spb/uqo-imm1003

1[{"id": "def-def-1-1", "type": "def", "ch": "01", "num": "Définition 1.1", "front": "évaluation immobilière", "back": "<p id=\"p1-9\">L'<span class=\"motcle\" data-term=\"évaluation immobilière\">évaluation immobilière</span> est l'acte de <strong>déterminer la valeur</strong> d'un droit de propriété immobilière à une <strong>date donnée</strong>, en tenant compte des conditions du marché, par un professionnel qualifié et indépendant.</p>", "url": "/seance/01/#def-1-1"}, {"id": "def-def-1-2", "type": "def", "ch": "01", "num": "Définition 1.2", "front": "évaluateur agréé", "back": "<p id=\"p1-25\">L'<span class=\"motcle\" data-term=\"évaluateur agréé\">évaluateur agréé</span> (É.A.) est un professionnel membre de l'<span class=\"motcle\" data-term=\"Ordre des évaluateurs agréés du Québec\">Ordre des évaluateurs agréés du Québec</span> (OEAQ), seul autorisé à porter ce titre et à émettre une opinion professionnelle sur la valeur d'un bien immobilier.</p>", "url": "/seance/01/#def-1-2"}, {"id": "def-def-1-3", "type": "def", "ch": "01", "num": "Définition 1.3", "front": "ratio prêt/valeur", "back": "<p id=\"p1-47\">Le <span class=\"motcle\" data-term=\"ratio prêt/valeur\">ratio prêt/valeur</span> (RPV) est le rapport entre le montant du prêt hypothécaire et la valeur retenue de la propriété :</p>", "url": "/seance/01/#def-1-3"}, {"id": "def-def-2-1", "type": "def", "ch": "02", "num": "Définition 2.1", "front": "mission de l'OEAQ", "back": "<p id=\"p2-8\">L'<span class=\"motcle\" data-term=\"Ordre des évaluateurs agréés du Québec\">Ordre des évaluateurs agréés du Québec</span> a pour mission première la <strong>protection du public</strong>. Il s'assure que ses membres exercent leur profession avec compétence, intégrité et conformément aux normes établies.</p>", "url": "/seance/02/#def-2-1"}, {"id": "def-def-2-2", "type": "def", "ch": "02", "num": "Définition 2.2", "front": "formation continue obligatoire", "back": "<p id=\"p2-15\">Tout évaluateur agréé doit accumuler <strong>30 heures</strong> de formation continue par <strong>période de référence de deux ans</strong>, conformément au Règlement sur la formation continue obligatoire des membres de l'OEAQ (RLRQ, c. C-26, r. 127.1) <span class=\"citation\">(<a class=\"cite\" href=\"/bibliographie/#fcOEAQ\" data-cite=\"fcOEAQ\">Québec, 2023</a>)</span>.</p>", "url": "/seance/02/#def-2-2"}, {"id": "def-def-2-3", "type": "def", "ch": "02", "num": "Définition 2.3", "front": "inspection professionnelle", "back": "<p id=\"p2-17\">L'<span class=\"motcle\" data-term=\"inspection professionnelle\">inspection professionnelle</span> est le mécanisme <strong>préventif</strong> par lequel l'Ordre vérifie la qualité de la pratique de ses membres. Elle vise à <strong>corriger et améliorer</strong>, non à punir.</p>", "url": "/seance/02/#def-2-3"}, {"id": "def-def-2-4", "type": "def", "ch": "02", "num": "Définition 2.4", "front": "Code de déontologie", "back": "<p id=\"p2-21\">Le <span class=\"motcle\" data-term=\"Code de déontologie\">Code de déontologie</span> des membres de l'OEAQ établit les <strong>obligations éthiques et professionnelles</strong> de tout évaluateur agréé envers le public, ses clients et la profession (RLRQ, c. C-26, r. 123) <span class=\"citation\">(<a class=\"cite\" href=\"/bibliographie/#deontOEAQ\" data-cite=\"deontOEAQ\">Québec, 2012</a>)</span>.</p>", "url": "/seance/02/#def-2-4"}, {"id": "def-def-2-5", "type": "def", "ch": "02", "num": "Définition 2.5", "front": "normes de pratique de l'OEAQ", "back": "<p id=\"p2-37\">Les normes de pratique établissent les <strong>exigences minimales</strong> que doit respecter tout évaluateur agréé, notamment quant au contenu et à la qualité des rapports.</p>", "url": "/seance/02/#def-2-5"}, {"id": "def-def-2-6", "type": "def", "ch": "02", "num": "Définition 2.6", "front": "obligation de moyens", "back": "<p id=\"p2-41\">L'évaluateur est tenu à une <span class=\"motcle\" data-term=\"obligation de moyens\">obligation de moyens</span>, non de résultat : il ne garantit pas que sa valeur sera « la bonne », mais il s'engage à agir comme un professionnel <strong>prudent et diligent</strong> placé dans les mêmes circonstances. Une valeur qui s'avère erronée n'est fautive que si la démarche pour y parvenir était déficiente.</p>", "url": "/seance/02/#def-2-6"}, {"id": "def-def-2-7", "type": "def", "ch": "02", "num": "Définition 2.7", "front": "FARP", "back": "<p id=\"p2-44\">Tout évaluateur agréé doit souscrire au <span class=\"motcle\" data-term=\"Fonds d&#x27;assurance de la responsabilité professionnelle\">Fonds d'assurance de la responsabilité professionnelle</span> (FARP) de l'OEAQ, sauf dispense réglementaire (RLRQ, c. C-26, r. 131). La garantie est de <strong>2 000 000 $ par sinistre</strong> et pour l'ensemble des sinistres d'une période de garantie.</p>", "url": "/seance/02/#def-2-7"}, {"id": "def-def-2-8", "type": "def", "ch": "02", "num": "Définition 2.8", "front": "les trois référentiels", "back": "<p id=\"p2-50\">Au Québec, les normes applicables aux évaluateurs agréés sont les <strong>Normes de pratique professionnelle de l'OEAQ</strong>. Le <span class=\"motcle\" data-term=\"CUSPAP\">CUSPAP</span> (<em>Canadian Uniform Standards of Professional Appraisal Practice</em>) de l'Institut canadien des évaluateurs (AIC) s'applique aux membres de l'AIC partout au Canada, Québec inclus. L'<span class=\"motcle\" data-term=\"USPAP\">USPAP</span> (<em>Uniform Standards of Professional Appraisal Practice</em>) est la référence américaine <span class=\"citation\">(<a class=\"cite\" href=\"/bibliographie/#oeaqNormes\" data-cite=\"oeaqNormes\">Ordre des évaluateurs agréés du Québec, 2024</a>; <a class=\"cite\" href=\"/bibliographie/#cuspap2026\" data-cite=\"cuspap2026\">Appraisal Institute of Canada, 2026</a>; <a class=\"cite\" href=\"/bibliographie/#uspap2024\" data-cite=\"uspap2024\">Appraisal Standards Board, 2024</a>)</span>.</p>", "url": "/seance/02/#def-2-8"}, {"id": "def-def-3-1", "type": "def", "ch": "03", "num": "Définition 3.1", "front": "principe de l'offre et de la demande", "back": "<p id=\"p3-8\">La valeur d'un bien immobilier est déterminée par l'interaction entre l'<span class=\"motcle\" data-term=\"offre\">offre</span> (quantité de biens disponibles) et la <span class=\"motcle\" data-term=\"demande\">demande</span> (désir et capacité des acheteurs d'acquérir ces biens) sur un marché donné, à un moment donné.</p>", "url": "/seance/03/#def-3-1"}, {"id": "def-def-3-2", "type": "def", "ch": "03", "num": "Définition 3.2", "front": "prix d'équilibre", "back": "<p id=\"p3-11\">Le <span class=\"motcle\" data-term=\"prix d&#x27;équilibre\">prix d'équilibre</span> (<span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><msup><mi>P</mi><mo>∗</mo></msup></mrow><annotation encoding=\"application/x-tex\">P^*</annotation></semantics></math></span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6887em;\"></span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">P</span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.6887em;\"><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=\"mbin mtight\">∗</span></span></span></span></span></span></span></span></span></span></span>) est celui auquel la quantité offerte égale la quantité demandée. C'est le prix vers lequel tend le marché en l'absence de perturbations externes.</p>", "url": "/seance/03/#def-3-2"}, {"id": "def-def-3-3", "type": "def", "ch": "03", "num": "Définition 3.3", "front": "élasticité", "back": "<p id=\"p3-18\">L'<span class=\"motcle\" data-term=\"élasticité\">élasticité</span> mesure la sensibilité de la quantité offerte (ou demandée) à une variation du prix. En immobilier, l'offre est généralement <strong>inélastique à court terme</strong>, car la construction prend du temps.</p>", "url": "/seance/03/#def-3-3"}, {"id": "def-def-3-4", "type": "def", "ch": "03", "num": "Définition 3.4", "front": "principe de substitution", "back": "<p id=\"p3-23\">Un acheteur prudent et informé ne paiera pas plus pour un bien immobilier que le <strong>coût d'acquisition d'un bien substitut</strong> offrant une utilité équivalente, que ce soit par achat, construction ou location.</p>", "url": "/seance/03/#def-3-4"}, {"id": "def-def-3-5", "type": "def", "ch": "03", "num": "Définition 3.5", "front": "utilisation optimale", "back": "<p id=\"p3-29\">L'<span class=\"motcle\" data-term=\"utilisation optimale\">utilisation optimale</span> (<em>highest and best use</em>) est l'utilisation <strong>raisonnablement probable</strong> d'un bien immobilier qui est <strong>légalement permise</strong>, <strong>physiquement possible</strong>, <strong>financièrement faisable</strong> et qui produit la <strong>valeur la plus élevée</strong> (maximalement productive).</p>", "url": "/seance/03/#def-3-5"}, {"id": "def-def-3-6", "type": "def", "ch": "03", "num": "Définition 3.6", "front": "principe d'anticipation", "back": "<p id=\"p3-41\">La valeur d'un bien immobilier est fonction des <strong>bénéfices futurs anticipés</strong> (revenus, jouissance, plus-value) que le propriétaire s'attend à en retirer. La valeur est tournée vers l'<strong>avenir</strong>, non vers le passé.</p>", "url": "/seance/03/#def-3-6"}, {"id": "def-def-3-7", "type": "def", "ch": "03", "num": "Définition 3.7", "front": "principe de changement", "back": "<p id=\"p3-45\">Les conditions du marché immobilier sont en <strong>constante évolution</strong>. La valeur d'un bien reflète les conditions existantes et anticipées à une <strong>date précise</strong>. Les forces qui influencent la valeur changent continuellement.</p>", "url": "/seance/03/#def-3-7"}, {"id": "def-def-3-8", "type": "def", "ch": "03", "num": "Définition 3.8", "front": "principe de contribution", "back": "<p id=\"p3-50\">La valeur d'une composante d'un bien se mesure par sa <strong>contribution à la valeur totale</strong> du bien, et non par son coût de construction ou d'installation.</p>", "url": "/seance/03/#def-3-8"}, {"id": "def-def-3-9", "type": "def", "ch": "03", "num": "Définition 3.9", "front": "principe de conformité", "back": "<p id=\"p3-53\">Un bien atteint sa <strong>valeur maximale</strong> dans un environnement où les usages sont <strong>homogènes et compatibles</strong>. La conformité au voisinage favorise la stabilité et la croissance de la valeur.</p>", "url": "/seance/03/#def-3-9"}, {"id": "def-def-3-10", "type": "def", "ch": "03", "num": "Définition 3.10", "front": "principe d'équilibre", "back": "<p id=\"p3-55\">La valeur maximale est atteinte lorsqu'il y a <strong>équilibre optimal</strong> entre les quatre agents de production immobilière : le <strong>terrain</strong>, le <strong>travail</strong> (main-d'œuvre), le <strong>capital</strong> et la <strong>gestion</strong> (coordination, entrepreneuriat).</p>", "url": "/seance/03/#def-3-10"}, {"id": "def-def-3-11", "type": "def", "ch": "03", "num": "Définition 3.11", "front": "rendements décroissants", "back": "<p id=\"p3-58\">Au-delà d'un certain point, des investissements additionnels dans un bien produisent des <strong>augmentations de valeur de plus en plus faibles</strong>, puis éventuellement des rendements négatifs (suréquipement).</p>", "url": "/seance/03/#def-3-11"}, {"id": "def-def-3-12", "type": "def", "ch": "03", "num": "Définition 3.12", "front": "principe des externalités", "back": "<p id=\"p3-60\">La valeur d'un bien est influencée par des facteurs <strong>extérieurs</strong> au bien lui-même, <strong>positifs</strong> (ils augmentent la valeur) ou <strong>négatifs</strong> (ils la diminuent).</p>", "url": "/seance/03/#def-3-12"}, {"id": "def-def-3-13", "type": "def", "ch": "03", "num": "Définition 3.13", "front": "principe de la concurrence", "back": "<p id=\"p3-62\">Lorsque les <strong>profits</strong> d'un segment de marché sont élevés, ils attirent de nouveaux développeurs et investisseurs, ce qui <strong>augmente l'offre</strong> et finit par réduire les profits et stabiliser les prix.</p>", "url": "/seance/03/#def-3-13"}, {"id": "def-def-4-1", "type": "def", "ch": "04", "num": "Définition 4.1", "front": "valeur marchande (OEAQ)", "back": "<p id=\"p4-9\">La valeur marchande est le <strong>prix le plus probable</strong> qu'un bien immobilier devrait atteindre dans un marché <strong>ouvert et concurrentiel</strong>, sous toutes les conditions requises pour une transaction équitable, l'acheteur et le vendeur agissant chacun de manière <strong>prudente, informée et sans contrainte</strong>, et en supposant que le prix n'est pas affecté par un financement ou une condition de vente particulière.</p>", "url": "/seance/04/#def-4-1"}, {"id": "def-def-4-2", "type": "def", "ch": "04", "num": "Définition 4.2", "front": "valeur d'assurance", "back": "<p id=\"p4-38\">La <span class=\"motcle\" data-term=\"valeur d&#x27;assurance\">valeur d'assurance</span> est le <strong>coût de remplacement</strong> ou de <strong>reconstruction</strong> des améliorations (bâtiments) uniquement, à neuf, en cas de sinistre. Elle <strong>exclut le terrain</strong>, puisque celui-ci n'est pas détruit par un incendie ou une catastrophe.</p>", "url": "/seance/04/#def-4-2"}, {"id": "def-def-4-3", "type": "def", "ch": "04", "num": "Définition 4.3", "front": "valeur fiscale", "back": "<p id=\"p4-43\">La <span class=\"motcle\" data-term=\"valeur fiscale\">valeur fiscale</span> est la <strong>valeur réelle</strong> d'un immeuble inscrite au <strong>rôle d'évaluation foncière</strong> municipal, servant de base au calcul des taxes foncières. Au Québec, elle est établie conformément à la Loi sur la fiscalité municipale (art. 43 LFM).</p>", "url": "/seance/04/#def-4-3"}, {"id": "def-def-4-4", "type": "def", "ch": "04", "num": "Définition 4.4", "front": "valeur liquidative", "back": "<p id=\"p4-49\">La <span class=\"motcle\" data-term=\"valeur liquidative\">valeur liquidative</span> est le prix qu'un bien immobilier est susceptible d'atteindre lors d'une <strong>vente forcée</strong>, dans un <strong>délai restreint</strong>, souvent dans le cadre d'une faillite, d'une saisie hypothécaire ou d'une succession urgente.</p>", "url": "/seance/04/#def-4-4"}, {"id": "def-def-4-5", "type": "def", "ch": "04", "num": "Définition 4.5", "front": "valeur d'investissement", "back": "<p id=\"p4-54\">La <span class=\"motcle\" data-term=\"valeur d&#x27;investissement\">valeur d'investissement</span> est la valeur d'un bien immobilier pour un <strong>investisseur spécifique</strong>, fondée sur ses critères personnels de rendement, sa situation fiscale, son financement et ses objectifs. Elle est <strong>subjective</strong> et peut différer de la valeur marchande.</p>", "url": "/seance/04/#def-4-5"}, {"id": "def-def-4-6", "type": "def", "ch": "04", "num": "Définition 4.6", "front": "valeur d'utilisation", "back": "<p id=\"p4-59\">La <span class=\"motcle\" data-term=\"valeur d&#x27;utilisation\">valeur d'utilisation</span> est la valeur d'un bien pour un <strong>usage spécifique</strong>, qui peut différer de l'utilisation optimale reconnue par le marché. Elle s'applique surtout aux biens à usage unique ou spécialisé.</p>", "url": "/seance/04/#def-4-6"}, {"id": "def-def-4-7", "type": "def", "ch": "04", "num": "Définition 4.7", "front": "valeur hypothécaire", "back": "<p id=\"p4-61\">La <span class=\"motcle\" data-term=\"valeur hypothécaire\">valeur hypothécaire</span> (ou valeur prêtable) est la valeur retenue par le prêteur pour établir le montant maximal du prêt garanti par l'immeuble. Elle est généralement <strong>conservatrice</strong> par rapport à la valeur marchande.</p>", "url": "/seance/04/#def-4-7"}, {"id": "def-def-4-8", "type": "def", "ch": "04", "num": "Définition 4.8", "front": "valeur réelle (art. 43 LFM)", "back": "<p id=\"p4-106\">« La valeur réelle d'une unité d'évaluation est sa <strong>valeur d'échange</strong> sur un marché libre et ouvert à la concurrence, soit le prix le plus probable qui peut être payé lors d'une vente de gré à gré dans les conditions suivantes : le vendeur et l'acheteur désirent respectivement vendre et acheter, sans y être forcés, et agissent avec prudence. »</p>", "url": "/seance/04/#def-4-8"}, {"id": "def-def-5-1", "type": "def", "ch": "05", "num": "Définition 5.1", "front": "marché immobilier", "back": "<p id=\"p5-8\">Le <span class=\"motcle\" data-term=\"marché immobilier\">marché immobilier</span> est l'ensemble des mécanismes par lesquels des droits de propriété immobilière sont <strong>échangés</strong>, des <strong>prix</strong> sont établis et l'<strong>espace</strong> est alloué entre différents usages concurrents.</p>", "url": "/seance/05/#def-5-1"}, {"id": "def-def-5-2", "type": "def", "ch": "05", "num": "Définition 5.2", "front": "cycle immobilier", "back": "<p id=\"p5-29\">Le <span class=\"motcle\" data-term=\"cycle immobilier\">cycle immobilier</span> est la fluctuation <strong>récurrente</strong> de l'activité et des prix, composée de phases successives d'expansion, de sommet, de contraction et de creux. Au Canada, un cycle complet dure en moyenne <strong>7 à 12 ans</strong>.</p>", "url": "/seance/05/#def-5-2"}, {"id": "def-def-5-3", "type": "def", "ch": "05", "num": "Définition 5.3", "front": "taux directeur", "back": "<p id=\"p5-50\">Le <span class=\"motcle\" data-term=\"taux directeur\">taux directeur</span> de la Banque du Canada est le taux d'intérêt cible auquel les grandes institutions financières se prêtent des fonds pour une durée d'un jour. Il influence directement les taux hypothécaires. Au 15 juillet 2026, il est maintenu à <strong>2,25 %</strong>.</p>", "url": "/seance/05/#def-5-3"}, {"id": "def-def-5-4", "type": "def", "ch": "05", "num": "Définition 5.4", "front": "indice des conditions de marché (APCIQ/Centris)", "back": "<p id=\"p5-78\">Rapport entre les <strong>ventes</strong> et les <strong>nouvelles inscriptions</strong> d'une période, utilisé pour qualifier l'état du marché : marché d'acheteurs (ratio <span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><mo>&lt;</mo></mrow><annotation encoding=\"application/x-tex\">&lt;</annotation></semantics></math></span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5782em;vertical-align:-0.0391em;\"></span><span class=\"mrel\">&lt;</span></span></span></span> 40 %), marché équilibré (40–60 %), marché de vendeurs (ratio <span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><mo>&gt;</mo></mrow><annotation encoding=\"application/x-tex\">&gt;</annotation></semantics></math></span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.5782em;vertical-align:-0.0391em;\"></span><span class=\"mrel\">&gt;</span></span></span></span> 60 %).</p>", "url": "/seance/05/#def-5-4"}, {"id": "def-def-6-1", "type": "def", "ch": "06", "num": "Définition 6.1", "front": "principe fondamental de la collecte", "back": "<p id=\"p6-8\">La qualité d'une évaluation repose directement sur la <strong>qualité, la pertinence et la fiabilité</strong> des données recueillies. L'évaluateur doit collecter des données <strong>suffisantes</strong> pour appuyer chacune de ses analyses et conclusions.</p>", "url": "/seance/06/#def-6-1"}, {"id": "def-def-6-2", "type": "def", "ch": "06", "num": "Définition 6.2", "front": "Registre foncier", "back": "<p id=\"p6-15\">Le <span class=\"motcle\" data-term=\"Registre foncier\">Registre foncier</span> du Québec (Bureau de la publicité des droits, aujourd'hui sous la responsabilité du ministère des Ressources naturelles et des Forêts) est le registre <strong>public</strong> qui assure la <strong>publicité des droits réels immobiliers</strong>. C'est la source primaire pour confirmer les droits de propriété et les conditions des transactions.</p>", "url": "/seance/06/#def-6-2"}, {"id": "def-def-6-3", "type": "def", "ch": "06", "num": "Définition 6.3", "front": "Centris", "back": "<p id=\"p6-21\"><span class=\"motcle\" data-term=\"Centris\">Centris</span> est la plateforme de mise en marché des propriétés au Québec, gérée par l'APCIQ — l'équivalent québécois du système MLS (<em>Multiple Listing Service</em>). C'est la source la plus complète de données transactionnelles résidentielles.