sup>2</sup> <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>×</mo></mrow><annotation encoding="application/x-tex">\times</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">×</span></span></span></span> 18 $/m<sup>2</sup>/mois</td><td class="al-r"><span class="num">25 920 $</span></td></tr><tr><td>Local B (bureau) : 100 m<sup>2</sup> <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>×</mo></mrow><annotation encoding="application/x-tex">\times</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">×</span></span></span></span> 16 $/m<sup>2</sup>/mois</td><td class="al-r"><span class="num">19 200 $</span></td></tr><tr><td>4 logements 4 ½ <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>×</mo></mrow><annotation encoding="application/x-tex">\times</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">×</span></span></span></span> <span class="num">1250 $</span>/mois</td><td class="al-r"><span class="num">60 000 $</span></td></tr><tr><td>4 logements 3 ½ <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>×</mo></mrow><annotation encoding="application/x-tex">\times</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">×</span></span></span></span> <span class="num">1050 $</span>/mois</td><td class="al-r"><span class="num">50 400 $</span></td></tr><tr><td>Stationnement : 8 places <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>×</mo></mrow><annotation encoding="application/x-tex">\times</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">×</span></span></span></span> 75 $/mois</td><td class="al-r"><span class="num">7200 $</span></td></tr><tr class="rule-above"><td><strong>Revenu brut potentiel (RBP)</strong></td><td class="al-r"><strong><span class="num">162 720 $</span></strong></td></tr><tr><td><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span> Inoccupation et mauvaises créances (5 %)</td><td class="al-r">(<span class="num">8136 $</span>)</td></tr><tr class="rule-above"><td><strong>Revenu brut effectif (RBE)</strong></td><td class="al-r"><strong><span class="num">154 584 $</span></strong></td></tr></tbody></table></div></div>160<p id="p14-20">Deux remarques de méthode sur ce tableau. D'abord, ces revenus sont <em>normalisés</em> : les loyers commerciaux ont été confrontés aux taux de location demandés sur l'artère (17 à 19 $/m<sup>2</sup>/mois pour des locaux comparables), et les loyers résidentiels aux données SCHL du secteur — ils se situent légèrement sous le marché, ce qui est cohérent avec des baux encadrés par le TAL. Ensuite, seules 8 des 12 places de stationnement génèrent un revenu : les quatre autres sont incluses dans les baux commerciaux. Ce genre de détail — qui paie quoi — se vérifie dans les baux, jamais dans les annonces.</p>161<h4 id="s-14-2-4-2" class="h-subsubsection"><span class="h-num">14.2.4.2</span><span class="h-text">Dépenses d'exploitation normalisées</span><a class="h-anchor" href="#s-14-2-4-2" aria-label="Lien vers cette section">#</a></h4>162<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Poste de dépenses</th><th class="al-r">Montant annuel</th></tr></thead><tbody><tr><td>Taxes foncières municipales et scolaires</td><td class="al-r"><span class="num">22 500 $</span></td></tr><tr><td>Assurances</td><td class="al-r"><span class="num">6800 $</span></td></tr><tr><td>Chauffage (gaz naturel — parties communes)</td><td class="al-r"><span class="num">8200 $</span></td></tr><tr><td>Électricité (parties communes)</td><td class="al-r"><span class="num">3600 $</span></td></tr><tr><td>Eau et égout</td><td class="al-r"><span class="num">2400 $</span></td></tr><tr><td>Entretien et réparations</td><td class="al-r"><span class="num">9500 $</span></td></tr><tr><td>Déneigement et entretien extérieur</td><td class="al-r"><span class="num">4200 $</span></td></tr><tr><td>Gestion immobilière (5 % du RBE)</td><td class="al-r"><span class="num">7729 $</span></td></tr><tr><td>Réserve de remplacement</td><td class="al-r"><span class="num">5000 $</span></td></tr><tr><td>Divers (comptabilité, juridique)</td><td class="al-r"><span class="num">2500 $</span></td></tr><tr class="rule-above"><td><strong>Total des dépenses</strong></td><td class="al-r"><strong><span class="num">72 429 $</span></strong></td></tr></tbody></table></div></div>163<p id="p14-21">Là encore, la normalisation a fait son œuvre : la gestion est comptée à 5 % du RBE même si la propriétaire gère elle-même (un acheteur, lui, paiera ce service ou son propre temps), et une réserve de remplacement de <span class="num">5000 $</span> est provisionnée même si aucun remplacement n'est prévu cette année. À l'inverse, on a exclu des états financiers de la cliente une dépense de rénovation exceptionnelle de 2025 (non récurrente) et, bien entendu, le service de la dette et l'amortissement comptable, qui n'ont rien à faire dans un RNE.</p>164<h4 id="s-14-2-4-3" class="h-subsubsection"><span class="h-num">14.2.4.3</span><span class="h-text">Du RBE au RNE</span><a class="h-anchor" href="#s-14-2-4-3" aria-label="Lien vers cette section">#</a></h4>165<div class="box box-ex" id="ex-14-1"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 14.1</span><span class="box-title">— revenu net d'exploitation du sujet</span><a class="box-anchor" href="#ex-14-1" aria-label="Lien">#</a></div><div class="box-body"><div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable rowspacing="0.25em" columnalign="right left" columnspacing="0em"><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mtext>RBE</mtext></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>154</mn><mtext> </mtext><mn>584</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mo>−</mo><mtext> </mtext><mrow><mtext>D</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>penses d’exploitation</mtext></mrow></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mo>−</mo><mn>72</mn><mtext> </mtext><mn>429</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mtext mathvariant="bold">RNE</mtext></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mrow><mn mathvariant="bold">82</mn><mtext> </mtext><mn mathvariant="bold">155</mn></mrow><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr></mtable><annotation encoding="application/x-tex">\begin{aligned}\text{RBE} &amp;= 154\,584\,\$ \\166- \ \text{Dépenses d&#x27;exploitation} &amp;= -72\,429\,\$ \\167\textbf{RNE} &amp;= \mathbf{82\,155}\,\$\end{aligned}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:4.2em;vertical-align:-1.85em;"></span><span class="mord"><span class="mtable"><span class="col-align-r"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:2.35em;"><span style="top:-4.51em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord">RBE</span></span></span></span><span style="top:-3.01em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord">−</span><span class="mspace"> </span><span class="mord text"><span class="mord">D</span><span class="mord katex-accent"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.6944em;"><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="mord">e</span></span><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="accent-body" style="left:-0.25em;"><span class="mord">ˊ</span></span></span></span></span></span></span><span class="mord">penses d’exploitation</span></span></span></span><span style="top:-1.51em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord textbf">RNE</span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:1.85em;"><span></span></span></span></span></span><span class="col-align-l"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:2.35em;"><span style="top:-4.51em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">154</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">584</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span><span style="top:-3.01em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">−</span><span class="mord">72</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">429</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span><span style="top:-1.51em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord"><span class="mord mathbf">82</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord mathbf">155</span></span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:1.85em;"><span></span></span></span></span></span></span></span></span></span></span></span></div>168<p id="p14-22">Ratio de dépenses : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>72</mn><mtext> </mtext><mn>429</mn><mi mathvariant="normal">/</mi><mn>154</mn><mtext> </mtext><mn>584</mn><mo>=</mo><mn>46,9</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">72\,429 / 154\,584 = 46{,}9\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">72</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">429/154</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">584</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">46</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">9</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>.</p></div></div>169<div class="box box-att" id="attention-14-23"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-warning"/></svg></span><span class="box-label">Attention</span><a class="box-anchor" href="#attention-14-23" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-24">Un ratio de dépenses de 46,9 % dépasse la fourchette usuelle de <strong class="c-or">35–45 %</strong> des multilogements québécois. Faut-il rejeter les données? Non — il faut <strong>expliquer l'écart</strong> : ici, le chauffage au gaz des parties communes est à la charge du propriétaire, l'immeuble est énergivore et la composante commerciale alourdit l'entretien. Un écart <em>documenté</em> est acceptable ; un écart <em>inexpliqué</em> est un signal d'alarme (dépenses gonflées ou revenus sous-déclarés).</p></div></div>170<h2 id="s-14-3" class="h-section"><span class="h-num">14.3</span><span class="h-text">Méthode 1 : la comparaison</span><a class="h-anchor" href="#s-14-3" aria-label="Lien vers cette section">#</a></h2>171<h3 id="s-14-3-1" class="h-subsection"><span class="h-num">14.3.1</span><span class="h-text">Les comparables</span><a class="h-anchor" href="#s-14-3-1" aria-label="Lien vers cette section">#</a></h3>172<p id="p14-25">Cinq ventes d'immeubles mixtes conclues à Gatineau entre juillet et novembre 2026 (marché en hausse) forment l'échantillon. Chacune a été vérifiée au Registre foncier, et les caractéristiques physiques confirmées au rôle d'évaluation et par observation extérieure — le réflexe de validation appris à la séance 6. Aucune n'est une vente entre personnes liées ni une vente sous contrainte ; toutes sont des transactions de marché.</p>173<div class="center"><div class="table-wrap"><table class="tbl table-wide"><thead><tr><th>Élément</th><th class="al-r">C1</th><th class="al-r">C2</th><th class="al-r">C3</th><th class="al-r">C4</th><th class="al-r">C5</th></tr></thead><tbody><tr><td>Prix de vente ($)</td><td class="al-r"><span class="num">1 520 000</span></td><td class="al-r"><span class="num">1 380 000</span></td><td class="al-r"><span class="num">1 650 000</span></td><td class="al-r"><span class="num">1 420 000</span></td><td class="al-r"><span class="num">1 580 000</span></td></tr><tr><td>Date de vente</td><td class="al-r">oct. 2026</td><td class="al-r">août 2026</td><td class="al-r">nov. 2026</td><td class="al-r">juil. 2026</td><td class="al-r">sept. 2026</td></tr><tr><td>Logements</td><td class="al-r">8</td><td class="al-r">6</td><td class="al-r">10</td><td class="al-r">8</td><td class="al-r">8</td></tr><tr><td>Superficie comm. (m<sup>2</sup>)</td><td class="al-r">200</td><td class="al-r">180</td><td class="al-r">250</td><td class="al-r">210</td><td class="al-r">220</td></tr><tr><td>Terrain (m<sup>2</sup>)</td><td class="al-r">750</td><td class="al-r">680</td><td class="al-r">900</td><td class="al-r">780</td><td class="al-r">810</td></tr><tr><td>Construction</td><td class="al-r">2006</td><td class="al-r">2010</td><td class="al-r">2005</td><td class="al-r">2012</td><td class="al-r">2009</td></tr><tr><td>État</td><td class="al-r">Bon</td><td class="al-r">Très bon</td><td class="al-r">Moyen</td><td class="al-r">Très bon</td><td class="al-r">Bon</td></tr><tr><td>Stationnement</td><td class="al-r">10</td><td class="al-r">8</td><td class="al-r">14</td><td class="al-r">10</td><td class="al-r">12</td></tr><tr><td>RNE ($)</td><td class="al-r"><span class="num">78 000</span></td><td class="al-r"><span class="num">72 000</span></td><td class="al-r"><span class="num">86 000</span></td><td class="al-r"><span class="num">75 000</span></td><td class="al-r"><span class="num">80 000</span></td></tr></tbody></table></div></div>174<p id="p14-26">Le sujet (8 logements, 220 m<sup>2</sup> commerciaux, terrain de 800 m<sup>2</sup>, construction 2008, bon état, 12 places) se situe au cœur de cet échantillon — exactement ce qu'on recherche. Un sujet qui occuperait l'extrémité de l'échantillon (le plus grand, le plus vieux, le mieux situé) obligerait à extrapoler ; un sujet au centre permet d'interpoler, ce qui est toujours plus fiable.</p>175<h3 id="s-14-3-2" class="h-subsection"><span class="h-num">14.3.2</span><span class="h-text">La grille d'ajustements</span><a class="h-anchor" href="#s-14-3-2" aria-label="Lien vers cette section">#</a></h3>176<p id="p14-27">Rappel de la règle d'or<label for="sn-14-2" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-14-2" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-repere">Ajustements : toujours du comparable vers le sujet. Supérieur <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>⇒</mo></mrow><annotation encoding="application/x-tex">\Rightarrow</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">⇒</span></span></span></span> négatif ; inférieur <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>⇒</mo></mrow><annotation encoding="application/x-tex">\Rightarrow</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">⇒</span></span></span></span> positif.</span> : on ajuste <strong>le prix du comparable</strong> pour le rendre semblable au sujet. Un comparable supérieur au sujet reçoit un ajustement négatif ; un comparable inférieur, un ajustement positif. Le marché étant en hausse, toutes les ventes reçoivent un ajustement temporel positif, décroissant avec la proximité de la date d'évaluation (décembre 2026). Les montants d'ajustement ci-dessous ne sortent pas d'un chapeau : l'ajustement temporel reflète la progression observée des prix du segment (environ 0,5 % par mois), l'ajustement de localisation provient de paires de ventes entre artères comparables, et les ajustements physiques s'appuient sur le coût déprécié des attributs — techniques d'extraction vues au chapitre <a class="xref" href="/seance/09/">9</a>.</p>177<div class="center"><div class="table-wrap"><table class="tbl table-wide"><thead><tr><th>Ajustement ($)</th><th class="al-r">C1</th><th class="al-r">C2</th><th class="al-r">C3</th><th class="al-r">C4</th><th class="al-r">C5</th></tr></thead><tbody><tr><td>Prix de vente</td><td class="al-r"><span class="num">1 520 000</span></td><td class="al-r"><span class="num">1 380 000</span></td><td class="al-r"><span class="num">1 650 000</span></td><td class="al-r"><span class="num">1 420 000</span></td><td class="al-r"><span class="num">1 580 000</span></td></tr><tr><td>Conditions de marché (temps)</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>15</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">+15\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>25</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">+25\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">25</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>10</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">+10\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">10</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>30</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">+30\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">30</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>20</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">+20\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">20</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td></tr><tr><td>Localisation</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>20</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">+20\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">20</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>30</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">+30\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">30</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mn>10</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">-10\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mord">10</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mn>15</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">-15\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r">0</td></tr><tr><td>Terrain (superficie)</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>10</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">+10\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">10</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>25</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">+25\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">25</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mn>20</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">-20\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mord">20</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>5000</mn></mrow><annotation encoding="application/x-tex">+5000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">5000</span></span></span></span></td><td class="al-r">0</td></tr><tr><td>Âge et état</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>15</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">+15\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mn>15</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">-15\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>40</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">+40\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">40</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mn>25</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">-25\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mord">25</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>10</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">+10\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">10</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td></tr><tr><td>Nombre