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<symbol id="i-report" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" d="M14 2H6a2 2 0 0 0-2 2v16a2 2 0 0 0 2 2h12a2 2 0 0 0 2-2V8zM14 2v6h6M8 17l3-4 2 2 3-5"/></symbol>80</svg>8182<a class="skip" href="#main">Aller au contenu</a>83<header class="topbar">84 <div class="topbar-inner">85 <a class="brand" href="/" aria-label="IMM1033 — accueil"><img class="brand-logo" src="/assets/brand/uqo-logo.png" alt="UQO" width="568" height="238"><span class="brand-sep"></span><span class="brand-text"><span class="brand-code">IMM1033</span><span class="brand-title">Méthodes du coût en évaluation immobilière</span></span></a>86 <nav class="topnav" aria-label="Navigation principale"><div class="dd current"><button type="button" aria-expanded="false" aria-haspopup="true">Séances <span class="caret" aria-hidden="true">▾</span></button><div class="dd-menu wide"><div class="dd-part"><i style="background:#2976bb"></i>Partie I — Fondements de la méthode du coût</div><a href="/seance/01/" data-ch="01"><span class="pastille" style="background:#2976bb">1</span><span>Introduction à la méthode du coût</span></a><a href="/seance/02/" data-ch="02"><span class="pastille" style="background:#2976bb">2</span><span>Cadre conceptuel et terminologie</span></a><div class="dd-part"><i style="background:#0f8b8d"></i>Partie II — Évaluation du terrain</div><a href="/seance/03/" data-ch="03"><span class="pastille" style="background:#0f8b8d">3</span><span>Méthodes d'évaluation du terrain</span></a><a href="/seance/04/" data-ch="04"><span class="pastille" style="background:#0f8b8d">4</span><span>Analyse du terrain et ajustements</span></a><div class="dd-part"><i style="background:#cca424"></i>Partie III — Coût de construction</div><a href="/seance/05/" data-ch="05"><span class="pastille" style="background:#cca424">5</span><span>Coût de reproduction et coût de remplacement</span></a><a href="/seance/06/" data-ch="06"><span class="pastille" style="background:#cca424">6</span><span>Méthodes d'estimation des coûts</span></a><a href="/seance/07/" data-ch="07"><span class="pastille" style="background:#cca424">7</span><span>Coûts directs de construction</span></a><a href="/seance/08/" data-ch="08"><span class="pastille" style="background:#cca424">8</span><span>Coûts indirects et profit entrepreneurial</span></a><div class="dd-part"><i style="background:#6b4fbb"></i>Partie IV — La dépréciation</div><a href="/seance/09/" data-ch="09"><span class="pastille" style="background:#6b4fbb">9</span><span>Concepts de dépréciation</span></a><a href="/seance/10/" data-ch="10"><span class="pastille" style="background:#6b4fbb">10</span><span>Dépréciation physique</span></a><a href="/seance/11/" data-ch="11"><span class="pastille" style="background:#6b4fbb">11</span><span>Dépréciation fonctionnelle</span></a><a href="/seance/12/" data-ch="12"><span class="pastille" style="background:#6b4fbb">12</span><span>Dépréciation économique (externe)</span></a><div class="dd-part"><i style="background:#107c4e"></i>Partie V — Applications et intégration</div><a href="/seance/13/" data-ch="13"><span class="pastille" style="background:#107c4e">13</span><span>Applications spécialisées</span></a><a href="/seance/14/" data-ch="14"><span class="pastille" style="background:#107c4e">14</span><span>Synthèse et révision</span></a><div class="dd-part">Enregistrements</div><a href="/videos/"><span class="pastille" style="background:var(--rouge)">▶</span><span>Séances vidéo — enregistrements Zoom, transcription synchronisée</span></a><div class="dd-part">Annexes</div><a href="/aide-memoire/"><span class="pastille">A</span><span>Aide-mémoire des formules</span></a><a href="/glossaire/"><span class="pastille">B</span><span>Glossaire</span></a><a href="/rapport/"><span class="pastille" style="background:var(--teal)">R</span><span>Rapport — Le marché de l’habitation au Québec</span></a></div></div><a class="nav-video" href="/videos/"><svg class="" aria-hidden="true"><use href="#i-video"/></svg> Vidéos</a><div class="dd"><button type="button" aria-expanded="false" aria-haspopup="true">Réviser <span class="caret" aria-hidden="true">▾</span></button><div class="dd-menu "><a href="/aide-memoire/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg></span><span>Aide-mémoire<span class="dd-desc">Toutes les formules commentées</span></span></a><a href="/glossaire/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-book"/></svg></span><span>Glossaire<span class="dd-desc">Termes du métier, équivalents anglais</span></span></a><a href="/definitions/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-list"/></svg></span><span>Toutes les définitions<span class="dd-desc">Les formulations attendues aux examens</span></span></a><a href="/fiches/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-cards"/></svg></span><span>Fiches de révision<span class="dd-desc">Recto-verso, suivi d’acquisition</span></span></a><a href="/carte/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-network"/></svg></span><span>Carte du cours<span class="dd-desc">Les 14 séances et leurs objectifs en un coup d’œil</span></span></a><a href="/exercices/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span>Banque d’exercices<span class="dd-desc">Tous les exercices corrigés</span></span></a></div></div><div class="dd"><button type="button" aria-expanded="false" aria-haspopup="true">S’exercer <span class="caret" aria-hidden="true">▾</span></button><div class="dd-menu "><a href="/quiz/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-quiz"/></svg></span><span>Quiz et examens blancs<span class="dd-desc">QCM avec rétroaction, chronomètre</span></span></a><a href="/entrainement/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-dumbbell"/></svg></span><span>Entraînement<span class="dd-desc">Problèmes à données aléatoires, corrigés pas à pas</span></span></a><a href="/jeux/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-game"/></svg></span><span>Jeux de révision<span class="dd-desc">Association, vrai ou faux, remise en ordre</span></span></a><a href="/outils/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-calc"/></svg></span><span>Calculateurs<span class="dd-desc">Les formules en interactif</span></span></a><a href="/progression/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-progress"/></svg></span><span>Ma progression<span class="dd-desc">Lecture, quiz, objectifs, notes</span></span></a></div></div><div class="dd"><button type="button" aria-expanded="false" aria-haspopup="true">Ressources <span class="caret" aria-hidden="true">▾</span></button><div class="dd-menu "><a href="/diapositives/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-slides"/></svg></span><span>Diapositives<span class="dd-desc">Les 14 présentations en ligne</span></span></a><a href="/videos/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-video"/></svg></span><span>Séances vidéo<span class="dd-desc">Enregistrements Zoom : chapitres, transcription, sous-titres</span></span></a><a href="/ressources/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-download"/></svg></span><span>Téléchargements<span class="dd-desc">Manuel, plan, TP, gabarits Excel</span></span></a><a href="/rapport/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-report"/></svg></span><span>Rapport marché QC<span class="dd-desc">Indices de prix, macro, abordabilité — 26 sections, 67 figures</span></span></a><a href="/bibliographie/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-bib"/></svg></span><span>Bibliographie<span class="dd-desc">Références citées</span></span></a><a href="/recherche/"><span class="dd-ico"><svg class="" aria-hidden="true"><use href="#i-search"/></svg></span><span>Recherche<span class="dd-desc">Tout le manuel indexé</span></span></a></div></div></nav>87 <div class="topbar-actions">88 <button class="icon-btn search-btn" type="button" data-action="search" aria-label="Rechercher"><svg class="" aria-hidden="true"><use href="#i-search"/></svg><span>Rechercher</span><kbd>⌘K</kbd></button>89 <button class="icon-btn" type="button" data-action="theme" aria-label="Thème clair ou sombre" title="Thème"><svg class="" aria-hidden="true"><use href="#i-sun"/></svg></button>90 <button class="icon-btn menu-btn" type="button" aria-label="Menu" aria-expanded="false"><svg class="" aria-hidden="true"><use href="#i-menu"/></svg></button>91 </div>92 </div>93 <div class="readbar"><div class="readbar-fill"></div></div>94</header>9596<main id="main" class="chapter-page" data-chapter="14" data-title="Séance 14 — Synthèse et révision" data-words="6747">97 98<header class="ch-hero">99 <svg class="deco" viewBox="0 0 1200 300" preserveAspectRatio="xMaxYMin slice" aria-hidden="true"><circle cx="1090" cy="20" r="110"/><circle cx="1160" cy="110" r="160"/><circle class="gold" cx="990" cy="170" r="45"/></svg>100 <div class="watermark" aria-hidden="true">14</div>101 <div class="ch-hero-inner">102 <div class="eyebrow"><span class="part-chip">Partie V</span> Applications et intégration · Séance 14 · IMM1033</div>103 <h1>Synthèse et révision</h1>104 <div class="ch-sub">Méthodes du coût en évaluation immobilière · Automne 2026 · Simon-Pierre Boucher · UQO</div>105 <div class="ch-meta">106 <span class="chip"><svg class="" aria-hidden="true"><use href="#i-list"/></svg> 8 sections</span>107 <span class="chip"><svg class="" aria-hidden="true"><use href="#i-book"/></svg> 0 définition</span>108 <span class="chip"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg> 3 formules</span>109 <span class="chip"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg> 1 exemple</span>110 <span class="chip"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg> 9 exercices</span>111 <span class="chip"><svg class="" aria-hidden="true"><use href="#i-eye"/></svg> ≈ 37 min de lecture</span>112 113 <span class="chip">Préparation à l’examen final</span>114 </div>115 <div class="ch-tools">116 117 <a class="btn btn-ghost" href="/files/slides/seance14.pdf" target="_blank" rel="noopener"><svg class="" aria-hidden="true"><use href="#i-slides"/></svg> Diapositives (PDF)</a>118 <button class="btn btn-ghost" type="button" data-action="revision" aria-pressed="false"><svg class="" aria-hidden="true"><use href="#i-eye"/></svg> Mode révision</button>119 <button class="btn btn-ghost" type="button" data-action="tts"><svg class="" aria-hidden="true"><use href="#i-audio"/></svg> Écouter</button>120 <a class="btn btn-ghost" href="#quiz"><svg class="" aria-hidden="true"><use href="#i-quiz"/></svg> Quiz de la séance</a>121 </div>122 </div>123</header>124<div class="stepper-wrap"><nav class="stepper" aria-label="Sections"><a href="#s-14-1"><span class="n">1</span>La méthode du coût en une page</a><a href="#s-14-2"><span class="n">2</span>Cas intégrateur : bureaux du boulevard Maloney, Gatineau</a><a href="#s-14-3"><span class="n">3</span>Réconciliation des trois méthodes</a><a href="#s-14-4"><span class="n">4</span>Le rapport professionnel</a><a href="#s-14-5"><span class="n">5</span>Les six pièges de la méthode du coût</a><a href="#s-14-6"><span class="n">6</span>Révision par blocs : questions types corrigées</a><a href="#s-14-7"><span class="n">7</span>Préparation à l'examen final</a><a href="#s-14-8"><span class="n">8</span>Le cours en un coup d'œil</a><span class="rem" id="read-remaining"></span></nav></div>125 <div class="ch-layout">126 127<aside class="ch-toc" aria-label="Sommaire de la séance">128 <div class="toc-progress"><div class="bar"><i></i></div><span>0 % lu</span></div>129 <h4>Dans cette séance</h4>130 <ol><li class="lvl2"><a href="#s-14-1"><span class="toc-num">14.1</span><span>La méthode du coût en une page</span></a></li><li class="lvl3"><a href="#s-14-1-1"><span class="toc-num">14.1.1</span><span>La formule fondamentale</span></a></li><li class="lvl3"><a href="#s-14-1-2"><span class="toc-num">14.1.2</span><span>Le processus complet en cinq étapes</span></a></li><li class="lvl2"><a href="#s-14-2"><span class="toc-num">14.2</span><span>Cas intégrateur : bureaux du boulevard Maloney, Gatineau</span></a></li><li class="lvl3"><a href="#s-14-2-1"><span class="toc-num">14.2.1</span><span>Le mandat</span></a></li><li class="lvl3"><a href="#s-14-2-2"><span class="toc-num">14.2.2</span><span>A — Le terrain : 292 000 $</span></a></li><li class="lvl3"><a href="#s-14-2-3"><span class="toc-num">14.2.3</span><span>B — Le coût neuf de remplacement : 1 800 000 $</span></a></li><li class="lvl3"><a href="#s-14-2-4"><span class="toc-num">14.2.4</span><span>C — Dépréciation physique : 889 000 $</span></a></li><li class="lvl3"><a href="#s-14-2-5"><span class="toc-num">14.2.5</span><span>D — Dépréciation fonctionnelle : 66 000 $</span></a></li><li class="lvl3"><a href="#s-14-2-6"><span class="toc-num">14.2.6</span><span>E — Dépréciation externe : 84 500 $</span></a></li><li class="lvl3"><a href="#s-14-2-7"><span class="toc-num">14.2.7</span><span>F — Valeur finale : 1 050 000 $</span></a></li><li class="lvl2"><a href="#s-14-3"><span class="toc-num">14.3</span><span>Réconciliation des trois méthodes</span></a></li><li class="lvl2"><a href="#s-14-4"><span class="toc-num">14.4</span><span>Le rapport professionnel</span></a></li><li class="lvl3"><a href="#s-14-4-1"><span class="toc-num">14.4.1</span><span>Structure de la section « méthode du coût »</span></a></li><li class="lvl3"><a href="#s-14-4-2"><span class="toc-num">14.4.2</span><span>Exigences normatives</span></a></li><li class="lvl2"><a href="#s-14-5"><span class="toc-num">14.5</span><span>Les six pièges de la méthode du coût</span></a></li><li class="lvl3"><a href="#s-14-5-1"><span class="toc-num">14.5.1</span><span>Piège 1 — Le double comptage de la dépréciation</span></a></li><li class="lvl3"><a href="#s-14-5-2"><span class="toc-num">14.5.2</span><span>Piège 2 — Confusion reproduction / remplacement</span></a></li><li class="lvl3"><a href="#s-14-5-3"><span class="toc-num">14.5.3</span><span>Piège 3 — Oublier le profit entrepreneurial</span></a></li><li class="lvl3"><a href="#s-14-5-4"><span class="toc-num">14.5.4</span><span>Piège 4 — Mal estimer l'âge effectif</span></a></li><li class="lvl3"><a href="#s-14-5-5"><span class="toc-num">14.5.5</span><span>Piège 5 — Oublier la dépréciation externe</span></a></li><li class="lvl3"><a href="#s-14-5-6"><span class="toc-num">14.5.6</span><span>Piège 6 — Mauvaise allocation terrain / améliorations</span></a></li><li class="lvl2"><a href="#s-14-6"><span class="toc-num">14.6</span><span>Révision par blocs : questions types corrigées</span></a></li><li class="lvl3"><a href="#s-14-6-1"><span class="toc-num">14.6.1</span><span>Bloc 1 — Fondements (séances 1–2)</span></a></li><li class="lvl3"><a href="#s-14-6-2"><span class="toc-num">14.6.2</span><span>Bloc 2 — Terrain (séances 3–4)</span></a></li><li class="lvl3"><a href="#s-14-6-3"><span class="toc-num">14.6.3</span><span>Bloc 3 — Coûts (séances 5–8)</span></a></li><li class="lvl3"><a href="#s-14-6-4"><span class="toc-num">14.6.4</span><span>Bloc 4 — Dépréciation (séances 9–12)</span></a></li><li class="lvl3"><a href="#s-14-6-5"><span class="toc-num">14.6.5</span><span>Bloc 5 — Applications (séances 13–14)</span></a></li><li class="lvl3"><a href="#s-14-6-6"><span class="toc-num">14.6.6</span><span>Repères vérifiés 2026</span></a></li><li class="lvl2"><a href="#s-14-7"><span class="toc-num">14.7</span><span>Préparation à l'examen final</span></a></li><li class="lvl3"><a href="#s-14-7-1"><span class="toc-num">14.7.1</span><span>Format, matériel, gestion du temps</span></a></li><li class="lvl3"><a href="#s-14-7-2"><span class="toc-num">14.7.2</span><span>Section A — Deux QCM types</span></a></li><li class="lvl3"><a href="#s-14-7-3"><span class="toc-num">14.7.3</span><span>Section B — Questions à développement types</span></a></li><li class="lvl3"><a href="#s-14-7-4"><span class="toc-num">14.7.4</span><span>Section C — Problème de calcul complet</span></a></li><li class="lvl3"><a href="#s-14-7-5"><span class="toc-num">14.7.5</span><span>Exercice supplémentaire — détecter les pièges</span></a></li><li class="lvl2"><a href="#s-14-8"><span class="toc-num">14.8</span><span>Le cours en un coup d'œil</span></a></li></ol>131 <div class="toc-extra">132 <a href="#objectifs"><svg class="" aria-hidden="true"><use href="#i-target"/></svg> Objectifs d’apprentissage</a>133 <a href="#synthese"><svg class="" aria-hidden="true"><use href="#i-clipboard"/></svg> L’essentiel de la séance</a>134 <a href="#quiz"><svg class="" aria-hidden="true"><use href="#i-quiz"/></svg> Testez-vous</a>135 136 <a href="/fiches/?ch=14"><svg class="" aria-hidden="true"><use href="#i-cards"/></svg> Fiches de la séance</a>137 <a href="/entrainement/"><svg class="" aria-hidden="true"><use href="#i-dumbbell"/></svg> Entraînement</a>138 <a href="/aide-memoire/"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg> Aide-mémoire</a>139 </div>140 <h4 style="margin-top:14px">Raccourcis</h4>141 <div style="font-size:.76rem;color:var(--gris)"><kbd>←</kbd> <kbd>→</kbd> séance précédente / suivante · <kbd>⌘K</kbd> recherche · sélectionnez un passage pour le surligner</div>142</aside>143 <div class="ch-body">144 <div class="revision-banner"><svg class="" aria-hidden="true"><use href="#i-eye"/></svg><span><strong>Mode révision</strong> — seuls les définitions, formules, mises en garde, « À retenir », notes marginales et la fiche synthèse sont affichés.