</p>", "url": "/seance/06/#def-6-3"}, {"id": "def-def-6-4", "type": "def", "ch": "06", "num": "Définition 6.4", "front": "rôle d'évaluation", "back": "<p id=\"p6-26\">Le <span class=\"motcle\" data-term=\"rôle d&#x27;évaluation\">rôle d'évaluation</span> est le document officiel préparé par les municipalités (ou les MRC) qui attribue une <strong>valeur foncière</strong> à chaque propriété aux fins de la <strong>taxation municipale</strong>. Il est révisé tous les <strong>trois ans</strong> au Québec.</p>", "url": "/seance/06/#def-6-4"}, {"id": "def-def-6-5", "type": "def", "ch": "06", "num": "Définition 6.5", "front": "description légale", "back": "<p id=\"p6-35\">La <span class=\"motcle\" data-term=\"description légale\">description légale</span> du bien-fonds est son identification officielle et unique dans les registres publics, suffisamment précise pour le distinguer de tout autre immeuble.</p>", "url": "/seance/06/#def-6-5"}, {"id": "def-def-6-6", "type": "def", "ch": "06", "num": "Définition 6.6", "front": "servitude (art. 1177 C.c.Q.)", "back": "<p id=\"p6-44\">Une <span class=\"motcle\" data-term=\"servitude\">servitude</span> est une <strong>charge imposée sur un immeuble</strong> (le fonds servant) en faveur d'un autre immeuble (le fonds dominant). Elle peut être réelle (liée au terrain) ou personnelle (liée à une personne).</p>", "url": "/seance/06/#def-6-6"}, {"id": "def-def-6-7", "type": "def", "ch": "06", "num": "Définition 6.7", "front": "certificat de localisation", "back": "<p id=\"p6-47\">Le <span class=\"motcle\" data-term=\"certificat de localisation\">certificat de localisation</span> est un document d'arpentage, préparé par un <strong>arpenteur-géomètre</strong>, qui montre l'état actuel d'un immeuble par rapport aux titres de propriété, au cadastre et aux règlements municipaux.</p>", "url": "/seance/06/#def-6-7"}, {"id": "def-def-6-8", "type": "def", "ch": "06", "num": "Définition 6.8", "front": "vente comparable", "back": "<p id=\"p6-51\">Un <span class=\"motcle\" data-term=\"comparable\">comparable</span> est une propriété ayant fait l'objet d'une <strong>transaction récente</strong> et possédant des <strong>caractéristiques similaires</strong> au bien-fonds évalué, permettant d'en tirer des indications de valeur par comparaison.</p>", "url": "/seance/06/#def-6-8"}, {"id": "def-def-6-9", "type": "def", "ch": "06", "num": "Définition 6.9", "front": "confirmation des ventes", "back": "<p id=\"p6-72\">La <span class=\"motcle\" data-term=\"confirmation des ventes\">confirmation des ventes</span> consiste à vérifier les détails d'une transaction auprès de sources fiables pour s'assurer que les données sont exactes et que la vente reflète les conditions normales du marché.</p>", "url": "/seance/06/#def-6-9"}, {"id": "def-def-7-1", "type": "def", "ch": "07", "num": "Définition 7.1", "front": "l'évaluateur agréé", "back": "<p id=\"p7-22\">L'<span class=\"motcle\" data-term=\"évaluateur agréé\">évaluateur agréé</span> (É.A.) est un professionnel membre de l'Ordre des évaluateurs agréés du Québec (OEAQ), autorisé à émettre une <strong>opinion indépendante et motivée</strong> sur la valeur d'un bien immobilier. Son titre est <strong>réservé</strong> en vertu du Code des professions (RLRQ, c. C-26).</p>", "url": "/seance/07/#def-7-1"}, {"id": "def-def-7-2", "type": "def", "ch": "07", "num": "Définition 7.2", "front": "l'utilisation optimale (HBU)", "back": "<p id=\"p7-36\">L'<span class=\"motcle\" data-term=\"utilisation optimale\">utilisation optimale</span> (<em>highest and best use</em>) est l'usage qui satisfait <strong>cumulativement</strong> quatre critères : (1) <strong>légalement permis</strong>; (2) <strong>physiquement possible</strong>; (3) <strong>financièrement faisable</strong>; (4) <strong>maximalement productif</strong> parmi les usages admissibles.</p>", "url": "/seance/07/#def-7-2"}, {"id": "def-def-7-3", "type": "def", "ch": "07", "num": "Définition 7.3", "front": "la valeur marchande — formulation exigible", "back": "<p id=\"p7-39\">La <span class=\"motcle\" data-term=\"valeur marchande\">valeur marchande</span> est le prix le plus probable qu'un bien devrait atteindre dans un <strong>marché ouvert et concurrentiel</strong>, entre un acheteur et un vendeur <strong>consentants, informés et prudents</strong>, agissant dans leur meilleur intérêt, <strong>sans pression indue</strong>, après un <strong>délai de mise en marché raisonnable</strong>.</p>", "url": "/seance/07/#def-7-3"}, {"id": "def-def-8-1", "type": "def", "ch": "08", "num": "Définition 8.1", "front": "méthode de comparaison", "back": "<p id=\"p8-9\">La <strong>méthode de comparaison</strong> (<em>Sales Comparison Approach</em>) estime la valeur d'un bien en le comparant à des <strong>biens similaires récemment vendus</strong> sur le même marché. Les prix de vente des comparables sont <strong>ajustés</strong> pour refléter leurs différences avec le bien sujet, afin d'en déduire une <strong>indication de valeur</strong>.</p>", "url": "/seance/08/#def-8-1"}, {"id": "def-def-8-2", "type": "def", "ch": "08", "num": "Définition 8.2", "front": "principe de substitution appliqué à la comparaison", "back": "<p id=\"p8-11\">Un acheteur rationnel et informé ne paiera pas plus pour un bien que le <strong>coût d'acquisition d'un substitut équivalent</strong> offrant la même utilité. La valeur d'un bien est donc <strong>bornée</strong> par les prix payés pour des biens comparables sur le marché.</p>", "url": "/seance/08/#def-8-2"}, {"id": "def-def-8-3", "type": "def", "ch": "08", "num": "Définition 8.3", "front": "comparable idéal", "back": "<p id=\"p8-20\">Un <span class=\"motcle\" data-term=\"comparable\">comparable</span> idéal est une propriété <strong>identique</strong> au bien sujet, vendue récemment, dans des conditions de marché normales, dans le même secteur. Comme il n'existe à peu près jamais, on recherche en pratique les biens les plus <strong>similaires possible</strong>, en acceptant que chaque différence résiduelle devra être ajustée.</p>", "url": "/seance/08/#def-8-3"}, {"id": "def-def-8-4", "type": "def", "ch": "08", "num": "Définition 8.4", "front": "ajustement temporel", "back": "<p id=\"p8-46\">L'<span class=\"motcle\" data-term=\"ajustement temporel\">ajustement temporel</span> corrige le prix d'un comparable pour refléter l'<strong>évolution du marché</strong> entre sa date de vente et la date d'évaluation. C'est un ajustement <em>transactionnel</em>, appliqué avant les ajustements de propriété.</p>", "url": "/seance/08/#def-8-4"}, {"id": "def-def-9-1", "type": "def", "ch": "09", "num": "Définition 9.1", "front": "le rôle d'un ajustement", "back": "<p id=\"p9-8\">Aucun comparable n'est identique au sujet. Un <span class=\"motcle\" data-term=\"ajustement\">ajustement</span> transforme le prix de vente d'un comparable pour refléter ce qu'il aurait valu <strong>s'il avait été identique au sujet</strong> à la date d'évaluation.</p>", "url": "/seance/09/#def-9-1"}, {"id": "def-def-9-2", "type": "def", "ch": "09", "num": "Définition 9.2", "front": "analyse par paires", "back": "<p id=\"p9-29\">L'<span class=\"motcle\" data-term=\"analyse par paires\">analyse par paires</span> (<em>paired sales analysis</em>) isole la valeur d'un élément en comparant deux ventes <strong>identiques en tout sauf cet élément</strong> : l'écart de prix mesure la contribution marchande de l'élément.</p>", "url": "/seance/09/#def-9-2"}, {"id": "def-def-9-3", "type": "def", "ch": "09", "num": "Définition 9.3", "front": "ajustements net et brut", "back": "<p id=\"p9-43\">L'ajustement <strong>net</strong> d'un comparable est la <strong>somme algébrique</strong> de ses ajustements (les signes se compensent); l'ajustement <strong>brut</strong> est la <strong>somme des valeurs absolues</strong> (rien ne se compense). Tous deux s'expriment en pourcentage du prix de vente. Repères usuels : net <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>, brut <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>.</p>", "url": "/seance/09/#def-9-3"}, {"id": "def-def-9-4", "type": "def", "ch": "09", "num": "Définition 9.4", "front": "réconciliation", "back": "<p id=\"p9-49\">La <span class=\"motcle\" data-term=\"réconciliation\">réconciliation</span> est le processus par lequel l'évaluateur analyse les indications de valeur des comparables ajustés et formule une <strong>conclusion finale</strong> — valeur ponctuelle ou fourchette. Ce n'est <strong>pas une moyenne arithmétique</strong> : c'est un jugement professionnel fondé sur la <strong>fiabilité relative</strong> de chaque indication.</p>", "url": "/seance/09/#def-9-4"}, {"id": "def-def-10-1", "type": "def", "ch": "10", "num": "Définition 10.1", "front": "principe de substitution appliqué au coût", "back": "<p id=\"p10-10\">Un acheteur rationnel ne paiera pas <strong>plus</strong> pour une propriété existante que le coût de <strong>construire un substitut équivalent</strong>, à condition que le délai de construction soit acceptable et qu'aucune perte d'opportunité ne soit encourue.</p>", "url": "/seance/10/#def-10-1"}, {"id": "def-def-10-2", "type": "def", "ch": "10", "num": "Définition 10.2", "front": "coût de remplacement", "back": "<p id=\"p10-27\">Coût de construire un bâtiment ayant la <strong>même utilité</strong> que le sujet, en utilisant les matériaux, normes et techniques <strong>actuels</strong>.</p>", "url": "/seance/10/#def-10-2"}, {"id": "def-def-10-3", "type": "def", "ch": "10", "num": "Définition 10.3", "front": "coût de reproduction", "back": "<p id=\"p10-28\">Coût de construire une <strong>réplique exacte</strong> du bâtiment sujet, avec les <strong>mêmes matériaux</strong>, le même design et les mêmes techniques de construction.</p>", "url": "/seance/10/#def-10-3"}, {"id": "def-def-10-4", "type": "def", "ch": "10", "num": "Définition 10.4", "front": "coûts directs (durs)", "back": "<p id=\"p10-34\">Coûts directement liés à la <strong>construction physique</strong> du bâtiment : main-d'œuvre (au Québec, encadrée par les conventions de la CCQ), matériaux, équipement de chantier, sous-traitants spécialisés, excavation et fondations, branchements aux services (eau, égout, électricité). Ils représentent typiquement <strong>65 à 80 %</strong> du coût total.</p>", "url": "/seance/10/#def-10-4"}, {"id": "def-def-10-5", "type": "def", "ch": "10", "num": "Définition 10.5", "front": "coûts indirects (mous)", "back": "<p id=\"p10-35\">Coûts <strong>non liés directement</strong> à la construction physique : honoraires professionnels (architecte, ingénieur), permis, frais légaux et notariaux, financement intérimaire, taxes et assurances durant le chantier, gestion de projet. Typiquement <strong>10 à 25 %</strong> du coût total.</p>", "url": "/seance/10/#def-10-5"}, {"id": "def-def-10-6", "type": "def", "ch": "10", "num": "Définition 10.6", "front": "profit de l'entrepreneur / du promoteur", "back": "<p id=\"p10-36\">Rémunération du <strong>risque</strong> et de la coordination du projet, ajoutée aux coûts directs et indirects. Typiquement <strong>5 à 15 %</strong>, selon le marché et le type de projet.</p>", "url": "/seance/10/#def-10-6"}, {"id": "def-def-10-7", "type": "def", "ch": "10", "num": "Définition 10.7", "front": "dépréciation", "back": "<p id=\"p10-47\">La dépréciation est la <strong>perte de valeur</strong> d'un bâtiment par rapport à son coût de remplacement (ou de reproduction) à neuf, <em>quelle qu'en soit la cause</em>.</p>", "url": "/seance/10/#def-10-7"}, {"id": "def-def-10-8", "type": "def", "ch": "10", "num": "Définition 10.8", "front": "dépréciation curable", "back": "<p id=\"p10-51\">La correction est <strong>économiquement justifiable</strong> : le coût de la réparation est <strong>inférieur ou égal</strong> à la valeur qu'elle ajoute.</p>", "url": "/seance/10/#def-10-8"}, {"id": "def-def-10-9", "type": "def", "ch": "10", "num": "Définition 10.9", "front": "dépréciation incurable", "back": "<p id=\"p10-52\">La correction n'est <strong>pas économiquement justifiable</strong> : le coût de la réparation <strong>dépasse</strong> la valeur ajoutée, ou la réparation est matériellement impossible.</p>", "url": "/seance/10/#def-10-9"}, {"id": "def-def-10-10", "type": "def", "ch": "10", "num": "Définition 10.10", "front": "entretien différé", "back": "<p id=\"p10-56\">La dépréciation physique curable correspond à l'<strong>entretien différé</strong> : les travaux de réparation nécessaires et économiquement justifiables au jour de l'évaluation. Elle se mesure par le <strong>coût de la réparation</strong>.</p>", "url": "/seance/10/#def-10-10"}, {"id": "def-def-10-11", "type": "def", "ch": "10", "num": "Définition 10.11", "front": "âge chronologique, âge effectif, vie utile", "back": "<p id=\"p10-59\">L'<strong>âge chronologique</strong> est le nombre d'années écoulées depuis la construction. L'<strong>âge effectif</strong> est l'âge <em>apparent</em> du bâtiment compte tenu de son état réel et de son entretien — il peut être inférieur, égal ou supérieur à l'âge chronologique. La <strong>vie utile restante</strong> est la vie utile totale moins l'âge effectif.</p>", "url": "/seance/10/#def-10-11"}, {"id": "def-def-10-12", "type": "def", "ch": "10", "num": "Définition 10.12", "front": "fonctionnelle curable", "back": "<p id=\"p10-65\">Obsolescence <em>interne</em> dont la correction est économiquement justifiable. Mesure : coût de la mise à jour, moins la valeur récupérable de ce qui est enlevé.</p>", "url": "/seance/10/#def-10-12"}, {"id": "def-def-10-13", "type": "def", "ch": "10", "num": "Définition 10.13", "front": "fonctionnelle incurable", "back": "<p id=\"p10-67\">Obsolescence interne dont la correction n'est <strong>pas justifiable</strong> économiquement. Mesure : perte de revenu ou de valeur <em>capitalisée</em>.</p>", "url": "/seance/10/#def-10-13"}, {"id": "def-def-10-14", "type": "def", "ch": "10", "num": "Définition 10.14", "front": "dépréciation économique", "back": "<p id=\"p10-69\">Perte de valeur causée par des facteurs <strong>extérieurs</strong> au bâtiment et au terrain, sur lesquels le propriétaire n'a <strong>aucun contrôle</strong>. Elle est, par nature, <strong>toujours incurable</strong> : on ne « répare » pas une autoroute.</p>", "url": "/seance/10/#def-10-14"}, {"id": "def-def-10-15", "type": "def", "ch": "10", "num": "Définition 10.15", "front": "postulat du terrain vacant", "back": "<p id=\"p10-77\">Dans la méthode du coût, le terrain est évalué <strong>comme s'il était vacant et disponible pour son utilisation optimale</strong>. Le terrain ne se déprécie pas : seules les améliorations (bâtiments) se déprécient.</p>", "url": "/seance/10/#def-10-15"}, {"id": "def-def-11-1", "type": "def", "ch": "11", "num": "Définition 11.1", "front": "principe fondamental de la méthode du revenu", "back": "<p id=\"p11-9\">La valeur d'un immeuble à revenus correspond à la <strong>valeur présente des bénéfices futurs</strong> que cet immeuble peut générer pour son propriétaire. Un investisseur rationnel paie en fonction de la capacité de l'immeuble à produire des revenus nets.</p>", "url": "/seance/11/#def-11-1"}, {"id": "def-def-11-2", "type": "def", "ch": "11", "num": "Définition 11.2", "front": "capitalisation directe", "back": "<p id=\"p11-18\">Convertit le RNE <strong>stabilisé d'une seule année</strong> en valeur : <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>. Simple et rapide, elle suppose des revenus et des dépenses <strong>stables</strong> et s'appuie sur des <strong>comparables fiables</strong> (ventes d'immeubles à revenus dont on connaît le RNE).</p>", "url": "/seance/11/#def-11-2"}, {"id": "def-def-11-3", "type": "def", "ch": "11", "num": "Définition 11.3", "front": "actualisation des flux monétaires (DCF)", "back": "<p id=\"p11-19\">Actualise <strong>chaque flux futur</strong> sur une période de détention (5 à 10 ans), plus la valeur de revente :</p>\n<div class=\"eq\" id=\"eq-11-2\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\" display=\"block\"><semantics><mtable width=\"100%\"><mtr><mtd width=\"50%\"></mtd><mtd><mrow><mi>V</mi><mtext>  </mtext><mo>=</mo><mtext>  </mtext><munderover><mo>∑</mo><mrow><mi>t</mi><mo>=</mo><mn>1</mn></mrow><mi>n</mi></munderover><mfrac><mrow><mi>C</mi><msub><mi>F</mi><mi>t</mi></msub></mrow><mrow><mo stretchy=\"false\">(</mo><mn>1</mn><mo>+</mo><mi>r</mi><msup><mo stretchy=\"false\">)</mo><mi>t</mi></msup></mrow></mfrac><mtext>  </mtext><mo>+</mo><mtext>  </mtext><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></mrow></mtd><mtd width=\"50%\"></mtd><mtd><mtext>(11.2)</mtext></mtd></mtr></mtable><annotation encoding=\"application/x-tex\">V \\;=\\; \\sum_{t=1}^{n} \\frac{CF_t}{(1+r)^t} \\;+\\; \\frac{V_n}{(1+r)^n}\\tag{11.2}</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:2.9185em;vertical-align:-1.2671em;\"></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 mathnormal\" style=\"margin-right:0.0715em;\">C</span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">F</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-left:-0.1389em;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:0.2778em;\"></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><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2963em;vertical-align:-0.936em;\"></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><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:2.9185em;vertical-align:-1.2671em;\"></span><span class=\"mord text\"><span class=\"mord\">(</span><span class=\"mord\"><span class=\"mord\">11.2</span></span><span class=\"mord\">)</span></span></span></span></span></span></div>\n<p id=\"p11-20\">Plus complexe mais plus flexible, elle admet des revenus et des dépenses <strong>variables</strong> d'une année à l'autre.</p>", "url": "/seance/11/#def-11-3"}, {"id": "def-def-11-4", "type": "def", "ch": "11", "num": "Définition 11.4", "front": "revenu brut potentiel", "back": "<p id=\"p11-23\">Le <strong>revenu brut potentiel</strong> (RBP) est le revenu total que l'immeuble pourrait générer si <strong>tous les logements étaient loués à 100 %</strong> aux loyers du marché, sans aucune perte.</p>", "url": "/seance/11/#def-11-4"}, {"id": "def-def-11-5", "type": "def", "ch": "11", "num": "Définition 11.5", "front": "loyer du marché vs loyer contractuel", "back": "<p id=\"p11-25\">Le <strong>loyer du marché</strong> est celui qu'obtiendrait chaque logement s'il était mis en location aujourd'hui, établi à partir des comparables; il reflète l'offre et la demande actuelles. Le <strong>loyer contractuel</strong> est celui que paie réellement le locataire selon le bail en vigueur.</p>", "url": "/seance/11/#def-11-5"}, {"id": "def-def-11-6", "type": "def", "ch": "11", "num": "Définition 11.6", "front": "dépenses fixes", "back": "<p id=\"p11-46\">Dépenses qui ne varient pas (ou peu) avec le taux d'occupation : <strong>taxes foncières</strong> (municipales et scolaires) et <strong>assurances</strong> (immeuble et responsabilité civile).</p>", "url": "/seance/11/#def-11-6"}, {"id": "def-def-11-7", "type": "def", "ch": "11", "num": "Définition 11.7", "front": "dépenses variables", "back": "<p id=\"p11-47\">Dépenses qui fluctuent avec l'occupation ou l'utilisation : entretien et réparations, énergie des espaces communs, gestion immobilière, conciergerie, déneigement, entretien paysager, publicité et mise en location.</p>", "url": "/seance/11/#def-11-7"}, {"id": "def-def-11-8", "type": "def", "ch": "11", "num": "Définition 11.8", "front": "réserve pour remplacement", "back": "<p id=\"p11-48\">Provision annuelle pour le remplacement des composantes à <strong>durée de vie limitée</strong> (toiture, fenêtres, chauffe-eau, électroménagers). Typiquement 2 à 5 % du RBE. Aussi appelée « réserve structurale ».</p>", "url": "/seance/11/#def-11-8"}, {"id": "def-def-11-9", "type": "def", "ch": "11", "num": "Définition 11.9", "front": "normalisation et stabilisation", "back": "<p id=\"p11-68\"><strong>Normaliser</strong> : ajuster revenus et dépenses pour refléter ce qui est typique du marché et de l'immeuble (éliminer le non-récurrent, corriger le sous- ou surestimé, appliquer les taux de marché, recouper avec les ratios). <strong>Stabiliser</strong> : projeter un RNE représentatif d'une année <em>typique</em> — ni la meilleure ni la pire —, à taux d'occupation normal et à dépenses normales. C'est ce RNE stabilisé, et lui seul, que capitalise la méthode directe.