de logements</td><td class="al-r">0</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>50</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">+50\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">50</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mn>40</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">-40\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mord">40</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r">0</td><td class="al-r">0</td></tr><tr><td>Superficie commerciale</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>10</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">+10\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">10</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>20</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">+20\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">20</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mn>15</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">-15\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>5000</mn></mrow><annotation encoding="application/x-tex">+5000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">5000</span></span></span></span></td><td class="al-r">0</td></tr><tr><td>Stationnement</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>10</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">+10\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">10</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>20</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">+20\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">20</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mn>10</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">-10\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mord">10</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>10</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">+10\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">10</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r">0</td></tr><tr class="rule-above"><td><strong>Ajustement total</strong></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn mathvariant="bold">80</mn><mtext> </mtext><mn mathvariant="bold">000</mn></mrow><annotation encoding="application/x-tex">\mathbf{+80\,000}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord"><span class="mord">+</span><span class="mord mathbf">80</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord mathbf">000</span></span></span></span></span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn mathvariant="bold">155</mn><mtext> </mtext><mn mathvariant="bold">000</mn></mrow><annotation encoding="application/x-tex">\mathbf{+155\,000}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord"><span class="mord">+</span><span class="mord mathbf">155</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord mathbf">000</span></span></span></span></span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mn mathvariant="bold">45</mn><mtext> </mtext><mn mathvariant="bold">000</mn></mrow><annotation encoding="application/x-tex">\mathbf{-45\,000}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord"><span class="mord">−</span><span class="mord mathbf">45</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord mathbf">000</span></span></span></span></span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn mathvariant="bold">10</mn><mtext> </mtext><mn mathvariant="bold">000</mn></mrow><annotation encoding="application/x-tex">\mathbf{+10\,000}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord"><span class="mord">+</span><span class="mord mathbf">10</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord mathbf">000</span></span></span></span></span></td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn mathvariant="bold">30</mn><mtext> </mtext><mn mathvariant="bold">000</mn></mrow><annotation encoding="application/x-tex">\mathbf{+30\,000}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord"><span class="mord">+</span><span class="mord mathbf">30</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord mathbf">000</span></span></span></span></span></td></tr><tr><td><strong>Valeur ajustée</strong></td><td class="al-r"><strong><span class="num">1 600 000</span></strong></td><td class="al-r"><strong><span class="num">1 535 000</span></strong></td><td class="al-r"><strong><span class="num">1 605 000</span></strong></td><td class="al-r"><strong><span class="num">1 430 000</span></strong></td><td class="al-r"><strong><span class="num">1 610 000</span></strong></td></tr></tbody></table></div></div>178<p id="p14-28">Prenons le temps de lire cette grille comme le ferait un réviseur. C2, le plus petit immeuble de l'échantillon avec ses 6 logements, exige l'ajustement total le plus lourd : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo><mn>155</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">+155\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">155</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span> $, soit plus de 11 % de son prix de vente. Son indication est donc la moins fiable — non pas fausse, mais fragile, puisque chaque ajustement empile sa propre marge d'erreur. À l'autre extrême, C5 est quasi identique au sujet : même nombre de logements, même superficie commerciale, terrain équivalent, un an d'écart de construction. Il ne requiert que l'ajustement temporel et un léger ajustement d'état : c'est le comparable vedette, celui dont l'indication pèsera le plus. C4 intrigue à première vue — sa valeur ajustée de <span class="num">1 430 000 $</span> est nettement sous les autres. Avant de l'écarter, on vérifie : la vente date de juillet (le plus vieux prix de l'échantillon) et l'immeuble, très bon état de 2012, se situe sur un tronçon moins passant. Les ajustements le rapprochent du sujet, mais son indication demeure basse ; l'évaluateur le conserve à titre de borne inférieure tout en pondérant sa contribution à la baisse.</p>179<div class="box box-ex" id="ex-14-2"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 14.2</span><span class="box-title">— conclusion de la méthode de comparaison</span><a class="box-anchor" href="#ex-14-2" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-29">Les valeurs ajustées s'étendent de <span class="num">1 430 000 $</span> à <span class="num">1 610 000 $</span>. En accordant plus de poids aux comparables les moins ajustés et les plus semblables (C5, puis C1 et C3), l'évaluateur retient :</p>180<div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mrow><mtext>Indication par comparaison</mtext><mo>≈</mo><mrow><mn mathvariant="bold">1</mn><mtext> </mtext><mn mathvariant="bold">580</mn><mtext> </mtext><mn mathvariant="bold">000</mn></mrow><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">\text{Indication par comparaison} \approx \mathbf{1\,580\,000}\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8889em;vertical-align:-0.1944em;"></span><span class="mord text"><span class="mord">Indication par comparaison</span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">≈</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord"><span class="mord mathbf">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord mathbf">580</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord mathbf">000</span></span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span></span></div></div></div>181<h2 id="s-14-4" class="h-section"><span class="h-num">14.4</span><span class="h-text">Méthode 2 : le coût</span><a class="h-anchor" href="#s-14-4" aria-label="Lien vers cette section">#</a></h2>182<p id="p14-30">La méthode du coût suit sa formule canonique :</p>183<div class="box box-form" id="form-14-1"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg></span><span class="box-label">Formule 14.1</span><span class="box-title">— méthode du coût</span><a class="box-anchor" href="#form-14-1" aria-label="Lien">#</a></div><div class="box-body"><div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mrow><menclose notation="box"><mstyle scriptlevel="0" displaystyle="false"><mstyle scriptlevel="0" displaystyle="false"><mstyle scriptlevel="0" displaystyle="true"><mrow><mtext>  </mtext><mi>V</mi><mtext>  </mtext><mo>=</mo><mtext>  </mtext><mrow><mtext>Co</mtext><mover accent="true"><mtext>u</mtext><mo>ˆ</mo></mover><mtext>t de remplacement </mtext><mover accent="true"><mtext>a</mtext><mo>ˋ</mo></mover><mtext> neuf</mtext></mrow><mtext>  </mtext><mo>−</mo><mtext>  </mtext><mrow><mtext>D</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>pr</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>ciation totale</mtext></mrow><mtext>  </mtext><mo>+</mo><mtext>  </mtext><mtext>Valeur du terrain</mtext><mtext>  </mtext></mrow></mstyle></mstyle></mstyle></menclose></mrow><annotation encoding="application/x-tex">\boxed{\;V \;=\; \text{Coût de remplacement à neuf} \;-\; \text{Dépréciation totale}184\;+\; \text{Valeur du terrain}\;}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1.5689em;vertical-align:-0.5344em;"></span><span class="mord"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.0344em;"><span style="top:-3.5689em;"><span class="pstrut" style="height:3.5689em;"></span><span class="boxpad"><span class="mord"><span class="mord"><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord text"><span class="mord">Co</span><span class="mord katex-accent"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.6944em;"><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="mord">u</span></span><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="accent-body" style="left:-0.25em;"><span class="mord">ˆ</span></span></span></span></span></span></span><span class="mord">t de remplacement </span><span class="mord katex-accent"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.6944em;"><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="mord">a</span></span><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="accent-body" style="left:-0.25em;"><span class="mord">ˋ</span></span></span></span></span></span></span><span class="mord"> neuf</span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord text"><span class="mord">D</span><span class="mord katex-accent"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.6944em;"><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="mord">e</span></span><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="accent-body" style="left:-0.25em;"><span class="mord">ˊ</span></span></span></span></span></span></span><span class="mord">pr</span><span class="mord katex-accent"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.6944em;"><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="mord">e</span></span><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="accent-body" style="left:-0.25em;"><span class="mord">ˊ</span></span></span></span></span></span></span><span class="mord">ciation totale</span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord text"><span class="mord">Valeur du terrain</span></span><span class="mspace" style="margin-right:0.2778em;"></span></span></span></span></span><span style="top:-3.0344em;"><span class="pstrut" style="height:3.5689em;"></span><span class="katex-stretchy fbox" style="height:1.5689em;border-style:solid;border-width:0.04em;"></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.5344em;"><span></span></span></span></span></span></span></span></span></span></div></div></div>185<p id="p14-31">Pour un immeuble de 2008, la méthode du coût n'est pas la voie royale — on le sait avant même de commencer, et c'est un savoir qui vaut de l'or à la réconciliation. On l'applique néanmoins, pour deux raisons : elle fournit une vérification indépendante des deux autres méthodes, et son calcul force à examiner le bâtiment composant par composant, ce qui affine la compréhension du bien.</p>186<h3 id="s-14-4-1" class="h-subsection"><span class="h-num">14.4.1</span><span class="h-text">Le coût de remplacement à neuf</span><a class="h-anchor" href="#s-14-4-1" aria-label="Lien vers cette section">#</a></h3>187<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Composante</th><th class="al-r">Montant</th></tr></thead><tbody><tr><td>Structure commerciale (RDC) : 220 m<sup>2</sup> <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>×</mo></mrow><annotation encoding="application/x-tex">\times</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">×</span></span></span></span> <span class="num">2200 $</span>/m<sup>2</sup></td><td class="al-r"><span class="num">484 000 $</span></td></tr><tr><td>Structure résidentielle (2<sup>e</sup> et 3<sup>e</sup>) : 580 m<sup>2</sup> <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>×</mo></mrow><annotation encoding="application/x-tex">\times</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">×</span></span></span></span> <span class="num">1800 $</span>/m<sup>2</sup></td><td class="al-r"><span class="num">1 044 000 $</span></td></tr><tr><td>Sous-sol et fondations : 800 m<sup>2</sup> <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>×</mo></mrow><annotation encoding="application/x-tex">\times</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">×</span></span></span></span> <span class="num">400 $</span>/m<sup>2</sup></td><td class="al-r"><span class="num">320 000 $</span></td></tr><tr><td>Stationnement et aménagement extérieur</td><td class="al-r"><span class="num">85 000 $</span></td></tr><tr class="rule-above"><td><strong>Sous-total — coûts directs</strong></td><td class="al-r"><strong><span class="num">1 933 000 $</span></strong></td></tr><tr><td>Coûts indirects (architecte, permis, intérêts) : 12 %</td><td class="al-r"><span class="num">231 960 $</span></td></tr><tr><td>Profit de l'entrepreneur : 8 %</td><td class="al-r"><span class="num">154 640 $</span></td></tr><tr class="rule-above"><td><strong>Coût de remplacement total à neuf</strong></td><td class="al-r"><strong><span class="num">2 319 600 $</span></strong></td></tr></tbody></table></div></div>188<p id="p14-32">Les pourcentages de coûts indirects (12 %) et de profit (8 %) sont des hypothèses du cas, appliquées aux coûts directs de <span class="num">1 933 000 $</span> ; en pratique on les tire de manuels de coûts comme Marshall &amp; Swift <span class="citation">(<a class="cite" href="/bibliographie/#marshallswift2025" data-cite="marshallswift2025">Marshall &amp;amp; Swift, 2025</a>)</span> et de l'observation des projets locaux. Notez que les taux unitaires distinguent la structure commerciale (2200 $/m<sup>2</sup>, finis et mécanique plus exigeants) de la structure résidentielle (1800 $/m<sup>2</sup>) : appliquer un taux unique moyen à un immeuble mixte est une approximation qui coûte cher en précision.</p>189<h3 id="s-14-4-2" class="h-subsection"><span class="h-num">14.4.2</span><span class="h-text">La dépréciation et le terrain</span><a class="h-anchor" href="#s-14-4-2" aria-label="Lien vers cette section">#</a></h3>190<p id="p14-33">L'immeuble de 2008 a un <span class="motcle" data-term="âge effectif">âge effectif</span> estimé à 18 ans (l'entretien régulier et la toiture de 2020 compensent en partie l'âge chronologique) et une vie utile économique estimée à 50 ans — deux hypothèses du cas, sans valeur universelle. Un mot, au passage, sur la valeur au rôle de <span class="num">1 450 000 $</span> mentionnée dans la description : elle ne constitue ni un plancher ni une cible. Le rôle d'évaluation vise l'équité fiscale à une date de référence antérieure, par des méthodes de masse ; qu'il se trouve environ 9 % sous nos indications est plausible pour un marché en hausse depuis la date du rôle, et ne prouve rien dans un sens ni dans l'autre. On le cite comme point de repère, jamais comme preuve.