</span><button class="btn btn-sm btn-ghost" type="button" data-action="revision-off">Quitter</button></div>145 <div style="display:flex;justify-content:flex-end;margin-bottom:8px"><button class="btn btn-sm btn-ghost" type="button" data-action="toggle-solutions">Révéler toutes les solutions</button></div>146 <article class="prose" id="notes">147 <p id="p14-1">Quatorze séances, cinq blocs, une seule idée directrice : un acheteur averti ne paiera pas plus cher un immeuble que ce qu'il lui en coûterait d'obtenir un substitut d'utilité équivalente. Ce dernier chapitre remonte la méthode du coût de bout en bout : le processus complet en cinq étapes, un cas intégrateur entièrement chiffré — de la grille d'ajustement du terrain jusqu'à la valeur finale —, la réconciliation avec les deux autres approches, les exigences du rapport professionnel, les six pièges qui coûtent le plus de points, puis la préparation systématique de l'examen final : révision bloc par bloc, questions types corrigées et stratégies d'examen.</p>148<section class="box box-obj" id="objectifs"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-target"/></svg></span><span class="box-label">Objectifs d’apprentissage</span><span class="obj-progress" aria-live="polite"></span></div><div class="box-body"><ul><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-14-1" data-obj="obj-14-1"><span class="obj-text">Appliquer la méthode du coût de manière complète et rigoureuse, du terrain à la valeur finale;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-14-2" data-obj="obj-14-2"><span class="obj-text">Résoudre un cas intégrateur en suivant l'ordre canonique des étapes;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-14-3" data-obj="obj-14-3"><span class="obj-text">Réconcilier l'indication de la méthode du coût avec celles des méthodes de comparaison et du revenu, et justifier la pondération;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-14-4" data-obj="obj-14-4"><span class="obj-text">Rédiger la section « méthode du coût » d'un rapport conforme aux normes de l'OEAQ et aux NUPPEC;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-14-5" data-obj="obj-14-5"><span class="obj-text">Identifier et éviter les six pièges classiques de la méthode;</span></label></li><li class="obj"><label><input type="checkbox" class="obj-cb" id="obj-14-6" data-obj="obj-14-6"><span class="obj-text">Maîtriser les formules et concepts clés en vue de l'examen final (30 %, 3 heures, toute la matière).</span></label></li></ul></div></section>149<div class="box box-rem" id="remarque-14-8"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pen"/></svg></span><span class="box-label">Où en est la session</span><a class="box-anchor" href="#remarque-14-8" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-9">TP1 (terrain, 10 %), TP2 (bordereau de coûts, 15 %), examen de mi-session (25 %) et TP3 (ventilation de la dépréciation, 20 %) sont derrière vous : il reste l'<strong>examen final, 30 % de la note</strong>, en classe, 3 heures, portant sur l'ensemble des séances 1 à 14.</p></div></div>150<h2 id="s-14-1" class="h-section"><span class="h-num">14.1</span><span class="h-text">La méthode du coût en une page</span><a class="h-anchor" href="#s-14-1" aria-label="Lien vers cette section">#</a></h2>151<h3 id="s-14-1-1" class="h-subsection"><span class="h-num">14.1.1</span><span class="h-text">La formule fondamentale</span><a class="h-anchor" href="#s-14-1-1" aria-label="Lien vers cette section">#</a></h3>152<div class="box box-form" id="form-14-1"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg></span><span class="box-label">Formule 14.1</span><span class="box-title">— formule fondamentale de la méthode du coût</span><a class="box-anchor" href="#form-14-1" aria-label="Lien">#</a></div><div class="box-body"><div class="eq" id="eq-14-1"><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><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><msub><mi>V</mi><mi>T</mi></msub><mo>+</mo><mo fence="true" stretchy="true" minsize="1.2em" maxsize="1.2em">(</mo><msub><mi>C</mi><mi>N</mi></msub><mo>−</mo><msub><mi>D</mi><mtext>totale</mtext></msub><mo fence="true" stretchy="true" minsize="1.2em" maxsize="1.2em">)</mo><mtext> </mtext></mrow></mstyle></mstyle></mstyle></menclose><mspace width="2em"/><mrow><mtext>o</mtext><mover accent="true"><mtext>u</mtext><mo>ˋ</mo></mover></mrow><mspace width="2em"/><msub><mi>D</mi><mtext>totale</mtext></msub><mo>=</mo><msub><mi>D</mi><mtext>phys</mtext></msub><mo>+</mo><msub><mi>D</mi><mtext>fonc</mtext></msub><mo>+</mo><msub><mi>D</mi><mtext>ext</mtext></msub></mrow></mtd><mtd width="50%"></mtd><mtd><mtext>(14.1)</mtext></mtd></mtr></mtable><annotation encoding="application/x-tex">\boxed{\,V \;=\; V_T + \bigl(C_N - D_{\text{totale}}\bigr)\,}153\qquad\text{où}\qquad154D_{\text{totale}} = D_{\text{phys}} + D_{\text{fonc}} + D_{\text{ext}}\tag{14.1}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1.88em;vertical-align:-0.69em;"></span><span class="mord"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.19em;"><span style="top:-3.88em;"><span class="pstrut" style="height:3.88em;"></span><span class="boxpad"><span class="mord"><span class="mord"><span class="mspace" style="margin-right:0.1667em;"></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"><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:0.3283em;"><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" 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 class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mopen"><span 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:0.3283em;"><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 mathnormal mtight" style="margin-right:0.109em;">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:0.2222em;"></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="mclose"><span class="delimsizing size1">)</span></span><span class="mspace" style="margin-right:0.1667em;"></span></span></span></span></span><span style="top:-3.19em;"><span class="pstrut" style="height:3.88em;"></span><span class="katex-stretchy fbox" style="height:1.88em;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:0.69em;"><span></span></span></span></span></span><span class="mspace" style="margin-right:2em;"></span><span class="mord text"><span class="mord">o</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">ˋ</span></span></span></span></span></span></span></span><span class="mspace" style="margin-right:2em;"></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="mrel">=</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">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:0.2222em;"></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">fonc</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:0.2806em;"><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">ext</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:1.88em;vertical-align:-0.69em;"></span><span class="mord text"><span class="mord">(</span><span class="mord"><span class="mord">14.1</span></span><span class="mord">)</span></span></span></span></span></span></div>155<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Variable</th><th>Signification</th></tr></thead><tbody><tr><td><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></td><td>Valeur estimée de la propriété</td></tr><tr><td><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>V</mi><mi>T</mi></msub></mrow><annotation encoding="application/x-tex">V_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:0.2222em;">V</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:-0.2222em;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" 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></td><td>Valeur du terrain (comme s'il était vacant, à son utilisation optimale)</td></tr><tr><td><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>C</mi><mi>N</mi></msub></mrow><annotation encoding="application/x-tex">C_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:0.0715em;">C</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:-0.0715em;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:0.109em;">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></td><td>Coût neuf des améliorations (remplacement ou reproduction)</td></tr><tr><td><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>D</mi><mtext>phys</mtext></msub></mrow><annotation encoding="application/x-tex">D_{\text{phys}}</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">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></span></span></td><td>Dépréciation physique (curable, incurable CT et LT)</td></tr><tr><td><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>D</mi><mtext>fonc</mtext></msub></mrow><annotation encoding="application/x-tex">D_{\text{fonc}}</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">fonc</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></td><td>Dépréciation fonctionnelle (curable, incurable)</td></tr><tr><td><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>D</mi><mtext>ext</mtext></msub></mrow><annotation encoding="application/x-tex">D_{\text{ext}}</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:0.2806em;"><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">ext</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></td><td>Dépréciation externe/économique (améliorations seulement)</td></tr></tbody></table></div></div></div></div>156<p id="p14-10"><label for="sn-14-1" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-14-1" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-repere">Tout le cours tient dans <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>V</mi><mo>=</mo><msub><mi>V</mi><mi>T</mi></msub><mo>+</mo><mo stretchy="false">(</mo><msub><mi>C</mi><mi>N</mi></msub><mo>−</mo><mi>D</mi><mo stretchy="false">)</mo></mrow><annotation encoding="application/x-tex">V = V_T + (C_N - D)</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:0.2222em;">V</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:-0.2222em;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" 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 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"><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:0.3283em;"><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 mathnormal mtight" style="margin-right:0.109em;">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:0.2222em;"></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;">D</span><span class="mclose">)</span></span></span></span> — et dans la discipline de calcul de chaque terme.</span> Le fondement économique est le <span class="motcle" data-term="principe de substitution">principe de substitution</span> : un acheteur averti ne paiera pas plus que le coût d'obtention d'un bien substitut d'utilité équivalente. Chaque terme de l'équation (<a class="xref" href="#form-14-1">14.1</a>) a occupé un bloc du cours : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>V</mi><mi>T</mi></msub></mrow><annotation encoding="application/x-tex">V_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:0.2222em;">V</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:-0.2222em;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" 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> au bloc 2, <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>C</mi><mi>N</mi></msub></mrow><annotation encoding="application/x-tex">C_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:0.0715em;">C</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:-0.0715em;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:0.109em;">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> au bloc 3, <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>D</mi></mrow><annotation encoding="application/x-tex">D</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:0.0278em;">D</span></span></span></span> au bloc 4. Cette correspondance n'est pas un hasard de plan de cours : elle reflète la structure logique de la méthode. Le terrain s'évalue <em>à part</em> parce qu'il ne se déprécie pas comme les améliorations; le coût neuf se construit <em>avant</em> la dépréciation parce qu'il en est la base de calcul; et la dépréciation se ventile en trois formes parce que trois causes distinctes — l'usure, la désuétude, le marché — appellent trois techniques de mesure distinctes. Retenir cette architecture, c'est déjà savoir par où commencer n'importe quel problème d'examen.</p>157<h3 id="s-14-1-2" class="h-subsection"><span class="h-num">14.1.2</span><span class="h-text">Le processus complet en cinq étapes</span><a class="h-anchor" href="#s-14-1-2" aria-label="Lien vers cette section">#</a></h3>158<div class="center"><div class="tikz"><img src="/assets/fig/ccecc591611ff347.svg" alt="Figure" width="565" height="86" style="width:min(100%,819px)" loading="lazy" decoding="async"></div></div>159<p id="p14-11">Chaque étape alimente la suivante, et la première conditionne tout le reste. L'analyse de l'<span class="motcle" data-term="utilisation optimale">utilisation optimale</span> (HBU) repose sur les quatre critères vus au bloc 1 — <strong>légalement permis</strong> (zonage, règlements), <strong>physiquement possible</strong> (taille, topographie), <strong>financièrement faisable</strong> (rentabilité), <strong>productivité maximale</strong> — et se fait en double : terrain <em>vacant</em> (quel serait le meilleur usage si le terrain était vide?) puis terrain <em>amélioré</em> (l'usage actuel est-il le meilleur? démolir ou rénover?).