</p>", "url": "/seance/11/#def-11-9"}, {"id": "def-def-11-10", "type": "def", "ch": "11", "num": "Définition 11.10", "front": "Tribunal administratif du logement", "back": "<p id=\"p11-79\">Le TAL (anciennement la Régie du logement, jusqu'en 2020) encadre les relations entre locateurs et locataires pour les logements résidentiels au Québec. Il fixe les augmentations de loyer en cas de désaccord, autorise ou refuse les reprises de logement, tranche les litiges, ordonne des réparations et autorise les résiliations de bail.</p>", "url": "/seance/11/#def-11-10"}, {"id": "def-def-12-1", "type": "def", "ch": "12", "num": "Définition 12.1", "front": "taux global d'actualisation (TGA)", "back": "<p id=\"p12-9\">Le TGA (aussi appelé taux de capitalisation ou <em>cap rate</em>) est le ratio entre le <strong>revenu net d'exploitation</strong> (RNE) et le <strong>prix de vente</strong> (ou la valeur) d'un immeuble à revenus :</p>\n<div class=\"eq\" id=\"eq-12-1\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\" display=\"block\"><semantics><mtable width=\"100%\"><mtr><mtd width=\"50%\"></mtd><mtd><mrow><mtext>TGA</mtext><mtext>  </mtext><mo>=</mo><mtext>  </mtext><mfrac><mtext>RNE</mtext><mtext>Prix de vente (ou valeur)</mtext></mfrac></mrow></mtd><mtd width=\"50%\"></mtd><mtd><mtext>(12.1)</mtext></mtd></mtr></mtable><annotation encoding=\"application/x-tex\">\\text{TGA} \\;=\\; \\frac{\\text{RNE}}{\\text{Prix de vente (ou valeur)}}\\tag{12.1}</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\">TGA</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:2.2963em;vertical-align:-0.936em;\"></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\">Prix de vente (ou valeur)</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:0.936em;\"><span></span></span></span></span></span><span class=\"mclose nulldelimiter\"></span></span></span><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:2.2963em;vertical-align:-0.936em;\"></span><span class=\"mord text\"><span class=\"mord\">(</span><span class=\"mord\"><span class=\"mord\">12.1</span></span><span class=\"mord\">)</span></span></span></span></span></span></div>", "url": "/seance/12/#def-12-1"}, {"id": "def-def-12-2", "type": "def", "ch": "12", "num": "Définition 12.2", "front": "valeur temps de l'argent", "back": "<p id=\"p12-38\">Un dollar reçu <strong>aujourd'hui</strong> vaut plus qu'un dollar reçu <strong>demain</strong>, car il peut être investi et générer un rendement. L'actualisation ramène les flux futurs à leur <strong>valeur présente</strong> :</p>\n<div class=\"eq\" id=\"eq-12-5\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\" display=\"block\"><semantics><mtable width=\"100%\"><mtr><mtd width=\"50%\"></mtd><mtd><mrow><mi>F</mi><mi>V</mi><mo>=</mo><mi>P</mi><mi>V</mi><mo>×</mo><mo stretchy=\"false\">(</mo><mn>1</mn><mo>+</mo><mi>r</mi><msup><mo stretchy=\"false\">)</mo><mi>n</mi></msup><mspace width=\"2em\"/><mo>⟺</mo><mspace width=\"2em\"/><mi>P</mi><mi>V</mi><mo>=</mo><mfrac><mrow><mi>F</mi><mi>V</mi></mrow><mrow><mo stretchy=\"false\">(</mo><mn>1</mn><mo>+</mo><mi>r</mi><msup><mo stretchy=\"false\">)</mo><mi>n</mi></msup></mrow></mfrac></mrow></mtd><mtd width=\"50%\"></mtd><mtd><mtext>(12.5)</mtext></mtd></mtr></mtable><annotation encoding=\"application/x-tex\">FV = PV \\times (1+r)^n\n\\qquad\\Longleftrightarrow\\qquad\nPV = \\frac{FV}{(1+r)^n}\\tag{12.5}</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:0.1389em;\">F</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 mathnormal\" style=\"margin-right:0.1389em;\">P</span><span class=\"mord mathnormal\" style=\"margin-right:0.2222em;\">V</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=\"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><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"></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:0.7144em;\"><span style=\"top:-3.113em;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 class=\"mspace\" style=\"margin-right:2em;\"></span><span class=\"mspace\" style=\"margin-right:0.2778em;\"></span><span class=\"mrel\">⟺</span><span class=\"mspace\" style=\"margin-right:2em;\"></span><span class=\"mspace\" style=\"margin-right:0.2778em;\"></span></span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"></span><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">P</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:2.2963em;vertical-align:-0.936em;\"></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 mathnormal\" style=\"margin-right:0.1389em;\">F</span><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:0.936em;\"><span></span></span></span></span></span><span class=\"mclose nulldelimiter\"></span></span></span><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:2.2963em;vertical-align:-0.936em;\"></span><span class=\"mord text\"><span class=\"mord\">(</span><span class=\"mord\"><span class=\"mord\">12.5</span></span><span class=\"mord\">)</span></span></span></span></span></span></div>", "url": "/seance/12/#def-12-2"}, {"id": "def-def-13-1", "type": "def", "ch": "13", "num": "Définition 13.1", "front": "rapport d'évaluation", "back": "<p id=\"p13-8\">Le rapport d'évaluation est le <strong>document écrit</strong> par lequel l'évaluateur agréé communique à son client les résultats de son analyse, son opinion motivée de la valeur et les fondements sur lesquels elle repose, conformément aux <strong>Normes de pratique professionnelle de l'OEAQ</strong>.</p>", "url": "/seance/13/#def-13-1"}, {"id": "def-def-13-2", "type": "def", "ch": "13", "num": "Définition 13.2", "front": "utilisation optimale (<em>highest and best use</em>)", "back": "<p id=\"p13-43\">L'utilisation optimale est l'usage <strong>raisonnablement probable</strong> et <strong>légalement permis</strong> d'un bien, qui est <strong>physiquement possible</strong>, <strong>financièrement faisable</strong> et qui produit la <strong>valeur la plus élevée</strong>.</p>", "url": "/seance/13/#def-13-2"}, {"id": "def-def-13-3", "type": "def", "ch": "13", "num": "Définition 13.3", "front": "obligation de conservation", "back": "<p id=\"p13-92\">Le dossier d'évaluation doit être conservé <strong>au moins cinq ans</strong> (Règlement sur la tenue des dossiers et des cabinets de consultation de l'OEAQ), sur support papier ou électronique sécurisé. Le CUSPAP prescrit également sa propre durée minimale pour les membres de l'AIC.</p>", "url": "/seance/13/#def-13-3"}, {"id": "def-def-14-1", "type": "def", "ch": "14", "num": "Définition 14.1", "front": "immeuble sujet du cas", "back": "<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>", "url": "/seance/14/#def-14-1"}, {"id": "form-form-1-1", "type": "form", "ch": "01", "num": "Formule 1.1", "front": "ratio prêt/valeur", "back": "<div class=\"eq\" id=\"eq-1-1\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\" display=\"block\"><semantics><mtable width=\"100%\"><mtr><mtd width=\"50%\"></mtd><mtd><mrow><mtext>RPV</mtext><mtext>  </mtext><mo>=</mo><mtext>  </mtext><mfrac><mrow><mtext>Montant du pr</mtext><mover accent=\"true\"><mtext>e</mtext><mo>ˆ</mo></mover><mtext>t</mtext></mrow><mrow><mtext>Valeur retenue de la propri</mtext><mover accent=\"true\"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>t</mtext><mover accent=\"true\"><mtext>e</mtext><mo>ˊ</mo></mover></mrow></mfrac><mo>×</mo><mn>100</mn></mrow></mtd><mtd width=\"50%\"></mtd><mtd><mtext>(1.1)</mtext></mtd></mtr></mtable><annotation encoding=\"application/x-tex\">\\text{RPV} \\;=\\; \\frac{\\text{Montant du prêt}}{\\text{Valeur retenue de la\npropriété}} \\times 100\\tag{1.1}</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\">RPV</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:2.2519em;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:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"></span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Valeur retenue de la propri</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\">t</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></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\">Montant du 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\">ˆ</span></span></span></span></span></span></span><span class=\"mord\">t</span></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:0.2222em;\"></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\">100</span></span><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:2.2519em;vertical-align:-0.8804em;\"></span><span class=\"mord text\"><span class=\"mord\">(</span><span class=\"mord\"><span class=\"mord\">1.1</span></span><span class=\"mord\">)</span></span></span></span></span></span></div>\n<p id=\"p1-48\">La <em>valeur retenue</em> est la <strong>moindre</strong> du prix d'achat et de la valeur d'évaluation.</p>", "url": "/seance/01/#form-1-1"}, {"id": "form-form-8-1", "type": "form", "ch": "08", "num": "Formule 8.1", "front": "ajustement temporel au prorata", "back": "<p id=\"p8-47\">Pour un taux d'évolution annuel du marché <span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><mi>g</mi></mrow><annotation encoding=\"application/x-tex\">g</annotation></semantics></math></span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"></span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">g</span></span></span></span> et un délai de <span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><mi>m</mi></mrow><annotation encoding=\"application/x-tex\">m</annotation></semantics></math></span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"></span><span class=\"mord mathnormal\">m</span></span></span></span> mois entre la vente du comparable et la date d'évaluation :</p>\n<div class=\"eq\" id=\"eq-8-1\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\" display=\"block\"><semantics><mtable width=\"100%\"><mtr><mtd width=\"50%\"></mtd><mtd><mrow><mtext>Ajustement</mtext><mtext>  </mtext><mo>=</mo><mtext>  </mtext><msub><mi>P</mi><mtext>vente</mtext></msub><mo>×</mo><mi>g</mi><mo>×</mo><mfrac><mi>m</mi><mn>12</mn></mfrac><mspace width=\"2em\"/><mtext>et</mtext><mspace width=\"2em\"/><msub><mi>P</mi><mrow><mtext>ajust</mtext><mover accent=\"true\"><mtext>e</mtext><mo>ˊ</mo></mover></mrow></msub><mtext>  </mtext><mo>=</mo><mtext>  </mtext><msub><mi>P</mi><mtext>vente</mtext></msub><mrow><mo fence=\"true\">(</mo><mn>1</mn><mo>+</mo><mi>g</mi><mtext> </mtext><mfrac><mi>m</mi><mn>12</mn></mfrac><mo fence=\"true\">)</mo></mrow></mrow></mtd><mtd width=\"50%\"></mtd><mtd><mtext>(8.1)</mtext></mtd></mtr></mtable><annotation encoding=\"application/x-tex\">\\text{Ajustement} \\;=\\; P_{\\text{vente}} \\times g \\times \\frac{m}{12}\n\\qquad\\text{et}\\qquad\nP_{\\text{ajusté}} \\;=\\; P_{\\text{vente}}\\left(1 + g\\,\\frac{m}{12}\\right)\\tag{8.1}</annotation></semantics></math></span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"></span><span class=\"mord text\"><span class=\"mord\">Ajustement</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:0.8333em;vertical-align:-0.15em;\"></span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">P</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-left:-0.1389em;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\">vente</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:0.7778em;vertical-align:-0.1944em;\"></span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">g</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:1.7936em;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:1.1076em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"></span><span class=\"mord\"><span class=\"mord\">12</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 mathnormal\">m</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:2em;\"></span><span class=\"mord text\"><span class=\"mord\">et</span></span><span class=\"mspace\" style=\"margin-right:2em;\"></span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">P</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:-0.1389em;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\">ajust</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></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=\"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:1.836em;vertical-align:-0.686em;\"></span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">P</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-left:-0.1389em;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\">vente</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:0.1667em;\"></span><span class=\"minner\"><span class=\"mopen delimcenter\" style=\"top:0em;\"><span class=\"delimsizing size2\">(</span></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:0.0359em;\">g</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:1.1076em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"></span><span class=\"mord\"><span class=\"mord\">12</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 mathnormal\">m</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=\"mclose delimcenter\" style=\"top:0em;\"><span class=\"delimsizing size2\">)</span></span></span></span><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:1.836em;vertical-align:-0.686em;\"></span><span class=\"mord text\"><span class=\"mord\">(</span><span class=\"mord\"><span class=\"mord\">8.1</span></span><span class=\"mord\">)</span></span></span></span></span></span></div>\n<p id=\"p8-48\">où <span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><msub><mi>P</mi><mtext>vente</mtext></msub></mrow><annotation encoding=\"application/x-tex\">P_{\\text{vente}}</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:0.1389em;\">P</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-left:-0.1389em;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\">vente</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> est le prix de vente (après les critères 1 à 4).</p>", "url": "/seance/08/#form-8-1"}, {"id": "form-form-8-2", "type": "form", "ch": "08", "num": "Formule 8.2", "front": "ajustements net et brut", "back": "<p id=\"p8-78\">Pour un comparable dont le prix de vente est <span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><mi>P</mi></mrow><annotation encoding=\"application/x-tex\">P</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:0.1389em;\">P</span></span></span></span> et les ajustements <span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><msub><mi>a</mi><mn>1</mn></msub><mo separator=\"true\">,</mo><msub><mi>a</mi><mn>2</mn></msub><mo separator=\"true\">,</mo><mo>…</mo><mo separator=\"true\">,</mo><msub><mi>a</mi><mi>n</mi></msub></mrow><annotation encoding=\"application/x-tex\">a_1, a_2, \\ldots, a_n</annotation></semantics></math></span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"></span><span class=\"mord\"><span class=\"mord mathnormal\">a</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:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"></span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">1</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:0.1667em;\"></span><span class=\"mord\"><span class=\"mord mathnormal\">a</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:0em;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 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:0.1667em;\"></span><span class=\"minner\">…</span><span class=\"mspace\" style=\"margin-right:0.1667em;\"></span><span class=\"mpunct\">,</span><span class=\"mspace\" style=\"margin-right:0.1667em;\"></span><span class=\"mord\"><span class=\"mord mathnormal\">a</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:0em;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> (incluant l'ajustement temporel) :</p>\n<div class=\"eq\" id=\"eq-8-2\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\" display=\"block\"><semantics><mtable width=\"100%\"><mtr><mtd width=\"50%\"></mtd><mtd><mrow><mtext>Net</mtext><mo>=</mo><mfrac><mrow><munder><mo>∑</mo><mi>i</mi></munder><msub><mi>a</mi><mi>i</mi></msub></mrow><mi>P</mi></mfrac><mspace width=\"2em\"/><mspace width=\"2em\"/><mtext>Brut</mtext><mo>=</mo><mfrac><mrow><munder><mo>∑</mo><mi>i</mi></munder><mi mathvariant=\"normal\">∣</mi><msub><mi>a</mi><mi>i</mi></msub><mi mathvariant=\"normal\">∣</mi></mrow><mi>P</mi></mfrac></mrow></mtd><mtd width=\"50%\"></mtd><mtd><mtext>(8.2)</mtext></mtd></mtr></mtable><annotation encoding=\"application/x-tex\">\\text{Net} = \\frac{\\sum_{i} a_i}{P}\n\\qquad\\qquad\n\\text{Brut} = \\frac{\\sum_{i} |a_i|}{P}\\tag{8.2}</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\">Net</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:2.1257em;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:1.4397em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"></span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">P</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:-3.6897em;\"><span class=\"pstrut\" style=\"height:3em;\"></span><span class=\"mord\"><span class=\"mop\"><span class=\"mop op-symbol small-op\" style=\"position:relative;top:0em;\">∑</span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.162em;\"><span style=\"top:-2.4003em;margin-left:0em;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\">i</span></span></span></span></span><span class=\"vlist-s\">​</span></span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2997em;\"><span></span></span></span></span></span></span><span class=\"mspace\" style=\"margin-right:0.1667em;\"></span><span class=\"mord\"><span class=\"mord mathnormal\">a</span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-left:0em;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\">i</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:0.686em;\"><span></span></span></span></span></span><span class=\"mclose nulldelimiter\"></span></span><span class=\"mspace\" style=\"margin-right:2em;\"></span><span class=\"mspace\" style=\"margin-right:2em;\"></span><span class=\"mord text\"><span class=\"mord\">Brut</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:2.1257em;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:1.4397em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"></span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">P</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:-3.6897em;\"><span class=\"pstrut\" style=\"height:3em;\"></span><span class=\"mord\"><span class=\"mop\"><span class=\"mop op-symbol small-op\" style=\"position:relative;top:0em;\">∑</span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.162em;\"><span style=\"top:-2.4003em;margin-left:0em;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\">i</span></span></span></span></span><span class=\"vlist-s\">​</span></span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.2997em;\"><span></span></span></span></span></span></span><span class=\"mspace\" style=\"margin-right:0.1667em;\"></span><span class=\"mord\">∣</span><span class=\"mord\"><span class=\"mord mathnormal\">a</span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3117em;\"><span style=\"top:-2.55em;margin-left:0em;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\">i</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=\"mord\">∣</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><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:2.1257em;vertical-align:-0.686em;\"></span><span class=\"mord text\"><span class=\"mord\">(</span><span class=\"mord\"><span class=\"mord\">8.2</span></span><span class=\"mord\">)</span></span></span></span></span></span></div>\n<p id=\"p8-79\">Repères de pratique usuels (<em>The Appraisal of Real Estate</em>) : net <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>, brut <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>.