</p>191<div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable rowspacing="0.25em" columnalign="right left" columnspacing="0em"><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><msub><mi>D</mi><mtext>physique</mtext></msub></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mfrac><mn>18</mn><mn>50</mn></mfrac><mo>×</mo><mn>2</mn><mtext> </mtext><mn>319</mn><mtext> </mtext><mn>600</mn><mo>=</mo><mn>0,36</mn><mo>×</mo><mn>2</mn><mtext> </mtext><mn>319</mn><mtext> </mtext><mn>600</mn><mo>=</mo><mn>835</mn><mtext> </mtext><mn>056</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><msub><mi>D</mi><mtext>fonctionnelle</mtext></msub></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>35</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi><mspace width="1em"/><mrow><mtext>(fen</mtext><mover accent="true"><mtext>e</mtext><mo>ˆ</mo></mover><mtext>tres d’origine 2008)</mtext></mrow></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><msub><mi>D</mi><mrow><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>conomique</mtext></mrow></msub></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>0</mn><mtext> </mtext><mi mathvariant="normal">$</mi><mspace width="1em"/><mrow><mtext>(aucune identifi</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>e)</mtext></mrow></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><msub><mi>D</mi><mtext>totale</mtext></msub></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>835</mn><mtext> </mtext><mn>056</mn><mo>+</mo><mn>35</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mrow><mn mathvariant="bold">870</mn><mtext> </mtext><mn mathvariant="bold">056</mn></mrow><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr></mtable><annotation encoding="application/x-tex">\begin{aligned}D_{\text{physique}} &amp;= \frac{18}{50} \times 2\,319\,600 = 0{,}36 \times 2\,319\,600 = 835\,056\,\$ \\192D_{\text{fonctionnelle}} &amp;= 35\,000\,\$ \quad \text{(fenêtres d&#x27;origine 2008)} \\193D_{\text{économique}} &amp;= 0\,\$ \quad \text{(aucune identifiée)} \\194D_{\text{totale}} &amp;= 835\,056 + 35\,000 = \mathbf{870\,056}\,\$\end{aligned}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:6.5074em;vertical-align:-3.0037em;"></span><span class="mord"><span class="mtable"><span class="col-align-r"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:3.5037em;"><span style="top:-5.5037em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord"><span class="mord mathnormal" style="margin-right:0.0278em;">D</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3361em;"><span style="top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">physique</span></span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.2861em;"><span></span></span></span></span></span></span></span></span><span style="top:-3.6777em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord"><span class="mord mathnormal" style="margin-right:0.0278em;">D</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3361em;"><span style="top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">fonctionnelle</span></span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span></span></span><span style="top:-2.1777em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord"><span class="mord mathnormal" style="margin-right:0.0278em;">D</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3361em;"><span style="top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord katex-accent mtight"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.6944em;"><span style="top:-2.7em;"><span class="pstrut" style="height:2.7em;"></span><span class="mord mtight">e</span></span><span style="top:-2.7em;"><span class="pstrut" style="height:2.7em;"></span><span class="accent-body" style="left:-0.25em;"><span class="mord mtight">ˊ</span></span></span></span></span></span></span><span class="mord mtight">conomique</span></span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.2861em;"><span></span></span></span></span></span></span></span></span><span style="top:-0.6777em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord"><span class="mord mathnormal" style="margin-right:0.0278em;">D</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3361em;"><span style="top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">totale</span></span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:3.0037em;"><span></span></span></span></span></span><span class="col-align-l"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:3.5037em;"><span style="top:-5.5037em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.3214em;"><span style="top:-2.314em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord">50</span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.677em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord">18</span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.686em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">2</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">319</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">600</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">36</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">2</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">319</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">600</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">835</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">056</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span><span style="top:-3.6777em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">35</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span><span class="mspace" style="margin-right:1em;"></span><span class="mord text"><span class="mord">(fen</span><span class="mord katex-accent"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.6944em;"><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="mord">e</span></span><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="accent-body" style="left:-0.25em;"><span class="mord">ˆ</span></span></span></span></span></span></span><span class="mord">tres d’origine 2008)</span></span></span></span><span style="top:-2.1777em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">0</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span><span class="mspace" style="margin-right:1em;"></span><span class="mord text"><span class="mord">(aucune identifi</span><span class="mord katex-accent"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.6944em;"><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="mord">e</span></span><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="accent-body" style="left:-0.25em;"><span class="mord">ˊ</span></span></span></span></span></span></span><span class="mord">e)</span></span></span></span><span style="top:-0.6777em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">835</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">056</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">35</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord"><span class="mord mathbf">870</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord mathbf">056</span></span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:3.0037em;"><span></span></span></span></span></span></span></span></span></span></span></span></div>195<p id="p14-34">La dépréciation fonctionnelle de <span class="num">35 000 $</span> correspond au coût de remplacement des fenêtres d'origine, moins la portion de vie utile qu'il leur reste — une désuétude <em>curable</em>, puisque le coût de correction est inférieur à la valeur qu'elle rendrait. Aucune dépréciation économique n'est retenue : le voisinage est en revitalisation, non en déclin, et aucune nuisance externe nouvelle n'affecte l'emplacement.</p>196<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Élément</th><th class="al-r">Montant</th></tr></thead><tbody><tr><td>Coût de remplacement à neuf</td><td class="al-r"><span class="num">2 319 600 $</span></td></tr><tr><td><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span> Dépréciation totale</td><td class="al-r">(<span class="num">870 056 $</span>)</td></tr><tr><td><strong>Valeur dépréciée des améliorations</strong></td><td class="al-r"><strong><span class="num">1 449 544 $</span></strong></td></tr><tr><td><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span> Valeur du terrain : 800 m<sup>2</sup> <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>×</mo></mrow><annotation encoding="application/x-tex">\times</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">×</span></span></span></span> <span class="num">200 $</span>/m<sup>2</sup></td><td class="al-r"><span class="num">160 000 $</span></td></tr><tr class="rule-above"><td><strong>Indication de valeur par le coût</strong></td><td class="al-r"><strong><span class="num">1 609 544 $</span></strong></td></tr><tr><td>Arrondi</td><td class="al-r"><strong><span class="num">1 610 000 $</span></strong></td></tr></tbody></table></div></div>197<div class="box box-att" id="attention-14-35"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-warning"/></svg></span><span class="box-label">Attention</span><a class="box-anchor" href="#attention-14-35" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-36">À 18 ans d'âge effectif, plus du tiers du coût à neuf part en dépréciation — et chaque année d'âge effectif supplémentaire déplace l'indication d'environ <span class="num">46 000 $</span>. C'est précisément cette <strong class="c-rouge">sensibilité aux hypothèses de dépréciation</strong> qui limitera le poids de la méthode du coût dans la réconciliation.</p></div></div>198<h2 id="s-14-5" class="h-section"><span class="h-num">14.5</span><span class="h-text">Méthode 3 : le revenu</span><a class="h-anchor" href="#s-14-5" aria-label="Lien vers cette section">#</a></h2>199<h3 id="s-14-5-1" class="h-subsection"><span class="h-num">14.5.1</span><span class="h-text">Capitalisation directe</span><a class="h-anchor" href="#s-14-5-1" aria-label="Lien vers cette section">#</a></h3>200<p id="p14-37">Le RNE du sujet est établi : <span class="num">82 155 $</span> (section <a class="xref" href="#s-14-2">14.2</a>). Reste à extraire le <span class="motcle" data-term="taux global d&#x27;actualisation (TGA)">taux global d'actualisation (TGA)</span> des ventes comparables dont on connaît le RNE. C'est l'un des grands avantages de ce dossier : les mêmes ventes servent deux fois — leurs prix alimentent la grille de comparaison, leurs RNE livrent des taux. C3 est écarté de l'extraction : son état moyen laisse soupçonner un RNE gonflé par un entretien différé, ce qui fausserait le taux.</p>201<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Comparable</th><th class="al-r">RNE / prix</th><th class="al-r">TGA extrait</th></tr></thead><tbody><tr><td>C1</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>78</mn><mtext> </mtext><mn>000</mn><mi mathvariant="normal">/</mi><mn>1</mn><mtext> </mtext><mn>520</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">78\,000 / 1\,520\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">78</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000/1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">520</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r">5,13 %</td></tr><tr><td>C2</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>72</mn><mtext> </mtext><mn>000</mn><mi mathvariant="normal">/</mi><mn>1</mn><mtext> </mtext><mn>380</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">72\,000 / 1\,380\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">72</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000/1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">380</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r">5,22 %</td></tr><tr><td>C4</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>75</mn><mtext> </mtext><mn>000</mn><mi mathvariant="normal">/</mi><mn>1</mn><mtext> </mtext><mn>420</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">75\,000 / 1\,420\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">75</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000/1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">420</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r">5,28 %</td></tr><tr><td>C5</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>80</mn><mtext> </mtext><mn>000</mn><mi mathvariant="normal">/</mi><mn>1</mn><mtext> </mtext><mn>580</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">80\,000 / 1\,580\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">80</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000/1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">580</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r">5,06 %</td></tr><tr class="rule-above"><td>Moyenne simple</td><td class="al-r"></td><td class="al-r">5,17 %</td></tr><tr><td><strong>TGA retenu</strong></td><td class="al-r"></td><td class="al-r"><strong>5,20 %</strong></td></tr></tbody></table></div></div>202<p id="p14-38">Le taux retenu (5,20 %) pondère davantage C2 et C4, dont la composition mixte est la plus proche du sujet, plutôt que la moyenne simple — choisir un taux est un <em>jugement</em>, pas une moyenne. Remarquez aussi l'étroitesse de la fourchette extraite : 22 points centésimaux entre le plus bas et le plus haut. Quand les taux extraits s'éparpillent, c'est le signe que les immeubles ne se ressemblent pas autant qu'on le croyait, ou que certains RNE sont mal normalisés ; ici, la cohérence des taux valide rétroactivement la qualité de l'échantillon.</p>203<div class="box box-ex" id="ex-14-3"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 14.3</span><span class="box-title">— capitalisation directe du sujet</span><a class="box-anchor" href="#ex-14-3" aria-label="Lien">#</a></div><div class="box-body"><div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mrow><mi>V</mi><mtext>  </mtext><mo>=</mo><mtext>  </mtext><mfrac><mtext>RNE</mtext><mtext>TGA</mtext></mfrac><mtext>  </mtext><mo>=</mo><mtext>  </mtext><mfrac><mrow><mn>82</mn><mtext> </mtext><mn>155</mn></mrow><mn>0,052</mn></mfrac><mtext>  </mtext><mo>=</mo><mtext>  </mtext><mn>1</mn><mtext> </mtext><mn>579</mn><mtext> </mtext><mn>904</mn><mtext> </mtext><mi mathvariant="normal">$</mi><mtext>  </mtext><mo>≈</mo><mtext>  </mtext><mrow><mn mathvariant="bold">1</mn><mtext> </mtext><mn mathvariant="bold">580</mn><mtext> </mtext><mn mathvariant="bold">000</mn></mrow><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">V \;=\; \frac{\text{RNE}}{\text{TGA}}204\;=\; \frac{82\,155}{0{,}052}205\;=\; 1\,579\,904\,\$206\;\approx\; \mathbf{1\,580\,000}\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6833em;"></span><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:2.0463em;vertical-align:-0.686em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.3603em;"><span style="top:-2.314em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord">TGA</span></span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.677em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord">RNE</span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.686em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:2.2019em;vertical-align:-0.8804em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.3214em;"><span style="top:-2.314em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">052</span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.677em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord">82</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">155</span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.8804em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">579</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">904</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">≈</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord"><span class="mord mathbf">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord mathbf">580</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord mathbf">000</span></span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span></span></div></div></div>207<h3 id="s-14-5-2" class="h-subsection"><span class="h-num">14.5.2</span><span class="h-text">Vérification par le MRB</span><a class="h-anchor" href="#s-14-5-2" aria-label="Lien vers cette section">#</a></h3>208<p id="p14-39">Le <span class="motcle" data-term="multiplicateur de revenu brut (MRB)">multiplicateur de revenu brut (MRB)</span> offre un recoupement rapide, précieux justement parce qu'il ne dépend pas de la normalisation des dépenses : si une erreur s'était glissée dans le calcul des dépenses du sujet, la capitalisation directe en souffrirait, mais pas le MRB.</p>209<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Comparable</th><th class="al-r">Prix / RBE</th><th class="al-r">MRB</th></tr></thead><tbody><tr><td>C1</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>1</mn><mtext> </mtext><mn>520</mn><mtext> </mtext><mn>000</mn><mi mathvariant="normal">/</mi><mn>156</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">1\,520\,000 / 156\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">520</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000/156</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r">9,74</td></tr><tr><td>C2</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>1</mn><mtext> </mtext><mn>380</mn><mtext> </mtext><mn>000</mn><mi mathvariant="normal">/</mi><mn>138</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">1\,380\,000 / 138\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">380</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000/138</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r">10,00</td></tr><tr><td>C4</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>1</mn><mtext> </mtext><mn>420</mn><mtext> </mtext><mn>000</mn><mi mathvariant="normal">/</mi><mn>143</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">1\,420\,000 / 143\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">420</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000/143</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r">9,93</td></tr><tr><td>C5</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>1</mn><mtext> </mtext><mn>580</mn><mtext> </mtext><mn>000</mn><mi mathvariant="normal">/</mi><mn>158</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">1\,580\,000 / 158\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">580</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000/158</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span></td><td class="al-r">10,00</td></tr><tr class="rule-above"><td><strong>MRB retenu</strong></td><td class="al-r"></td><td class="al-r"><strong>9,95</strong></td></tr></tbody></table></div></div>210<div class="box box-ex" id="ex-14-4"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 14.4</span><span class="box-title">— vérification MRB</span><a class="box-anchor" href="#ex-14-4" aria-label="Lien">#</a></div><div class="box-body"><div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mrow><mi>V</mi><mo>=</mo><mtext>RBE</mtext><mo>×</mo><mtext>MRB</mtext><mo>=</mo><mn>154</mn><mtext> </mtext><mn>584</mn><mo>×</mo><mn>9,95</mn><mo>=</mo><mn>1</mn><mtext> </mtext><mn>538</mn><mtext> </mtext><mn>111</mn><mtext> </mtext><mi mathvariant="normal">$</mi><mo>≈</mo><mn>1</mn><mtext> </mtext><mn>540</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">V = \text{RBE} \times \text{MRB} = 154\,584 \times 9{,}95211= 1\,538\,111\,\$ \approx 1\,540\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6833em;"></span><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7667em;vertical-align:-0.0833em;"></span><span class="mord text"><span class="mord">RBE</span></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6833em;"></span><span class="mord text"><span class="mord">MRB</span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">154</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">584</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">9</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">95</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">538</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">111</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">≈</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">540</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span></span></div>212<p id="p14-40">Écart de 2,5 % avec la capitalisation directe : le MRB <strong class="c-vert">confirme</strong> l'ordre de grandeur de l'indication par le revenu.</p></div></div>213<p id="p14-41">L'écart de 2,5 % s'explique d'ailleurs sans mystère : le ratio de dépenses du sujet (46,9 %) est un peu plus lourd que celui des comparables, de sorte que le MRB — aveugle aux dépenses — surestime légèrement la part du revenu brut qui se rend au propriétaire. C'est exactement le genre de lecture croisée qu'un correcteur d'examen (et un réviseur de rapport) aime voir : non seulement les chiffres, mais la raison de leur écart.