</p>160<div class="box box-att" id="attention-14-12"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-warning"/></svg></span><span class="box-label">HBU et dépréciation</span><a class="box-anchor" href="#attention-14-12" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-13">Si le HBU diffère de l'usage actuel, attendez-vous à une dépréciation <strong>fonctionnelle</strong> ou <strong>externe</strong> importante : c'est le signal d'alarme le plus fiable de toute l'analyse.</p></div></div>161<p id="p14-14">Le tableau suivant rattache chaque étape à ses méthodes et à ses sources de données — c'est la carte du cours entier.</p>162<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Étape</th><th>Méthodes</th><th>Données requises</th></tr></thead><tbody><tr><td>2. Terrain</td><td>Comparaison directe, extraction, affectation (lotissement), résidu foncier</td><td>Ventes de terrains, MLS, rôle d'évaluation, municipalité</td></tr><tr><td>3. Coût neuf</td><td>Comparative ($/pi<sup>2</sup>), quantités, composantes, coût indexé</td><td>Marshall & Swift, Altus, RSMeans, soumissions</td></tr><tr><td>4. Dépréciation</td><td>Âge/vie, ventilation, coût de remise en état, extraction, ventes jumelées</td><td>Inspection, durées de vie, ventes comparables</td></tr><tr><td>5. Synthèse</td><td><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>V</mi><mo>=</mo><msub><mi>V</mi><mi>T</mi></msub><mo>+</mo><mo stretchy="false">(</mo><msub><mi>C</mi><mi>N</mi></msub><mo>−</mo><mi>D</mi><mo stretchy="false">)</mo></mrow><annotation encoding="application/x-tex">V = V_T + (C_N - D)</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:0.2222em;">V</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:-0.2222em;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" 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 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"><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:0.3283em;"><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 mathnormal mtight" style="margin-right:0.109em;">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:0.2222em;"></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;">D</span><span class="mclose">)</span></span></span></span></td><td>Résultats des étapes 2 à 4</td></tr></tbody></table></div></div>163<h2 id="s-14-2" class="h-section"><span class="h-num">14.2</span><span class="h-text">Cas intégrateur : bureaux du boulevard Maloney, Gatineau</span><a class="h-anchor" href="#s-14-2" aria-label="Lien vers cette section">#</a></h2>164<p id="p14-15">Ce cas récapitulatif — différent de celui de l'atelier 3, mais de même format — servira de référence pour l'examen final. Il illustre chaque poste de calcul avec les six pièges en embuscade.</p>165<h3 id="s-14-2-1" class="h-subsection"><span class="h-num">14.2.1</span><span class="h-text">Le mandat</span><a class="h-anchor" href="#s-14-2-1" aria-label="Lien vers cette section">#</a></h3>166<p id="p14-16"><label for="sn-14-2" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-14-2" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-terme"><strong class="sn-term">Âge effectif</strong> Âge que traduit l'état réel du bâtiment, compte tenu de l'entretien — pas l'âge du calendrier.</span> Immeuble de bureaux de 2 étages, boulevard Maloney à Gatineau; construit en 1995 (âge chronologique 31 ans, âge <strong>effectif</strong> estimé 20 ans grâce à l'entretien); structure acier/brique; bâtiment de <span class="num">10 000</span> pi<sup>2</sup>; terrain de <span class="num">20 000</span> pi<sup>2</sup>; zonage C-2; 40 places de stationnement; HBU : bureaux, conforme à l'usage actuel. Date d'évaluation : 1<sup>er</sup> janvier 2026; valeur marchande, rapport complet. Les taux et durées de vie sont des hypothèses du cas.</p>167<p id="p14-17">Ce cas a été construit pour être un condensé du cours : chaque étape y mobilise une technique vue dans un bloc différent, et chaque poste de calcul recèle l'un des six pièges analysés plus loin. Il mérite d'être refait au complet, crayon en main, au moins une fois avant l'examen — non pas pour mémoriser ses chiffres, qui changeront, mais pour intérioriser son <em>ordre</em> : terrain, coût neuf, physique, fonctionnelle, externe, synthèse. C'est cet ordre, toujours le même, qui structure la section « calculs » et le cas intégrateur de l'examen final. Avant d'entrer dans les chiffres, observez aussi la donnée la plus importante du mandat : l'écart entre l'âge chronologique (31 ans) et l'âge effectif (20 ans). Cette seule hypothèse, justifiée par l'inspection et l'historique d'entretien, déplacera des centaines de milliers de dollars dans la ventilation.</p>168<h3 id="s-14-2-2" class="h-subsection"><span class="h-num">14.2.2</span><span class="h-text">A — Le terrain : 292 000 $</span><a class="h-anchor" href="#s-14-2-2" aria-label="Lien vers cette section">#</a></h3>169<p id="p14-18">Quatre ventes de terrains commerciaux du secteur sont analysées, puis ajustées. La grille respecte la discipline apprise au bloc 2 : les <strong>conditions du marché</strong> (le temps) s'appliquent en premier, seules et en cascade, parce qu'elles corrigent le prix vers la date d'évaluation avant toute comparaison physique; les ajustements de localisation, de superficie, de zonage et de topographie viennent ensuite et s'additionnent entre eux. Chaque pourcentage de la grille devrait, dans un vrai rapport, être soutenu par une analyse de paires ou une donnée de marché — à l'examen, on vous fournira les taux, mais on vous jugera sur l'ordre et la cohérence de leur application :</p>170<div class="center"><div class="table-wrap"><table class="tbl table-wide"><thead><tr><th>Ajustement</th><th class="al-r">Comp. 1</th><th class="al-r">Comp. 2</th><th class="al-r">Comp. 3</th><th class="al-r">Comp. 4</th></tr></thead><tbody><tr><td>Prix/pi<sup>2</sup></td><td class="al-r">15,00 $</td><td class="al-r">14,00 $</td><td class="al-r">16,00 $</td><td class="al-r">13,00 $</td></tr><tr><td>Conditions du marché (temps)</td><td class="al-r">+1 %</td><td class="al-r">0 %</td><td class="al-r">+2 %</td><td class="al-r">+3 %</td></tr><tr><td>Prix ajusté (temps)</td><td class="al-r">15,15 $</td><td class="al-r">14,00 $</td><td class="al-r">16,32 $</td><td class="al-r">13,39 $</td></tr><tr><td>Localisation</td><td class="al-r">0 %</td><td class="al-r">0 %</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span>5 %</td><td class="al-r">+5 %</td></tr><tr><td>Superficie</td><td class="al-r">+2 %</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span>2 %</td><td class="al-r">+5 %</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span>3 %</td></tr><tr><td>Zonage</td><td class="al-r">0 %</td><td class="al-r">0 %</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span>3 %</td><td class="al-r">0 %</td></tr><tr><td>Topographie</td><td class="al-r">0 %</td><td class="al-r">0 %</td><td class="al-r">0 %</td><td class="al-r">+2 %</td></tr><tr><td><strong>Ajustement net</strong></td><td class="al-r"><strong>+2 %</strong></td><td class="al-r"><strong><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span>2 %</strong></td><td class="al-r"><strong><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span>3 %</strong></td><td class="al-r"><strong>+4 %</strong></td></tr><tr><td><strong>Ajustement brut</strong></td><td class="al-r"><strong>2 %</strong></td><td class="al-r"><strong>2 %</strong></td><td class="al-r"><strong>13 %</strong></td><td class="al-r"><strong>10 %</strong></td></tr><tr class="rule-above"><td><strong>Prix ajusté/pi<sup>2</sup></strong></td><td class="al-r"><strong>15,45 $</strong></td><td class="al-r"><strong>13,72 $</strong></td><td class="al-r"><strong>15,83 $</strong></td><td class="al-r"><strong>13,93 $</strong></td></tr></tbody></table></div></div>171<p id="p14-19"><label for="sn-14-3" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-14-3" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-repere">Seuils usuels (doctrine) : ajustement net <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≤</mo></mrow><annotation encoding="application/x-tex">\le</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7719em;vertical-align:-0.136em;"></span><span class="mrel">≤</span></span></span></span> 15 %, brut <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≤</mo></mrow><annotation encoding="application/x-tex">\le</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7719em;vertical-align:-0.136em;"></span><span class="mrel">≤</span></span></span></span> 25 %.</span> La pondération suit la qualité des comparables : comparable 2 (même rue, ajustements faibles) 35 %; comparable 1 (localisation similaire, faible brut) 30 %; comparable 4 (vente plus ancienne) 20 %; comparable 3 (brut de 13 %) 15 %. Moyenne pondérée :</p>172<div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mrow><mn>15,45</mn><mo>×</mo><mn>0,30</mn><mo>+</mo><mn>13,72</mn><mo>×</mo><mn>0,35</mn><mo>+</mo><mn>15,83</mn><mo>×</mo><mn>0,15</mn><mo>+</mo><mn>13,93</mn><mo>×</mo><mn>0,20</mn><mo>=</mo><mn>14,60</mn><mtext> </mtext><mi mathvariant="normal">$</mi><mi mathvariant="normal">/</mi><msup><mtext>pi</mtext><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">15{,}45 \times 0{,}30 + 13{,}72 \times 0{,}35 + 15{,}83 \times 0{,}15173+ 13{,}93 \times 0{,}20 = 14{,}60~\$/\text{pi}^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">15</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">45</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">30</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">13</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">72</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">35</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">15</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">83</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">15</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">13</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">93</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">20</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1.1219em;vertical-align:-0.25em;"></span><span class="mord">14</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">60</span><span class="mspace nobreak"> </span><span class="mord">$/</span><span class="mord"><span class="mord text"><span class="mord">pi</span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8719em;"><span style="top:-3.1208em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span></span></div>174<div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mrow><msub><mi>V</mi><mi>T</mi></msub><mo>=</mo><mn>20</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>14,60</mn><mo>=</mo><mstyle mathcolor="#107C4E"><mrow><mn mathvariant="bold">292</mn><mtext> </mtext><mn mathvariant="bold">000</mn><mtext> </mtext><mi mathvariant="bold">$</mi></mrow></mstyle></mrow><annotation encoding="application/x-tex">V_T = 20~000 \times 14{,}60 = \uqogreen{292~000~\$}</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:0.3283em;"><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" 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 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">20</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">14</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">60</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" style="color:#107C4E;"><span class="mord mathbf" style="color:#107C4E;">292</span><span class="mspace nobreak" style="color:#107C4E;"><span style="color:#107C4E;"> </span></span><span class="mord mathbf" style="color:#107C4E;">000</span><span class="mspace nobreak" style="color:#107C4E;"><span style="color:#107C4E;"> </span></span><span class="mord mathbf" style="color:#107C4E;">$</span></span></span></span></span></span></div>175<h3 id="s-14-2-3" class="h-subsection"><span class="h-num">14.2.3</span><span class="h-text">B — Le coût neuf de remplacement : 1 800 000 $</span><a class="h-anchor" href="#s-14-2-3" aria-label="Lien vers cette section">#</a></h3>176<p id="p14-20">Le bâtiment est de <strong>classe B</strong> (semi-résistant au feu : charpente d'acier, brique sur ossature, dalle sur pontage métallique), de qualité moyenne-bonne. L'approche retenue est le coût de <strong>remplacement</strong> — un bâtiment d'utilité équivalente aux standards actuels. Ce choix n'est pas anodin et le rapport doit le justifier : pour un immeuble de bureaux de 31 ans sans caractère patrimonial, reproduire à l'identique n'aurait aucun sens économique (personne ne reconstruirait les cloisons et les systèmes de 1995), et le remplacement présente l'avantage méthodologique d'éliminer d'emblée les déficiences fonctionnelles curables — ce qui allégera l'étape D, à condition de ne pas les déduire une seconde fois (piège 2). L'estimation procède par <em>composantes</em> (<em>unit-in-place</em>) : c'est la méthode qui offre le meilleur rapport précision/effort pour un bâtiment standard, et surtout celle qui prépare la ventilation de la dépréciation, puisque chaque composante recevra son propre traitement âge/vie à l'étape C.</p>177<p id="p14-21"><strong>Coûts directs</strong> (guides 2025–2026 — Altus, Marshall & Swift, RSMeans — ajustés pour Gatineau) : douze composantes, dont les principales : structure d'acier 22,00 $/pi<sup>2</sup> (<span class="num">220 000 $</span>); finitions intérieures 25,00 $/pi<sup>2</sup> (<span class="num">250 000 $</span>); CVAC 18,50 $/pi<sup>2</sup> (<span class="num">185 000 $</span>); enveloppe de brique 18,00 $/pi<sup>2</sup> (<span class="num">180 000 $</span>); électricité (<span class="num">100 000 $</span>); ascenseur forfaitaire (<span class="num">85 000 $</span>); fondations (<span class="num">62 500 $</span>); fenêtration (<span class="num">60 000 $</span>); aménagements extérieurs (<span class="num">65 000 $</span>); plomberie (<span class="num">55 000 $</span>); gicleurs (<span class="num">45 000 $</span>); toiture (<span class="num">42 500 $</span>). <strong class="c-or">Total des coûts directs : 1 350 000 $.</strong></p>178<p id="p14-22"><strong>Coûts indirects</strong> (19 % des directs) : honoraires d'architecte/ingénieur 8 % (<span class="num">108 000 $</span>); financement intérimaire 4 % (<span class="num">54 000 $</span>); taxes et frais non récupérables <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≈</mo></mrow><annotation encoding="application/x-tex">\approx</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.4831em;"></span><span class="mrel">≈</span></span></span></span>2 % (<span class="num">27 000 $</span>); permis et inspections 1 % (13 500 $); assurances chantier 1,5 % (20 250 $); frais légaux et administration 2,5 % (33 750 $). <strong class="c-or">Total : 256 500 $.</strong></p>179<div class="box box-qc" id="quebec-14-23"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-map"/></svg></span><span class="box-label">Pourquoi « taxes non récupérables »?</span><a class="box-anchor" href="#quebec-14-23" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-24">Pour un immeuble commercial, la TPS/TVQ (14,975 %) est récupérée en crédits et remboursements de taxes sur intrants (CTI/RTI) : seuls les frais <em>non récupérables</em> entrent dans le coût neuf.