</p>", "url": "/seance/08/#form-8-2"}, {"id": "form-form-9-1", "type": "form", "ch": "09", "num": "Formule 9.1", "front": "composition des ajustements transactionnels", "back": "<p id=\"p9-23\">Si <span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><msub><mi>t</mi><mn>1</mn></msub><mo separator=\"true\">,</mo><msub><mi>t</mi><mn>2</mn></msub><mo separator=\"true\">,</mo><msub><mi>t</mi><mn>3</mn></msub><mo separator=\"true\">,</mo><msub><mi>t</mi><mn>4</mn></msub></mrow><annotation encoding=\"application/x-tex\">t_1, t_2, t_3, t_4</annotation></semantics></math></span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8095em;vertical-align:-0.1944em;\"></span><span class=\"mord\"><span class=\"mord mathnormal\">t</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:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"></span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">1</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:0.1667em;\"></span><span class=\"mord\"><span class=\"mord mathnormal\">t</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:0em;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 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:0.1667em;\"></span><span class=\"mord\"><span class=\"mord mathnormal\">t</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:0em;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=\"mpunct\">,</span><span class=\"mspace\" style=\"margin-right:0.1667em;\"></span><span class=\"mord\"><span class=\"mord mathnormal\">t</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:0em;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></span></span> désignent les taux d'ajustement des étapes 1 à 4 et <span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><msub><mi>P</mi><mn>0</mn></msub></mrow><annotation encoding=\"application/x-tex\">P_0</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:0.1389em;\">P</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:-0.1389em;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></span></span> le prix de vente, la base d'application des ajustements de propriété <span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><msub><mi>a</mi><mn>5</mn></msub><mo separator=\"true\">,</mo><msub><mi>a</mi><mn>6</mn></msub></mrow><annotation encoding=\"application/x-tex\">a_5, a_6</annotation></semantics></math></span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"></span><span class=\"mord\"><span class=\"mord mathnormal\">a</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:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"></span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">5</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:0.1667em;\"></span><span class=\"mord\"><span class=\"mord mathnormal\">a</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:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"></span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">6</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> (en dollars) est :</p>\n<div class=\"eq\" id=\"eq-9-1\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\" display=\"block\"><semantics><mtable width=\"100%\"><mtr><mtd width=\"50%\"></mtd><mtd><mrow><msub><mi>P</mi><mrow><mtext>march</mtext><mover accent=\"true\"><mtext>e</mtext><mo>ˊ</mo></mover></mrow></msub><mo>=</mo><msub><mi>P</mi><mn>0</mn></msub><mtext> </mtext><mo stretchy=\"false\">(</mo><mn>1</mn><mo>+</mo><msub><mi>t</mi><mn>1</mn></msub><mo stretchy=\"false\">)</mo><mo stretchy=\"false\">(</mo><mn>1</mn><mo>+</mo><msub><mi>t</mi><mn>2</mn></msub><mo stretchy=\"false\">)</mo><mo stretchy=\"false\">(</mo><mn>1</mn><mo>+</mo><msub><mi>t</mi><mn>3</mn></msub><mo stretchy=\"false\">)</mo><mo stretchy=\"false\">(</mo><mn>1</mn><mo>+</mo><msub><mi>t</mi><mn>4</mn></msub><mo stretchy=\"false\">)</mo><mspace width=\"1em\"/><mtext>puis</mtext><mspace width=\"1em\"/><msub><mi>V</mi><mrow><mtext>indiqu</mtext><mover accent=\"true\"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>e</mtext></mrow></msub><mo>=</mo><msub><mi>P</mi><mrow><mtext>march</mtext><mover accent=\"true\"><mtext>e</mtext><mo>ˊ</mo></mover></mrow></msub><mo>+</mo><msub><mi>a</mi><mn>5</mn></msub><mo>+</mo><msub><mi>a</mi><mn>6</mn></msub><mi mathvariant=\"normal\">.</mi></mrow></mtd><mtd width=\"50%\"></mtd><mtd><mtext>(9.1)</mtext></mtd></mtr></mtable><annotation encoding=\"application/x-tex\">P_{\\text{march\\&#x27;e}} = P_0\\,(1+t_1)(1+t_2)(1+t_3)(1+t_4)\n\\quad\\text{puis}\\quad\nV_{\\text{indiqu\\&#x27;ee}} = P_{\\text{march\\&#x27;e}} + a_5 + a_6 .\\tag{9.1}</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:0.1389em;\">P</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:-0.1389em;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\">march</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></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 mathnormal\" style=\"margin-right:0.1389em;\">P</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:-0.1389em;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:0.1667em;\"></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><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"></span><span class=\"mord\"><span class=\"mord mathnormal\">t</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:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"></span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">1</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=\"mclose\">)</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><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"></span><span class=\"mord\"><span class=\"mord mathnormal\">t</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:0em;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 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=\"mclose\">)</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><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"></span><span class=\"mord\"><span class=\"mord mathnormal\">t</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:0em;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=\"mclose\">)</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><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.0361em;vertical-align:-0.2861em;\"></span><span class=\"mord\"><span class=\"mord mathnormal\">t</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:0em;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=\"mclose\">)</span><span class=\"mspace\" style=\"margin-right:1em;\"></span><span class=\"mord text\"><span class=\"mord\">puis</span></span><span class=\"mspace\" style=\"margin-right:1em;\"></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:0.3361em;\"><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\">indiqu</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\">e</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><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:0.1389em;\">P</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:-0.1389em;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\">march</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></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:0.7333em;vertical-align:-0.15em;\"></span><span class=\"mord\"><span class=\"mord mathnormal\">a</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:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"></span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">5</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:0.5806em;vertical-align:-0.15em;\"></span><span class=\"mord\"><span class=\"mord mathnormal\">a</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:0em;margin-right:0.05em;\"><span class=\"pstrut\" style=\"height:2.7em;\"></span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\">6</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=\"mord\">.</span></span><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:1.0361em;vertical-align:-0.2861em;\"></span><span class=\"mord text\"><span class=\"mord\">(</span><span class=\"mord\"><span class=\"mord\">9.1</span></span><span class=\"mord\">)</span></span></span></span></span></span></div>\n<p id=\"p9-24\">La composition multiplicative des étapes 1 à 4 explique pourquoi leur ordre — et leur séparation d'avec les étapes 5 et 6 — n'est pas une coquetterie : un même ajustement en pourcentage ne produit pas le même montant selon la base sur laquelle il s'applique.</p>", "url": "/seance/09/#form-9-1"}, {"id": "form-form-9-2", "type": "form", "ch": "09", "num": "Formule 9.2", "front": "capitalisation d'une différence de loyer", "back": "<p id=\"p9-38\">Si un élément permet un loyer mensuel supplémentaire <span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><mi mathvariant=\"normal\">Δ</mi><mi>L</mi></mrow><annotation encoding=\"application/x-tex\">\\Delta L</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\">Δ</span><span class=\"mord mathnormal\">L</span></span></span></span> et que le taux global du marché est <span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><mi>τ</mi></mrow><annotation encoding=\"application/x-tex\">\\tau</annotation></semantics></math></span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"></span><span class=\"mord mathnormal\" style=\"margin-right:0.1132em;\">τ</span></span></span></span> :</p>\n<div class=\"eq\" id=\"eq-9-2\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\" display=\"block\"><semantics><mtable width=\"100%\"><mtr><mtd width=\"50%\"></mtd><mtd><mrow><mtext>Contribution</mtext><mtext>  </mtext><mo>=</mo><mtext>  </mtext><mfrac><mrow><mn>12</mn><mtext> </mtext><mi mathvariant=\"normal\">Δ</mi><mi>L</mi></mrow><mi>τ</mi></mfrac><mi mathvariant=\"normal\">.</mi></mrow></mtd><mtd width=\"50%\"></mtd><mtd><mtext>(9.2)</mtext></mtd></mtr></mtable><annotation encoding=\"application/x-tex\">\\text{Contribution} \\;=\\; \\frac{12\\,\\Delta L}{\\tau}.\\tag{9.2}</annotation></semantics></math></span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"></span><span class=\"mord text\"><span class=\"mord\">Contribution</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:2.0463em;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 mathnormal\" style=\"margin-right:0.1132em;\">τ</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\">12</span><span class=\"mspace\" style=\"margin-right:0.1667em;\"></span><span class=\"mord\">Δ</span><span class=\"mord mathnormal\">L</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=\"mord\">.</span></span><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:2.0463em;vertical-align:-0.686em;\"></span><span class=\"mord text\"><span class=\"mord\">(</span><span class=\"mord\"><span class=\"mord\">9.2</span></span><span class=\"mord\">)</span></span></span></span></span></span></div>\n<p id=\"p9-39\">Exemple : un garage loué <span class=\"num\">150 $</span> de plus par mois, à <span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><mi>τ</mi><mo>=</mo><mn>7</mn><mtext> </mtext><mi mathvariant=\"normal\">%</mi></mrow><annotation encoding=\"application/x-tex\">\\tau = 7\\,\\%</annotation></semantics></math></span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"></span><span class=\"mord mathnormal\" style=\"margin-right:0.1132em;\">τ</span><span class=\"mspace\" style=\"margin-right:0.2778em;\"></span><span class=\"mrel\">=</span><span class=\"mspace\" style=\"margin-right:0.2778em;\"></span></span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8056em;vertical-align:-0.0556em;\"></span><span class=\"mord\">7</span><span class=\"mspace\" style=\"margin-right:0.1667em;\"></span><span class=\"mord\">%</span></span></span></span> : <span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><mn>12</mn><mo>×</mo><mn>150</mn><mi mathvariant=\"normal\">/</mi><mn>0,07</mn><mo>≈</mo><mn>25</mn><mtext> </mtext><mn>700</mn><mtext> </mtext><mi mathvariant=\"normal\">$</mi></mrow><annotation encoding=\"application/x-tex\">12 \\times 150 / 0{,}07 \\approx 25\\,700\\,\\$</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\">12</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\">150/0</span><span class=\"mord\"><span class=\"mpunct\">,</span></span><span class=\"mord\">07</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\">25</span><span class=\"mspace\" style=\"margin-right:0.1667em;\"></span><span class=\"mord\">700</span><span class=\"mspace\" style=\"margin-right:0.1667em;\"></span><span class=\"mord\">$</span></span></span></span>.</p>", "url": "/seance/09/#form-9-2"}, {"id": "form-form-10-1", "type": "form", "ch": "10", "num": "Formule 10.1", "front": "méthode du coût", "back": "<div class=\"eq\" id=\"eq-10-1\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\" display=\"block\"><semantics><mtable width=\"100%\"><mtr><mtd width=\"50%\"></mtd><mtd><mrow><mi>V</mi><mtext>  </mtext><mo>=</mo><mtext>  </mtext><msub><mi>C</mi><mtext>neuf</mtext></msub><mtext>  </mtext><mo>−</mo><mtext>  </mtext><msub><mi>D</mi><mtext>totale</mtext></msub><mtext>  </mtext><mo>+</mo><mtext>  </mtext><msub><mi>V</mi><mtext>terrain</mtext></msub></mrow></mtd><mtd width=\"50%\"></mtd><mtd><mtext>(10.1)</mtext></mtd></mtr></mtable><annotation encoding=\"application/x-tex\">V \\;=\\; C_{\\text{neuf}} \\;-\\; D_{\\text{totale}} \\;+\\; V_{\\text{terrain}}\\tag{10.1}</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: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:0.2778em;\"></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><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:0.0278em;\">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:0.2778em;\"></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><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 class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"></span><span class=\"mord text\"><span class=\"mord\">(</span><span class=\"mord\"><span class=\"mord\">10.1</span></span><span class=\"mord\">)</span></span></span></span></span></span></div>\n<p id=\"p10-16\">où <span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><mi>V</mi></mrow><annotation encoding=\"application/x-tex\">V</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></span></span> est la valeur estimée de la propriété, <span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><msub><mi>C</mi><mtext>neuf</mtext></msub></mrow><annotation encoding=\"application/x-tex\">C_{\\text{neuf}}</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:0.0715em;\">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> le coût de remplacement (ou de reproduction) à neuf, <span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><msub><mi>D</mi><mtext>totale</mtext></msub></mrow><annotation encoding=\"application/x-tex\">D_{\\text{totale}}</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:0.0278em;\">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> la dépréciation totale cumulée et <span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><msub><mi>V</mi><mtext>terrain</mtext></msub></mrow><annotation encoding=\"application/x-tex\">V_{\\text{terrain}}</annotation></semantics></math></span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8333em;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> la valeur du terrain, évalué comme s'il était vacant.</p>", "url": "/seance/10/#form-10-1"}, {"id": "form-form-10-2", "type": "form", "ch": "10", "num": "Formule 10.2", "front": "décomposition de la dépréciation", "back": "<div class=\"eq\" id=\"eq-10-2\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\" display=\"block\"><semantics><mtable width=\"100%\"><mtr><mtd width=\"50%\"></mtd><mtd><mrow><msub><mi>D</mi><mtext>totale</mtext></msub><mtext>  </mtext><mo>=</mo><mtext>  </mtext><msub><mi>D</mi><mtext>physique</mtext></msub><mtext>  </mtext><mo>+</mo><mtext>  </mtext><msub><mi>D</mi><mtext>fonctionnelle</mtext></msub><mtext>  </mtext><mo>+</mo><mtext>  </mtext><msub><mi>D</mi><mrow><mover accent=\"true\"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>conomique</mtext></mrow></msub></mrow></mtd><mtd width=\"50%\"></mtd><mtd><mtext>(10.2)</mtext></mtd></mtr></mtable><annotation encoding=\"application/x-tex\">D_{\\text{totale}} \\;=\\; D_{\\text{physique}} \\;+\\; D_{\\text{fonctionnelle}}\n\\;+\\; D_{\\text{économique}}\\tag{10.2}</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:0.0278em;\">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:0.2778em;\"></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:0.9694em;vertical-align:-0.2861em;\"></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\">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 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><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:0.0278em;\">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 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><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9694em;vertical-align:-0.2861em;\"></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 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 class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:1.0361em;vertical-align:-0.2861em;\"></span><span class=\"mord text\"><span class=\"mord\">(</span><span class=\"mord\"><span class=\"mord\">10.2</span></span><span class=\"mord\">)</span></span></span></span></span></span></div>", "url": "/seance/10/#form-10-2"}, {"id": "form-form-10-3", "type": "form", "ch": "10", "num": "Formule 10.3", "front": "méthode âge/vie modifiée", "back": "<div class=\"eq\" id=\"eq-10-3\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\" display=\"block\"><semantics><mtable width=\"100%\"><mtr><mtd width=\"50%\"></mtd><mtd><mrow><msub><mi>D</mi><mtext>physique incurable</mtext></msub><mtext>  </mtext><mo>=</mo><mtext>  </mtext><mfrac><mrow><mover accent=\"true\"><mtext>A</mtext><mo>ˆ</mo></mover><mtext>ge effectif</mtext></mrow><mtext>Vie utile totale</mtext></mfrac><mo>×</mo><mo fence=\"true\" stretchy=\"true\" minsize=\"1.2em\" maxsize=\"1.2em\">(</mo><msub><mi>C</mi><mtext>neuf</mtext></msub><mo>−</mo><msub><mi>D</mi><mtext>curable</mtext></msub><mo fence=\"true\" stretchy=\"true\" minsize=\"1.2em\" maxsize=\"1.2em\">)</mo></mrow></mtd><mtd width=\"50%\"></mtd><mtd><mtext>(10.3)</mtext></mtd></mtr></mtable><annotation encoding=\"application/x-tex\">D_{\\text{physique incurable}} \\;=\\;\n\\frac{\\text{Âge effectif}}{\\text{Vie utile totale}}\n\\times \\bigl(C_{\\text{neuf}} - D_{\\text{curable}}\\bigr)\\tag{10.3}</annotation></semantics></math></span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9694em;vertical-align:-0.2861em;\"></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\">physique incurable</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=\"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:2.3098em;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:1.6238em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"></span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">Vie utile totale</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><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.2em;vertical-align:-0.35em;\"></span><span class=\"mopen\"><span class=\"delimsizing size1\">(</span></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:1.2em;vertical-align:-0.35em;\"></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\">curable</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=\"mclose\"><span class=\"delimsizing size1\">)</span></span></span><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:2.3098em;vertical-align:-0.686em;\"></span><span class=\"mord text\"><span class=\"mord\">(</span><span class=\"mord\"><span class=\"mord\">10.3</span></span><span class=\"mord\">)</span></span></span></span></span></span></div>", "url": "/seance/10/#form-10-3"}, {"id": "form-form-10-4", "type": "form", "ch": "10", "num": "Formule 10.4", "front": "dépréciation totale, forme développée", "back": "<div class=\"eq\" id=\"eq-10-4\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\" display=\"block\"><semantics><mtable width=\"100%\"><mtr><mtd width=\"50%\"></mtd><mtd><mtable rowspacing=\"0.25em\" columnalign=\"right left\" columnspacing=\"0em\"><mtr><mtd><mstyle scriptlevel=\"0\" displaystyle=\"true\"><mrow><msub><mi>D</mi><mtext>totale</mtext></msub><mo>=</mo><mrow></mrow></mrow></mstyle></mtd><mtd><mstyle scriptlevel=\"0\" displaystyle=\"true\"><mrow><mrow></mrow><msub><mi>D</mi><mtext>phys. curable</mtext></msub><mo>+</mo><msub><mi>D</mi><mtext>phys. incurable</mtext></msub></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><msub><mi>D</mi><mtext>fonct. curable</mtext></msub><mo>+</mo><msub><mi>D</mi><mtext>fonct. incurable</mtext></msub><mo>+</mo><msub><mi>D</mi><mrow><mover accent=\"true\"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>conomique</mtext></mrow></msub></mrow></mstyle></mtd></mtr></mtable></mtd><mtd width=\"50%\"></mtd><mtd><mtext>(10.4)</mtext></mtd></mtr></mtable><annotation encoding=\"application/x-tex\">\\begin{aligned}D_{\\text{totale}} = {}&amp; D_{\\text{phys.