</p>214<h2 id="s-14-6" class="h-section"><span class="h-num">14.6</span><span class="h-text">La réconciliation des trois méthodes</span><a class="h-anchor" href="#s-14-6" aria-label="Lien vers cette section">#</a></h2>215<h3 id="s-14-6-1" class="h-subsection"><span class="h-num">14.6.1</span><span class="h-text">Les trois indications</span><a class="h-anchor" href="#s-14-6-1" aria-label="Lien vers cette section">#</a></h3>216<div class="center"><div class="tikz"><img src="/assets/fig/168a4d00f87e6752.svg" alt="Figure" width="512" height="193" style="width:min(100%,742px)" loading="lazy" decoding="async"></div></div>217<p id="p14-42">La convergence est remarquable : les trois indications tiennent dans une fourchette de 1,9 %. C'est le signe d'analyses cohérentes — mais la réconciliation demeure nécessaire, car la convergence n'est pas toujours au rendez-vous, et surtout parce qu'une conclusion doit être <em>motivée</em> même quand les chiffres s'entendent entre eux.</p>218<h3 id="s-14-6-2" class="h-subsection"><span class="h-num">14.6.2</span><span class="h-text">Pondération et calcul</span><a class="h-anchor" href="#s-14-6-2" aria-label="Lien vers cette section">#</a></h3>219<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Méthode</th><th class="al-r">Indication</th><th>Justification</th><th class="al-r">Poids</th></tr></thead><tbody><tr><td>Comparaison</td><td class="al-r"><span class="num">1 580 000 $</span></td><td>Bons comparables, marché actif</td><td class="al-r">40 %</td></tr><tr><td>Coût</td><td class="al-r"><span class="num">1 610 000 $</span></td><td>Vérification ; dépréciation subjective</td><td class="al-r">15 %</td></tr><tr><td>Revenu</td><td class="al-r"><span class="num">1 580 000 $</span></td><td>Immeuble à revenus, TGA du marché</td><td class="al-r">45 %</td></tr></tbody></table></div></div>220<div class="box box-ex" id="ex-14-5"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 14.5</span><span class="box-title">— calcul de la valeur pondérée</span><a class="box-anchor" href="#ex-14-5" aria-label="Lien">#</a></div><div class="box-body"><div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable rowspacing="0.25em" columnalign="right left" columnspacing="0em"><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mi>V</mi></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mo stretchy="false">(</mo><mn>1</mn><mtext> </mtext><mn>580</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,40</mn><mo stretchy="false">)</mo><mo>+</mo><mo stretchy="false">(</mo><mn>1</mn><mtext> </mtext><mn>610</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,15</mn><mo stretchy="false">)</mo><mo>+</mo><mo stretchy="false">(</mo><mn>1</mn><mtext> </mtext><mn>580</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,45</mn><mo stretchy="false">)</mo></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>632</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>241</mn><mtext> </mtext><mn>500</mn><mo>+</mo><mn>711</mn><mtext> </mtext><mn>000</mn></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>1</mn><mtext> </mtext><mn>584</mn><mtext> </mtext><mn>500</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr></mtable><annotation encoding="application/x-tex">\begin{aligned}V &amp;= (1\,580\,000 \times 0{,}40) + (1\,610\,000 \times 0{,}15)221   + (1\,580\,000 \times 0{,}45) \\222  &amp;= 632\,000 + 241\,500 + 711\,000 \\223  &amp;= 1\,584\,500\,\$\end{aligned}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:4.2em;vertical-align:-1.85em;"></span><span class="mord"><span class="mtable"><span class="col-align-r"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:2.35em;"><span style="top:-4.51em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.2222em;">V</span></span></span><span style="top:-3.01em;"><span class="pstrut" style="height:3em;"></span><span class="mord"></span></span><span style="top:-1.51em;"><span class="pstrut" style="height:3em;"></span><span class="mord"></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:1.85em;"><span></span></span></span></span></span><span class="col-align-l"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:2.35em;"><span style="top:-4.51em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mopen">(</span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">580</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">40</span><span class="mclose">)</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mopen">(</span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">610</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">15</span><span class="mclose">)</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mopen">(</span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">580</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">45</span><span class="mclose">)</span></span></span><span style="top:-3.01em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">632</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">241</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">500</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">711</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span><span style="top:-1.51em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">584</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">500</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:1.85em;"><span></span></span></span></span></span></span></span></span></span></span></span></div>224<p id="p14-43"><strong>Conclusion de valeur arrondie : <span class="num">1 585 000 $</span>.</strong></p></div></div>225<h3 id="s-14-6-3" class="h-subsection"><span class="h-num">14.6.3</span><span class="h-text">Justifier la pondération</span><a class="h-anchor" href="#s-14-6-3" aria-label="Lien vers cette section">#</a></h3>226<p id="p14-44">La pondération retenue — 45 % au revenu, 40 % à la comparaison, 15 % au coût — se défend en trois arguments, dans l'ordre où un rapport les présenterait.</p>227<p id="p14-45">La méthode du <strong class="c-bleu">revenu</strong> domine parce que le sujet est un bien de <em>placement</em> : ses acheteurs probables sont des investisseurs qui raisonnent en rendement, le RNE est stable et vérifiable, et le TGA a été extrait de ventes fiables du même segment. Quand la méthode épouse le raisonnement de l'acheteur type, elle mérite la première place — c'est le critère du comportement du marché, le plus puissant des critères de pondération. La <strong class="c-bleu">comparaison</strong> suit de très près : cinq ventes récentes sur un marché actif, des ajustements nets faibles, une belle convergence des valeurs ajustées ; si l'échantillon avait compté un ou deux comparables de plus de la qualité de C5, elle aurait pu prétendre au premier rang. Le <strong class="c-bleu">coût</strong>, enfin, se contente d'un rôle de vérification : à 18 ans d'âge effectif, l'estimation de la dépréciation comporte trop de subjectivité pour peser davantage — mais le fait que son indication tombe à 1,9 % des deux autres est en soi une information rassurante, qu'un bon rapport prend la peine de souligner.</p>228<div class="box box-ret" id="aretenir-14-46"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-star"/></svg></span><span class="box-label">À retenir</span><a class="box-anchor" href="#aretenir-14-46" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-47">La pondération n'est jamais mécanique : elle reflète la <strong>qualité des données</strong> de chaque méthode et le <strong>comportement des acheteurs</strong> sur le marché du bien évalué. Trois questions guident le choix des poids : quelle méthode ce type d'acheteur utilise-t-il réellement? Quelles données sont les plus solides? Quelle indication a exigé le moins d'hypothèses fragiles?</p></div></div>229<h3 id="s-14-6-4" class="h-subsection"><span class="h-num">14.6.4</span><span class="h-text">Tester la robustesse : l'analyse de sensibilité</span><a class="h-anchor" href="#s-14-6-4" aria-label="Lien vers cette section">#</a></h3>230<p id="p14-48">Une conclusion de valeur bien construite doit survivre à de petites variations de ses intrants. Avant de signer, l'évaluateur prudent se demande : et si mon TGA était légèrement différent? Et si la pondération changeait? Le tableau suivant fait varier le TGA de <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>±</mo></mrow><annotation encoding="application/x-tex">\pm</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">±</span></span></span></span>25 points centésimaux autour du taux retenu et recalcule l'indication par le revenu, puis la conclusion pondérée (poids constants).</p>231<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Scénario</th><th class="al-r">TGA</th><th class="al-r">Indication revenu</th><th class="al-r">Conclusion pondérée</th></tr></thead><tbody><tr><td>Taux plus exigeant</td><td class="al-r">5,45 %</td><td class="al-r"><span class="num">1 507 000 $</span></td><td class="al-r"><span class="num">1 552 000 $</span></td></tr><tr><td><strong>Taux retenu</strong></td><td class="al-r"><strong>5,20 %</strong></td><td class="al-r"><strong><span class="num">1 580 000 $</span></strong></td><td class="al-r"><strong><span class="num">1 585 000 $</span></strong></td></tr><tr><td>Taux plus favorable</td><td class="al-r">4,95 %</td><td class="al-r"><span class="num">1 660 000 $</span></td><td class="al-r"><span class="num">1 621 000 $</span></td></tr></tbody></table></div></div>232<p id="p14-49">Lecture : un quart de point de TGA déplace la conclusion d'environ 2,2 % dans chaque direction — une amplitude modeste, contenue par le fait que le revenu ne pèse que 45 % de la conclusion. Si la même variation avait fait basculer la conclusion de 8 ou 10 %, il aurait fallu soit resserrer l'estimation du taux (plus de ventes, meilleure vérification des RNE des comparables), soit réduire le poids de la méthode. L'analyse de sensibilité ne change pas la conclusion : elle mesure la confiance qu'on peut lui accorder — et cette mesure, dans un rapport complet, vaut la peine d'être montrée.</p>233<h3 id="s-14-6-5" class="h-subsection"><span class="h-num">14.6.5</span><span class="h-text">Ce que le cas enseigne</span><a class="h-anchor" href="#s-14-6-5" aria-label="Lien vers cette section">#</a></h3>234<p id="p14-50">Au terme de l'exercice, quelques leçons dépassent le dossier du 250, boulevard Saint-Joseph et méritent d'être formulées pour elles-mêmes.</p>235<p id="p14-51">La première : <strong class="c-bleu">les méthodes ne sont pas des silos</strong>. Les cinq mêmes ventes ont nourri la grille de comparaison, l'extraction du TGA et celle du MRB ; la description du bâtiment a servi le calcul du coût et l'estimation de la dépréciation fonctionnelle ; l'analyse de marché a justifié à la fois l'ajustement temporel et l'absence de dépréciation économique. Une évaluation bien menée est un tissu, pas trois calculs juxtaposés — et c'est exactement ce que le correcteur du cas intégrateur d'examen cherche à voir.</p>236<p id="p14-52">La deuxième : <strong class="c-bleu">la convergence se construit</strong>. Si les trois indications finissent à moins de 2 % l'une de l'autre, ce n'est pas un hasard heureux — c'est le produit de données vérifiées, de normalisations rigoureuses et d'hypothèses cohérentes entre les méthodes (le même marché, la même date, le même immeuble). Des indications divergentes ne se « réconcilient » pas à coups de pondération : elles signalent une erreur ou une incohérence qu'il faut retourner chercher.</p>237<p id="p14-53">La troisième : <strong class="c-bleu">chaque chiffre a une provenance</strong>. Du taux de location au m<sup>2</sup> jusqu'au pourcentage de profit de l'entrepreneur, pas un seul nombre du cas n'est arbitraire — chacun se rattache à une source (bail, manuel de coûts, vente vérifiée) ou à une hypothèse déclarée. C'est la différence entre une opinion professionnelle et une estimation au jugé, et c'est ce qui rend le rapport défendable trois ans plus tard devant un réviseur, un juge ou un syndic.</p>238<h2 id="s-14-7" class="h-section"><span class="h-num">14.7</span><span class="h-text">Révision par blocs</span><a class="h-anchor" href="#s-14-7" aria-label="Lien vers cette section">#</a></h2>239<h3 id="s-14-7-1" class="h-subsection"><span class="h-num">14.7.1</span><span class="h-text">Bloc 1 — Introduction et fondements (séances 1 à 3)</span><a class="h-anchor" href="#s-14-7-1" aria-label="Lien vers cette section">#</a></h3>240<p id="p14-54">Le premier bloc a posé le décor. La séance 1 a défini l'évaluation immobilière comme la formulation d'une opinion motivée de valeur, présenté le rôle et les champs de pratique de l'évaluateur agréé (É.A.) et déroulé le processus en sept étapes qui structure encore ce chapitre. La séance 2 a installé le cadre professionnel : l'OEAQ et son millier de membres, le Code des professions (C-26) qui chapeaute le système professionnel québécois, le Code de déontologie (C-26, r. 123), les référentiels CUSPAP 2026 et USPAP 2024, et les mécanismes d'inspection professionnelle et de discipline. La séance 3, enfin, a fourni la boîte à outils conceptuelle : l'offre et la demande, la <span class="motcle" data-term="substitution">substitution</span> — le principe fondateur de la méthode de comparaison —, l'utilisation optimale, l'anticipation — qui fonde la méthode du revenu —, le changement, la contribution — qui fonde chaque ajustement de la grille —, la conformité et l'équilibre. À l'examen, ce bloc se présente surtout en questions de définition et d'association : savoir quel principe fonde quelle méthode est un incontournable.</p>241<h3 id="s-14-7-2" class="h-subsection"><span class="h-num">14.7.2</span><span class="h-text">Bloc 2 — Bases théoriques (séances 4 à 6)</span><a class="h-anchor" href="#s-14-7-2" aria-label="Lien vers cette section">#</a></h3>242<p id="p14-55">Le deuxième bloc a précisé l'objet de la mesure et son contexte. De la séance 4, retenez la définition de la valeur marchande et ses conditions (marché libre, parties consentantes et informées, délai raisonnable), la famille des autres valeurs — assurance, fiscale, liquidative, d'investissement — et la distinction cardinale entre valeur, prix et coût : trois nombres qui coïncident rarement et qu'aucun rapport ne doit confondre. De la séance 5, gardez la structure du marché québécois, le cycle immobilier en quatre phases (expansion, surchauffe, contraction, reprise), les moteurs macroéconomiques — taux d'intérêt, démographie, emploi — et les particularités du marché Gatineau–Ottawa, où l'économie fédérale amortit les cycles. De la séance 6, conservez la carte des sources québécoises — Registre foncier, MLS/Centris, SCHL, ISQ, rôle d'évaluation — et le réflexe de vérification croisée des données.</p>243<p id="p14-56">Deux repères chiffrés<label for="sn-14-3" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-14-3" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-repere">Repères 2026 : mutations 0,5 / 1,0 / 1,5 % ; RPV conventionnel <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≤</mo></mrow><annotation encoding="application/x-tex">\leq</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7719em;vertical-align:-0.136em;"></span><span class="mrel">≤</span></span></span></span> 80 %.</span> de ce bloc reviennent sans cesse dans les calculs d'examen. Les <strong>droits de mutation</strong> 2026 se calculent par tranches : 0,5 % jusqu'à <span class="num">62 900 $</span>, 1,0 % de <span class="num">62 900</span> à <span class="num">315 000 $</span>, 1,5 % au-delà — tranches indexées annuellement, et Montréal applique son propre barème qui grimpe jusqu'à 4 % <span class="citation">(<a class="cite" href="/bibliographie/#quebecMutations" data-cite="quebecMutations">Gouvernement du Québec, 2026</a>)</span>. Le <strong>ratio prêt/valeur</strong> se calcule en divisant le prêt par la valeur : un prêt est conventionnel jusqu'à 80 % ; au-delà, l'assurance hypothécaire (SCHL, Sagen ou Canada Guaranty) devient obligatoire.</p>244<h3 id="s-14-7-3" class="h-subsection"><span class="h-num">14.7.3</span><span class="h-text">Bloc 3 — Les méthodes (séances 8 à 12)</span><a class="h-anchor" href="#s-14-7-3" aria-label="Lien vers cette section">#</a></h3>245<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Critère</th><th>Comparaison</th><th>Coût</th><th>Revenu</th></tr></thead><tbody><tr><td>Principe</td><td>Substitution</td><td>Substitution (coût)</td><td>Anticipation</td></tr><tr><td>Formule</td><td>Prix <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>±</mo></mrow><annotation encoding="application/x-tex">\pm</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">±</span></span></span></span> ajustements</td><td>Coût <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span> dépréciation <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span> terrain</td><td>RNE <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>÷</mo></mrow><annotation encoding="application/x-tex">\div</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">÷</span></span></span></span> TGA</td></tr><tr><td>Données</td><td>Ventes comparables</td><td>Coûts de construction, terrain</td><td>Revenus, dépenses, taux</td></tr><tr><td>Idéale pour</td><td>Résidentiel, terrains</td><td>Neuf, spécialisé, assurance</td><td>Immeubles à revenus</td></tr><tr><td>Forces</td><td>Reflète le marché</td><td>Utile si peu de ventes</td><td>Logique d'investisseur</td></tr><tr><td>Limites</td><td>Disponibilité des comparables</td><td>Dépréciation subjective</td><td>Projection des revenus</td></tr></tbody></table></div></div>246<p id="p14-57">Les formules essentielles (voir l'annexe <a class="xref" href="/aide-memoire/">A</a> pour l'aide-mémoire complet) :</p>247<div class="box box-form" id="form-14-2"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg></span><span class="box-label">Formule 14.2</span><span class="box-title">— les quatre formules cardinales du cours</span><a class="box-anchor" href="#form-14-2" aria-label="Lien">#</a></div><div class="box-body"><div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable rowspacing="0.25em" columnalign="right left" columnspacing="0em"><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow><mtext mathvariant="bold">Comparaison</mtext><mtext> </mtext><mtext mathvariant="bold">:</mtext></mrow><mspace width="1em"/></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mi>V</mi><mo>≈</mo><mtext>Prix du comparable</mtext><mo>±</mo><mtext>Ajustements</mtext></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow><mtext mathvariant="bold">Co</mtext><mover accent="true"><mtext mathvariant="bold">u</mtext><mo>ˆ</mo></mover><mtext mathvariant="bold">t</mtext><mtext> </mtext><mtext mathvariant="bold">:</mtext></mrow><mspace width="1em"/></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mi>V</mi><mo>=</mo><msub><mi>C</mi><mtext>neuf</mtext></msub><mo>−</mo><msub><mi>D</mi><mtext>totale</mtext></msub><mo>+</mo><msub><mi>V</mi><mtext>terrain</mtext></msub><mo separator="true">,</mo><mspace width="2em"/><msub><mi>D</mi><mtext>phys.