</p></div></div>180<p id="p14-25"><strong>Profit entrepreneurial</strong> : 12 % des coûts directs <em>et</em> indirects :</p>181<div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mrow><mo stretchy="false">(</mo><mn>1</mn><mtext> </mtext><mn>350</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>256</mn><mtext> </mtext><mn>500</mn><mo stretchy="false">)</mo><mo>×</mo><mn>12</mn><mtext> </mtext><mi mathvariant="normal">%</mi><mo>=</mo><mn>1</mn><mtext> </mtext><mn>606</mn><mtext> </mtext><mn>500</mn><mo>×</mo><mn>0,12</mn><mo>=</mo><mn>192</mn><mtext> </mtext><mn>780</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">(1~350~000 + 256~500) \times 12\,\% = 1~606~500 \times 0{,}12182= 192~780~\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mopen">(</span><span class="mord">1</span><span class="mspace nobreak"> </span><span class="mord">350</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">256</span><span class="mspace nobreak"> </span><span class="mord">500</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:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">12</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">1</span><span class="mspace nobreak"> </span><span class="mord">606</span><span class="mspace nobreak"> </span><span class="mord">500</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">12</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">192</span><span class="mspace nobreak"> </span><span class="mord">780</span><span class="mspace nobreak"> </span><span class="mord">$</span></span></span></span></span></div>183<div class="box box-form" id="form-14-2"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg></span><span class="box-label">Formule 14.2</span><span class="box-title">— coût neuf total</span><a class="box-anchor" href="#form-14-2" aria-label="Lien">#</a></div><div class="box-body"><div class="eq" id="eq-14-2"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable width="100%"><mtr><mtd width="50%"></mtd><mtd><mrow><msub><mi>C</mi><mi>N</mi></msub><mo>=</mo><msub><mi>C</mi><mtext>directs</mtext></msub><mo>+</mo><msub><mi>C</mi><mtext>indirects</mtext></msub><mo>+</mo><mtext>Profit</mtext><mo>=</mo><mn>1</mn><mtext> </mtext><mn>350</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>256</mn><mtext> </mtext><mn>500</mn><mo>+</mo><mn>192</mn><mtext> </mtext><mn>780</mn><mo>=</mo><mn>1</mn><mtext> </mtext><mn>799</mn><mtext> </mtext><mn>280</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mtd><mtd width="50%"></mtd><mtd><mtext>(14.2)</mtext></mtd></mtr></mtable><annotation encoding="application/x-tex">C_N = C_{\text{directs}} + C_{\text{indirects}} + \text{Profit}184= 1~350~000 + 256~500 + 192~780 = 1~799~280~\$\tag{14.2}</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:0.0715em;">C</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:-0.0715em;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:0.109em;">N</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height: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">directs</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:0.0715em;">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">indirects</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:0.6944em;"></span><span class="mord text"><span class="mord">Profit</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">1</span><span class="mspace nobreak"> </span><span class="mord">350</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">256</span><span class="mspace nobreak"> </span><span class="mord">500</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">192</span><span class="mspace nobreak"> </span><span class="mord">780</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">1</span><span class="mspace nobreak"> </span><span class="mord">799</span><span class="mspace nobreak"> </span><span class="mord">280</span><span class="mspace nobreak"> </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">14.2</span></span><span class="mord">)</span></span></span></span></span></span></div>185<p id="p14-26">arrondi à <strong class="c-vert">1 800 000 $</strong>. Vérification de cohérence : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>1</mn><mtext> </mtext><mn>800</mn><mtext> </mtext><mn>000</mn><mi mathvariant="normal">/</mi><mn>10</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>180</mn><mtext> </mtext><mi mathvariant="normal">$</mi><mi mathvariant="normal">/</mi><msup><mtext>pi</mtext><mn>2</mn></msup></mrow><annotation encoding="application/x-tex">1~800~000 / 10~000 = 180~\$/\text{pi}^2</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">1</span><span class="mspace nobreak"> </span><span class="mord">800</span><span class="mspace nobreak"> </span><span class="mord">000/10</span><span class="mspace nobreak"> </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:1.1219em;vertical-align:-0.25em;"></span><span class="mord">180</span><span class="mspace nobreak"> </span><span class="mord">$/</span><span class="mord"><span class="mord text"><span class="mord">pi</span></span><span class="msupsub"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.8719em;"><span style="top:-3.1208em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight">2</span></span></span></span></span></span></span></span></span></span></span>, dans la fourchette des guides pour un bureau de classe B à Gatineau (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≈</mo></mrow><annotation encoding="application/x-tex">\approx</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.4831em;"></span><span class="mrel">≈</span></span></span></span> 160–200 $/pi<sup>2</sup>).</p></div></div>186<h3 id="s-14-2-4" class="h-subsection"><span class="h-num">14.2.4</span><span class="h-text">C — Dépréciation physique : 889 000 $</span><a class="h-anchor" href="#s-14-2-4" aria-label="Lien vers cette section">#</a></h3>187<p id="p14-27">L'étape C est celle où se gagnent — et se perdent — le plus de points, parce qu'elle exige une discipline d'ordre absolue. La logique est celle d'une cascade : le curable se chiffre d'abord et sort de la base; les composantes à courte durée de vie sont ensuite traitées une à une, chacune sur son propre couple âge effectif/durée de vie; la structure de longue durée reçoit enfin le traitement âge/vie global, sur une base dont on a retiré tout ce qui a déjà été compté. Chaque étage de la cascade soustrait sa part avant de passer la main au suivant : c'est cette mécanique, et elle seule, qui rend le double comptage impossible.</p>188<p id="p14-28"><strong>C.1 Curable (réparations reportées).</strong> Critère : coût de la réparation <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">\le</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7719em;vertical-align:-0.136em;"></span><span class="mrel">≤</span></span></span></span> valeur ajoutée. Cinq éléments s'y qualifient (réfection partielle de toiture 18 000; six fenêtres 9 000; stationnement 8 500; peinture extérieure 6 500; marches d'entrée 3 000) : <strong class="c-or">45 000 $</strong>. Elle se calcule <strong class="c-rouge">en premier</strong> : elle réduit la base de tous les calculs incurables.</p>189<p id="p14-29"><strong>C.2 Incurable — composantes à courte durée de vie.</strong> Formule par composante : dépréciation <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo></mrow><annotation encoding="application/x-tex">=</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span></span></span></span> (coût neuf <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span> curable déjà déduit) <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> (âge effectif / durée de vie).</p>190<div class="center"><div class="table-wrap"><table class="tbl table-wide"><thead><tr><th>Composante</th><th class="al-r">Coût neuf</th><th class="al-r">Curable</th><th class="al-r">Base</th><th class="al-c">Âge eff./Vie</th><th class="al-r">Dépréciation</th></tr></thead><tbody><tr><td>Toiture</td><td class="al-r">42 500 $</td><td class="al-r">18 000 $</td><td class="al-r">24 500 $</td><td class="al-c">15/20</td><td class="al-r">18 375 $</td></tr><tr><td>CVAC</td><td class="al-r">185 000 $</td><td class="al-r">—</td><td class="al-r">185 000 $</td><td class="al-c">18/25</td><td class="al-r">133 200 $</td></tr><tr><td>Fenêtration</td><td class="al-r">60 000 $</td><td class="al-r">9 000 $</td><td class="al-r">51 000 $</td><td class="al-c">20/30</td><td class="al-r">34 000 $</td></tr><tr><td>Revêtement de plancher</td><td class="al-r">45 000 $</td><td class="al-r">—</td><td class="al-r">45 000 $</td><td class="al-c">15/15</td><td class="al-r">45 000 $</td></tr><tr><td>Peinture intérieure</td><td class="al-r">35 000 $</td><td class="al-r">—</td><td class="al-r">35 000 $</td><td class="al-c">8/10</td><td class="al-r">28 000 $</td></tr><tr><td>Plomberie</td><td class="al-r">55 000 $</td><td class="al-r">—</td><td class="al-r">55 000 $</td><td class="al-c">12/30</td><td class="al-r">22 000 $</td></tr><tr><td>Électricité</td><td class="al-r">100 000 $</td><td class="al-r">—</td><td class="al-r">100 000 $</td><td class="al-c">15/35</td><td class="al-r">42 857 $</td></tr><tr><td>Ascenseur</td><td class="al-r">85 000 $</td><td class="al-r">—</td><td class="al-r">85 000 $</td><td class="al-c">18/30</td><td class="al-r">51 000 $</td></tr><tr class="rule-above"><td><strong>Total incurable court terme</strong></td><td class="al-r"><strong>607 500 $</strong></td><td class="al-r"><strong>27 000 $</strong></td><td class="al-r"></td><td class="al-c"></td><td class="al-r"><strong>374 432 $</strong></td></tr></tbody></table></div></div>191<p id="p14-30"><strong>C.3 Incurable — long terme</strong> (structure, fondations, enveloppe : les composantes dont la vie égale celle du bâtiment) :</p>192<div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable rowspacing="0.25em" columnalign="right left" columnspacing="0em"><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><msub><mtext>Base</mtext><mtext>LT</mtext></msub></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>1</mn><mtext> </mtext><mn>800</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>45</mn><mtext> </mtext><mn>000</mn><mo>−</mo><munder><munder><mrow><mn>580</mn><mtext> </mtext><mn>500</mn></mrow><mo stretchy="true">⏟</mo></munder><mrow><mtext>co</mtext><mover accent="true"><mtext>u</mtext><mo>ˆ</mo></mover><mtext>t neuf CT net du curable</mtext></mrow></munder><mo>=</mo><mn>1</mn><mtext> </mtext><mn>174</mn><mtext> </mtext><mn>500</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><msub><mi>D</mi><mtext>LT</mtext></msub></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>1</mn><mtext> </mtext><mn>174</mn><mtext> </mtext><mn>500</mn><mo>×</mo><mfrac><mn>20</mn><mn>50</mn></mfrac><mo>=</mo><mn>469</mn><mtext> </mtext><mn>800</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr></mtable><annotation encoding="application/x-tex">\begin{aligned}\text{Base}_{\text{LT}} &= 1~800~000 - 45~000193 - \underbrace{580~500}_{\text{coût neuf CT net du curable}}194 = 1~174~500~\$\\195D_{\text{LT}} &= 1~174~500 \times \frac{20}{50} = 469~800~\$\end{aligned}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:4.4815em;vertical-align:-1.9908em;"></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:2.4908em;"><span style="top:-4.9722em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord"><span class="mord text"><span class="mord">Base</span></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-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">LT</span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span></span></span><span style="top:-2.0167em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord"><span class="mord mathnormal" style="margin-right:0.0278em;">D</span><span class="msupsub"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:0.3283em;"><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">LT</span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:1.9908em;"><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:2.4908em;"><span style="top:-4.9722em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">1</span><span class="mspace nobreak"> </span><span class="mord">800</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">45</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="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">co</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">u</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">t neuf CT net du curable</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 13196 35.313 51.3 80.813 93.8 136.5 127.5 55.688 33.7 117.188 55.8 184.5 66.5.688197 0 2 .3 4 1 18.688 2.7 76 4.3 172 5h399450v120H429l-6-1c-124.688-8-235-61.7198-331-161C60.687 138.7 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 214199c100.7 8.3 195.3 44 280 108 55.3 42 101.7 93 139 153l9 14c2.7-4 5.7-8.7 9-14200 53.3-86.7 123.7-153 211-199 66.7-36 137.3-56.3 212-62h199568v120H200432c-178.3201 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 0202-5-4-11-12-44.7-59.3-101.3-106.3-170-141s-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-56 104-135.3 181.3-238 232-57.3203 28.7-117 45-179 50H-300V214h399897c43.3-7 81-15 113-26 100.7-33 179.7-91 237204-174 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">580</span><span class="mspace nobreak"> </span><span class="mord">500</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="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">1</span><span class="mspace nobreak"> </span><span class="mord">174</span><span class="mspace nobreak"> </span><span class="mord">500</span><span class="mspace nobreak"> </span><span class="mord">$</span></span></span><span style="top:-2.0167em;"><span class="pstrut" style="height:3.3214em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">1</span><span class="mspace nobreak"> </span><span class="mord">174</span><span class="mspace nobreak"> </span><span class="mord">500</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord"><span class="mopen nulldelimiter"></span><span class="mfrac"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.3214em;"><span style="top:-2.314em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord">50</span></span></span><span style="top:-3.23em;"><span class="pstrut" style="height:3em;"></span><span class="frac-line" style="border-bottom-width:0.04em;"></span></span><span style="top:-3.677em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord">20</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.686em;"><span></span></span></span></span></span><span class="mclose nulldelimiter"></span></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">469</span><span class="mspace nobreak"> </span><span class="mord">800</span><span class="mspace nobreak"> </span><span class="mord">$</span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:1.9908em;"><span></span></span></span></span></span></span></span></span></span></span></span></div>205<div class="box box-ret" id="aretenir-14-31"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-star"/></svg></span><span class="box-label">Total physique</span><a class="box-anchor" href="#aretenir-14-31" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-32"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>45</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>374</mn><mtext> </mtext><mn>432</mn><mo>+</mo><mn>469</mn><mtext> </mtext><mn>800</mn><mo>=</mo><mn>889</mn><mtext> </mtext><mn>232</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">45~000 + 374~432 + 469~800 = 889~232~\$</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">45</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">374</span><span class="mspace nobreak"> </span><span class="mord">432</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">469</span><span class="mspace nobreak"> </span><span class="mord">800</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">889</span><span class="mspace nobreak"> </span><span class="mord">232</span><span class="mspace nobreak"> </span><span class="mord">$</span></span></span></span>, arrondi à <strong>889 000 $</strong>. L'ordre est impératif : curable, puis incurable court terme, puis incurable long terme — chaque étage soustrait sa part de la base du suivant, ce qui interdit mécaniquement le double comptage.