\\ curable}} + D_{\\text{phys.\\ incurable}}\n\\\\\n&amp;+ D_{\\text{fonct.\\ curable}} + D_{\\text{fonct.\\ incurable}}\n + D_{\\text{économique}}\\end{aligned}\\tag{10.4}</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\"><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:0.2778em;\"></span><span class=\"mrel\">=</span><span class=\"mspace\" style=\"margin-right:0.2778em;\"></span><span class=\"mord\"></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=\"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. curable</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:0.2222em;\"></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\">phys. incurable</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:-2.26em;\"><span class=\"pstrut\" style=\"height:3em;\"></span><span class=\"mord\"><span class=\"mord\"></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\">fonct. curable</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\">fonct. incurable</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 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><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 class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:2.7em;vertical-align:-1.1em;\"></span><span class=\"mord text\"><span class=\"mord\">(</span><span class=\"mord\"><span class=\"mord\">10.4</span></span><span class=\"mord\">)</span></span></span></span></span></span></div>\n<p id=\"p10-72\">Chaque composante est estimée <strong>séparément</strong>, puis additionnée. L'ordre importe : les curables sont retirés <strong>avant</strong> le calcul âge/vie.</p>", "url": "/seance/10/#form-10-4"}, {"id": "form-form-10-5", "type": "form", "ch": "10", "num": "Formule 10.5", "front": "méthode d'extraction du terrain", "back": "<div class=\"eq\" id=\"eq-10-5\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\" display=\"block\"><semantics><mtable width=\"100%\"><mtr><mtd width=\"50%\"></mtd><mtd><mrow><msub><mi>V</mi><mtext>terrain</mtext></msub><mtext>  </mtext><mo>=</mo><mtext>  </mtext><mtext>Prix de vente</mtext><mtext>  </mtext><mo>−</mo><mtext>  </mtext><msub><mi>C</mi><mrow><mtext>b</mtext><mover accent=\"true\"><mtext>a</mtext><mo>ˆ</mo></mover><mtext>timent 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>ci</mtext><mover accent=\"true\"><mtext>e</mtext><mo>ˊ</mo></mover></mrow></msub></mrow></mtd><mtd width=\"50%\"></mtd><mtd><mtext>(10.5)</mtext></mtd></mtr></mtable><annotation encoding=\"application/x-tex\">V_{\\text{terrain}} \\;=\\; \\text{Prix de vente} \\;-\\; C_{\\text{bâtiment déprécié}}\\tag{10.5}</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:0.3175em;\"><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=\"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:0.7778em;vertical-align:-0.0833em;\"></span><span class=\"mord text\"><span class=\"mord\">Prix de vente</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><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.9694em;vertical-align:-0.2861em;\"></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\">b</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\">a</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\">ˆ</span></span></span></span></span></span></span><span class=\"mord mtight\">timent d</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\">pr</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\">ci</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></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 class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:1.0361em;vertical-align:-0.2861em;\"></span><span class=\"mord text\"><span class=\"mord\">(</span><span class=\"mord\"><span class=\"mord\">10.5</span></span><span class=\"mord\">)</span></span></span></span></span></span></div>", "url": "/seance/10/#form-10-5"}, {"id": "form-form-10-6", "type": "form", "ch": "10", "num": "Formule 10.6", "front": "méthode de répartition", "back": "<div class=\"eq\" id=\"eq-10-6\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\" display=\"block\"><semantics><mtable width=\"100%\"><mtr><mtd width=\"50%\"></mtd><mtd><mrow><msub><mi>V</mi><mtext>terrain</mtext></msub><mtext>  </mtext><mo>=</mo><mtext>  </mtext><mtext>Prix de vente</mtext><mo>×</mo><msub><mi>R</mi><mi>T</mi></msub></mrow></mtd><mtd width=\"50%\"></mtd><mtd><mtext>(10.6)</mtext></mtd></mtr></mtable><annotation encoding=\"application/x-tex\">V_{\\text{terrain}} \\;=\\; \\text{Prix de vente} \\times R_T\\tag{10.6}</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:0.3175em;\"><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=\"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:0.7778em;vertical-align:-0.0833em;\"></span><span class=\"mord text\"><span class=\"mord\">Prix de vente</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:0.8333em;vertical-align:-0.15em;\"></span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.0077em;\">R</span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;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\" style=\"margin-right:0.1389em;\">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 class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"></span><span class=\"mord text\"><span class=\"mord\">(</span><span class=\"mord\"><span class=\"mord\">10.6</span></span><span class=\"mord\">)</span></span></span></span></span></span></div>\n<p id=\"p10-83\">où <span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><msub><mi>R</mi><mi>T</mi></msub></mrow><annotation encoding=\"application/x-tex\">R_T</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:0.0077em;\">R</span><span class=\"msupsub\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.3283em;\"><span style=\"top:-2.55em;margin-left:-0.0077em;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\" style=\"margin-right:0.1389em;\">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> est le ratio terrain/valeur totale typique du secteur.</p>", "url": "/seance/10/#form-10-6"}, {"id": "form-form-10-7", "type": "form", "ch": "10", "num": "Formule 10.7", "front": "conclusion du cas", "back": "<div class=\"eq\" id=\"eq-10-7\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\" display=\"block\"><semantics><mtable width=\"100%\"><mtr><mtd width=\"50%\"></mtd><mtd><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>=</mo><mn>467</mn><mtext> </mtext><mn>657</mn><mo>−</mo><mn>163</mn><mtext> </mtext><mn>297</mn><mo>+</mo><mn>110</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>414</mn><mtext> </mtext><mn>360</mn><mtext> </mtext><mi mathvariant=\"normal\">$</mi></mrow></mtd><mtd width=\"50%\"></mtd><mtd><mtext>(10.7)</mtext></mtd></mtr></mtable><annotation encoding=\"application/x-tex\">V = C_{\\text{neuf}} - D_{\\text{totale}} + V_{\\text{terrain}}\n  = 467\\,657 - 163\\,297 + 110\\,000 = 414\\,360\\,\\$\\tag{10.7}</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:0.8333em;vertical-align:-0.15em;\"></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><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 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\">467</span><span class=\"mspace\" style=\"margin-right:0.1667em;\"></span><span class=\"mord\">657</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\">163</span><span class=\"mspace\" style=\"margin-right:0.1667em;\"></span><span class=\"mord\">297</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\">110</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:0.8056em;vertical-align:-0.0556em;\"></span><span class=\"mord\">414</span><span class=\"mspace\" style=\"margin-right:0.1667em;\"></span><span class=\"mord\">360</span><span class=\"mspace\" style=\"margin-right:0.1667em;\"></span><span class=\"mord\">$</span></span><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"></span><span class=\"mord text\"><span class=\"mord\">(</span><span class=\"mord\"><span class=\"mord\">10.7</span></span><span class=\"mord\">)</span></span></span></span></span></span></div>\n<p id=\"p10-97\"><strong>Valeur estimée par la méthode du coût : environ 415 000 $</strong> (arrondie au 5 000 $ le plus proche — la précision au dollar serait illusoire).</p>", "url": "/seance/10/#form-10-7"}, {"id": "form-form-11-1", "type": "form", "ch": "11", "num": "Formule 11.1", "front": "capitalisation directe", "back": "<div class=\"eq\" id=\"eq-11-1\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\" display=\"block\"><semantics><mtable width=\"100%\"><mtr><mtd width=\"50%\"></mtd><mtd><mrow><mi>V</mi><mtext>  </mtext><mo>=</mo><mtext>  </mtext><mfrac><mtext>RNE</mtext><mtext>TGA</mtext></mfrac></mrow></mtd><mtd width=\"50%\"></mtd><mtd><mtext>(11.1)</mtext></mtd></mtr></mtable><annotation encoding=\"application/x-tex\">V \\;=\\; \\frac{\\text{RNE}}{\\text{TGA}}\\tag{11.1}</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><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:2.0463em;vertical-align:-0.686em;\"></span><span class=\"mord text\"><span class=\"mord\">(</span><span class=\"mord\"><span class=\"mord\">11.1</span></span><span class=\"mord\">)</span></span></span></span></span></span></div>\n<p id=\"p11-11\">où <span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><mi>V</mi></mrow><annotation encoding=\"application/x-tex\">V</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></span></span> est la valeur de l'immeuble ($), RNE le revenu net d'exploitation ($/an) et TGA le taux global d'actualisation (aussi appelé taux de capitalisation).</p>", "url": "/seance/11/#form-11-1"}, {"id": "form-form-11-2", "type": "form", "ch": "11", "num": "Formule 11.2", "front": "revenu brut effectif", "back": "<div class=\"eq\" id=\"eq-11-3\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\" display=\"block\"><semantics><mtable width=\"100%\"><mtr><mtd width=\"50%\"></mtd><mtd><mrow><mtext>RBE</mtext><mtext>  </mtext><mo>=</mo><mtext>  </mtext><mtext>RBP</mtext><mtext>  </mtext><mo>−</mo><mtext>  </mtext><mtext>Inoccupation</mtext><mtext>  </mtext><mo>−</mo><mtext>  </mtext><mrow><mtext>Mauvaises cr</mtext><mover accent=\"true\"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>ances</mtext></mrow><mtext>  </mtext><mo>+</mo><mtext>  </mtext><mtext>Autres revenus</mtext></mrow></mtd><mtd width=\"50%\"></mtd><mtd><mtext>(11.3)</mtext></mtd></mtr></mtable><annotation encoding=\"application/x-tex\">\\text{RBE} \\;=\\; \\text{RBP} \\;-\\; \\text{Inoccupation}\n\\;-\\; \\text{Mauvaises créances} \\;+\\; \\text{Autres revenus}\\tag{11.3}</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\">RBE</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:0.7667em;vertical-align:-0.0833em;\"></span><span class=\"mord text\"><span class=\"mord\">RBP</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><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8778em;vertical-align:-0.1944em;\"></span><span class=\"mord text\"><span class=\"mord\">Inoccupation</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><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.7778em;vertical-align:-0.0833em;\"></span><span class=\"mord text\"><span class=\"mord\">Mauvaises cr</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\">ances</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><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"></span><span class=\"mord text\"><span class=\"mord\">Autres revenus</span></span></span><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"></span><span class=\"mord text\"><span class=\"mord\">(</span><span class=\"mord\"><span class=\"mord\">11.3</span></span><span class=\"mord\">)</span></span></span></span></span></span></div>", "url": "/seance/11/#form-11-2"}, {"id": "form-form-11-3", "type": "form", "ch": "11", "num": "Formule 11.3", "front": "chaîne du RNE", "back": "<div class=\"eq\" id=\"eq-11-4\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\" display=\"block\"><semantics><mtable width=\"100%\"><mtr><mtd width=\"50%\"></mtd><mtd><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><mrow><mtext>somme des loyers du march</mtext><mover accent=\"true\"><mtext>e</mtext><mo>ˊ</mo></mover><mtext> (100</mtext><mtext> </mtext><mtext>% d’occupation)</mtext></mrow></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><mtext>RBP</mtext><mo>−</mo><mtext>Inoccupation</mtext><mo>−</mo><mrow><mtext>Mauvaises cr</mtext><mover accent=\"true\"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>ances</mtext></mrow><mo>+</mo><mtext>Autres revenus</mtext></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><mtext>RBE</mtext><mo>−</mo><mrow><mtext>D</mtext><mover accent=\"true\"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>penses d’exploitation</mtext></mrow></mrow></mstyle></mtd></mtr></mtable></mtd><mtd width=\"50%\"></mtd><mtd><mtext>(11.4)</mtext></mtd></mtr></mtable><annotation encoding=\"application/x-tex\">\\begin{aligned}\\text{RBP} &amp;= \\text{somme des loyers du marché (100\\,\\% d&#x27;occupation)}\n\\\\\n\\text{RBE} &amp;= \\text{RBP} - \\text{Inoccupation} - \\text{Mauvaises créances}\n + \\text{Autres revenus} \\\\\n\\text{RNE} &amp;= \\text{RBE} - \\text{Dépenses d&#x27;exploitation}\\end{aligned}\\tag{11.4}</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\">RBP</span></span></span></span><span style=\"top:-3.01em;\"><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:-1.51em;\"><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: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 text\"><span class=\"mord\">somme des loyers du march</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\"> (100</span><span class=\"mspace\" style=\"margin-right:0.1667em;\"></span><span class=\"mord\">% d’occupation)</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\" 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\">Mauvaises cr</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\">ances</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\">Autres revenus</span></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 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 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><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 class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:4.2em;vertical-align:-1.85em;\"></span><span class=\"mord text\"><span class=\"mord\">(</span><span class=\"mord\"><span class=\"mord\">11.4</span></span><span class=\"mord\">)</span></span></span></span></span></span></div>", "url": "/seance/11/#form-11-3"}, {"id": "form-form-11-4", "type": "form", "ch": "11", "num": "Formule 11.4", "front": "RNE du cas", "back": "<div class=\"eq\" id=\"eq-11-5\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\" display=\"block\"><semantics><mtable width=\"100%\"><mtr><mtd width=\"50%\"></mtd><mtd><mtable rowspacing=\"0.25em\" columnalign=\"right left\" columnspacing=\"0em\"><mtr><mtd><mstyle scriptlevel=\"0\" displaystyle=\"true\"><mrow><mtext>RBP (loyers du march</mtext><mover accent=\"true\"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>)</mtext></mrow></mstyle></mtd><mtd><mstyle scriptlevel=\"0\" displaystyle=\"true\"><mrow><mrow></mrow><mo>=</mo><mn>75</mn><mtext> </mtext><mn>600</mn><mtext> </mtext><mi mathvariant=\"normal\">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel=\"0\" displaystyle=\"true\"><mrow><mo>−</mo><mtext> </mtext><mrow><mtext>inoccupation (3,0</mtext><mtext> </mtext><mtext>%)</mtext></mrow></mrow></mstyle></mtd><mtd><mstyle scriptlevel=\"0\" displaystyle=\"true\"><mrow><mrow></mrow><mo>=</mo><mo>−</mo><mn>2</mn><mtext> </mtext><mn>268</mn><mtext> </mtext><mi mathvariant=\"normal\">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel=\"0\" displaystyle=\"true\"><mrow><mo>−</mo><mtext> </mtext><mrow><mtext>mauvaises cr</mtext><mover accent=\"true\"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>ances (1,0</mtext><mtext> </mtext><mtext>%)</mtext></mrow></mrow></mstyle></mtd><mtd><mstyle scriptlevel=\"0\" displaystyle=\"true\"><mrow><mrow></mrow><mo>=</mo><mo>−</mo><mn>756</mn><mtext> </mtext><mi mathvariant=\"normal\">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel=\"0\" displaystyle=\"true\"><mrow><mo>+</mo><mtext> autres revenus</mtext></mrow></mstyle></mtd><mtd><mstyle scriptlevel=\"0\" displaystyle=\"true\"><mrow><mrow></mrow><mo>=</mo><mo>+</mo><mn>4</mn><mtext> </mtext><mn>800</mn><mtext> </mtext><mi mathvariant=\"normal\">$</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>77</mn><mtext> </mtext><mn>376</mn><mtext> </mtext><mi mathvariant=\"normal\">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel=\"0\" displaystyle=\"true\"><mrow><mo>−</mo><mtext> </mtext><mrow><mtext>d</mtext><mover accent=\"true\"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>penses d’exploitation</mtext></mrow></mrow></mstyle></mtd><mtd><mstyle scriptlevel=\"0\" displaystyle=\"true\"><mrow><mrow></mrow><mo>=</mo><mo>−</mo><mn>30</mn><mtext> </mtext><mn>569</mn><mtext> </mtext><mi mathvariant=\"normal\">$</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><mstyle mathcolor=\"#003E7E\"><mrow><mn mathvariant=\"bold\">46</mn><mtext> </mtext><mn mathvariant=\"bold\">807</mn><mtext> </mtext><mi mathvariant=\"bold\">$</mi></mrow></mstyle></mrow></mstyle></mtd></mtr></mtable></mtd><mtd width=\"50%\"></mtd><mtd><mtext>(11.5)</mtext></mtd></mtr></mtable><annotation encoding=\"application/x-tex\">\\begin{aligned}\\text{RBP (loyers du marché)} &amp;= 75\\,600\\,\\$ \\\\\n-\\ \\text{inoccupation (3,0\\,\\%)} &amp;= -2\\,268\\,\\$ \\\\\n-\\ \\text{mauvaises créances (1,0\\,\\%)} &amp;= -756\\,\\$ \\\\\n+\\ \\text{autres revenus} &amp;= +4\\,800\\,\\$ \\\\\n\\text{RBE} &amp;= 77\\,376\\,\\$ \\\\\n-\\ \\text{dépenses d&#x27;exploitation} &amp;= -30\\,569\\,\\$ \\\\\n\\textbf{RNE} &amp;= \\uqotitle{46\\,807\\,\\$}\\end{aligned}\\tag{11.5}</annotation></semantics></math></span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:10.2em;vertical-align:-4.85em;\"></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:5.35em;\"><span style=\"top:-7.51em;\"><span class=\"pstrut\" style=\"height:3em;\"></span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">RBP (loyers du march</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\">)</span></span></span></span><span style=\"top:-6.01em;\"><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\">inoccupation (3,0</span><span class=\"mspace\" style=\"margin-right:0.1667em;\"></span><span class=\"mord\">%)</span></span></span></span><span style=\"top:-4.51em;\"><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\">mauvaises cr</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\">ances (1,0</span><span class=\"mspace\" style=\"margin-right:0.1667em;\"></span><span class=\"mord\">%)</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\">autres revenus</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\">RBE</span></span></span></span><span style=\"top:-0.01em;\"><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:1.49em;\"><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:4.85em;\"><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:5.35em;\"><span style=\"top:-7.51em;\"><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\">75</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\">$</span></span></span><span style=\"top:-6.01em;\"><span class=\"pstrut\" style=\"height:3em;\"></span><span class=\"mord\"><span class=\"mord\"></span><span class=\"mspace\" style=\"margin-right:0.2778em;\"></span><span class=\"mrel\">=</span><span class=\"mspace\" style=\"margin-right:0.2778em;\"></span><span class=\"mord\">−</span><span class=\"mord\">2</span><span class=\"mspace\" style=\"margin-right:0.1667em;\"></span><span class=\"mord\">268</span><span