</mtext></msub><mo>=</mo><mfrac><mrow><mover accent="true"><mtext>A</mtext><mo>ˆ</mo></mover><mtext>ge effectif</mtext></mrow><mtext>Vie utile</mtext></mfrac><mo>×</mo><msub><mi>C</mi><mtext>neuf</mtext></msub></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow><mtext mathvariant="bold">Revenu</mtext><mtext> </mtext><mtext mathvariant="bold">:</mtext></mrow><mspace width="1em"/></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mi>V</mi><mo>=</mo><mfrac><mtext>RNE</mtext><mtext>TGA</mtext></mfrac><mo separator="true">,</mo><mspace width="2em"/><mtext>RNE</mtext><mo>=</mo><mtext>RBP</mtext><mo>−</mo><mtext>Inoccupation</mtext><mo>−</mo><mrow><mtext>D</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>penses</mtext></mrow></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow><mtext mathvariant="bold">DCF</mtext><mtext> </mtext><mtext mathvariant="bold">:</mtext></mrow><mspace width="1em"/></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><msub><mi>V</mi><mn>0</mn></msub><mo>=</mo><munderover><mo>∑</mo><mrow><mi>t</mi><mo>=</mo><mn>1</mn></mrow><mi>n</mi></munderover><mfrac><msub><mtext>RNE</mtext><mi>t</mi></msub><mrow><mo stretchy="false">(</mo><mn>1</mn><mo>+</mo><mi>r</mi><msup><mo stretchy="false">)</mo><mi>t</mi></msup></mrow></mfrac><mo>+</mo><mfrac><msub><mi>V</mi><mi>n</mi></msub><mrow><mo stretchy="false">(</mo><mn>1</mn><mo>+</mo><mi>r</mi><msup><mo stretchy="false">)</mo><mi>n</mi></msup></mrow></mfrac><mo separator="true">,</mo><mspace width="2em"/><msub><mi>V</mi><mi>n</mi></msub><mo>=</mo><mfrac><msub><mtext>RNE</mtext><mrow><mi>n</mi><mo>+</mo><mn>1</mn></mrow></msub><msub><mtext>TGA</mtext><mtext>sortie</mtext></msub></mfrac></mrow></mstyle></mtd></mtr></mtable><annotation encoding="application/x-tex">\begin{aligned}\textbf{Comparaison :}\quad &amp; V \approx \text{Prix du comparable} \pm \text{Ajustements} \\248\textbf{Coût :}\quad &amp; V = C_{\text{neuf}} - D_{\text{totale}} + V_{\text{terrain}},249\qquad D_{\text{phys.}} = \frac{\text{Âge effectif}}{\text{Vie utile}} \times C_{\text{neuf}} \\250\textbf{Revenu :}\quad &amp; V = \frac{\text{RNE}}{\text{TGA}},251\qquad \text{RNE} = \text{RBP} - \text{Inoccupation} - \text{Dépenses} \\252\textbf{DCF :}\quad &amp; V_0 = \sum_{t=1}^{n} \frac{\text{RNE}_t}{(1+r)^t}253+ \frac{V_n}{(1+r)^n},254\qquad V_n = \frac{\text{RNE}_{n+1}}{\text{TGA}_{\text{sortie}}}\end{aligned}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:9.3746em;vertical-align:-4.4373em;"></span><span class="mord"><span class="mtable"><span class="col-align-r"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:4.9373em;"><span style="top:-7.7487em;"><span class="pstrut" style="height:3.6514em;"></span><span class="mord"><span class="mord text"><span class="mord textbf">Comparaison :</span></span><span class="mspace" style="margin-right:1em;"></span></span></span><span style="top:-5.4649em;"><span class="pstrut" style="height:3.6514em;"></span><span class="mord"><span class="mord text"><span class="mord textbf">Co</span><span class="mord katex-accent"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.7079em;"><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="mord textbf">u</span></span><span style="top:-3.0134em;"><span class="pstrut" style="height:3em;"></span><span class="accent-body" style="left:-0.2875em;"><span class="mord textbf">ˆ</span></span></span></span></span></span></span><span class="mord textbf">t :</span></span><span class="mspace" style="margin-right:1em;"></span></span></span><span style="top:-3.1186em;"><span class="pstrut" style="height:3.6514em;"></span><span class="mord"><span class="mord text"><span class="mord textbf">Revenu :</span></span><span class="mspace" style="margin-right:1em;"></span></span></span><span style="top:-0.4812em;"><span class="pstrut" style="height:3.6514em;"></span><span class="mord"><span class="mord text"><span class="mord textbf">DCF :</span></span><span class="mspace" style="margin-right:1em;"></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:4.4373em;"><span></span></span></span></span></span><span class="col-align-l"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:4.9373em;"><span style="top:-7.7487em;"><span class="pstrut" style="height:3.6514em;"></span><span class="mord"><span class="mord"></span><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">≈</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord text"><span class="mord">Prix du comparable</span></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">±</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord text"><span class="mord">Ajustements</span></span></span></span><span style="top:-5.4649em;"><span class="pstrut" style="height:3.6514em;"></span><span class="mord"><span class="mord"></span><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0715em;">C</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3361em;"><span style="top:-2.55em;margin-left:-0.0715em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">neuf</span></span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0278em;">D</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3361em;"><span style="top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">totale</span></span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3175em;"><span style="top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">terrain</span></span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mpunct">,</span><span class="mspace" style="margin-right:2em;"></span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0278em;">D</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3361em;"><span style="top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">phys.</span></span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.2861em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.6238em;"><span style="top:-2.314em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord">Vie utile</span></span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.677em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord katex-accent"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.9468em;"><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="mord">A</span></span><span style="top:-3.2523em;"><span class="pstrut" style="height:3em;"></span><span class="accent-body" style="left:-0.25em;"><span class="mord">ˆ</span></span></span></span></span></span></span><span class="mord">ge effectif</span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.686em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0715em;">C</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3361em;"><span style="top:-2.55em;margin-left:-0.0715em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">neuf</span></span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span></span></span><span style="top:-3.1186em;"><span class="pstrut" style="height:3.6514em;"></span><span class="mord"><span class="mord"></span><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.3603em;"><span style="top:-2.314em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord">TGA</span></span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.677em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord">RNE</span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.686em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span><span class="mpunct">,</span><span class="mspace" style="margin-right:2em;"></span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord text"><span class="mord">RNE</span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord text"><span class="mord">RBP</span></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord text"><span class="mord">Inoccupation</span></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord text"><span class="mord">D</span><span class="mord katex-accent"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.6944em;"><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="mord">e</span></span><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="accent-body" style="left:-0.25em;"><span class="mord">ˊ</span></span></span></span></span></span></span><span class="mord">penses</span></span></span></span><span style="top:-0.4812em;"><span class="pstrut" style="height:3.6514em;"></span><span class="mord"><span class="mord"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3011em;"><span style="top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">0</span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mop op-limits"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.6514em;"><span style="top:-1.8829em;margin-left:0em;"><span class="pstrut" style="height:3.05em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mathnormal mtight">t</span><span class="mrel mtight">=</span><span class="mord mtight">1</span></span></span></span><span style="top:-3.05em;"><span class="pstrut" style="height:3.05em;"></span><span><span class="mop op-symbol large-op">∑</span></span></span><span style="top:-4.3em;margin-left:0em;"><span class="pstrut" style="height:3.05em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mathnormal mtight">n</span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:1.2671em;"><span></span></span></span></span></span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.3603em;"><span style="top:-2.314em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mopen">(</span><span class="mord">1</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord mathnormal" style="margin-right:0.0278em;">r</span><span class="mclose"><span class="mclose">)</span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.7196em;"><span style="top:-2.989em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mathnormal mtight">t</span></span></span></span></span></span></span></span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.677em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"><span class="mord text"><span class="mord">RNE</span></span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.2806em;"><span style="top:-2.55em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mathnormal mtight">t</span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.936em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.3603em;"><span style="top:-2.314em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mopen">(</span><span class="mord">1</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord mathnormal" style="margin-right:0.0278em;">r</span><span class="mclose"><span class="mclose">)</span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.5904em;"><span style="top:-2.989em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mathnormal mtight">n</span></span></span></span></span></span></span></span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.677em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.1514em;"><span style="top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mathnormal mtight">n</span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.936em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span><span class="mpunct">,</span><span class="mspace" style="margin-right:2em;"></span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.1514em;"><span style="top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mathnormal mtight">n</span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.3603em;"><span style="top:-2.314em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"><span class="mord text"><span class="mord">TGA</span></span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3175em;"><span style="top:-2.55em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">sortie</span></span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.677em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"><span class="mord text"><span class="mord">RNE</span></span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3011em;"><span style="top:-2.55em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mathnormal mtight">n</span><span class="mbin mtight">+</span><span class="mord mtight">1</span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.2083em;"><span></span></span></span></span></span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.836em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:4.4373em;"><span></span></span></span></span></span></span></span></span></span></span></span></div></div></div>255<p id="p14-58">Trois règles pratiques complètent ces formules pour la méthode de comparaison : les ajustements se font toujours <strong>du comparable vers le sujet</strong> ; un comparable supérieur au sujet reçoit un ajustement négatif ; et les seuils usuels de pratique — ajustement net d'au plus 15 %, ajustement brut d'au plus 25 % — servent de test de recevabilité d'un comparable. Ces trois règles, à elles seules, règlent la moitié des questions de calcul du bloc 3.</p>256<h3 id="s-14-7-4" class="h-subsection"><span class="h-num">14.7.4</span><span class="h-text">Bloc 4 — Synthèse et application (séances 13 et 14)</span><a class="h-anchor" href="#s-14-7-4" aria-label="Lien vers cette section">#</a></h3>257<p id="p14-59">Le dernier bloc a transformé le calculateur en professionnel. La séance 13 a montré que le rapport d'évaluation n'est pas l'emballage du travail mais son aboutissement : une structure OEAQ en douze composantes, trois formats — complet pour le litige, abrégé pour le financement, restreint pour l'usage interne —, une certification en huit points qui engage le signataire, des hypothèses et conditions limitatives qui délimitent ce qui est affirmé, et un cadre déontologique où l'indépendance et l'interdiction des honoraires conditionnels ne souffrent aucune exception. La présente séance a assemblé le tout dans un cas intégrateur mené de bout en bout, dont la leçon centrale tient en une phrase : les trois méthodes ne valent que réunies par une réconciliation argumentée. À l'examen, ce bloc alimente surtout le développement court — expliquer, justifier, critiquer — et la portion rédactionnelle du cas intégrateur : c'est ici que se gagnent les points de jugement, ceux qui distinguent la copie excellente de la copie simplement juste.</p>258<h2 id="s-14-8" class="h-section"><span class="h-num">14.8</span><span class="h-text">Préparation à l'examen final</span><a class="h-anchor" href="#s-14-8" aria-label="Lien vers cette section">#</a></h2>259<h3 id="s-14-8-1" class="h-subsection"><span class="h-num">14.8.1</span><span class="h-text">Format et matière</span><a class="h-anchor" href="#s-14-8-1" aria-label="Lien vers cette section">#</a></h3>260<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Composante de l'examen (3 heures)</th><th class="al-r">Pondération</th></tr></thead><tbody><tr><td>Choix multiples</td><td class="al-r">20 %</td></tr><tr><td>Développement court</td><td class="al-r">30 %</td></tr><tr><td>Problèmes de calcul</td><td class="al-r">30 %</td></tr><tr><td>Cas intégrateur</td><td class="al-r">20 %</td></tr></tbody></table></div></div>261<p id="p14-60">La matière couvre les séances 1 à 13, avec un accent marqué sur les séances 8 à 13 (les trois méthodes, la réconciliation et le rapport). Répartition indicative par bloc : bloc 1 : 15 % ; bloc 2 : 20 % ; bloc 3 : 45 % ; bloc 4 : 20 %. Matériel autorisé : <strong class="c-rouge">calculatrice non programmable seulement, aucune documentation</strong>. Cette contrainte dicte la préparation : puisque l'aide-mémoire n'entre pas dans la salle, les formules cardinales doivent être sues par cœur — mais « par cœur » signifie ici <em>reconstructibles</em> : qui comprend que la capitalisation directe divise un revenu annuel par un taux de rendement n'a pas besoin de mémoriser <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>V</mi><mo>=</mo><mtext>RNE</mtext><mi mathvariant="normal">/</mi><mtext>TGA</mtext></mrow><annotation encoding="application/x-tex">V = \text{RNE}/\text{TGA}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6833em;"></span><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord text"><span class="mord">RNE</span></span><span class="mord">/</span><span class="mord text"><span class="mord">TGA</span></span></span></span></span> comme une incantation, il peut la retrouver. La mémoire des formules se teste d'ailleurs très bien à deux : chacun énonce une situation, l'autre écrit la formule applicable et ses conditions d'emploi.</p>262<h3 id="s-14-8-2" class="h-subsection"><span class="h-num">14.8.2</span><span class="h-text">Stratégie d'étude</span><a class="h-anchor" href="#s-14-8-2" aria-label="Lien vers cette section">#</a></h3>263<p id="p14-61">La préparation efficace suit un ordre précis, du passif vers l'actif. On commence par <strong>relire</strong> ces notes et les diaporamas, chapitre par chapitre — une passe de réactivation, pas d'apprentissage. On enchaîne en <strong>refaisant</strong> tous les exercices des chapitres et les trois travaux pratiques : refaire, crayon en main, pas relire les solutions en hochant la tête — la différence entre les deux est exactement la différence entre reconnaître et savoir. On <strong>mémorise</strong> ensuite les formules de l'aide-mémoire (annexe <a class="xref" href="/aide-memoire/">A</a>), en s'assurant de <strong>comprendre</strong> le principe derrière chacune, car l'examen teste le jugement autant que le calcul : savoir que <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>V</mi><mo>=</mo><mtext>RNE</mtext><mi mathvariant="normal">/</mi><mtext>TGA</mtext></mrow><annotation encoding="application/x-tex">V = \text{RNE}/\text{TGA}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6833em;"></span><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord text"><span class="mord">RNE</span></span><span class="mord">/</span><span class="mord text"><span class="mord">TGA</span></span></span></span></span> ne sert à rien si l'on capitalise un revenu brut. On <strong>pratique</strong> enfin des cas complets avec les trois méthodes, chronomètre en main — le cas intégrateur de ce chapitre est le gabarit idéal —, et l'on <strong>cible</strong> pour finir ses points faibles repérés dans l'auto-diagnostic ci-dessous.