</p></div></div>206<h3 id="s-14-2-5" class="h-subsection"><span class="h-num">14.2.5</span><span class="h-text">D — Dépréciation fonctionnelle : 66 000 $</span><a class="h-anchor" href="#s-14-2-5" aria-label="Lien vers cette section">#</a></h3>207<p id="p14-33"><strong>D.1 Curable, par substitution.</strong> Panneau électrique sous-dimensionné. Test de curabilité : correction (45 000 $) <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo><</mo></mrow><annotation encoding="application/x-tex"><</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.5782em;vertical-align:-0.0391em;"></span><span class="mrel"><</span></span></span></span> valeur ajoutée (55 000 $) <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>⇒</mo></mrow><annotation encoding="application/x-tex">\Rightarrow</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">⇒</span></span></span></span> curable. Calcul :</p>208<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Calcul — substitution requise</th><th class="al-r">Montant</th></tr></thead><tbody><tr><td>Coût d'installation du nouvel équipement</td><td class="al-r">45 000 $</td></tr><tr><td>Moins : coût si inclus dans une construction neuve</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span> 35 000 $</td></tr><tr><td><strong>Excès de coût (surcoût d'installation)</strong></td><td class="al-r"><strong>10 000 $</strong></td></tr><tr><td>Plus : démolition de l'équipement existant</td><td class="al-r">5 000 $</td></tr><tr><td>Moins : valeur de récupération</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span> 2 000 $</td></tr><tr><td>Plus : coût neuf existant non déprécié</td><td class="al-r">0 $</td></tr><tr class="rule-above"><td><strong>Dépréciation fonctionnelle curable</strong></td><td class="al-r"><strong>13 000 $</strong></td></tr></tbody></table></div></div>209<p id="p14-34"><strong>D.2 Incurable, par superadéquation.</strong> Hall en marbre de 800 pi<sup>2</sup> là où 400 pi<sup>2</sup> standards suffiraient :</p>210<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Calcul — superadéquation</th><th class="al-r">Montant</th></tr></thead><tbody><tr><td>Coût neuf du hall actuel (800 pi<sup>2</sup>, marbre)</td><td class="al-r">120 000 $</td></tr><tr><td>Moins : coût neuf d'un hall adéquat (400 pi<sup>2</sup>)</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span> 40 000 $</td></tr><tr><td><strong>Excès de coût</strong></td><td class="al-r"><strong>80 000 $</strong></td></tr><tr><td>Moins : physique déjà comptée (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>80</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>40</mn><mtext> </mtext><mi mathvariant="normal">%</mi></mrow><annotation encoding="application/x-tex">80~000 \times 40\,\%</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">80</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">40</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span></span></span></span>)</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span> 32 000 $</td></tr><tr><td>Plus : surcoût d'entretien annuel capitalisé</td><td class="al-r">5 000 $</td></tr><tr class="rule-above"><td><strong>Dépréciation fonctionnelle incurable</strong></td><td class="al-r"><strong>53 000 $</strong></td></tr></tbody></table></div></div>211<div class="box box-att" id="attention-14-35"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-warning"/></svg></span><span class="box-label">Attention</span><a class="box-anchor" href="#attention-14-35" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-36">La ligne « moins : physique déjà comptée » est le garde-fou anti-double comptage : la dépréciation âge/vie de 40 % a déjà touché le hall en marbre; seul l'excès <em>net</em> est de la fonctionnelle. Total fonctionnelle : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>13</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>53</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mrow><mtext mathvariant="bold">66</mtext><mtext> </mtext><mtext mathvariant="bold">000</mtext><mtext> </mtext><mtext mathvariant="bold">$</mtext></mrow></mrow><annotation encoding="application/x-tex">13~000 + 53~000 = \textbf{66~000~\$}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">13</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">53</span><span class="mspace nobreak"> </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 text"><span class="mord textbf">66</span><span class="mord textbf nobreak"> </span><span class="mord textbf">000</span><span class="mord textbf nobreak"> </span><span class="mord textbf">$</span></span></span></span></span>.</p></div></div>212<h3 id="s-14-2-6" class="h-subsection"><span class="h-num">14.2.6</span><span class="h-text">E — Dépréciation externe : 84 500 $</span><a class="h-anchor" href="#s-14-2-6" aria-label="Lien vers cette section">#</a></h3>213<p id="p14-37">La dépréciation externe est celle qu'aucune inspection ne révèle : elle se lit dans le marché, pas dans le bâtiment. Le facteur identifié ici est une inoccupation de <strong>18 %</strong> dans le secteur commercial Maloney, contre une norme d'environ 8 % — le résultat combiné du déplacement des activités vers le Plateau, du télétravail et de la concurrence des immeubles récents. Reste à la <em>mesurer</em>, et c'est la technique des <span class="motcle" data-term="ventes jumelées">ventes jumelées</span> qui s'y prête le mieux : on isole l'effet du secteur en comparant deux immeubles aussi semblables que possible, l'un au Plateau (non affecté), l'autre sur Maloney (affecté), après avoir neutralisé leurs différences physiques par ajustement :</p>214<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th></th><th class="al-r">Plateau (non affecté)</th><th class="al-r">Maloney (affecté)</th></tr></thead><tbody><tr><td>Prix de vente</td><td class="al-r">1 250 000 $</td><td class="al-r">1 100 000 $</td></tr><tr><td>Ajustements physiques</td><td class="al-r">—</td><td class="al-r">+ 25 000 $</td></tr><tr><td><strong>Prix ajusté</strong></td><td class="al-r"><strong>1 250 000 $</strong></td><td class="al-r"><strong>1 125 000 $</strong></td></tr><tr class="rule-above"><td><strong>Écart attribuable à l'externe</strong></td><td class="al-c" colspan="2"><strong>125 000 $, soit 10 %</strong></td></tr></tbody></table></div></div>215<p id="p14-38">Application <strong class="c-rouge">aux améliorations seulement</strong> — le terrain, évalué avec des comparables du même secteur, reflète déjà la perte :</p>216<div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mtable rowspacing="0.25em" columnalign="right left" columnspacing="0em"><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mtext>Valeur d</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>pr</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>ci</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>e avant externe</mtext></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>1</mn><mtext> </mtext><mn>800</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>889</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>66</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>845</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><msub><mi>D</mi><mtext>ext</mtext></msub></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><mn>845</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>10</mn><mtext> </mtext><mi mathvariant="normal">%</mi><mo>=</mo><mstyle mathcolor="#107C4E"><mrow><mn mathvariant="bold">84</mn><mtext> </mtext><mn mathvariant="bold">500</mn><mtext> </mtext><mi mathvariant="bold">$</mi></mrow></mstyle></mrow></mstyle></mtd></mtr></mtable><annotation encoding="application/x-tex">\begin{aligned}\text{Valeur dépréciée avant externe} &= 1~800~000 - 889~000 - 66~000217= 845~000~\$\\218D_{\text{ext}} &= 845~000 \times 10\,\% = \uqogreen{84~500~\$}\end{aligned}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:2.7em;vertical-align:-1.1em;"></span><span class="mord"><span class="mtable"><span class="col-align-r"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.6em;"><span style="top:-3.76em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord">Valeur 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">ci</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 avant externe</span></span></span></span><span style="top:-2.26em;"><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:0.2806em;"><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">ext</span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:1.1em;"><span></span></span></span></span></span><span class="col-align-l"><span class="vlist-t vlist-t2"><span class="vlist-r"><span class="vlist" style="height:1.6em;"><span style="top:-3.76em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">1</span><span class="mspace nobreak"> </span><span class="mord">800</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">889</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">66</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">845</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace nobreak"> </span><span class="mord">$</span></span></span><span style="top:-2.26em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord">845</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mord">10</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord" style="color:#107C4E;"><span class="mord mathbf" style="color:#107C4E;">84</span><span class="mspace nobreak" style="color:#107C4E;"><span style="color:#107C4E;"> </span></span><span class="mord mathbf" style="color:#107C4E;">500</span><span class="mspace nobreak" style="color:#107C4E;"><span style="color:#107C4E;"> </span></span><span class="mord mathbf" style="color:#107C4E;">$</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></span></span></div>219<h3 id="s-14-2-7" class="h-subsection"><span class="h-num">14.2.7</span><span class="h-text">F — Valeur finale : 1 050 000 $</span><a class="h-anchor" href="#s-14-2-7" aria-label="Lien vers cette section">#</a></h3>220<div class="box box-ex" id="ex-14-1"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-bulb"/></svg></span><span class="box-label">Exemple 14.1</span><span class="box-title">— synthèse du cas Maloney</span><a class="box-anchor" href="#ex-14-1" aria-label="Lien">#</a></div><div class="box-body"><div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Élément</th><th class="al-r">Montant</th></tr></thead><tbody><tr><td>Coût neuf de remplacement</td><td class="al-r">1 800 000 $</td></tr><tr><td>Moins : dépréciation physique</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span> 889 000 $</td></tr><tr><td>Moins : dépréciation fonctionnelle</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span> 66 000 $</td></tr><tr><td>Moins : dépréciation externe</td><td class="al-r"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo></mrow><annotation encoding="application/x-tex">-</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">−</span></span></span></span> 84 500 $</td></tr><tr class="rule-above"><td><strong>Valeur dépréciée des améliorations</strong></td><td class="al-r"><strong>760 500 $</strong></td></tr><tr><td>Plus : valeur du terrain</td><td class="al-r">+ 292 000 $</td></tr><tr class="rule-above"><td><strong>Valeur estimée</strong></td><td class="al-r"><strong>1 052 500 $</strong></td></tr><tr><td><strong>Valeur arrondie retenue</strong></td><td class="al-r"><strong>1 050 000 $</strong></td></tr></tbody></table></div></div>221<p id="p14-39"><strong>Interprétation.</strong> L'immeuble a perdu environ 57,8 % de sa valeur neuve. La dépréciation <strong>physique</strong> domine (49,4 % du coût neuf), suivie de l'<strong>externe</strong> (4,7 %) et de la <strong>fonctionnelle</strong> (3,7 %) — un profil typique d'un bâtiment de 31 ans correctement entretenu dans un secteur affaibli.</p></div></div>222<p id="p14-40">Avant de signer une telle conclusion, l'évaluateur déroule une dernière batterie de vérifications, qui devraient devenir chez vous des réflexes. La dépréciation totale (1 039 500 $) est inférieure au coût neuf — le plafond est respecté. Le profil de la ventilation est plausible : pour un bâtiment de trente ans, il serait suspect que la fonctionnelle ou l'externe domine la physique sans explication forte. Aucune dépréciation n'a touché le terrain, dont les comparables provenaient du secteur même. Le taux global de dépréciation (57,8 %) peut se confronter à un repère grossier : à raison d'une perte moyenne de 1,5 à 2 % par année d'âge effectif pour ce type d'immeuble, vingt ans d'âge effectif plus un secteur affaibli placent la fourchette attendue entre 45 et 60 % — le résultat s'y loge. Enfin, la valeur conclue s'exprime en chiffres ronds : un rapport qui affiche « 1 052 500 $ » prête à son estimation une précision qu'aucune méthode ne possède; « 1 050 000 $ » dit exactement la même chose, honnêtement.</p>223<h2 id="s-14-3" class="h-section"><span class="h-num">14.3</span><span class="h-text">Réconciliation des trois méthodes</span><a class="h-anchor" href="#s-14-3" aria-label="Lien vers cette section">#</a></h2>224<p id="p14-41">Pour la même propriété, les trois approches livrent : comparaison <span class="num">1 075 000 $</span>; revenu <span class="num">1 020 000 $</span>; coût <span class="num">1 050 000 $</span>. Trois indications convergentes (écart maximal d'environ 5 %) : un signe de fiabilité de l'ensemble du travail.</p>225<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Méthode</th><th class="al-r">Indication</th><th class="al-r">Poids</th><th class="al-r">Contribution</th></tr></thead><tbody><tr><td>Comparaison</td><td class="al-r">1 075 000 $</td><td class="al-r">40 %</td><td class="al-r">430 000 $</td></tr><tr><td>Revenu</td><td class="al-r">1 020 000 $</td><td class="al-r">35 %</td><td class="al-r">357 000 $</td></tr><tr><td>Coût</td><td class="al-r">1 050 000 $</td><td class="al-r">25 %</td><td class="al-r">262 500 $</td></tr><tr class="rule-above"><td><strong>Valeur réconciliée</strong></td><td class="al-r"></td><td class="al-r"><strong>100 %</strong></td><td class="al-r"><strong>1 049 500 $</strong></td></tr><tr><td><strong>Valeur finale arrondie</strong></td><td class="al-r"></td><td class="al-r"></td><td class="al-r"><strong>1 050 000 $</strong></td></tr></tbody></table></div></div>226<p id="p14-42">Justification des poids : la <strong>comparaison</strong> (40 %) s'appuie sur un marché actif et de bons comparables; le <strong>revenu</strong> (35 %) sur des données de loyers fiables pour un immeuble locatif; le <strong>coût</strong> (25 %) est moins fiable pour un bâtiment de 31 ans, dont la dépréciation — importante — doit être estimée.