class=\"mspace\" style=\"margin-right:0.1667em;\"></span><span class=\"mord\">$</span></span></span><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\">−</span><span class=\"mord\">756</span><span class=\"mspace\" style=\"margin-right:0.1667em;\"></span><span class=\"mord\">$</span></span></span><span style=\"top:-3.01em;\"><span class=\"pstrut\" style=\"height:3em;\"></span><span class=\"mord\"><span class=\"mord\"></span><span class=\"mspace\" style=\"margin-right:0.2778em;\"></span><span class=\"mrel\">=</span><span class=\"mspace\" style=\"margin-right:0.2778em;\"></span><span class=\"mord\">+</span><span class=\"mord\">4</span><span class=\"mspace\" style=\"margin-right:0.1667em;\"></span><span class=\"mord\">800</span><span class=\"mspace\" style=\"margin-right:0.1667em;\"></span><span class=\"mord\">$</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\">77</span><span class=\"mspace\" style=\"margin-right:0.1667em;\"></span><span class=\"mord\">376</span><span class=\"mspace\" style=\"margin-right:0.1667em;\"></span><span class=\"mord\">$</span></span></span><span style=\"top:-0.01em;\"><span class=\"pstrut\" style=\"height:3em;\"></span><span class=\"mord\"><span class=\"mord\"></span><span class=\"mspace\" style=\"margin-right:0.2778em;\"></span><span class=\"mrel\">=</span><span class=\"mspace\" style=\"margin-right:0.2778em;\"></span><span class=\"mord\">−</span><span class=\"mord\">30</span><span class=\"mspace\" style=\"margin-right:0.1667em;\"></span><span class=\"mord\">569</span><span class=\"mspace\" style=\"margin-right:0.1667em;\"></span><span class=\"mord\">$</span></span></span><span style=\"top:1.49em;\"><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\" style=\"color:#003E7E;\"><span class=\"mord mathbf\" style=\"color:#003E7E;\">46</span><span class=\"mspace\" style=\"color:#003E7E;margin-right:0.1667em;\"></span><span class=\"mord mathbf\" style=\"color:#003E7E;\">807</span><span class=\"mspace\" style=\"color:#003E7E;margin-right:0.1667em;\"></span><span class=\"mord mathbf\" style=\"color:#003E7E;\">$</span></span></span></span></span><span class=\"vlist-s\">​</span></span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:4.85em;\"><span></span></span></span></span></span></span></span></span><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:10.2em;vertical-align:-4.85em;\"></span><span class=\"mord text\"><span class=\"mord\">(</span><span class=\"mord\"><span class=\"mord\">11.5</span></span><span class=\"mord\">)</span></span></span></span></span></span></div>", "url": "/seance/11/#form-11-4"}, {"id": "form-form-12-1", "type": "form", "ch": "12", "num": "Formule 12.1", "front": "bande d'investissement", "back": "<div class=\"eq\" id=\"eq-12-2\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\" display=\"block\"><semantics><mtable width=\"100%\"><mtr><mtd width=\"50%\"></mtd><mtd><mrow><mtext>TGA</mtext><mtext>  </mtext><mo>=</mo><mtext>  </mtext><mi>M</mi><mo>×</mo><msub><mi>R</mi><mi>m</mi></msub><mtext>  </mtext><mo>+</mo><mtext>  </mtext><mo stretchy=\"false\">(</mo><mn>1</mn><mo>−</mo><mi>M</mi><mo stretchy=\"false\">)</mo><mo>×</mo><msub><mi>R</mi><mi>e</mi></msub></mrow></mtd><mtd width=\"50%\"></mtd><mtd><mtext>(12.2)</mtext></mtd></mtr></mtable><annotation encoding=\"application/x-tex\">\\text{TGA} \\;=\\; M \\times R_m \\;+\\; (1 - M) \\times R_e\\tag{12.2}</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\">TGA</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:0.7667em;vertical-align:-0.0833em;\"></span><span class=\"mord mathnormal\" style=\"margin-right:0.109em;\">M</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:0.0077em;\">R</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:-0.0077em;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\">m</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=\"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><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"></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><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"></span><span class=\"mord mathnormal\" style=\"margin-right:0.109em;\">M</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><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:0.0077em;\">R</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:-0.0077em;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\">e</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 class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"></span><span class=\"mord text\"><span class=\"mord\">(</span><span class=\"mord\"><span class=\"mord\">12.2</span></span><span class=\"mord\">)</span></span></span></span></span></span></div>\n<p id=\"p12-27\">où <span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><mi>M</mi></mrow><annotation encoding=\"application/x-tex\">M</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:0.109em;\">M</span></span></span></span> est le ratio prêt/valeur, <span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><msub><mi>R</mi><mi>m</mi></msub></mrow><annotation encoding=\"application/x-tex\">R_m</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:0.0077em;\">R</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:-0.0077em;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\">m</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> la constante hypothécaire annuelle (paiement annuel <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> solde initial du prêt) et <span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><msub><mi>R</mi><mi>e</mi></msub></mrow><annotation encoding=\"application/x-tex\">R_e</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:0.0077em;\">R</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:-0.0077em;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\">e</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> le rendement exigé sur les fonds propres (<em>equity dividend rate</em>).</p>", "url": "/seance/12/#form-12-1"}, {"id": "form-form-12-2", "type": "form", "ch": "12", "num": "Formule 12.2", "front": "constante hypothécaire", "back": "<p id=\"p12-29\">Pour un prêt à taux nominal annuel <span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><mi>i</mi></mrow><annotation encoding=\"application/x-tex\">i</annotation></semantics></math></span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6595em;\"></span><span class=\"mord mathnormal\">i</span></span></span></span>, paiements mensuels et amortissement de <span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><mi>n</mi></mrow><annotation encoding=\"application/x-tex\">n</annotation></semantics></math></span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"></span><span class=\"mord mathnormal\">n</span></span></span></span> mois :</p>\n<div class=\"eq\" id=\"eq-12-3\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\" display=\"block\"><semantics><mtable width=\"100%\"><mtr><mtd width=\"50%\"></mtd><mtd><mrow><msub><mi>R</mi><mi>m</mi></msub><mtext>  </mtext><mo>=</mo><mtext>  </mtext><mn>12</mn><mo>×</mo><mfrac><mrow><mi>i</mi><mi mathvariant=\"normal\">/</mi><mn>12</mn></mrow><mrow><mn>1</mn><mo>−</mo><msup><mrow><mo fence=\"true\">(</mo><mn>1</mn><mo>+</mo><mi>i</mi><mi mathvariant=\"normal\">/</mi><mn>12</mn><mo fence=\"true\">)</mo></mrow><mrow><mo>−</mo><mi>n</mi></mrow></msup></mrow></mfrac></mrow></mtd><mtd width=\"50%\"></mtd><mtd><mtext>(12.3)</mtext></mtd></mtr></mtable><annotation encoding=\"application/x-tex\">R_m \\;=\\; 12 \\times \\frac{i/12}{1 - \\left(1 + i/12\\right)^{-n}}\\tag{12.3}</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:0.0077em;\">R</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:-0.0077em;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\">m</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=\"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:0.7278em;vertical-align:-0.0833em;\"></span><span class=\"mord\">12</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:2.4782em;vertical-align:-1.0512em;\"></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:1.427em;\"><span style=\"top:-2.1988em;\"><span class=\"pstrut\" style=\"height:3em;\"></span><span class=\"mord\"><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=\"minner\"><span class=\"minner\"><span class=\"mopen delimcenter\" style=\"top:0em;\">(</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\">i</span><span class=\"mord\">/12</span><span class=\"mclose delimcenter\" style=\"top:0em;\">)</span></span><span class=\"msupsub\"><span class=\"vlist-t\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.9112em;\"><span style=\"top:-3.2029em;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 mtight\">−</span><span class=\"mord mathnormal mtight\">n</span></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 mathnormal\">i</span><span class=\"mord\">/12</span></span></span></span><span class=\"vlist-s\">​</span></span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.0512em;\"><span></span></span></span></span></span><span class=\"mclose nulldelimiter\"></span></span></span><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:2.4782em;vertical-align:-1.0512em;\"></span><span class=\"mord text\"><span class=\"mord\">(</span><span class=\"mord\"><span class=\"mord\">12.3</span></span><span class=\"mord\">)</span></span></span></span></span></span></div>", "url": "/seance/12/#form-12-2"}, {"id": "form-form-12-3", "type": "form", "ch": "12", "num": "Formule 12.3", "front": "taux construit", "back": "<div class=\"eq\" id=\"eq-12-4\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\" display=\"block\"><semantics><mtable width=\"100%\"><mtr><mtd width=\"50%\"></mtd><mtd><mtable rowspacing=\"0.25em\" columnalign=\"right left\" columnspacing=\"0em\"><mtr><mtd><mstyle scriptlevel=\"0\" displaystyle=\"true\"><mrow><mtext>TGA</mtext><mtext>  </mtext><mo>=</mo><mtext>  </mtext></mrow></mstyle></mtd><mtd><mstyle scriptlevel=\"0\" displaystyle=\"true\"><mrow><mrow></mrow><mtext>taux sans risque</mtext><mo>+</mo><mtext>prime de risque immobilier</mtext></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><mrow><mtext>prime de non-liquidit</mtext><mover accent=\"true\"><mtext>e</mtext><mo>ˊ</mo></mover></mrow><mo>+</mo><mtext>prime de gestion</mtext></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><mrow><mtext>croissance anticip</mtext><mover accent=\"true\"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>e des revenus</mtext></mrow></mrow></mstyle></mtd></mtr></mtable></mtd><mtd width=\"50%\"></mtd><mtd><mtext>(12.4)</mtext></mtd></mtr></mtable><annotation encoding=\"application/x-tex\">\\begin{aligned}\\text{TGA} \\;=\\;&amp; \\text{taux sans risque} + \\text{prime de risque immobilier}\n\\\\\n&amp;+ \\text{prime de non-liquidité} + \\text{prime de gestion}\n\\\\\n&amp;- \\text{croissance anticipée des revenus}\\end{aligned}\\tag{12.4}</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\">TGA</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></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=\"mord text\"><span class=\"mord\">taux sans risque</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\">prime de risque immobilier</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\" 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\">prime de non-liquidit</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><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\">prime de gestion</span></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:0.2222em;\"></span><span class=\"mbin\">−</span><span class=\"mspace\" style=\"margin-right:0.2222em;\"></span><span class=\"mord text\"><span class=\"mord\">croissance anticip</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 des revenus</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></span></span><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:4.2em;vertical-align:-1.85em;\"></span><span class=\"mord text\"><span class=\"mord\">(</span><span class=\"mord\"><span class=\"mord\">12.4</span></span><span class=\"mord\">)</span></span></span></span></span></span></div>", "url": "/seance/12/#form-12-3"}, {"id": "form-form-12-4", "type": "form", "ch": "12", "num": "Formule 12.4", "front": "DCF immobilier", "back": "<div class=\"eq\" id=\"eq-12-6\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\" display=\"block\"><semantics><mtable width=\"100%\"><mtr><mtd width=\"50%\"></mtd><mtd><mrow><mi>V</mi><mtext>  </mtext><mo>=</mo><mtext>  </mtext><munderover><mo>∑</mo><mrow><mi>t</mi><mo>=</mo><mn>1</mn></mrow><mi>n</mi></munderover><mfrac><mrow><mi>C</mi><msub><mi>F</mi><mi>t</mi></msub></mrow><mrow><mo stretchy=\"false\">(</mo><mn>1</mn><mo>+</mo><mi>r</mi><msup><mo stretchy=\"false\">)</mo><mi>t</mi></msup></mrow></mfrac><mtext>  </mtext><mo>+</mo><mtext>  </mtext><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></mrow></mtd><mtd width=\"50%\"></mtd><mtd><mtext>(12.6)</mtext></mtd></mtr></mtable><annotation encoding=\"application/x-tex\">V \\;=\\; \\sum_{t=1}^{n} \\frac{CF_t}{(1+r)^t} \\;+\\; \\frac{V_n}{(1+r)^n}\\tag{12.6}</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:2.9185em;vertical-align:-1.2671em;\"></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 mathnormal\" style=\"margin-right:0.0715em;\">C</span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">F</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-left:-0.1389em;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:0.2778em;\"></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><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:2.2963em;vertical-align:-0.936em;\"></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><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:2.9185em;vertical-align:-1.2671em;\"></span><span class=\"mord text\"><span class=\"mord\">(</span><span class=\"mord\"><span class=\"mord\">12.6</span></span><span class=\"mord\">)</span></span></span></span></span></span></div>\n<p id=\"p12-40\">où <span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><mi>C</mi><msub><mi>F</mi><mi>t</mi></msub></mrow><annotation encoding=\"application/x-tex\">CF_t</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 mathnormal\" style=\"margin-right:0.0715em;\">C</span><span class=\"mord\"><span class=\"mord mathnormal\" style=\"margin-right:0.1389em;\">F</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-left:-0.1389em;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> est le flux net (RNE) de l'année <span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><mi>t</mi></mrow><annotation encoding=\"application/x-tex\">t</annotation></semantics></math></span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6151em;\"></span><span class=\"mord mathnormal\">t</span></span></span></span>, <span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><mi>r</mi></mrow><annotation encoding=\"application/x-tex\">r</annotation></semantics></math></span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"></span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r</span></span></span></span> le taux d'actualisation, <span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><mi>n</mi></mrow><annotation encoding=\"application/x-tex\">n</annotation></semantics></math></span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"></span><span class=\"mord mathnormal\">n</span></span></span></span> la période de détention et <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></mrow><annotation encoding=\"application/x-tex\">V_n</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></span></span> la valeur de réversion (revente nette en fin de période).</p>", "url": "/seance/12/#form-12-4"}, {"id": "form-form-12-5", "type": "form", "ch": "12", "num": "Formule 12.5", "front": "valeur de réversion", "back": "<div class=\"eq\" id=\"eq-12-7\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\" display=\"block\"><semantics><mtable width=\"100%\"><mtr><mtd width=\"50%\"></mtd><mtd><mrow><msub><mi>V</mi><mi>n</mi></msub><mtext>  </mtext><mo>=</mo><mtext>  </mtext><mfrac><msub><mtext>RNE</mtext><mrow><mtext> </mtext><mi>n</mi><mo>+</mo><mn>1</mn></mrow></msub><msub><mtext>TGA</mtext><mtext>sortie</mtext></msub></mfrac><mtext>  </mtext><mo>−</mo><mtext>  </mtext><mtext>frais de vente</mtext></mrow></mtd><mtd width=\"50%\"></mtd><mtd><mtext>(12.7)</mtext></mtd></mtr></mtable><annotation encoding=\"application/x-tex\">V_n \\;=\\; \\frac{\\text{RNE}_{\\,n+1}}{\\text{TGA}_{\\text{sortie}}}\n\\;-\\; \\text{frais de vente}\\tag{12.7}</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=\"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:2.1963em;vertical-align:-0.836em;\"></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=\"mspace mtight\" style=\"margin-right:0.1952em;\"></span><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 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><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6944em;\"></span><span class=\"mord text\"><span class=\"mord\">frais de vente</span></span></span><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:2.1963em;vertical-align:-0.836em;\"></span><span class=\"mord text\"><span class=\"mord\">(</span><span class=\"mord\"><span class=\"mord\">12.7</span></span><span class=\"mord\">)</span></span></span></span></span></span></div>", "url": "/seance/12/#form-12-5"}, {"id": "form-form-12-6", "type": "form", "ch": "12", "num": "Formule 12.6", "front": "relation entre <span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><mi>r</mi></mrow><annotation encoding=\"application/x-tex\">r</annotation></semantics></math></span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.4306em;\"></span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r</span></span></span></span>, TGA et croissance", "back": "<p id=\"p12-44\">Si la croissance annuelle anticipée des RNE est <span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\"><semantics><mrow><mi>g</mi></mrow><annotation encoding=\"application/x-tex\">g</annotation></semantics></math></span><span class=\"katex-html\" aria-hidden=\"true\"><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.625em;vertical-align:-0.1944em;\"></span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">g</span></span></span></span> :</p>\n<div class=\"eq\" id=\"eq-12-8\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\" display=\"block\"><semantics><mtable width=\"100%\"><mtr><mtd width=\"50%\"></mtd><mtd><mrow><mi>r</mi><mtext>  </mtext><mo>≈</mo><mtext>  </mtext><mtext>TGA</mtext><mo>+</mo><mi>g</mi><mspace width=\"2em\"/><mo>⟺</mo><mspace width=\"2em\"/><mtext>TGA</mtext><mtext>  </mtext><mo>≈</mo><mtext>  </mtext><mi>r</mi><mo>−</mo><mi>g</mi></mrow></mtd><mtd width=\"50%\"></mtd><mtd><mtext>(12.8)</mtext></mtd></mtr></mtable><annotation encoding=\"application/x-tex\">r \\;\\approx\\; \\text{TGA} + g\n\\qquad\\Longleftrightarrow\\qquad\n\\text{TGA} \\;\\approx\\; r - g\\tag{12.8}</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=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r</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:0.7667em;vertical-align:-0.0833em;\"></span><span class=\"mord text\"><span class=\"mord\">TGA</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:0.7194em;vertical-align:-0.1944em;\"></span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">g</span><span class=\"mspace\" style=\"margin-right:2em;\"></span><span class=\"mspace\" style=\"margin-right:0.2778em;\"></span><span class=\"mrel\">⟺</span><span class=\"mspace\" style=\"margin-right:2em;\"></span><span class=\"mspace\" style=\"margin-right:0.2778em;\"></span></span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.6833em;\"></span><span class=\"mord text\"><span class=\"mord\">TGA</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:0.6667em;vertical-align:-0.0833em;\"></span><span class=\"mord mathnormal\" style=\"margin-right:0.0278em;\">r</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:0.625em;vertical-align:-0.1944em;\"></span><span class=\"mord mathnormal\" style=\"margin-right:0.0359em;\">g</span></span><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:1em;vertical-align:-0.25em;\"></span><span