</p>264<p id="p14-62">Le jour de l'examen : lire toutes les questions avant de commencer ; débuter par les plus faciles ; allouer le temps au prorata des points ; <strong class="c-bleu">montrer tous les calculs</strong> (des points partiels sont accordés) ; vérifier les unités (m<sup>2</sup>, pi<sup>2</sup>, $, %) ; répondre à toutes les questions.</p>265<h3 id="s-14-8-3" class="h-subsection"><span class="h-num">14.8.3</span><span class="h-text">Aborder chaque type de question</span><a class="h-anchor" href="#s-14-8-3" aria-label="Lien vers cette section">#</a></h3>266<p id="p14-63">Chaque composante de l'examen appelle sa propre tactique, et les confondre gaspille des points.</p>267<p id="p14-64">Les <strong class="c-bleu">choix multiples</strong> testent la précision des définitions et des associations : quel principe fonde quelle méthode, quelle date s'applique à quoi, quel organisme fait quoi. La tactique : lire les quatre choix avant de répondre, car les distracteurs sont construits sur les confusions classiques — OEAQ/OACIQ, valeur/prix/coût, âge effectif/âge chronologique. Une réponse qui vous semble évidente en trois secondes mérite tout de même la relecture des trois autres choix : c'est là que se cachent les nuances.</p>268<p id="p14-65">Les questions à <strong class="c-bleu">développement court</strong> évaluent la capacité à expliquer — pas à réciter. « Expliquez pourquoi la réconciliation n'est pas une moyenne » appelle trois phrases construites : l'affirmation, la raison, un exemple. La structure vaut autant que le contenu : une réponse organisée en deux ou trois idées clairement séparées récolte systématiquement plus de points qu'un paragraphe touffu qui dit pourtant la même chose.</p>269<p id="p14-66">Les <strong class="c-bleu">problèmes de calcul</strong> récompensent la méthode visible. Écrivez la formule avant d'y insérer les nombres, alignez les étapes, encadrez le résultat, indiquez l'unité. Même avec une erreur d'arithmétique, une démarche limpide conserve l'essentiel des points ; un résultat juste sans démarche peut n'en valoir que la moitié — et un résultat faux sans démarche ne vaut rien.</p>270<p id="p14-67">Le <strong class="c-bleu">cas intégrateur</strong>, enfin, se gère comme un chantier : cinq minutes de lecture pour inventorier les données fournies (quels revenus? quelles ventes? quel coût?), puis un plan — quelle méthode avec quelles données, dans quel ordre —, puis l'exécution méthode par méthode, et en dernier la réconciliation rédigée. L'erreur fatale est de se jeter sur le premier calcul venu : le cas est conçu pour que les données se répondent, et c'est la vue d'ensemble qui fait gagner du temps.</p>271<h3 id="s-14-8-4" class="h-subsection"><span class="h-num">14.8.4</span><span class="h-text">Les erreurs qui coûtent le plus de points</span><a class="h-anchor" href="#s-14-8-4" aria-label="Lien vers cette section">#</a></h3>272<p id="p14-68">L'expérience des corrections passées permet de dresser le palmarès des erreurs évitables. En tête : capitaliser le <em>mauvais revenu</em> — appliquer le TGA au RBP ou au RBE plutôt qu'au RNE, ce qui gonfle la valeur de 40 à 50 %. Suivent l'inversion du sens des ajustements (ajuster le sujet au lieu du comparable), l'inclusion du service de la dette dans les dépenses d'exploitation, la confusion entre âge chronologique et âge effectif dans le calcul de dépréciation, la moyenne simple présentée comme réconciliation, et l'oubli des unités — un taux unitaire en pieds carrés appliqué à une superficie en mètres carrés produit un résultat dix fois trop petit, que trop de copies livrent sans sourciller. Chacune de ces erreurs a un antidote simple : une seconde de vérification d'ordre de grandeur. Une conclusion de <span class="num">150 000 $</span> pour un immeuble de huit logements à Gatineau devrait faire sonner une alarme intérieure.</p>273<h3 id="s-14-8-5" class="h-subsection"><span class="h-num">14.8.5</span><span class="h-text">Auto-diagnostic éclair</span><a class="h-anchor" href="#s-14-8-5" aria-label="Lien vers cette section">#</a></h3>274<p id="p14-69">Quinze questions de style examen — répondez avant de consulter les réponses en fin de paragraphe. (1) Quel organisme réglemente la profession d'évaluateur agréé au Québec? (2) Quel principe fonde la méthode de comparaison? (3) Comment se définit la valeur marchande? (4) RNE de <span class="num">100 000 $</span>, TGA de 5,0 % : valeur? (5) Bâtiment de 20 ans, vie utile de 50 ans : dépréciation physique (âge/vie)? (6) Le comparable a un garage, pas le sujet : sens de l'ajustement? (7) Pour quel type de bien la méthode du coût est-elle la plus appropriée? (8) Formule du MRB? (9) Durée minimale de conservation des dossiers? (10) Type de rapport pour un litige? (11) RPV maximal d'un prêt conventionnel? (12) Cause de la dépréciation fonctionnelle? (13) Lequel n'est pas un critère d'utilisation optimale : légal, physique, historique, financier? (14) Prix <span class="num">1 200 000 $</span>, RBE <span class="num">120 000 $</span> : MRB? (15) Honoraires conditionnels à la valeur : permis?</p>275<div class="box box-rem" id="remarque-14-70"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pen"/></svg></span><span class="box-label">réponses</span><a class="box-anchor" href="#remarque-14-70" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-71">(1) L'OEAQ — l'OACIQ encadre le courtage. (2) La substitution. (3) Prix le plus probable, marché libre, parties consentantes et informées, sans contrainte. (4) <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>100</mn><mtext> </mtext><mn>000</mn><mi mathvariant="normal">/</mi><mn>0,05</mn><mo>=</mo><mn>2</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">100\,000/0{,}05 = 2\,000\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">100</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000/0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">05</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">2</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span>. (5) <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>20</mn><mi mathvariant="normal">/</mi><mn>50</mn><mo>=</mo><mn>40</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">20/50 = 40~\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">20/50</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">40</span><span class="mspace nobreak"> </span><span class="mord">%</span></span></span></span>. (6) Négatif : comparable supérieur, on ajuste du comparable vers le sujet. (7) Biens à vocation spéciale (école, hôpital) : ni marché actif ni revenus. (8) <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mtext>MRB</mtext><mo>=</mo><mtext>prix</mtext><mo>÷</mo><mtext>RBE</mtext></mrow><annotation encoding="application/x-tex">\text{MRB} = \text{prix} \div \text{RBE}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6833em;"></span><span class="mord text"><span class="mord">MRB</span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8623em;vertical-align:-0.1944em;"></span><span class="mord text"><span class="mord">prix</span></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">÷</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6833em;"></span><span class="mord text"><span class="mord">RBE</span></span></span></span></span>. (9) Au moins 5 ans. (10) Rapport complet. (11) 80 %. (12) Inadéquations de conception ou d'équipements — internes au bâtiment. (13) « Historiquement justifié » n'existe pas ; le quatrième critère est « maximalement productif ». (14) <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>1</mn><mtext> </mtext><mn>200</mn><mtext> </mtext><mn>000</mn><mi mathvariant="normal">/</mi><mn>120</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>10,0</mn></mrow><annotation encoding="application/x-tex">1\,200\,000 /276120\,000 = 10{,}0</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">200</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000/120</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">10</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">0</span></span></span></span>. (15) Jamais : interdit par le Code de déontologie.</p></div></div>277<h2 id="s-14-9" class="h-section"><span class="h-num">14.9</span><span class="h-text">Exercices</span><a class="h-anchor" href="#s-14-9" aria-label="Lien vers cette section">#</a></h2>278<div class="box box-exo" id="exo-14-1"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 14.1</span><span class="box-title">— capitalisation directe — 12 logements</span><a class="box-anchor" href="#exo-14-1" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-72">Un immeuble de 12 logements à Gatineau : 6 logements 4 ½ à <span class="num">1100 $</span>/mois et 6 logements 3 ½ à <span class="num">950 $</span>/mois ; inoccupation estimée à 4 % ; dépenses d'exploitation de 45 % du RBE ; TGA du marché de 5,5 %. Calculez la valeur par capitalisation directe.</p></div></div>279<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable rowspacing="0.25em" columnalign="right left" columnspacing="0em"><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mtext>RBP</mtext></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mo stretchy="false">(</mo><mn>6</mn><mo>×</mo><mn>1100</mn><mo>×</mo><mn>12</mn><mo stretchy="false">)</mo><mo>+</mo><mo stretchy="false">(</mo><mn>6</mn><mo>×</mo><mn>950</mn><mo>×</mo><mn>12</mn><mo stretchy="false">)</mo><mo>=</mo><mn>79</mn><mtext> </mtext><mn>200</mn><mo>+</mo><mn>68</mn><mtext> </mtext><mn>400</mn><mo>=</mo><mn>147</mn><mtext> </mtext><mn>600</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mtext>RBE</mtext></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>147</mn><mtext> </mtext><mn>600</mn><mo>×</mo><mo stretchy="false">(</mo><mn>1</mn><mo>−</mo><mn>0,04</mn><mo stretchy="false">)</mo><mo>=</mo><mn>141</mn><mtext> </mtext><mn>696</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mtext>D</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>penses</mtext></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>141</mn><mtext> </mtext><mn>696</mn><mo>×</mo><mn>0,45</mn><mo>=</mo><mn>63</mn><mtext> </mtext><mn>763</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mtext>RNE</mtext></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>141</mn><mtext> </mtext><mn>696</mn><mo>−</mo><mn>63</mn><mtext> </mtext><mn>763</mn><mo>=</mo><mn>77</mn><mtext> </mtext><mn>933</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mi>V</mi></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mfrac><mrow><mn>77</mn><mtext> </mtext><mn>933</mn></mrow><mn>0,055</mn></mfrac><mo>=</mo><mn>1</mn><mtext> </mtext><mn>416</mn><mtext> </mtext><mn>964</mn><mtext> </mtext><mi mathvariant="normal">$</mi><mo>≈</mo><mrow><mn mathvariant="bold">1</mn><mtext> </mtext><mn mathvariant="bold">417</mn><mtext> </mtext><mn mathvariant="bold">000</mn></mrow><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr></mtable><annotation encoding="application/x-tex">\begin{aligned}\text{RBP} &amp;= (6 \times 1100 \times 12) + (6 \times 950 \times 12)280            = 79\,200 + 68\,400 = 147\,600\,\$ \\281\text{RBE} &amp;= 147\,600 \times (1 - 0{,}04) = 141\,696\,\$ \\282\text{Dépenses} &amp;= 141\,696 \times 0{,}45 = 63\,763\,\$ \\283\text{RNE} &amp;= 141\,696 - 63\,763 = 77\,933\,\$ \\284V &amp;= \frac{77\,933}{0{,}055} = 1\,416\,964\,\$ \approx \mathbf{1\,417\,000}\,\$\end{aligned}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:8.2019em;vertical-align:-3.8509em;"></span><span class="mord"><span class="mtable"><span class="col-align-r"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:4.3509em;"><span style="top:-6.8324em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord text"><span class="mord">RBP</span></span></span></span><span style="top:-5.3324em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord text"><span class="mord">RBE</span></span></span></span><span style="top:-3.8324em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord text"><span class="mord">D</span><span class="mord katex-accent"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.6944em;"><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="mord">e</span></span><span style="top:-3em;"><span class="pstrut" style="height:3em;"></span><span class="accent-body" style="left:-0.25em;"><span class="mord">ˊ</span></span></span></span></span></span></span><span class="mord">penses</span></span></span></span><span style="top:-2.3324em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord text"><span class="mord">RNE</span></span></span></span><span style="top:-0.3509em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.2222em;">V</span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:3.8509em;"><span></span></span></span></span></span><span class="col-align-l"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:4.3509em;"><span style="top:-6.8324em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mopen">(</span><span class="mord">6</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">1100</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">12</span><span class="mclose">)</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mopen">(</span><span class="mord">6</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">950</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">12</span><span class="mclose">)</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">79</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">200</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">68</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">400</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">147</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">600</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span><span style="top:-5.3324em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">147</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">600</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mopen">(</span><span class="mord">1</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">04</span><span class="mclose">)</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">141</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">696</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span><span style="top:-3.8324em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">141</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">696</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">45</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">63</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">763</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span><span style="top:-2.3324em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">141</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">696</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">63</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">763</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">77</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">933</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span><span style="top:-0.3509em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.3214em;"><span style="top:-2.314em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">055</span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.677em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord">77</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">933</span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.8804em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">416</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">964</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">≈</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord"><span class="mord mathbf">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord mathbf">417</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord mathbf">000</span></span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:3.8509em;"><span></span></span></span></span></span></span></span></span></span></span></span></div></div></details>285<div class="box box-exo" id="exo-14-2"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 14.2</span><span class="box-title">— méthode du coût — bâtiment commercial</span><a class="box-anchor" href="#exo-14-2" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-73">Un bâtiment commercial à Gatineau : coût de remplacement à neuf de <span class="num">1 800 000 $</span> ; âge effectif de 15 ans et vie utile économique de 45 ans ; dépréciation fonctionnelle de <span class="num">40 000 $</span> (système CVAC inadéquat) ; dépréciation économique de <span class="num">25 000 $</span> (route en construction) ; valeur du terrain de <span class="num">250 000 $</span>. Calculez la valeur par la méthode du coût.