</p>227<p id="p14-43">Il faut comprendre ce que la réconciliation est, et ce qu'elle n'est pas. Elle n'est pas un calcul de plus : c'est un <em>jugement professionnel</em> sur la qualité relative des trois analyses que l'on vient de mener. Le raisonnement porte sur les données d'entrée de chaque méthode — combien de comparables, de quelle fraîcheur, avec quels ajustements? les loyers sont-ils contractuels ou reconstitués? la dépréciation repose-t-elle sur des constats ou sur des taux forfaitaires? — et non sur les résultats eux-mêmes. Un piège subtil guette ici l'évaluateur débutant : accorder le poids le plus fort à la méthode dont le résultat lui « plaît », puis rationaliser après coup. La bonne pratique est inverse : fixer les poids <em>avant</em> de regarder la moyenne pondérée, en fonction de la seule qualité des données, puis assumer le résultat. Ici, la convergence des trois indications dans une fourchette de 5 % rend l'exercice confortable; quand les indications divergent de 20 % ou plus, la réconciliation ne consiste pas à pondérer l'écart, mais à retourner chercher l'erreur.</p>228<div class="box box-ret" id="aretenir-14-44"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-star"/></svg></span><span class="box-label">Quand la méthode du coût pèse-t-elle lourd?</span><a class="box-anchor" href="#aretenir-14-44" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-45"><strong>Poids élevé</strong> : bâtiments à usage spécial (églises, écoles, hôpitaux); constructions neuves ou récentes; absence de comparables ou de revenus; fins d'assurance; fins fiscales municipales. <strong>Poids faible</strong> : bâtiments anciens (dépréciation difficile à mesurer); marché actif riche en ventes; immeubles à revenus standards; terrains vacants; marché très volatil. Et dans tous les cas : la réconciliation n'est <strong class="c-rouge">jamais une simple moyenne</strong> — les poids se justifient, dossier par dossier.</p></div></div>229<h2 id="s-14-4" class="h-section"><span class="h-num">14.4</span><span class="h-text">Le rapport professionnel</span><a class="h-anchor" href="#s-14-4" aria-label="Lien vers cette section">#</a></h2>230<h3 id="s-14-4-1" class="h-subsection"><span class="h-num">14.4.1</span><span class="h-text">Structure de la section « méthode du coût »</span><a class="h-anchor" href="#s-14-4-1" aria-label="Lien vers cette section">#</a></h3>231<p id="p14-46">La section « méthode du coût » d'un rapport professionnel suit une architecture en cinq temps, qui reproduit fidèlement l'ordre des calculs. Elle s'ouvre sur une <strong>introduction et justification</strong> : pourquoi la méthode est pertinente pour ce mandat, et surtout quel type de coût est retenu — remplacement ou reproduction — avec les motifs de ce choix, car c'est la première question qu'un réviseur ou un tribunal posera. Vient ensuite l'<strong>évaluation du terrain</strong>, présentée avec ses comparables, sa grille d'ajustement complète et la valeur retenue : le lecteur doit pouvoir refaire chaque ligne. Le troisième temps est l'<strong>estimation du coût neuf</strong> : la méthode d'estimation utilisée, les sources de données (guide, édition, multiplicateurs régionaux) et le détail des coûts directs, indirects et du profit. Le quatrième — le plus scruté — est le <strong>calcul de la dépréciation</strong>, ventilé par forme : physique (curable, incurable court et long terme), fonctionnelle (curable, incurable), puis externe, avec pour celle-ci le facteur identifié, la mesure retenue et l'allocation terrain/améliorations. La section se referme sur une <strong>synthèse</strong> : tableau récapitulatif et valeur finale.</p>232<p id="p14-47">Le fil rouge de l'ensemble tient en un mot : chaque montant du rapport doit être <strong class="c-or">traçable</strong> — source citée, calcul montré, hypothèse justifiée. Un rapport dont on peut refaire tous les calculs à partir des seules pièces qu'il contient est un rapport qui survivra à la contestation; tout le reste est de la présentation.</p>233<h3 id="s-14-4-2" class="h-subsection"><span class="h-num">14.4.2</span><span class="h-text">Exigences normatives</span><a class="h-anchor" href="#s-14-4-2" aria-label="Lien vers cette section">#</a></h3>234<div class="box box-qc" id="quebec-14-48"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-map"/></svg></span><span class="box-label">Normes de l'OEAQ</span><a class="box-anchor" href="#quebec-14-48" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-49">La section « méthode du coût » doit notamment contenir <span class="citation">(<a class="cite" href="/bibliographie/#oeaqNormes" data-cite="oeaqNormes">Ordre des évaluateurs agréés du Québec, 2024</a>)</span> : l'identification claire de la méthode et la <strong>justification</strong> du type de coût; la <strong>source des données de coût</strong> (guide, édition, multiplicateurs); le détail de <strong>chaque forme</strong> de dépréciation; la cohérence avec les constats de l'<strong>inspection</strong>; un <strong>âge effectif justifié</strong>; et un tableau récapitulatif des calculs.</p></div></div>235<p id="p14-50">Au niveau canadien, les NUPPEC/CUSPAP 2026 exigent en outre <span class="citation">(<a class="cite" href="/bibliographie/#cuspap2026" data-cite="cuspap2026">Appraisal Institute of Canada, 2026</a>)</span> : une analyse <strong>HBU</strong> documentée; l'évaluation <strong>séparée</strong> du terrain; des coûts <strong>vérifiables et actuels</strong>; une dépréciation analysée <strong>par catégorie</strong>; la <strong>réconciliation</strong> avec les autres méthodes; et la déclaration des conditions limitatives et hypothèses extraordinaires. Pièces justificatives usuelles : photos d'inspection, plans, fiches des comparables fonciers, références aux guides de coûts, calculs détaillés en annexe.</p>236<h2 id="s-14-5" class="h-section"><span class="h-num">14.5</span><span class="h-text">Les six pièges de la méthode du coût</span><a class="h-anchor" href="#s-14-5" aria-label="Lien vers cette section">#</a></h2>237<p id="p14-51">Quatorze séances de matière se condensent, du point de vue de l'erreur, en six pièges. Ils ne sont pas anecdotiques : ce sont, année après année, les six mêmes fautes qui séparent les copies fortes des copies moyennes à l'examen, et les rapports défendables des rapports contestés dans la pratique. Chacun mérite d'être compris dans sa <em>logique</em> — pourquoi l'erreur est tentante, ce qu'elle coûte, comment s'en prémunir — plutôt que mémorisé comme un interdit. Le tableau récapitulatif en fin de section les rassemble avec leurs antidotes.</p>238<h3 id="s-14-5-1" class="h-subsection"><span class="h-num">14.5.1</span><span class="h-text">Piège 1 — Le double comptage de la dépréciation</span><a class="h-anchor" href="#s-14-5-1" aria-label="Lien vers cette section">#</a></h3>239<p id="p14-52">Le piège le plus fréquent : compter la même perte de valeur dans deux catégories. Trois variantes classiques : compter la physique d'un élément <em>et</em> sa superadéquation complète; compter la fonctionnelle <em>et</em> l'externe pour la même cause; déduire un élément curable <em>et</em> le laisser dans la base de l'âge/vie incurable. Antidotes : soustraire le <strong>curable avant</strong> tout calcul incurable; retrancher la <strong>portion physique déjà comptée</strong> de toute superadéquation (comme la ligne <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>−</mo><mn>32</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">-32~000~\$</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:-0.0833em;"></span><span class="mord">−</span><span class="mord">32</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace nobreak"> </span><span class="mord">$</span></span></span></span> du hall en marbre); vérifier que la dépréciation totale reste <strong>inférieure au coût neuf</strong>.</p>240<h3 id="s-14-5-2" class="h-subsection"><span class="h-num">14.5.2</span><span class="h-text">Piège 2 — Confusion reproduction / remplacement</span><a class="h-anchor" href="#s-14-5-2" aria-label="Lien vers cette section">#</a></h3>241<div class="box box-form" id="form-14-3"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-formula"/></svg></span><span class="box-label">Formule 14.3</span><span class="box-title">— cohérence base de coût / dépréciation</span><a class="box-anchor" href="#form-14-3" aria-label="Lien">#</a></div><div class="box-body"><div class="eq" id="eq-14-3"><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><mtable rowspacing="0.25em" columnalign="right left" columnspacing="0em"><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mtext>Reproduction : </mtext><mi>V</mi></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><msub><mi>V</mi><mi>T</mi></msub><mo>+</mo><mo fence="true" stretchy="true" minsize="1.2em" maxsize="1.2em">(</mo><msub><mi>C</mi><mtext>reprod</mtext></msub><mo>−</mo><msub><mi>D</mi><mtext>phys</mtext></msub><mo>−</mo><msub><mi>D</mi><mtext>fonc,cur</mtext></msub><mo>−</mo><msub><mi>D</mi><mtext>fonc,inc</mtext></msub><mo>−</mo><msub><mi>D</mi><mtext>ext</mtext></msub><mo fence="true" stretchy="true" minsize="1.2em" maxsize="1.2em">)</mo></mrow></mstyle></mtd></mtr><mtr><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mtext>Remplacement : </mtext><mi>V</mi></mrow></mstyle></mtd><mtd><mstyle scriptlevel="0" displaystyle="true"><mrow><mrow></mrow><mo>=</mo><msub><mi>V</mi><mi>T</mi></msub><mo>+</mo><mo fence="true" stretchy="true" minsize="1.2em" maxsize="1.2em">(</mo><msub><mi>C</mi><mtext>rempl</mtext></msub><mo>−</mo><msub><mi>D</mi><mtext>phys</mtext></msub><mo>−</mo><msub><mi>D</mi><mtext>fonc,inc</mtext></msub><mo>−</mo><msub><mi>D</mi><mtext>ext</mtext></msub><mo fence="true" stretchy="true" minsize="1.2em" maxsize="1.2em">)</mo></mrow></mstyle></mtd></mtr></mtable></mtd><mtd width="50%"></mtd><mtd><mtext>(14.3)</mtext></mtd></mtr></mtable><annotation encoding="application/x-tex">\begin{aligned}\text{Reproduction : } V &= V_T + \bigl(C_{\text{reprod}}242 - D_{\text{phys}} - D_{\text{fonc,cur}} - D_{\text{fonc,inc}}243 - D_{\text{ext}}\bigr)\\244\text{Remplacement : } V &= V_T + \bigl(C_{\text{rempl}}245 - D_{\text{phys}} - D_{\text{fonc,inc}} - D_{\text{ext}}\bigr)\end{aligned}\tag{14.3}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:2.72em;vertical-align:-1.11em;"></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:1.61em;"><span style="top:-3.76em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord">Reproduction : </span></span><span class="mord mathnormal" style="margin-right:0.2222em;">V</span></span></span><span style="top:-2.25em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord text"><span class="mord">Remplacement : </span></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:1.11em;"><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:1.61em;"><span style="top:-3.76em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="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:0.3283em;"><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" 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 class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mopen"><span 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">reprod</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</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">fonc,cur</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">fonc,inc</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:0.2806em;"><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">ext</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><span style="top:-2.25em;"><span class="pstrut" style="height:3em;"></span><span class="mord"><span class="mord"></span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mord"><span class="mord 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:0.3283em;"><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" 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 class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mopen"><span 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">rempl</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</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">fonc,inc</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:0.2806em;"><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">ext</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></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:1.11em;"><span></span></span></span></span></span></span></span></span><span class="katex-tag"><span class="katex-strut" style="height:2.72em;vertical-align:-1.11em;"></span><span class="mord text"><span class="mord">(</span><span class="mord"><span class="mord">14.3</span></span><span class="mord">)</span></span></span></span></span></span></div>246<p id="p14-53">Le coût de <strong>remplacement</strong> élimine d'emblée les déficiences fonctionnelles <strong>curables</strong> : les déduire de nouveau serait une double déduction. Avec le remplacement, on ne déduit que la fonctionnelle <strong>incurable</strong> (superadéquation, obsolescence de conception). Relation entre les deux bases : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>C</mi><mtext>reprod</mtext></msub><mo>=</mo><msub><mi>C</mi><mtext>rempl</mtext></msub><mo>+</mo><mtext>obsolescence fonctionnelle curable</mtext></mrow><annotation encoding="application/x-tex">C_{\text{reprod}} = C_{\text{rempl}} +247\text{obsolescence fonctionnelle curable}</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:0.0715em;">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">reprod</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:0.9694em;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">rempl</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><span class="katex-base"><span class="katex-strut" style="height:0.6944em;"></span><span class="mord text"><span class="mord">obsolescence fonctionnelle curable</span></span></span></span></span>.</p></div></div>248<h3 id="s-14-5-3" class="h-subsection"><span class="h-num">14.5.3</span><span class="h-text">Piège 3 — Oublier le profit entrepreneurial</span><a class="h-anchor" href="#s-14-5-3" aria-label="Lien vers cette section">#</a></h3>249<p id="p14-54">Sans profit, le coût neuf du cas Maloney tombe de 1 799 280 $ à 1 606 500 $ : sous-estimation de <strong class="c-rouge">192 780 $</strong>, intégralement répercutée sur la valeur finale. Justification économique : un promoteur ne construirait pas sans rémunération du risque; le coût neuf doit refléter le coût <strong>total</strong> de création de l'amélioration (fourchette usuelle : 8–15 %).</p>250<h3 id="s-14-5-4" class="h-subsection"><span class="h-num">14.5.4</span><span class="h-text">Piège 4 — Mal estimer l'âge effectif</span><a class="h-anchor" href="#s-14-5-4" aria-label="Lien vers cette section">#</a></h3>251<p id="p14-55"><label for="sn-14-4" class="sn-toggle" title="Note marginale"><span class="sn-mark" aria-hidden="true">◆</span></label><input type="checkbox" id="sn-14-4" class="sn-cb" aria-label="Afficher la note"><span class="sidenote sn-repere">L'âge effectif se justifie par l'inspection, jamais par le seul calendrier.