class=\"mord text\"><span class=\"mord\">(</span><span class=\"mord\"><span class=\"mord\">12.8</span></span><span class=\"mord\">)</span></span></span></span></span></span></div>", "url": "/seance/12/#form-12-6"}, {"id": "form-form-12-7", "type": "form", "ch": "12", "num": "Formule 12.7", "front": "valeur par DCF", "back": "<div class=\"eq\" id=\"eq-12-9\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\" display=\"block\"><semantics><mtable width=\"100%\"><mtr><mtd width=\"50%\"></mtd><mtd><mrow><mi>V</mi><mtext>  </mtext><mo>=</mo><mtext>  </mtext><munder><munder><mrow><mn>557</mn><mtext> </mtext><mn>086</mn></mrow><mo stretchy=\"true\">⏟</mo></munder><mtext>VA des RNE</mtext></munder><mtext>  </mtext><mo>+</mo><mtext>  </mtext><munder><munder><mrow><mn>1</mn><mtext> </mtext><mn>756</mn><mtext> </mtext><mn>892</mn></mrow><mo stretchy=\"true\">⏟</mo></munder><mrow><mtext>VA de la r</mtext><mover accent=\"true\"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>version</mtext></mrow></munder><mtext>  </mtext><mo>=</mo><mtext>  </mtext><mn>2</mn><mtext> </mtext><mn>313</mn><mtext> </mtext><mn>978</mn><mtext> </mtext><mi mathvariant=\"normal\">$</mi><mtext>  </mtext><mo>≈</mo><mtext>  </mtext><mstyle mathcolor=\"#003E7E\"><mrow><mn mathvariant=\"bold\">2</mn><mtext> </mtext><mn mathvariant=\"bold\">315</mn><mtext> </mtext><mn mathvariant=\"bold\">000</mn><mtext> </mtext><mi mathvariant=\"bold\">$</mi></mrow></mstyle></mrow></mtd><mtd width=\"50%\"></mtd><mtd><mtext>(12.9)</mtext></mtd></mtr></mtable><annotation encoding=\"application/x-tex\">V \\;=\\; \\underbrace{557\\,086}_{\\text{VA des RNE}}\n\\;+\\; \\underbrace{1\\,756\\,892}_{\\text{VA de la réversion}}\n\\;=\\; 2\\,313\\,978\\,\\$ \\;\\approx\\; \\uqotitle{2\\,315\\,000\\,\\$}\\tag{12.9}</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:1.9785em;vertical-align:-1.3341em;\"></span><span class=\"minner munder\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.6444em;\"><span style=\"top:-1.6659em;\"><span class=\"pstrut\" style=\"height:3em;\"></span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">VA des RNE</span></span></span></span></span><span style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"></span><span class=\"minner munder\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.6444em;\"><span class=\"svg-align\" style=\"top:-2.352em;\"><span class=\"pstrut\" style=\"height:3em;\"></span><span class=\"katex-stretchy\" style=\"height:0.548em;min-width:1.6em;\"><span class=\"brace-left\" style=\"height:0.548em;\"><svg xmlns=\"http://www.w3.org/2000/svg\" width=\"400em\" height=\"0.548em\" viewBox=\"0 0 400000 548\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M0 6l6-6h17c12.688 0 19.313.3 20 1 4 4 7.313 8.3 10 13\n 35.313 51.3 80.813 93.8 136.5 127.5 55.688 33.7 117.188 55.8 184.5 66.5.688\n 0 2 .3 4 1 18.688 2.7 76 4.3 172 5h399450v120H429l-6-1c-124.688-8-235-61.7\n-331-161C60.687 138.7 32.312 99.3 7 54L0 41V6z\"/></svg></span><span class=\"brace-center\" style=\"height:0.548em;\"><svg xmlns=\"http://www.w3.org/2000/svg\" width=\"400em\" height=\"0.548em\" viewBox=\"0 0 400000 548\" preserveAspectRatio=\"xMidYMin slice\"><path d=\"M199572 214\nc100.7 8.3 195.3 44 280 108 55.3 42 101.7 93 139 153l9 14c2.7-4 5.7-8.7 9-14\n 53.3-86.7 123.7-153 211-199 66.7-36 137.3-56.3 212-62h199568v120H200432c-178.3\n 11.7-311.7 78.3-403 201-6 8-9.7 12-11 12-.7.7-6.7 1-18 1s-17.3-.3-18-1c-1.3 0\n-5-4-11-12-44.7-59.3-101.3-106.3-170-141s-145.3-54.3-229-60H0V214z\"/></svg></span><span class=\"brace-right\" style=\"height:0.548em;\"><svg xmlns=\"http://www.w3.org/2000/svg\" width=\"400em\" height=\"0.548em\" viewBox=\"0 0 400000 548\" preserveAspectRatio=\"xMaxYMin slice\"><path d=\"M399994 0l6 6v35l-6 11c-56 104-135.3 181.3-238 232-57.3\n 28.7-117 45-179 50H-300V214h399897c43.3-7 81-15 113-26 100.7-33 179.7-91 237\n-174 2.7-5 6-9 10-13 .7-1 7.3-1 20-1h17z\"/></svg></span></span></span><span style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"></span><span class=\"mord\"><span class=\"mord\">557</span><span class=\"mspace\" style=\"margin-right:0.1667em;\"></span><span class=\"mord\">086</span></span></span></span><span class=\"vlist-s\">​</span></span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.648em;\"><span></span></span></span></span></span></span></span><span class=\"vlist-s\">​</span></span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3341em;\"><span></span></span></span></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><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:1.9785em;vertical-align:-1.3341em;\"></span><span class=\"minner munder\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.6444em;\"><span style=\"top:-1.6659em;\"><span class=\"pstrut\" style=\"height:3em;\"></span><span class=\"katex-sizing reset-size6 size3 mtight\"><span class=\"mord mtight\"><span class=\"mord text mtight\"><span class=\"mord mtight\">VA de la r</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\">version</span></span></span></span></span><span style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"></span><span class=\"minner munder\"><span class=\"vlist-t vlist-t2\"><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.6444em;\"><span class=\"svg-align\" style=\"top:-2.352em;\"><span class=\"pstrut\" style=\"height:3em;\"></span><span class=\"katex-stretchy\" style=\"height:0.548em;min-width:1.6em;\"><span class=\"brace-left\" style=\"height:0.548em;\"><svg xmlns=\"http://www.w3.org/2000/svg\" width=\"400em\" height=\"0.548em\" viewBox=\"0 0 400000 548\" preserveAspectRatio=\"xMinYMin slice\"><path d=\"M0 6l6-6h17c12.688 0 19.313.3 20 1 4 4 7.313 8.3 10 13\n 35.313 51.3 80.813 93.8 136.5 127.5 55.688 33.7 117.188 55.8 184.5 66.5.688\n 0 2 .3 4 1 18.688 2.7 76 4.3 172 5h399450v120H429l-6-1c-124.688-8-235-61.7\n-331-161C60.687 138.7 32.312 99.3 7 54L0 41V6z\"/></svg></span><span class=\"brace-center\" style=\"height:0.548em;\"><svg xmlns=\"http://www.w3.org/2000/svg\" width=\"400em\" height=\"0.548em\" viewBox=\"0 0 400000 548\" preserveAspectRatio=\"xMidYMin slice\"><path d=\"M199572 214\nc100.7 8.3 195.3 44 280 108 55.3 42 101.7 93 139 153l9 14c2.7-4 5.7-8.7 9-14\n 53.3-86.7 123.7-153 211-199 66.7-36 137.3-56.3 212-62h199568v120H200432c-178.3\n 11.7-311.7 78.3-403 201-6 8-9.7 12-11 12-.7.7-6.7 1-18 1s-17.3-.3-18-1c-1.3 0\n-5-4-11-12-44.7-59.3-101.3-106.3-170-141s-145.3-54.3-229-60H0V214z\"/></svg></span><span class=\"brace-right\" style=\"height:0.548em;\"><svg xmlns=\"http://www.w3.org/2000/svg\" width=\"400em\" height=\"0.548em\" viewBox=\"0 0 400000 548\" preserveAspectRatio=\"xMaxYMin slice\"><path d=\"M399994 0l6 6v35l-6 11c-56 104-135.3 181.3-238 232-57.3\n 28.7-117 45-179 50H-300V214h399897c43.3-7 81-15 113-26 100.7-33 179.7-91 237\n-174 2.7-5 6-9 10-13 .7-1 7.3-1 20-1h17z\"/></svg></span></span></span><span style=\"top:-3em;\"><span class=\"pstrut\" style=\"height:3em;\"></span><span class=\"mord\"><span class=\"mord\">1</span><span class=\"mspace\" style=\"margin-right:0.1667em;\"></span><span class=\"mord\">756</span><span class=\"mspace\" style=\"margin-right:0.1667em;\"></span><span class=\"mord\">892</span></span></span></span><span class=\"vlist-s\">​</span></span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:0.648em;\"><span></span></span></span></span></span></span></span><span class=\"vlist-s\">​</span></span><span class=\"vlist-r\"><span class=\"vlist\" style=\"height:1.3341em;\"><span></span></span></span></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\">2</span><span class=\"mspace\" style=\"margin-right:0.1667em;\"></span><span class=\"mord\">313</span><span class=\"mspace\" style=\"margin-right:0.1667em;\"></span><span class=\"mord\">978</span><span class=\"mspace\" style=\"margin-right:0.1667em;\"></span><span class=\"mord\">$</span><span class=\"mspace\" style=\"margin-right:0.2778em;\"></span><span class=\"mspace\" style=\"margin-right:0.2778em;\"></span><span class=\"mrel\">≈</span><span class=\"mspace\" style=\"margin-right:0.2778em;\"></span><span class=\"mspace\" style=\"margin-right:0.2778em;\"></span></span><span class=\"katex-base\"><span class=\"katex-strut\" style=\"height:0.8056em;vertical-align:-0.0556em;\"></span><span class=\"mord\" style=\"color:#003E7E;\"><span class=\"mord mathbf\" style=\"color:#003E7E;\">2</span><span class=\"mspace\" style=\"color:#003E7E;margin-right:0.1667em;\"></span><span class=\"mord mathbf\" style=\"color:#003E7E;\">315</span><span class=\"mspace\" style=\"color:#003E7E;margin-right:0.1667em;\"></span><span class=\"mord mathbf\" style=\"color:#003E7E;\">000</span><span class=\"mspace\" style=\"color:#003E7E;margin-right:0.1667em;\"></span><span class=\"mord mathbf\" style=\"color:#003E7E;\">$</span></span></span><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:2.0841em;vertical-align:-1.3341em;\"></span><span class=\"mord text\"><span class=\"mord\">(</span><span class=\"mord\"><span class=\"mord\">12.9</span></span><span class=\"mord\">)</span></span></span></span></span></span></div>", "url": "/seance/12/#form-12-7"}, {"id": "form-form-12-8", "type": "form", "ch": "12", "num": "Formule 12.8", "front": "multiplicateur du revenu brut", "back": "<div class=\"eq\" id=\"eq-12-10\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\" display=\"block\"><semantics><mtable width=\"100%\"><mtr><mtd width=\"50%\"></mtd><mtd><mrow><mtext>MRB</mtext><mtext>  </mtext><mo>=</mo><mtext>  </mtext><mfrac><mtext>Prix de vente</mtext><mtext>RBE</mtext></mfrac><mspace width=\"2em\"/><mo>⟺</mo><mspace width=\"2em\"/><mi>V</mi><mo>=</mo><mtext>RBE</mtext><mo>×</mo><mtext>MRB</mtext></mrow></mtd><mtd width=\"50%\"></mtd><mtd><mtext>(12.10)</mtext></mtd></mtr></mtable><annotation encoding=\"application/x-tex\">\\text{MRB} \\;=\\; \\frac{\\text{Prix de vente}}{\\text{RBE}}\n\\qquad\\Longleftrightarrow\\qquad\nV = \\text{RBE} \\times \\text{MRB}\\tag{12.10}</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=\"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:2.0574em;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:1.3714em;\"><span style=\"top:-2.314em;\"><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:-3.23em;\"><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\">Prix de vente</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:2em;\"></span><span class=\"mspace\" style=\"margin-right:0.2778em;\"></span><span class=\"mrel\">⟺</span><span class=\"mspace\" style=\"margin-right:2em;\"></span><span class=\"mspace\" style=\"margin-right:0.2778em;\"></span></span><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><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:2.0574em;vertical-align:-0.686em;\"></span><span class=\"mord text\"><span class=\"mord\">(</span><span class=\"mord\"><span class=\"mord\">12.10</span></span><span class=\"mord\">)</span></span></span></span></span></span></div>", "url": "/seance/12/#form-12-8"}, {"id": "form-form-12-9", "type": "form", "ch": "12", "num": "Formule 12.9", "front": "multiplicateur du revenu net", "back": "<div class=\"eq\" id=\"eq-12-11\"><span class=\"katex-display\"><span class=\"katex\"><span class=\"katex-mathml\"><math xmlns=\"http://www.w3.org/1998/Math/MathML\" display=\"block\"><semantics><mtable width=\"100%\"><mtr><mtd width=\"50%\"></mtd><mtd><mrow><mtext>MRN</mtext><mtext>  </mtext><mo>=</mo><mtext>  </mtext><mfrac><mtext>Prix de vente</mtext><mtext>RNE</mtext></mfrac><mtext>  </mtext><mo>=</mo><mtext>  </mtext><mfrac><mn>1</mn><mtext>TGA</mtext></mfrac><mspace width=\"2em\"/><mo>⟺</mo><mspace width=\"2em\"/><mi>V</mi><mo>=</mo><mtext>RNE</mtext><mo>×</mo><mtext>MRN</mtext></mrow></mtd><mtd width=\"50%\"></mtd><mtd><mtext>(12.11)</mtext></mtd></mtr></mtable><annotation encoding=\"application/x-tex\">\\text{MRN} \\;=\\; \\frac{\\text{Prix de vente}}{\\text{RNE}} \\;=\\; \\frac{1}{\\text{TGA}}\n\\qquad\\Longleftrightarrow\\qquad\nV = \\text{RNE} \\times \\text{MRN}\\tag{12.11}</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\">MRN</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:2.0574em;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:1.3714em;\"><span style=\"top:-2.314em;\"><span class=\"pstrut\" style=\"height:3em;\"></span><span class=\"mord\"><span class=\"mord text\"><span class=\"mord\">RNE</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\">Prix de vente</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:2.0074em;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:1.3214em;\"><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\">1</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:2em;\"></span><span class=\"mspace\" style=\"margin-right:0.2778em;\"></span><span class=\"mrel\">⟺</span><span class=\"mspace\" style=\"margin-right:2em;\"></span><span class=\"mspace\" style=\"margin-right:0.2778em;\"></span></span><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\">RNE</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\">MRN</span></span></span><span class=\"katex-tag\"><span class=\"katex-strut\" style=\"height:2.0574em;vertical-align:-0.686em;\"></span><span class=\"mord text\"><span class=\"mord\">(</span><span class=\"mord\"><span class=\"mord\">12.11</span></span><span class=\"mord\">)</span></span></span></span></span></span></div>", "url": "/seance/12/#form-12-9"}, {"id": "form-form-14-1", "type": "form", "ch": "14", "num": "Formule 14.1", "front": "méthode du coût", "back": "<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}\n\\;+\\; \\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>", "url": "/seance/14/#form-14-1"}, {"id": "form-form-14-2", "type": "form", "ch": "14", "num": "Formule 14.2", "front": "les quatre formules cardinales du cours", "back": "<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} \\\\\n\\textbf{Coût :}\\quad &amp; V = C_{\\text{neuf}} - D_{\\text{totale}} + V_{\\text{terrain}},\n\\qquad D_{\\text{phys.}} = \\frac{\\text{Âge effectif}}{\\text{Vie utile}} \\times C_{\\text{neuf}} \\\\\n\\textbf{Revenu :}\\quad &amp; V = \\frac{\\text{RNE}}{\\text{TGA}},\n\\qquad \\text{RNE} = \\text{RBP} - \\text{Inoccupation} - \\text{Dépenses} \\\\\n\\textbf{DCF :}\\quad &amp; V_0 = \\sum_{t=1}^{n} \\frac{\\text{RNE}_t}{(1+r)^t}\n+ \\frac{V_n}{(1+r)^n},\n\\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>", "url": "/seance/14/#form-14-2"}, {"id": "g-age-chronologique", "type": "gloss", "ch": "G", "num": "", "front": "Âge chronologique", "back": "<p>Nombre d'années écoulées depuis la construction du bâtiment. Il se distingue de l'âge effectif : un immeuble de 40 ans rénové de fond en comble peut présenter un âge effectif de 15 ans (<em>actual age</em>).</p>", "url": "/glossaire/#g-age-chronologique"}, {"id": "g-age-effectif", "type": "gloss", "ch": "G", "num": "", "front": "Âge effectif", "back": "<p>Âge apparent du bâtiment compte tenu de son entretien, de ses rénovations et de sa désuétude. C'est l'âge effectif — et non l'âge chronologique — qui entre dans la méthode âge/vie du calcul de la dépréciation (<em>effective age</em>).</p>", "url": "/glossaire/#g-age-effectif"}, {"id": "g-ajustement", "type": "gloss", "ch": "G", "num": "", "front": "Ajustement", "back": "<p>Correction, en dollars ou en pourcentage, apportée au prix de vente d'un comparable pour tenir compte d'une différence avec le bien évalué. Les ajustements se font toujours du comparable vers le sujet (<em>adjustment</em>).</p>", "url": "/glossaire/#g-ajustement"}, {"id": "g-ameliorations", "type": "gloss", "ch": "G", "num": "", "front": "Améliorations", "back": "<p>Ensemble des constructions et aménagements ajoutés au terrain : bâtiment principal, garage, piscine, aménagement paysager. Le couple terrain + améliorations forme la propriété (<em>improvements</em>).</p>", "url": "/glossaire/#g-ameliorations"}, {"id": "g-anticipation-principe-d", "type": "gloss", "ch": "G", "num": "", "front": "Anticipation (principe d')", "back": "<p>Principe économique selon lequel la valeur découle des avantages futurs attendus de la propriété. C'est le fondement de la méthode du revenu (<em>principle of anticipation</em>).</p>", "url": "/glossaire/#g-anticipation-principe-d"}, {"id": "g-apciq", "type": "gloss", "ch": "G", "num": "", "front": "APCIQ", "back": "<p>Association professionnelle des courtiers immobiliers du Québec. Elle publie les statistiques de revente du réseau Centris, source majeure de données de marché résidentielles.</p>", "url": "/glossaire/#g-apciq"}, {"id": "g-bail-emphyteotique", "type": "gloss", "ch": "G", "num": "", "front": "Bail emphytéotique", "back": "<p>Voir <em>Emphytéose</em>.</p>", "url": "/glossaire/#g-bail-emphyteotique"}, {"id": "g-bien-fonds", "type": "gloss", "ch": "G", "num": "", "front": "Bien-fonds", "back": "<p>Terme juridique désignant l'immeuble au sens physique : le terrain et ce qui y est incorporé à demeure (<em>real estate</em>).</p>", "url": "/glossaire/#g-bien-fonds"}, {"id": "g-cadastre-du-quebec", "type": "gloss", "ch": "G", "num": "", "front": "Cadastre du Québec", "back": "<p>Registre public identifiant chaque parcelle du territoire québécois par un numéro de lot unique. La désignation cadastrale est obligatoire dans le rapport d'évaluation.</p>", "url": "/glossaire/#g-cadastre-du-quebec"}, {"id": "g-capitalisation-directe", "type": "gloss", "ch": "G", "num": "", "front": "Capitalisation directe", "back": "<p>Technique de la méthode du revenu qui convertit le revenu net d'exploitation d'une seule année en valeur au moyen d'un taux global d'actualisation : <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><mo>÷</mo><mtext>TGA</mtext></mrow><annotation encoding=\"application/x-tex\">V = \\text{RNE} \\div \\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:0.7667em;vertical-align:-0.0833em;\"></span><span class=\"mord text\"><span class=\"mord\">RNE</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\">TGA</span></span></span></span></span> (<em>direct capitalization</em>).</p>", "url": "/glossaire/#g-capitalisation-directe"}, {"id": "g-centris", "type": "gloss", "ch": "G", "num": "", "front": "Centris", "back": "<p>Système interagences des courtiers immobiliers québécois (équivalent du MLS canadien). Source première de comparables résidentiels.</p>", "url": "/glossaire/#g-centris"}, {"id": "g-certificat-de-localisation", "type": "gloss", "ch": "G", "num": "", "front": "Certificat de localisation", "back": "<p>Document d'arpenteur-géomètre décrivant l'état actuel d'un immeuble : dimensions, empiètements, servitudes, conformité au zonage. Source privilégiée des superficies de terrain.</p>", "url": "/glossaire/#g-certificat-de-localisation"}, {"id": "g-certification", "type": "gloss", "ch": "G", "num": "", "front": "Certification", "back": "<p>Déclaration solennelle signée par l'évaluateur à la fin du rapport, attestant notamment l'exactitude des faits, l'impartialité des conclusions, l'absence d'intérêt et la conformité aux normes (<em>certification</em>).</p>", "url": "/glossaire/#g-certification"}, {"id": "g-comparable", "type": "gloss", "ch": "G", "num": "", "front": "Comparable", "back": "<p>Propriété vendue récemment, semblable au bien évalué, utilisée comme point de référence dans la méthode de comparaison (<em>comparable sale</em>).</p>", "url": "/glossaire/#g-comparable"}, {"id": "g-conditions-limitatives", "type": "gloss", "ch": "G", "num": "", "front": "Conditions limitatives", "back": "<p>Clauses du rapport qui restreignent l'usage de l'opinion de valeur : utilisateurs autorisés, date de validité, limite de responsabilité (<em>limiting conditions</em>).</p>", "url": "/glossaire/#g-conditions-limitatives"}, {"id": "g-conformite-principe-de", "type": "gloss", "ch": "G", "num": "", "front": "Conformité (principe de)", "back": "<p>Principe selon lequel la valeur est maximisée lorsque la propriété s'harmonise avec son environnement. Une résidence surdimensionnée dans un quartier modeste en souffre (<em>principle of conformity</em>).