</p></div></div>286<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable rowspacing="0.25em" columnalign="right left" columnspacing="0em"><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><msub><mi>D</mi><mtext>physique</mtext></msub></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>1</mn><mtext> </mtext><mn>800</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mfrac><mn>15</mn><mn>45</mn></mfrac><mo>=</mo><mn>600</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><msub><mi>D</mi><mtext>totale</mtext></msub></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>600</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>40</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>25</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>665</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><msub><mi>V</mi><mrow><mtext>am</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>liorations</mtext></mrow></msub></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>1</mn><mtext> </mtext><mn>800</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>665</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>1</mn><mtext> </mtext><mn>135</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mi>V</mi></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>1</mn><mtext> </mtext><mn>135</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>250</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mrow><mn mathvariant="bold">1</mn><mtext> </mtext><mn mathvariant="bold">385</mn><mtext> </mtext><mn mathvariant="bold">000</mn></mrow><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr></mtable><annotation encoding="application/x-tex">\begin{aligned}D_{\text{physique}} &amp;= 1\,800\,000 \times \frac{15}{45} = 600\,000\,\$ \\287D_{\text{totale}} &amp;= 600\,000 + 40\,000 + 25\,000 = 665\,000\,\$ \\288V_{\text{améliorations}} &amp;= 1\,800\,000 - 665\,000 = 1\,135\,000\,\$ \\289V &amp;= 1\,135\,000 + 250\,000 = \mathbf{1\,385\,000}\,\$\end{aligned}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:6.5074em;vertical-align:-3.0037em;"></span><span class="mord"><span class="mtable"><span class="col-align-r"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:3.5037em;"><span style="top:-5.5037em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord"><span class="mord mathnormal" style="margin-right:0.0278em;">D</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3361em;"><span style="top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">physique</span></span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.2861em;"><span></span></span></span></span></span></span></span></span><span style="top:-3.6777em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord"><span class="mord mathnormal" style="margin-right:0.0278em;">D</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3361em;"><span style="top:-2.55em;margin-left:-0.0278em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">totale</span></span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span></span></span><span style="top:-2.1777em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord"><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3361em;"><span style="top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">am</span><span class="mord katex-accent mtight"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.6944em;"><span style="top:-2.7em;"><span class="pstrut" style="height:2.7em;"></span><span class="mord mtight">e</span></span><span style="top:-2.7em;"><span class="pstrut" style="height:2.7em;"></span><span class="accent-body" style="left:-0.25em;"><span class="mord mtight">ˊ</span></span></span></span></span></span></span><span class="mord mtight">liorations</span></span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span></span></span><span style="top:-0.6777em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.2222em;">V</span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:3.0037em;"><span></span></span></span></span></span><span class="col-align-l"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:3.5037em;"><span style="top:-5.5037em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">800</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.3214em;"><span style="top:-2.314em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord">45</span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.677em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord">15</span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.686em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">600</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span><span style="top:-3.6777em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">600</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">40</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">25</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">665</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span><span style="top:-2.1777em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">800</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">665</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">135</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span><span style="top:-0.6777em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">135</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">250</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord"><span class="mord mathbf">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord mathbf">385</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord mathbf">000</span></span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:3.0037em;"><span></span></span></span></span></span></span></span></span></span></span></span></div></div></details>290<div class="box box-exo" id="exo-14-3"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 14.3</span><span class="box-title">— ajustement de comparables</span><a class="box-anchor" href="#exo-14-3" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-74">Unifamiliale à Gatineau. Un comparable vendu <span class="num">425 000 $</span> il y a 8 mois présente les différences suivantes par rapport au sujet : garage double (sujet : simple) <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>→</mo><mo>−</mo><mn>20</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">\rightarrow -20\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">→</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mord">20</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span> ; terrain de 600 m<sup>2</sup> (sujet : 750 m<sup>2</sup>) <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>→</mo><mo>+</mo><mn>15</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">\rightarrow +15\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">→</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span> ; sous-sol non aménagé (sujet : aménagé) <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>→</mo><mo>+</mo><mn>25</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">\rightarrow +25\,000\,\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">→</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">25</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span> ; marché en hausse de 0,5 % par mois. Calculez la valeur ajustée du comparable, puis vérifiez les seuils d'ajustement net et brut.</p></div></div>291<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p14-75">Ajustement temporel : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>425</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,005</mn><mo>×</mo><mn>8</mn><mo>=</mo><mo>+</mo><mn>17</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">425\,000 \times 0{,}005 \times 8 = +17\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">425</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">005</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">8</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">17</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span> $. Total des ajustements : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mn>20</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>15</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>17</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>25</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mo>+</mo><mn>37</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">-20\,000 + 15\,000 + 17\,000 + 25\,000292= +37\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">−</span><span class="mord">20</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">17</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">25</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">+</span><span class="mord">37</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span> $. Valeur ajustée : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>425</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>37</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mrow><mn mathvariant="bold">462</mn><mtext> </mtext><mn mathvariant="bold">000</mn></mrow></mrow><annotation encoding="application/x-tex">425\,000 + 37\,000 =293\mathbf{462\,000}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">425</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">37</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord"><span class="mord mathbf">462</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord mathbf">000</span></span></span></span></span> $. Vérification des seuils : ajustement brut <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mo stretchy="false">(</mo><mn>20</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>15</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>17</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>25</mn><mtext> </mtext><mn>000</mn><mo stretchy="false">)</mo><mi mathvariant="normal">/</mi><mn>425</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>77</mn><mtext> </mtext><mn>000</mn><mi mathvariant="normal">/</mi><mn>425</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>18,1</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">= (20\,000+15\,000+17\,000+25\,000) / 425\,000 =29477\,000/425\,000 = 18{,}1\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mopen">(</span><span class="mord">20</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">17</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">25</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mclose">)</span><span class="mord">/425</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">77</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000/425</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">18</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span> (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≤</mo><mn>25</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">\leq 25\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7719em;vertical-align:-0.136em;"></span><span class="mrel">≤</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">25</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span> ✓) ; ajustement net <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mn>37</mn><mtext> </mtext><mn>000</mn><mi mathvariant="normal">/</mi><mn>425</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>8,7</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">= 37\,000/425\,000 = 8{,}7\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">37</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000/425</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.9444em;vertical-align:-0.1944em;"></span><span class="mord">8</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">7</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span> (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≤</mo><mn>15</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">\leq 15\,\%</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7719em;vertical-align:-0.136em;"></span><span class="mrel">≤</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">15</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span> ✓). Le comparable est utilisable.</p></div></details>295<div class="box box-exo" id="exo-14-4"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 14.4</span><span class="box-title">— réconciliation complète</span><a class="box-anchor" href="#exo-14-4" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-76">Reprenez le cas intégrateur du chapitre, mais supposez qu'une vérification tardive révèle que le RNE du sujet est en réalité de <span class="num">78 000 $</span> (bail commercial renégocié à la baisse). Recalculez l'indication par le revenu (TGA inchangé à 5,20 %), puis la conclusion pondérée (mêmes poids : 40 % comparaison à <span class="num">1 580 000 $</span>, 15 % coût à <span class="num">1 610 000 $</span>, 45 % revenu). Que remarquez-vous sur la sensibilité de la conclusion?</p></div></div>296<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p14-77">Nouvelle indication par le revenu : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>78</mn><mtext> </mtext><mn>000</mn><mi mathvariant="normal">/</mi><mn>0,052</mn><mo>=</mo><mn>1</mn><mtext> </mtext><mn>500</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">78\,000 / 0{,}052 = 1\,500\,000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">78</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000/0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">052</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">500</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span></span></span></span> $. Conclusion pondérée :</p>297<div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable rowspacing="0.25em" columnalign="right left" columnspacing="0em"><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mi>V</mi></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mo stretchy="false">(</mo><mn>1</mn><mtext> </mtext><mn>580</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,40</mn><mo stretchy="false">)</mo><mo>+</mo><mo stretchy="false">(</mo><mn>1</mn><mtext> </mtext><mn>610</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,15</mn><mo stretchy="false">)</mo><mo>+</mo><mo stretchy="false">(</mo><mn>1</mn><mtext> </mtext><mn>500</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>0,45</mn><mo stretchy="false">)</mo></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>632</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>241</mn><mtext> </mtext><mn>500</mn><mo>+</mo><mn>675</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>1</mn><mtext> </mtext><mn>548</mn><mtext> </mtext><mn>500</mn><mtext> </mtext><mi mathvariant="normal">$</mi><mo>≈</mo><mrow><mn mathvariant="bold">1</mn><mtext> </mtext><mn mathvariant="bold">550</mn><mtext> </mtext><mn mathvariant="bold">000</mn></mrow><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr></mtable><annotation encoding="application/x-tex">\begin{aligned}V &amp;= (1\,580\,000 \times 0{,}40) + (1\,610\,000 \times 0{,}15)298   + (1\,500\,000 \times 0{,}45) \\299  &amp;= 632\,000 + 241\,500 + 675\,000 = 1\,548\,500\,\$300  \approx \mathbf{1\,550\,000}\,\$\end{aligned}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:2.7em;vertical-align:-1.1em;"></span><span class="mord"><span class="mtable"><span class="col-align-r"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.6em;"><span style="top:-3.76em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.2222em;">V</span></span></span><span style="top:-2.26em;"><span class="pstrut" style="height:3em;"></span><span class="mord"></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:1.1em;"><span></span></span></span></span></span><span class="col-align-l"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.6em;"><span style="top:-3.76em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mopen">(</span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">580</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">40</span><span class="mclose">)</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mopen">(</span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">610</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">15</span><span class="mclose">)</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mopen">(</span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">500</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">45</span><span class="mclose">)</span></span></span><span style="top:-2.26em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">632</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">241</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">500</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">675</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">548</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">500</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">≈</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord"><span class="mord mathbf">1</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord mathbf">550</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord mathbf">000</span></span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">$</span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:1.1em;"><span></span></span></span></span></span></span></span></span></span></span></span></div>301<p id="p14-78">Une baisse de 5,1 % du RNE fait reculer la conclusion d'environ 2,2 % (<span class="num">36 500 $</span>) : parce que la méthode du revenu pèse 45 %, toute variation du RNE se transmet presque à moitié dans la conclusion. D'où l'importance de <strong>normaliser et vérifier les revenus</strong> avant de capitaliser — et de réexaminer la pondération si une donnée dominante devient incertaine.</p></div></details>302<div class="box box-exo" id="exo-14-5"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 14.5</span><span class="box-title">— utilisation optimale et choix des méthodes</span><a class="box-anchor" href="#exo-14-5" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-79">Un client vous demande d'évaluer un ancien cinéma de quartier à Gatineau, vacant depuis trois ans, zoné commercial, dans un secteur où la demande porte sur les espaces de bureaux et les commerces de services. Le bâtiment de 1962 nécessiterait des travaux majeurs pour tout usage. a) Décrivez la démarche d'utilisation optimale que vous mèneriez (les deux volets et les quatre tests). b) Indiquez laquelle ou lesquelles des trois méthodes seraient applicables et avec quelles difficultés. c) Formulez en deux phrases la mise en garde que vous inscririez au mandat.</p></div></div>303<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p14-80">a) Analyse en deux volets. <em>Comme si vacant</em> : le terrain commercial supporterait vraisemblablement un usage de bureaux ou de commerce de services — on applique les quatre tests (légalement permis par le zonage, physiquement possible sur ce lot, financièrement faisable au vu des loyers du secteur, maximalement productif parmi les usages admissibles). <em>Telle qu'améliorée</em> : on compare la valeur du bien converti (moins les coûts de conversion) à la valeur du terrain nu (moins la démolition) ; si la seconde l'emporte, l'utilisation optimale est la démolition-reconstruction. b) La comparaison est fragile : les ventes d'anciens cinémas sont rarissimes — on élargirait aux bâtiments commerciaux à convertir. Le revenu ne s'applique qu'au bien <em>après</em> conversion, en déduisant coûts et risques du projet (approche résiduelle). Le coût est pertinent pour le volet terrain (valeur du terrain moins démolition) mais la dépréciation d'un bâtiment de 1962 vacant est massive et difficile à ventiler. c) Mise en garde type : « L'évaluation repose sur une analyse d'utilisation optimale dont la conclusion (conversion ou démolition) détermine la valeur ; toute hypothèse relative aux coûts de conversion et à l'obtention des permis constitue une hypothèse extraordinaire divulguée au rapport. »</p></div></details>304<div class="box box-exo" id="exo-14-6"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 14.6</span><span class="box-title">— mini-DCF</span><a class="box-anchor" href="#exo-14-6" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-81">Un investisseur exige un rendement de 8 % sur un immeuble dont le RNE de l'année 1 est de <span class="num">132 000 $</span>, croissant de 3 % par année. Il prévoit revendre à la fin de l'année 3. Calculez : a) le RNE de l'année 3 ; b) sa valeur actualisée ; c) la valeur de revente à la fin de l'année 3 si le TGA de sortie est de 5,75 % (appliqué au RNE de l'année 4), avant frais de vente.