</span> Le même bâtiment de 31 ans peut avoir un âge effectif de <strong>20 ans</strong> (rénovations régulières), de <strong>40 ans</strong> (entretien déficient) ou de <strong>10 ans</strong> (remise à neuf complète). Un âge effectif trop élevé exagère la dépréciation (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>⇒</mo></mrow><annotation encoding="application/x-tex">\Rightarrow</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">⇒</span></span></span></span> sous-évaluation); trop bas, il la sous-estime (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>⇒</mo></mrow><annotation encoding="application/x-tex">\Rightarrow</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">⇒</span></span></span></span> surévaluation) — l'effet passe directement par le ratio âge effectif / vie économique.</p>252<h3 id="s-14-5-5" class="h-subsection"><span class="h-num">14.5.5</span><span class="h-text">Piège 5 — Oublier la dépréciation externe</span><a class="h-anchor" href="#s-14-5-5" aria-label="Lien vers cette section">#</a></h3>253<p id="p14-56">Se concentrer sur le bâtiment (physique + fonctionnelle) et négliger le marché. Facteurs à vérifier systématiquement : inoccupation du secteur, changements de zonage récents, projets d'infrastructure à proximité, détérioration du quartier, conditions économiques et démographiques locales. Test par extraction : si <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>V</mi><mrow><mtext>march</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover></mrow></msub><mo><</mo><msub><mi>V</mi><mi>T</mi></msub><mo>+</mo><mo stretchy="false">(</mo><msub><mi>C</mi><mi>N</mi></msub><mo>−</mo><msub><mi>D</mi><mtext>phys</mtext></msub><mo>−</mo><msub><mi>D</mi><mtext>fonc</mtext></msub><mo stretchy="false">)</mo></mrow><annotation encoding="application/x-tex">V_{\text{marché}} < V_T + (C_N - D_{\text{phys}} - D_{\text{fonc}})</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:0.3361em;"><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">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: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:0.3283em;"><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" 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 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"><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:0.3283em;"><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 mathnormal mtight" style="margin-right:0.109em;">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:0.2222em;"></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:0.9694em;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">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:0.2222em;"></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" 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">fonc</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></span></span></span>, il existe probablement une externe, mesurable par</p>254<div class="eq" id="eq-eq-ch14-extraction"><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>ext</mtext></msub><mo>=</mo><mo fence="true" stretchy="true" minsize="1.2em" maxsize="1.2em">(</mo><msub><mi>V</mi><mi>T</mi></msub><mo>+</mo><msub><mi>C</mi><mi>N</mi></msub><mo>−</mo><msub><mi>D</mi><mtext>phys</mtext></msub><mo>−</mo><msub><mi>D</mi><mtext>fonc</mtext></msub><mo fence="true" stretchy="true" minsize="1.2em" maxsize="1.2em">)</mo><mo>−</mo><msub><mi>V</mi><mrow><mtext>march</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover></mrow></msub></mrow></mtd><mtd width="50%"></mtd><mtd><mtext>(14.4)</mtext></mtd></mtr></mtable><annotation encoding="application/x-tex">D_{\text{ext}} = \bigl(V_T + C_N - D_{\text{phys}} - D_{\text{fonc}}\bigr)255 - V_{\text{marché}}\tag{14.4}</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:0.2806em;"><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">ext</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: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:0.2222em;">V</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:-0.2222em;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" 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 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:0.0715em;">C</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:-0.0715em;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:0.109em;">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:0.2222em;"></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:0.9694em;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">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:0.2222em;"></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">fonc</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 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:0.3361em;"><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">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><span class="katex-tag"><span class="katex-strut" style="height:1.2em;vertical-align:-0.35em;"></span><span class="mord text"><span class="mord">(</span><span class="mord"><span class="mord">14.4</span></span><span class="mord">)</span></span></span></span></span></span></div>256<h3 id="s-14-5-6" class="h-subsection"><span class="h-num">14.5.6</span><span class="h-text">Piège 6 — Mauvaise allocation terrain / améliorations</span><a class="h-anchor" href="#s-14-5-6" aria-label="Lien vers cette section">#</a></h3>257<p id="p14-57">Règle d'allocation de l'externe : si les comparables fonciers viennent <strong>du même secteur</strong>, la perte est déjà dans la valeur du terrain — ne l'appliquer qu'aux <strong>améliorations</strong> (cas Maloney : 84 500 $ sur les améliorations seulement). Si les comparables viennent <strong>hors secteur</strong>, allouer la perte entre terrain et améliorations selon leurs ratios de valeur (exemple : perte de 125 000 $, ratios 22 %/78 % <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>⇒</mo></mrow><annotation encoding="application/x-tex">\Rightarrow</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">⇒</span></span></span></span> 27 500 $ / 97 500 $).</p>258<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th class="al-c">#</th><th>Piège</th><th>Antidote</th></tr></thead><tbody><tr><td class="al-c">1</td><td>Double comptage de la dépréciation</td><td>Curable avant incurable; retrancher la physique déjà comptée</td></tr><tr><td class="al-c">2</td><td>Confusion reproduction / remplacement</td><td>Cohérence type de coût / dépréciation déduite</td></tr><tr><td class="al-c">3</td><td>Oubli du profit entrepreneurial</td><td>Toujours l'inclure (8–15 %)</td></tr><tr><td class="al-c">4</td><td>Mauvais âge effectif</td><td>Inspection rigoureuse, justification écrite</td></tr><tr><td class="al-c">5</td><td>Oubli de la dépréciation externe</td><td>Vérifier marché et localisation; test d'extraction</td></tr><tr><td class="al-c">6</td><td>Mauvaise allocation de l'externe</td><td>Cohérence terrain / améliorations</td></tr></tbody></table></div></div>259<div class="box box-att" id="attention-14-58"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-warning"/></svg></span><span class="box-label">À l'examen</span><a class="box-anchor" href="#attention-14-58" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-59">Ces pièges sont souvent <em>intégrés aux données</em> des questions : lisez attentivement l'énoncé pour détecter les incohérences (un curable glissé dans la base incurable, un profit absent du bordereau, une externe à appliquer au terrain…).</p></div></div>260<h2 id="s-14-6" class="h-section"><span class="h-num">14.6</span><span class="h-text">Révision par blocs : questions types corrigées</span><a class="h-anchor" href="#s-14-6" aria-label="Lien vers cette section">#</a></h2>261<h3 id="s-14-6-1" class="h-subsection"><span class="h-num">14.6.1</span><span class="h-text">Bloc 1 — Fondements (séances 1–2)</span><a class="h-anchor" href="#s-14-6-1" aria-label="Lien vers cette section">#</a></h3>262<div class="box box-exo" id="exo-14-1"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 14.1</span><span class="box-title">— questions éclair — fondements</span><a class="box-anchor" href="#exo-14-1" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-60">Quatre questions en rafale, à traiter sans notes. <strong>(1)</strong> Quelle est la formule fondamentale de la méthode du coût? <strong>(2)</strong> Distinguez coût, prix et valeur. <strong>(3)</strong> Quand la méthode du coût est-elle la plus fiable? <strong>(4)</strong> Expliquez le principe de substitution.</p></div></div>263<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p14-61"><strong>1.</strong> <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>V</mi><mo>=</mo><msub><mi>V</mi><mi>T</mi></msub><mo>+</mo><mo stretchy="false">(</mo><msub><mi>C</mi><mi>N</mi></msub><mo>−</mo><msub><mi>D</mi><mtext>totale</mtext></msub><mo stretchy="false">)</mo></mrow><annotation encoding="application/x-tex">V = V_T + (C_N - D_{\text{totale}})</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6833em;"></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:0.2222em;">V</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:-0.2222em;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" 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 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"><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:0.3283em;"><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 mathnormal mtight" style="margin-right:0.109em;">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:0.2222em;"></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" 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="mclose">)</span></span></span></span>, où <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>D</mi><mo>=</mo><msub><mi>D</mi><mtext>phys</mtext></msub><mo>+</mo><msub><mi>D</mi><mtext>fonc</mtext></msub><mo>+</mo><msub><mi>D</mi><mtext>ext</mtext></msub></mrow><annotation encoding="application/x-tex">D = D_{\text{phys}} + D_{\text{fonc}} + D_{\text{ext}}</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:0.0278em;">D</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:0.9694em;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">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:0.2222em;"></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">fonc</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:0.2806em;"><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">ext</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>. <strong>2.</strong> Le <em>coût</em> est une dépense de production; le <em>prix</em>, le montant effectivement transigé; la <em>valeur</em>, l'utilité économique — trois notions qui ne coïncident qu'en marché parfait. <strong>3.</strong> Bâtiments neufs ou récents, bâtiments à usage spécial, absence de marché comparatif. <strong>4.</strong> Un acheteur rationnel ne paiera pas plus que le coût d'obtention d'un substitut d'utilité équivalente — c'est le fondement logique de toute la méthode.</p></div></details>264<h3 id="s-14-6-2" class="h-subsection"><span class="h-num">14.6.2</span><span class="h-text">Bloc 2 — Terrain (séances 3–4)</span><a class="h-anchor" href="#s-14-6-2" aria-label="Lien vers cette section">#</a></h3>265<div class="box box-exo" id="exo-14-2"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 14.2</span><span class="box-title">— questions éclair — terrain</span><a class="box-anchor" href="#exo-14-2" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-62"><strong>(1)</strong> Nommez quatre méthodes d'évaluation du terrain. <strong>(2)</strong> Quels sont les facteurs d'ajustement des comparables fonciers? <strong>(3)</strong> Expliquez la méthode du résidu foncier. <strong>(4)</strong> Qu'est-ce que le principe du terrain « vacant et disponible »?</p></div></div>266<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p14-63"><strong>1.</strong> Comparaison directe, extraction, affectation (analyse de lotissement), résidu foncier. <strong>2.</strong> Conditions du marché (temps), localisation, superficie, zonage, topographie, services — appliqués dans cet ordre (temps d'abord). <strong>3.</strong> <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>V</mi><mi>T</mi></msub><mo>=</mo><msub><mi>V</mi><mtext>totale</mtext></msub><mo>−</mo><msub><mi>V</mi><mrow><mtext>am</mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>liorations</mtext></mrow></msub></mrow><annotation encoding="application/x-tex">V_T = V_{\text{totale}} - V_{\text{améliorations}}</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:0.3283em;"><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" 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 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:0.2222em;">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">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:0.3361em;"><span style="top:-2.55em;margin-left:-0.2222em;margin-right:0.05em;"><span class="pstrut" style="height:2.7em;"></span><span class="katex-sizing reset-size6 size3 mtight"><span class="mord mtight"><span class="mord text mtight"><span class="mord mtight">am</span><span class="mord katex-accent mtight"><span class="vlist-t"><span class="vlist-r"><span class="vlist" style="height:0.6944em;"><span style="top:-2.7em;"><span class="pstrut" style="height:2.7em;"></span><span class="mord mtight">e</span></span><span style="top:-2.7em;"><span class="pstrut" style="height:2.7em;"></span><span class="accent-body" style="left:-0.25em;"><span class="mord mtight">ˊ</span></span></span></span></span></span></span><span class="mord mtight">liorations</span></span></span></span></span></span><span class="vlist-s"></span></span><span class="vlist-r"><span class="vlist" style="height:0.15em;"><span></span></span></span></span></span></span></span></span></span>, où la valeur des améliorations découle du revenu qui leur est attribuable (capitalisé au TGA) : on isole le revenu résiduel du terrain. <strong>4.</strong> Le terrain s'évalue toujours comme s'il était vacant et disponible pour son utilisation optimale — même s'il est bâti.</p></div></details>267<h3 id="s-14-6-3" class="h-subsection"><span class="h-num">14.6.3</span><span class="h-text">Bloc 3 — Coûts (séances 5–8)</span><a class="h-anchor" href="#s-14-6-3" aria-label="Lien vers cette section">#</a></h3>268<div class="box box-exo" id="exo-14-3"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 14.3</span><span class="box-title">— questions éclair — coûts</span><a class="box-anchor" href="#exo-14-3" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-64"><strong>(1)</strong> Distinguez coût de reproduction et coût de remplacement. <strong>(2)</strong> Nommez les quatre méthodes d'estimation des coûts. <strong>(3)</strong> Donnez cinq exemples de coûts indirects. <strong>(4)</strong> Comment calcule-t-on le profit entrepreneurial?</p></div></div>269<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p14-65"><strong>1.</strong> Reproduction <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo></mrow><annotation encoding="application/x-tex">=</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span></span></span></span> réplique exacte (mêmes matériaux, même conception, défauts inclus); remplacement <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo></mrow><annotation encoding="application/x-tex">=</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span></span></span></span> utilité équivalente aux standards actuels. <strong>2.