</p>", "url": "/glossaire/#g-conformite-principe-de"}, {"id": "g-contribution-principe-de", "type": "gloss", "ch": "G", "num": "", "front": "Contribution (principe de)", "back": "<p>La valeur d'une composante correspond à ce qu'elle ajoute à la valeur totale, non à son coût. Une piscine de <span class=\"num\">60 000 $</span> peut n'ajouter que <span class=\"num\">20 000 $</span> à la valeur marchande (<em>principle of contribution</em>).</p>", "url": "/glossaire/#g-contribution-principe-de"}, {"id": "g-cout-de-remplacement", "type": "gloss", "ch": "G", "num": "", "front": "Coût de remplacement", "back": "<p>Coût de construction, aux prix actuels, d'un bâtiment d'utilité équivalente avec des matériaux et des normes modernes (<em>replacement cost</em>).</p>", "url": "/glossaire/#g-cout-de-remplacement"}, {"id": "g-cout-de-reproduction", "type": "gloss", "ch": "G", "num": "", "front": "Coût de reproduction", "back": "<p>Coût de construction, aux prix actuels, d'une réplique exacte du bâtiment, mêmes matériaux et mêmes défauts (<em>reproduction cost</em>).</p>", "url": "/glossaire/#g-cout-de-reproduction"}, {"id": "g-couts-directs", "type": "gloss", "ch": "G", "num": "", "front": "Coûts directs", "back": "<p>Coûts de construction proprement dits : matériaux, main-d'œuvre, équipements (<em>direct costs, hard costs</em>).</p>", "url": "/glossaire/#g-couts-directs"}, {"id": "g-couts-indirects", "type": "gloss", "ch": "G", "num": "", "front": "Coûts indirects", "back": "<p>Frais accessoires au chantier : honoraires professionnels, permis, financement intérimaire, assurances, taxes pendant la construction (<em>indirect costs, soft costs</em>).</p>", "url": "/glossaire/#g-couts-indirects"}, {"id": "g-cuspap", "type": "gloss", "ch": "G", "num": "", "front": "CUSPAP", "back": "<p><em>Canadian Uniform Standards of Professional Appraisal Practice</em> — normes uniformes canadiennes de l'Appraisal Institute of Canada (AIC), édition 2026.</p>", "url": "/glossaire/#g-cuspap"}, {"id": "g-date-d-evaluation", "type": "gloss", "ch": "G", "num": "", "front": "Date d'évaluation", "back": "<p>Date à laquelle l'opinion de valeur s'applique. Elle peut être actuelle, rétrospective (succession, litige) ou prospective (valeur à l'achèvement) (<em>effective date</em>).</p>", "url": "/glossaire/#g-date-d-evaluation"}, {"id": "g-dcf", "type": "gloss", "ch": "G", "num": "", "front": "DCF", "back": "<p><em>Discounted Cash Flow</em> — actualisation des flux monétaires. Technique de la méthode du revenu qui actualise les RNE prévisionnels et la valeur de réversion au taux de rendement exigé.</p>", "url": "/glossaire/#g-dcf"}, {"id": "g-depenses-d-exploitation", "type": "gloss", "ch": "G", "num": "", "front": "Dépenses d'exploitation", "back": "<p>Dépenses nécessaires au fonctionnement de l'immeuble : taxes, assurances, énergie, entretien, gestion, réserve de remplacement. Elles excluent le service de la dette et l'amortissement fiscal (<em>operating expenses</em>).</p>", "url": "/glossaire/#g-depenses-d-exploitation"}, {"id": "g-depreciation", "type": "gloss", "ch": "G", "num": "", "front": "Dépréciation", "back": "<p>Perte de valeur des améliorations par rapport à leur coût à neuf, toutes causes confondues : physique, fonctionnelle et économique (<em>depreciation</em>).</p>", "url": "/glossaire/#g-depreciation"}, {"id": "g-depreciation-economique-externe", "type": "gloss", "ch": "G", "num": "", "front": "Dépréciation économique (externe)", "back": "<p>Perte de valeur causée par des facteurs extérieurs à la propriété : nuisance voisine, déclin du secteur, conjoncture (<em>external obsolescence</em>).</p>", "url": "/glossaire/#g-depreciation-economique-externe"}, {"id": "g-depreciation-fonctionnelle", "type": "gloss", "ch": "G", "num": "", "front": "Dépréciation fonctionnelle", "back": "<p>Perte de valeur due aux inadéquations de conception ou d'équipements du bâtiment lui-même : plan démodé, plafonds trop bas, systèmes dépassés (<em>functional obsolescence</em>).</p>", "url": "/glossaire/#g-depreciation-fonctionnelle"}, {"id": "g-depreciation-physique", "type": "gloss", "ch": "G", "num": "", "front": "Dépréciation physique", "back": "<p>Perte de valeur due à l'usure et à la détérioration des matériaux. Elle se ventile en éléments curables et incurables (<em>physical deterioration</em>).</p>", "url": "/glossaire/#g-depreciation-physique"}, {"id": "g-droits-de-mutation", "type": "gloss", "ch": "G", "num": "", "front": "Droits de mutation", "back": "<p>Taxe municipale perçue lors du transfert d'un immeuble (« taxe de bienvenue »), calculée par tranches sur le plus élevé du prix payé ou de la valeur marchande (<em>land transfer tax</em>).</p>", "url": "/glossaire/#g-droits-de-mutation"}, {"id": "g-droits-evalues", "type": "gloss", "ch": "G", "num": "", "front": "Droits évalués", "back": "<p>Nature du droit de propriété visé par l'évaluation : pleine propriété, copropriété divise ou indivise, emphytéose, usufruit (<em>property rights appraised</em>).</p>", "url": "/glossaire/#g-droits-evalues"}, {"id": "g-e-a", "type": "gloss", "ch": "G", "num": "", "front": "É.A.", "back": "<p>Évaluateur agréé — titre réservé aux membres de l'OEAQ (<em>chartered appraiser</em>).</p>", "url": "/glossaire/#g-e-a"}, {"id": "g-emphyteose", "type": "gloss", "ch": "G", "num": "", "front": "Emphytéose", "back": "<p>Droit réel de longue durée (10 à 100 ans au Québec) permettant au preneur de jouir d'un immeuble à charge d'y faire des constructions ou améliorations qui reviennent au propriétaire à l'échéance (<em>emphyteusis, ground lease</em>).</p>", "url": "/glossaire/#g-emphyteose"}, {"id": "g-equilibre-principe-d", "type": "gloss", "ch": "G", "num": "", "front": "Équilibre (principe d')", "back": "<p>La valeur est maximisée lorsque les facteurs de production (terrain, bâtiment, capital, gestion) sont proportionnés. Trop de bâtiment sur trop peu de terrain crée une sur-amélioration (<em>principle of balance</em>).</p>", "url": "/glossaire/#g-equilibre-principe-d"}, {"id": "g-evaluation-municipale", "type": "gloss", "ch": "G", "num": "", "front": "Évaluation municipale", "back": "<p>Valeur inscrite au rôle d'évaluation foncière, établie en masse à des fins de taxation. Elle ne constitue pas une opinion de valeur marchande à la date courante (<em>assessed value</em>).</p>", "url": "/glossaire/#g-evaluation-municipale"}, {"id": "g-hypotheque", "type": "gloss", "ch": "G", "num": "", "front": "Hypothèque", "back": "<p>Droit réel accessoire garantissant une créance sur un immeuble. Le financement hypothécaire est le premier usage des rapports d'évaluation en volume (<em>mortgage</em>).</p>", "url": "/glossaire/#g-hypotheque"}, {"id": "g-hypotheses-extraordinaires", "type": "gloss", "ch": "G", "num": "", "front": "Hypothèses extraordinaires", "back": "<p>Hypothèses propres au mandat portant sur des faits incertains dont dépend la conclusion : permis à venir, décontamination supposée complétée (<em>extraordinary assumptions</em>).</p>", "url": "/glossaire/#g-hypotheses-extraordinaires"}, {"id": "g-inoccupation-provision-pour", "type": "gloss", "ch": "G", "num": "", "front": "Inoccupation (provision pour)", "back": "<p>Pourcentage du RBP retranché pour refléter les logements vacants et les mauvaises créances — typiquement 3 à 5 % selon le marché (<em>vacancy and credit loss</em>).</p>", "url": "/glossaire/#g-inoccupation-provision-pour"}, {"id": "g-inspection", "type": "gloss", "ch": "G", "num": "", "front": "Inspection", "back": "<p>Examen visuel de la propriété par l'évaluateur. Sa date et sa portée (complète, extérieure seulement, sans visite) doivent être divulguées au rapport (<em>inspection</em>).</p>", "url": "/glossaire/#g-inspection"}, {"id": "g-lettre-de-mandat", "type": "gloss", "ch": "G", "num": "", "front": "Lettre de mandat", "back": "<p>Entente écrite préalable entre l'évaluateur et le client : objet, usage prévu, type de rapport, honoraires, délais (<em>letter of engagement</em>).</p>", "url": "/glossaire/#g-lettre-de-mandat"}, {"id": "g-lettre-de-transmission", "type": "gloss", "ch": "G", "num": "", "front": "Lettre de transmission", "back": "<p>Lettre d'accompagnement du rapport, adressée au client, résumant le mandat et la conclusion de valeur (<em>letter of transmittal</em>).</p>", "url": "/glossaire/#g-lettre-de-transmission"}, {"id": "g-lot", "type": "gloss", "ch": "G", "num": "", "front": "Lot", "back": "<p>Parcelle identifiée par un numéro unique au cadastre du Québec (<em>lot</em>).</p>", "url": "/glossaire/#g-lot"}, {"id": "g-mauvaises-creances", "type": "gloss", "ch": "G", "num": "", "front": "Mauvaises créances", "back": "<p>Loyers facturés mais irrécouvrables ; provisionnées avec l'inoccupation dans le passage du RBP au RBE (<em>credit loss</em>).</p>", "url": "/glossaire/#g-mauvaises-creances"}, {"id": "g-mrb", "type": "gloss", "ch": "G", "num": "", "front": "MRB", "back": "<p>Multiplicateur de revenu brut : prix de vente divisé par le revenu brut effectif. Outil de recoupement rapide de la méthode du revenu (<em>gross income multiplier, GIM</em>).</p>", "url": "/glossaire/#g-mrb"}, {"id": "g-mrn", "type": "gloss", "ch": "G", "num": "", "front": "MRN", "back": "<p>Multiplicateur de revenu net : prix de vente divisé par le RNE — l'inverse du TGA (<em>net income multiplier</em>).</p>", "url": "/glossaire/#g-mrn"}, {"id": "g-normalisation", "type": "gloss", "ch": "G", "num": "", "front": "Normalisation", "back": "<p>Retraitement des revenus et dépenses déclarés pour refléter une exploitation typique : loyers du marché, dépenses stabilisées, provision de gestion et réserve de remplacement même si le propriétaire ne les paie pas (<em>stabilization</em>).</p>", "url": "/glossaire/#g-normalisation"}, {"id": "g-normes-de-pratique-professionnelle", "type": "gloss", "ch": "G", "num": "", "front": "Normes de pratique professionnelle", "back": "<p>Règles de l'OEAQ encadrant la réalisation des mandats et la rédaction des rapports d'évaluation au Québec.</p>", "url": "/glossaire/#g-normes-de-pratique-professionnelle"}, {"id": "g-obligation-de-moyens", "type": "gloss", "ch": "G", "num": "", "front": "Obligation de moyens", "back": "<p>Régime de responsabilité de l'évaluateur : il garantit une démarche diligente et conforme aux normes, non l'exactitude absolue de la valeur (<em>duty of care</em>).</p>", "url": "/glossaire/#g-obligation-de-moyens"}, {"id": "g-oeaq", "type": "gloss", "ch": "G", "num": "", "front": "OEAQ", "back": "<p>Ordre des évaluateurs agréés du Québec — ordre professionnel régissant l'exercice de l'évaluation au Québec en vertu du Code des professions.</p>", "url": "/glossaire/#g-oeaq"}, {"id": "g-offre-et-demande-principe-de-l", "type": "gloss", "ch": "G", "num": "", "front": "Offre et demande (principe de l')", "back": "<p>La valeur résulte de l'interaction entre la quantité de biens offerts et la demande solvable. Un déséquilibre déplace les prix jusqu'au nouvel équilibre (<em>supply and demand</em>).</p>", "url": "/glossaire/#g-offre-et-demande-principe-de-l"}, {"id": "g-pleine-propriete", "type": "gloss", "ch": "G", "num": "", "front": "Pleine propriété", "back": "<p>Droit de propriété complet et non démembré, libre de baux ou de droits réels particuliers (<em>fee simple</em>).</p>", "url": "/glossaire/#g-pleine-propriete"}, {"id": "g-prix", "type": "gloss", "ch": "G", "num": "", "front": "Prix", "back": "<p>Montant effectivement payé lors d'une transaction donnée. Le prix constate un fait ; la valeur exprime une opinion (<em>price</em>).</p>", "url": "/glossaire/#g-prix"}, {"id": "g-rapport-abrege", "type": "gloss", "ch": "G", "num": "", "front": "Rapport abrégé", "back": "<p>Rapport sous forme de formulaire normalisé résumant les analyses ; format courant du financement hypothécaire résidentiel (<em>short form report</em>).</p>", "url": "/glossaire/#g-rapport-abrege"}, {"id": "g-rapport-complet", "type": "gloss", "ch": "G", "num": "", "front": "Rapport complet", "back": "<p>Rapport narratif détaillé exposant l'intégralité des données, analyses et raisonnements ; exigé en litige et en expropriation (<em>narrative report</em>).</p>", "url": "/glossaire/#g-rapport-complet"}, {"id": "g-rapport-restreint", "type": "gloss", "ch": "G", "num": "", "front": "Rapport restreint", "back": "<p>Lettre d'opinion de quelques pages, à usage strictement limité et interne (<em>restricted report</em>).</p>", "url": "/glossaire/#g-rapport-restreint"}, {"id": "g-rbe", "type": "gloss", "ch": "G", "num": "", "front": "RBE", "back": "<p>Revenu brut effectif : RBP moins inoccupation et mauvaises créances, plus autres revenus (<em>effective gross income</em>).</p>", "url": "/glossaire/#g-rbe"}, {"id": "g-rbp", "type": "gloss", "ch": "G", "num": "", "front": "RBP", "back": "<p>Revenu brut potentiel : somme des loyers du marché à pleine occupation (<em>potential gross income</em>).</p>", "url": "/glossaire/#g-rbp"}, {"id": "g-reconciliation", "type": "gloss", "ch": "G", "num": "", "front": "Réconciliation", "back": "<p>Étape finale où l'évaluateur pondère les indications de valeur des méthodes appliquées pour formuler une conclusion unique et motivée — jamais une simple moyenne (<em>reconciliation</em>).</p>", "url": "/glossaire/#g-reconciliation"}, {"id": "g-registre-foncier", "type": "gloss", "ch": "G", "num": "", "front": "Registre foncier", "back": "<p>Registre public québécois des droits immobiliers : ventes, hypothèques, servitudes. Source officielle des transactions (<em>land register</em>).</p>", "url": "/glossaire/#g-registre-foncier"}, {"id": "g-reserve-de-remplacement", "type": "gloss", "ch": "G", "num": "", "front": "Réserve de remplacement", "back": "<p>Provision annuelle pour le remplacement périodique des composantes à durée de vie limitée (toiture, appareils) — incluse dans les dépenses normalisées (<em>replacement reserve</em>).</p>", "url": "/glossaire/#g-reserve-de-remplacement"}, {"id": "g-rne", "type": "gloss", "ch": "G", "num": "", "front": "RNE", "back": "<p>Revenu net d'exploitation : RBE moins dépenses d'exploitation, avant service de la dette et impôts. Le numérateur de la capitalisation directe (<em>net operating income, NOI</em>).</p>", "url": "/glossaire/#g-rne"}, {"id": "g-role-d-evaluation", "type": "gloss", "ch": "G", "num": "", "front": "Rôle d'évaluation", "back": "<p>Inventaire triennal des immeubles d'une municipalité avec leur valeur aux fins de taxation foncière (<em>assessment roll</em>).</p>", "url": "/glossaire/#g-role-d-evaluation"}, {"id": "g-rpv", "type": "gloss", "ch": "G", "num": "", "front": "RPV", "back": "<p>Ratio prêt/valeur : montant du prêt divisé par la valeur. Seuil conventionnel : 80 % (<em>loan-to-value ratio, LTV</em>).</p>", "url": "/glossaire/#g-rpv"}, {"id": "g-schl", "type": "gloss", "ch": "G", "num": "", "front": "SCHL", "back": "<p>Société canadienne d'hypothèques et de logement : assureur hypothécaire public et source majeure de données sur le marché locatif et les mises en chantier (<em>CMHC</em>).</p>", "url": "/glossaire/#g-schl"}, {"id": "g-servitude", "type": "gloss", "ch": "G", "num": "", "front": "Servitude", "back": "<p>Charge imposée à un immeuble (fonds servant) au profit d'un autre (fonds dominant) : passage, vue, utilité publique. Elle peut affecter la valeur (<em>easement</em>).</p>", "url": "/glossaire/#g-servitude"}, {"id": "g-substitution-principe-de", "type": "gloss", "ch": "G", "num": "", "front": "Substitution (principe de)", "back": "<p>Un acheteur prudent ne paie pas plus pour un bien que le coût d'acquisition d'un substitut équivalent. Fondement de la méthode de comparaison et de la méthode du coût (<em>principle of substitution</em>).</p>", "url": "/glossaire/#g-substitution-principe-de"}, {"id": "g-syndic", "type": "gloss", "ch": "G", "num": "", "front": "Syndic", "back": "<p>Officier de l'ordre professionnel chargé de recevoir les plaintes et d'enquêter sur les manquements déontologiques des membres (<em>syndic</em>).</p>", "url": "/glossaire/#g-syndic"}, {"id": "g-tal", "type": "gloss", "ch": "G", "num": "", "front": "TAL", "back": "<p>Tribunal administratif du logement — tribunal québécois compétent en matière de baux résidentiels (fixation de loyer, reprise, résiliation).</p>", "url": "/glossaire/#g-tal"}, {"id": "g-taux-d-actualisation", "type": "gloss", "ch": "G", "num": "", "front": "Taux d'actualisation", "back": "<p>Taux de rendement exigé par l'investisseur, utilisé pour actualiser les flux futurs dans un DCF. Il excède généralement le TGA du montant de la croissance anticipée (<em>discount rate</em>).</p>", "url": "/glossaire/#g-taux-d-actualisation"}, {"id": "g-tga", "type": "gloss", "ch": "G", "num": "", "front": "TGA", "back": "<p>Taux global d'actualisation (taux de capitalisation global) : rapport du RNE au prix de vente. Convertit un revenu annuel en valeur (<em>overall capitalization rate, cap rate</em>).</p>", "url": "/glossaire/#g-tga"}, {"id": "g-terrain-excedentaire", "type": "gloss", "ch": "G", "num": "", "front": "Terrain excédentaire", "back": "<p>Portion de terrain non nécessaire à l'utilisation optimale des améliorations existantes et pouvant être détachée et vendue séparément (<em>excess land</em>).</p>", "url": "/glossaire/#g-terrain-excedentaire"}, {"id": "g-uspap", "type": "gloss", "ch": "G", "num": "", "front": "USPAP", "back": "<p><em>Uniform Standards of Professional Appraisal Practice</em> — normes américaines de The Appraisal Foundation, référence historique des normes canadiennes.</p>", "url": "/glossaire/#g-uspap"}, {"id": "g-utilisation-optimale", "type": "gloss", "ch": "G", "num": "", "front": "Utilisation optimale", "back": "<p>Usage raisonnablement probable, légalement permis, physiquement possible, financièrement faisable et maximalement productif d'un bien. S'analyse « comme si vacant » puis « tel qu'amélioré » (<em>highest and best use</em>).</p>", "url": "/glossaire/#g-utilisation-optimale"}, {"id": "g-valeur-d-assurance", "type": "gloss", "ch": "G", "num": "", "front": "Valeur d'assurance", "back": "<p>Coût de reconstruction des améliorations aux fins d'indemnisation, excluant la valeur du terrain (<em>insurable value</em>).</p>", "url": "/glossaire/#g-valeur-d-assurance"}, {"id": "g-valeur-d-investissement", "type": "gloss", "ch": "G", "num": "", "front": "Valeur d'investissement", "back": "<p>Valeur d'un bien pour un investisseur donné, selon ses critères propres de rendement et de financement ; elle peut différer de la valeur marchande (<em>investment value</em>).</p>", "url": "/glossaire/#g-valeur-d-investissement"}, {"id": "g-valeur-fiscale", "type": "gloss", "ch": "G", "num": "", "front": "Valeur fiscale", "back": "<p>Valeur retenue aux fins de taxation foncière, inscrite au rôle d'évaluation (<em>assessment value</em>).</p>", "url": "/glossaire/#g-valeur-fiscale"}, {"id": "g-valeur-liquidative", "type": "gloss", "ch": "G", "num": "", "front": "Valeur liquidative", "back": "<p>Valeur probable dans un contexte de vente forcée ou de délai restreint, inférieure à la valeur marchande (<em>liquidation value</em>).</p>", "url": "/glossaire/#g-valeur-liquidative"}, {"id": "g-valeur-marchande", "type": "gloss", "ch": "G", "num": "", "front": "Valeur marchande", "back": "<p>Prix le plus probable qu'un bien devrait rapporter sur un marché libre et concurrentiel, entre parties consentantes, bien informées et sans contrainte, après une mise en marché raisonnable (<em>market value</em>).</p>", "url": "/glossaire/#g-valeur-marchande"}, {"id": "g-vie-utile-economique", "type": "gloss", "ch": "G", "num": "", "front": "Vie utile économique", "back": "<p>Durée pendant laquelle les améliorations contribuent à la valeur de la propriété. Dénominateur de la méthode âge/vie (<em>economic life</em>).</p>", "url": "/glossaire/#g-vie-utile-economique"}, {"id": "g-vices-caches", "type": "gloss", "ch": "G", "num": "", "front": "Vices cachés", "back": "<p>Défauts non apparents lors d'un examen ordinaire. Les hypothèses du rapport excluent expressément la responsabilité de l'évaluateur à leur égard (<em>latent defects</em>).</p>", "url": "/glossaire/#g-vices-caches"}, {"id": "g-zonage", "type": "gloss", "ch": "G", "num": "", "front": "Zonage", "back": "<p>Réglementation municipale déterminant les usages permis sur chaque partie du territoire. Premier critère de l'analyse d'utilisation optimale (<em>zoning</em>).</p>", "url": "/glossaire/#g-zonage"}]