</p></div></div>305<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p14-82">a) <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mtext>RNE</mtext><mn>3</mn></msub><mo>=</mo><mn>132</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mo stretchy="false">(</mo><mn>1,03</mn><msup><mo stretchy="false">)</mo><mn>2</mn></msup><mo>=</mo><mn>140</mn><mtext> </mtext><mn>039</mn></mrow><annotation encoding="application/x-tex">\text{RNE}_3 = 132\,000 \times (1{,}03)^2 = 140\,039</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.15em;"></span><span class="mord"><span class="mord text"><span class="mord">RNE</span></span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3011em;"><span style="top:-2.55em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">3</span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">132</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1.0641em;vertical-align:-0.25em;"></span><span class="mopen">(</span><span class="mord">1</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">03</span><span class="mclose"><span class="mclose">)</span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">140</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">039</span></span></span></span> $. b) <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mtext>VA</mtext><mn>3</mn></msub><mo>=</mo><mn>140</mn><mtext> </mtext><mn>039</mn><mi mathvariant="normal">/</mi><mo stretchy="false">(</mo><mn>1,08</mn><msup><mo stretchy="false">)</mo><mn>3</mn></msup><mo>=</mo><mn>140</mn><mtext> </mtext><mn>039</mn><mi mathvariant="normal">/</mi><mn>1,2597</mn><mo>=</mo><mn>111</mn><mtext> </mtext><mn>167</mn></mrow><annotation encoding="application/x-tex">\text{VA}_3 = 140\,039 / (1{,}08)^3 = 140\,039 / 1{,}2597 =306111\,167</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.15em;"></span><span class="mord"><span class="mord text"><span class="mord">VA</span></span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3011em;"><span style="top:-2.55em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">3</span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1.0641em;vertical-align:-0.25em;"></span><span class="mord">140</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">039/</span><span class="mopen">(</span><span class="mord">1</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">08</span><span class="mclose"><span class="mclose">)</span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">3</span></span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">140</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">039/1</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">2597</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">111</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">167</span></span></span></span> $. c) <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mtext>RNE</mtext><mn>4</mn></msub><mo>=</mo><mn>140</mn><mtext> </mtext><mn>039</mn><mo>×</mo><mn>1,03</mn><mo>=</mo><mn>144</mn><mtext> </mtext><mn>240</mn></mrow><annotation encoding="application/x-tex">\text{RNE}_4 = 140\,039 \times 1{,}03 = 144\,240</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.15em;"></span><span class="mord"><span class="mord text"><span class="mord">RNE</span></span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3011em;"><span style="top:-2.55em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">4</span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">140</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">039</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">1</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">03</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">144</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">240</span></span></span></span> $ ; valeur de revente <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mn>144</mn><mtext> </mtext><mn>240</mn><mi mathvariant="normal">/</mi><mn>0,0575</mn><mo>=</mo><mn>2</mn><mtext> </mtext><mn>508</mn><mtext> </mtext><mn>522</mn></mrow><annotation encoding="application/x-tex">= 144\,240 / 0{,}0575 = 2\,508\,522</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">144</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">240/0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">0575</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">2</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">508</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">522</span></span></span></span> $ <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≈</mo><mrow><mn mathvariant="bold">2</mn><mtext> </mtext><mn mathvariant="bold">509</mn><mtext> </mtext><mn mathvariant="bold">000</mn></mrow></mrow><annotation encoding="application/x-tex">\approx307\mathbf{2\,509\,000}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.4831em;"></span><span class="mrel">≈</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord"><span class="mord mathbf">2</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord mathbf">509</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord mathbf">000</span></span></span></span></span> $ (avant frais de vente). Pour obtenir la valeur nette, on déduirait ensuite les frais de vente, puis on actualiserait à <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo stretchy="false">(</mo><mn>1,08</mn><msup><mo stretchy="false">)</mo><mn>3</mn></msup></mrow><annotation encoding="application/x-tex">(1{,}08)^3</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1.0641em;vertical-align:-0.25em;"></span><span class="mopen">(</span><span class="mord">1</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">08</span><span class="mclose"><span class="mclose">)</span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8141em;"><span style="top:-3.063em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">3</span></span></span></span></span></span></span></span></span></span></span>.</p></div></details>308<hr class="sep">309<section class="box box-synth" id="synthese"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-clipboard"/></svg></span><span class="box-label">L’essentiel de la séance</span></div><div class="box-body"><ul><li><strong>Cas intégrateur</strong> (immeuble mixte, Gatineau) : comparaison         <span class="num">1 580 000 $</span> ; coût <span class="num">1 610 000 $</span> ; revenu <span class="num">1 580 000 $</span>         (TGA 5,20 %, vérifié par MRB 9,95) ; conclusion pondérée         40/15/45 <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>→</mo></mrow><annotation encoding="application/x-tex">\rightarrow</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">→</span></span></span></span> <strong><span class="num">1 585 000 $</span></strong>.</li><li><strong>Réconciliation</strong> : jamais une moyenne ; pondérer selon la         pertinence de la méthode, la qualité des données et le comportement des         acheteurs types.</li><li><strong>Formules cardinales</strong> : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>V</mi><mo>≈</mo></mrow><annotation encoding="application/x-tex">V \approx</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6833em;"></span><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">≈</span></span></span></span> prix <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>±</mo></mrow><annotation encoding="application/x-tex">\pm</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">±</span></span></span></span> ajustements ;         <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>V</mi><mo>=</mo><msub><mi>C</mi><mtext>neuf</mtext></msub><mo>−</mo><mi>D</mi><mo>+</mo><msub><mi>V</mi><mtext>terrain</mtext></msub></mrow><annotation encoding="application/x-tex">V = C_{\text{neuf}} - D + V_{\text{terrain}}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6833em;"></span><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.15em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0715em;">C</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3361em;"><span style="top:-2.55em;margin-left:-0.0715em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">neuf</span></span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7667em;vertical-align:-0.0833em;"></span><span class="mord mathnormal" style="margin-right:0.0278em;">D</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.15em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3175em;"><span style="top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">terrain</span></span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span></span></span></span> ;         <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>V</mi><mo>=</mo><mtext>RNE</mtext><mi mathvariant="normal">/</mi><mtext>TGA</mtext></mrow><annotation encoding="application/x-tex">V = \text{RNE}/\text{TGA}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6833em;"></span><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord text"><span class="mord">RNE</span></span><span class="mord">/</span><span class="mord text"><span class="mord">TGA</span></span></span></span></span> ; DCF avec réversion         <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>V</mi><mi>n</mi></msub><mo>=</mo><msub><mtext>RNE</mtext><mrow><mi>n</mi><mo>+</mo><mn>1</mn></mrow></msub><mi mathvariant="normal">/</mi><msub><mtext>TGA</mtext><mtext>sortie</mtext></msub></mrow><annotation encoding="application/x-tex">V_n = \text{RNE}_{n+1}/\text{TGA}_{\text{sortie}}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.15em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.2222em;">V</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.1514em;"><span style="top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mathnormal mtight">n</span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord"><span class="mord text"><span class="mord">RNE</span></span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3011em;"><span style="top:-2.55em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord mathnormal mtight">n</span><span class="mbin mtight">+</span><span class="mord mtight">1</span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.2083em;"><span></span></span></span></span></span></span><span class="mord">/</span><span class="mord"><span class="mord text"><span class="mord">TGA</span></span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3175em;"><span style="top:-2.55em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">sortie</span></span></span></span></span></span><span class="vlist-s">​</span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span></span></span></span>.</li><li><strong>Règles de pratique</strong> : ajustements du comparable vers le sujet ;         net <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≤</mo></mrow><annotation encoding="application/x-tex">\leq</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7719em;vertical-align:-0.136em;"></span><span class="mrel">≤</span></span></span></span> 15 %, brut <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≤</mo></mrow><annotation encoding="application/x-tex">\leq</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7719em;vertical-align:-0.136em;"></span><span class="mrel">≤</span></span></span></span> 25 % ; ratio de dépenses usuel         35–45 % du RBE ; RPV conventionnel <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≤</mo></mrow><annotation encoding="application/x-tex">\leq</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7719em;vertical-align:-0.136em;"></span><span class="mrel">≤</span></span></span></span> 80 %.</li><li><strong>Erreurs coûteuses</strong> : capitaliser le RBP ou le RBE au lieu du         RNE ; inverser le sens des ajustements ; inclure le service de la         dette ; confondre âge chronologique et âge effectif ; négliger les         unités.</li><li><strong>Examen final</strong> (40 %, 3 heures) : QCM 20 %, développement         30 %, calculs 30 %, cas intégrateur 20 % ; accent sur les séances 8 à         13 ; calculatrice non programmable, aucune documentation.</li></ul></div></section>310      </article>311    </div>312  </div>313  <section class="ch-quiz" id="quiz"><div class="ch-quiz-inner"><div id="quiz-app"><p class="gl-count">Chargement du quiz…</p></div></div></section>314  315<nav class="ch-pager" aria-label="Navigation entre les séances">316  <a class="prev" href="/seance/13/"><small>← Séance 13</small><b>Le rapport d'évaluation</b></a>317  <a class="next" href="/aide-memoire/"><small>Annexe A →</small><b>Aide-mémoire des formules</b></a>318</nav>319  320<div class="read-tools" role="toolbar" aria-label="Outils de lecture">321  <button type="button" data-action="notes" data-tip="Mes notes et surlignages" aria-pressed="false"><svg class="" aria-hidden="true"><use href="#i-note"/></svg></button>322  <button type="button" data-action="tts" data-tip="Écouter la séance"><svg class="" aria-hidden="true"><use href="#i-audio"/></svg></button>323  <button type="button" data-action="revision" data-tip="Mode révision" aria-pressed="false"><svg class="" aria-hidden="true"><use href="#i-eye"/></svg></button>324  <hr>325  <button type="button" data-action="fontsize" data-tip="Taille du texte"><svg class="" aria-hidden="true"><use href="#i-text"/></svg></button>326  <button type="button" data-action="theme" data-tip="Thème clair / sombre"><svg class="" aria-hidden="true"><use href="#i-sun"/></svg></button>327  <button type="button" data-action="top" data-tip="Haut de page"><svg class="" aria-hidden="true"><use href="#i-up"/></svg></button>328</div>329<aside class="notes-panel" id="notes-panel" aria-label="Mes notes">330  <div class="notes-head"><h3>Mes notes — séance 14</h3><button class="icon-btn" type="button" data-action="notes-close" aria-label="Fermer">✕</button></div>331  <div class="notes-body">332    <div><h4>Notes personnelles <span id="notes-saved"></span></h4><textarea placeholder="Vos notes pour cette séance (enregistrées automatiquement sur cet appareil)…"></textarea></div>333    <div><h4>Passages surlignés</h4><ul id="hl-list"></ul></div>334  </div>335  <div class="notes-foot"><button class="btn btn-sm btn-ghost" type="button" data-action="notes-export"><svg class="" aria-hidden="true"><use href="#i-download"/></svg> Exporter (Markdown)</button><a class="btn btn-sm btn-ghost" href="/progression/">Toutes mes notes</a></div>336</aside>337<div class="tts-bar" id="tts-bar" hidden><button type="button" id="tts-prev" aria-label="Paragraphe précédent">⏮</button><button type="button" id="tts-play" aria-label="Lecture / pause">⏸</button><button type="button" id="tts-next" aria-label="Paragraphe suivant">⏭</button><select id="tts-rate" aria-label="Vitesse"><option value="0.85">0,85×</option><option value="1" selected>1×</option><option value="1.15">1,15×</option><option value="1.3">1,3×</option></select><span>Lecture audio</span><button type="button" id="tts-stop" aria-label="Arrêter">■</button></div>338</main>339<footer class="site-footer">340  <div class="footer-inner">341    <div class="footer-brand">342      <img src="/assets/brand/uqo-logo-white.png" alt="UQO" width="140" height="59" style="width:140px;height:auto;margin-bottom:10px">343      <div class="brand-code">IMM1003</div>344      <div>Éléments d’évaluation immobilière</div>345      <div style="opacity:.7;margin-top:6px;font-size:.85rem">Automne 2026 · 3 crédits · premier cycle · 14 séances</div>346      <div style="margin-top:14px;font-size:.85rem">Simon-Pierre Boucher, professeur<br>Département des sciences administratives<br>Université du Québec en Outaouais<br><a href="mailto:simon-pierre.boucher@uqo.ca" style="display:inline;padding:0">simon-pierre.boucher@uqo.ca</a></div>347    </div>348    <div><h4>Étudier</h4><a href="/seance/01/">Séances</a><a href="/aide-memoire/">Aide-mémoire</a><a href="/glossaire/">Glossaire</a><a href="/definitions/">Toutes les définitions</a><a href="/carte/">Carte du cours</a><a href="/exercices/">Banque d’exercices</a></div>349    <div><h4>S’exercer</h4><a href="/quiz/">Quiz et examens blancs</a><a href="/entrainement/">Entraînement</a><a href="/jeux/">Jeux de révision</a><a href="/fiches/">Fiches de révision</a><a href="/outils/">Calculateurs</a><a href="/progression/">Ma progression</a></div>350    <div><h4>Ressources</h4><a href="/diapositives/">Diapositives</a><a href="/ressources/">Téléchargements</a><a href="/rapport/">Rapport — marché de l’habitation</a><a href="/bibliographie/">Bibliographie</a><a href="/recherche/">Recherche</a><a href="https://www.uqo-imm1033.app" rel="noopener">IMM1033 — Méthodes du coût en évaluation immobilière</a></div>351  </div>352  <div class="footer-legal"><div><span>© 2026 Simon-Pierre Boucher — Université du Québec en Outaouais. Document destiné aux étudiantes et étudiants inscrits au cours IMM1003 ; toute reproduction ou diffusion sans autorisation écrite de l’auteur est interdite.</span><span>Généré depuis les sources LaTeX · KaTeX · TikZ</span></div></div>353</footer>354<div id="search-modal" class="search-modal" role="dialog" aria-modal="true" aria-label="Recherche dans les notes">355  <div class="search-box">356    <input type="search" placeholder="Rechercher une notion, une formule, un exemple…" autocomplete="off" spellcheck="false">357    <div class="search-results"></div>358    <div class="search-foot"><span><kbd>↑</kbd><kbd>↓</kbd> naviguer</span><span><kbd>↵</kbd> ouvrir</span><span><kbd>Échap</kbd> fermer</span><span style="margin-left:auto"><a href="/recherche/">Page de recherche complète</a></span></div>359  </div>360</div>361362<script src="/assets/js/app.js" defer></script>363</body>364</html>365
Files · main
Menu

Theme