</strong> Comparative ($/pi<sup>2</sup>), par quantités et prix unitaires (<em>quantity survey</em>), par composantes (<em>unit-in-place</em>), coût indexé (<em>trended cost</em>) : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>C</mi><mtext>actuel</mtext></msub><mo>=</mo><msub><mi>C</mi><mtext>original</mtext></msub><mo>×</mo><msub><mi>I</mi><mtext>actuel</mtext></msub><mi mathvariant="normal">/</mi><msub><mi>I</mi><mtext>original</mtext></msub></mrow><annotation encoding="application/x-tex">C_{\text{actuel}} = C_{\text{original}} \times270I_{\text{actuel}}/I_{\text{original}}</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">actuel</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:0.9694em;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">original</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><span class="katex-base"><span class="katex-strut" style="height:1.0361em;vertical-align:-0.2861em;"></span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0785em;">I</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:-0.0785em;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">actuel</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="mord">/</span><span class="mord"><span class="mord mathnormal" style="margin-right:0.0785em;">I</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:-0.0785em;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">original</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>. <strong>3.</strong> Honoraires professionnels, financement intérimaire, taxes non récupérables, permis et inspections, assurances chantier (aussi : frais légaux, administration). <strong>4.</strong> <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mtext>Profit</mtext><mo>=</mo><mo stretchy="false">(</mo><msub><mi>C</mi><mtext>directs</mtext></msub><mo>+</mo><msub><mi>C</mi><mtext>indirects</mtext></msub><mo stretchy="false">)</mo><mo>×</mo><mtext>taux</mtext></mrow><annotation encoding="application/x-tex">\text{Profit} = (C_{\text{directs}} + C_{\text{indirects}})271\times \text{taux}</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">Profit</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="mopen">(</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">directs</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:1em;vertical-align:-0.25em;"></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">indirects</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><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:0.6151em;"></span><span class="mord text"><span class="mord">taux</span></span></span></span></span>, taux usuel de 8 à 15 %.</p></div></details>272<h3 id="s-14-6-4" class="h-subsection"><span class="h-num">14.6.4</span><span class="h-text">Bloc 4 — Dépréciation (séances 9–12)</span><a class="h-anchor" href="#s-14-6-4" aria-label="Lien vers cette section">#</a></h3>273<div class="box box-exo" id="exo-14-4"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 14.4</span><span class="box-title">— questions éclair — dépréciation</span><a class="box-anchor" href="#exo-14-4" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-66"><strong>(1)</strong> Nommez les trois formes de dépréciation et leurs sous-catégories. <strong>(2)</strong> Donnez la formule de la dépréciation physique incurable long terme. <strong>(3)</strong> Expliquez la superadéquation avec un exemple. <strong>(4)</strong> Comment mesure-t-on la dépréciation externe par ventes jumelées?</p></div></div>274<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p14-67"><strong>1.</strong> Physique (curable; incurable court terme; incurable long terme); fonctionnelle (curable par ajout ou substitution; incurable — déficience ou superadéquation); externe (économique/localisation — par nature incurable). <strong>2.</strong> Base LT <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><msub><mi>C</mi><mi>N</mi></msub><mo>−</mo><mtext>curable</mtext><mo>−</mo><mrow><mtext>co</mtext><mover accent="true"><mtext>u</mtext><mo>ˆ</mo></mover><mtext>t neuf des composantes CT</mtext></mrow></mrow><annotation encoding="application/x-tex">= C_N - \text{curable} - \text{coût neuf des275composantes CT}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8333em;vertical-align:-0.15em;"></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:0.3283em;"><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 mathnormal mtight" style="margin-right:0.109em;">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:0.2222em;"></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:-0.0833em;"></span><span class="mord text"><span class="mord">curable</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:0.8889em;vertical-align:-0.1944em;"></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 neuf des composantes CT</span></span></span></span></span>; puis <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>D</mi><mtext>LT</mtext></msub><mo>=</mo><mtext>base</mtext><mo>×</mo><mo stretchy="false">(</mo><mrow><mover accent="true"><mtext>a</mtext><mo>ˆ</mo></mover><mtext>ge effectif</mtext></mrow><mi mathvariant="normal">/</mi><mrow><mtext>vie </mtext><mover accent="true"><mtext>e</mtext><mo>ˊ</mo></mover><mtext>conomique</mtext></mrow><mo stretchy="false">)</mo></mrow><annotation encoding="application/x-tex">D_{\text{LT}} = \text{base} \times (\text{âge276effectif}/\text{vie économique})</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:0.3283em;"><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">LT</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:0.7778em;vertical-align:-0.0833em;"></span><span class="mord text"><span class="mord">base</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:1em;vertical-align:-0.25em;"></span><span class="mopen">(</span><span class="mord text"><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">ˆ</span></span></span></span></span></span></span><span class="mord">ge effectif</span></span><span class="mord">/</span><span class="mord text"><span class="mord">vie </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">conomique</span></span><span class="mclose">)</span></span></span></span>. <strong>3.</strong> Un élément dont le coût excède sa contribution à la valeur — par exemple une piscine olympique dans un duplex, ou le hall en marbre du cas Maloney (excès de coût 80 000 $, dépréciation nette 53 000 $). <strong>4.</strong> Écart de prix <em>ajusté</em> entre une propriété affectée par le facteur externe et une propriété semblable non affectée (cas Maloney : 125 000 $, soit 10 %).</p></div></details>277<h3 id="s-14-6-5" class="h-subsection"><span class="h-num">14.6.5</span><span class="h-text">Bloc 5 — Applications (séances 13–14)</span><a class="h-anchor" href="#s-14-6-5" aria-label="Lien vers cette section">#</a></h3>278<div class="box box-exo" id="exo-14-5"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 14.5</span><span class="box-title">— questions éclair — applications</span><a class="box-anchor" href="#exo-14-5" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-68"><strong>(1)</strong> Comment évalue-t-on un bâtiment à usage spécial? <strong>(2)</strong> Quelles sont les étapes de la réconciliation des trois méthodes? <strong>(3)</strong> Quelle structure doit avoir la section « coût » d'un rapport? <strong>(4)</strong> Nommez trois pièges à éviter dans la méthode du coût.</p></div></div>279<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p14-69"><strong>1.</strong> Méthode du coût comme approche principale (marché et revenus absents); base de coût choisie selon le mandat — reproduction pour l'assurance ou le patrimoine, remplacement pour la valeur marchande. <strong>2.</strong> Obtenir les trois indications, analyser la qualité des données de chacune, pondérer, justifier les poids, conclure (jamais une moyenne mécanique). <strong>3.</strong> Introduction et justification; terrain; coût neuf; dépréciation (trois formes); synthèse et conclusion. <strong>4.</strong> Par exemple : double comptage, oubli du profit entrepreneurial, confusion reproduction/remplacement (ou : mauvais âge effectif, oubli de l'externe, mauvaise allocation).</p></div></details>280<h3 id="s-14-6-6" class="h-subsection"><span class="h-num">14.6.6</span><span class="h-text">Repères vérifiés 2026</span><a class="h-anchor" href="#s-14-6-6" aria-label="Lien vers cette section">#</a></h3>281<div class="box box-qc" id="quebec-14-70"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-map"/></svg></span><span class="box-label">À jour pour l'examen</span><a class="box-anchor" href="#quebec-14-70" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-71">Ces repères chiffrés, vérifiés pour 2026, sont ceux que l'examen final tient pour acquis.</p>282<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Repère</th><th>Valeur 2026</th></tr></thead><tbody><tr><td>Coûts indirects</td><td>15–25 % des directs (honoraires d'ingénierie 5–9 %)</td></tr><tr><td>Profit entrepreneurial</td><td>8–15 %</td></tr><tr><td>IPCB (Statistique Canada)</td><td>tableau 18-10-0289-01, base 2023 <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo></mrow><annotation encoding="application/x-tex">=</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span></span></span></span> 100</td></tr><tr><td>Taux directeur (Banque du Canada)</td><td>2,25 % (juillet 2026)</td></tr><tr><td>Rôle triennal</td><td>date de référence 18 mois avant l'entrée en vigueur</td></tr><tr><td>Droits de mutation 2026</td><td>0,5 % <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">\le</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7719em;vertical-align:-0.136em;"></span><span class="mrel">≤</span></span></span></span> 62 900 $; 1 % <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">\le</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7719em;vertical-align:-0.136em;"></span><span class="mrel">≤</span></span></span></span> 315 000 $; 1,5 % au-delà (Mtl : jusqu'à 4 %)</td></tr><tr><td>Zones inondables</td><td>4 classes de risque (cadre du 1<sup>er</sup> mars 2026)</td></tr><tr><td>Normes en vigueur</td><td>CUSPAP 2026; USPAP 2024 (sans expiration); <em>Appraisal</em>, 16<sup>e</sup> éd.</td></tr></tbody></table></div></div>283<p id="p14-72">Sources : <span class="citation">(<a class="cite" href="/bibliographie/#statcanIPCB" data-cite="statcanIPCB">Statistique Canada, 2026</a>)</span>; <span class="citation">(<a class="cite" href="/bibliographie/#zonesInond2026" data-cite="zonesInond2026">Gouvernement du Québec, 2026</a>)</span>; <span class="citation">(<a class="cite" href="/bibliographie/#cuspap2026" data-cite="cuspap2026">Appraisal Institute of Canada, 2026</a>)</span>; <span class="citation">(<a class="cite" href="/bibliographie/#uspap2024" data-cite="uspap2024">Appraisal Standards Board, 2024</a>)</span>; <span class="citation">(<a class="cite" href="/bibliographie/#appraisal2026" data-cite="appraisal2026">Appraisal Institute, 2026</a>)</span>.</p></div></div>284<h2 id="s-14-7" class="h-section"><span class="h-num">14.7</span><span class="h-text">Préparation à l'examen final</span><a class="h-anchor" href="#s-14-7" aria-label="Lien vers cette section">#</a></h2>285<h3 id="s-14-7-1" class="h-subsection"><span class="h-num">14.7.1</span><span class="h-text">Format, matériel, gestion du temps</span><a class="h-anchor" href="#s-14-7-1" aria-label="Lien vers cette section">#</a></h3>286<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th>Section</th><th class="al-c">Points</th><th class="al-c">Durée suggérée</th><th>Contenu</th></tr></thead><tbody><tr><td>A. Choix multiples</td><td class="al-c">20</td><td class="al-c">30 min</td><td>20 questions</td></tr><tr><td>B. Développement</td><td class="al-c">30</td><td class="al-c">45 min</td><td>3 questions</td></tr><tr><td>C. Calculs</td><td class="al-c">25</td><td class="al-c">45 min</td><td>Problèmes détaillés</td></tr><tr><td>D. Cas intégrateur</td><td class="al-c">25</td><td class="al-c">60 min</td><td>Application complète</td></tr><tr class="rule-above"><td><strong>Total</strong></td><td class="al-c"><strong>100</strong></td><td class="al-c"><strong>3 heures</strong></td><td><strong>30 % de la note finale</strong></td></tr></tbody></table></div></div>287<p id="p14-73">Matériel <strong>autorisé</strong> : calculatrice non programmable, formulaire fourni (1 page), tables de durées de vie. <strong>Interdit</strong> : notes de cours, cellulaire, tablette, montre connectée.</p>288<p id="p14-74">Sur la stratégie d'épreuve, l'expérience des cohortes précédentes permet d'être précis. La première cause de points perdus n'est pas l'ignorance, c'est la précipitation : lisez chaque énoncé au complet avant d'écrire quoi que ce soit, parce que les pièges y sont <em>intégrés aux données</em> — un élément curable glissé dans une base incurable ne se détecte qu'à la lecture attentive. La deuxième cause est le calcul muet : <strong>montrez tous vos calculs</strong>, car un résultat final erroné appuyé d'une démarche juste conserve l'essentiel des points, tandis qu'un nombre sec, même exact, n'en garantit aucun. Prenez ensuite deux réflexes de vérification systématique : le plafond « dépréciation totale <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo><</mo></mrow><annotation encoding="application/x-tex"><</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.5782em;vertical-align:-0.0391em;"></span><span class="mrel"><</span></span></span></span> coût neuf », qui détecte à lui seul la majorité des ventilations déraillées, et la chasse au double comptage à chaque changement de catégorie. Gardez les arrondis <strong>pour la toute fin</strong> — arrondir en cours de route propage des écarts qui deviennent inexplicables au correcteur — et réservez dix minutes de révision finale. Pour le cas intégrateur, enfin, déroulez toujours le même ordre, celui du cas Maloney : terrain <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>→</mo></mrow><annotation encoding="application/x-tex">\rightarrow</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">→</span></span></span></span> coût neuf <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>→</mo></mrow><annotation encoding="application/x-tex">\rightarrow</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">→</span></span></span></span> physique <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>→</mo></mrow><annotation encoding="application/x-tex">\rightarrow</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">→</span></span></span></span> fonctionnelle <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>→</mo></mrow><annotation encoding="application/x-tex">\rightarrow</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">→</span></span></span></span> externe <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>→</mo></mrow><annotation encoding="application/x-tex">\rightarrow</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">→</span></span></span></span> valeur finale. Cet automatisme libère l'attention pour ce qui compte : les données elles-mêmes.</p>289<p id="p14-75">Quant à la préparation en amont, la révision la plus rentable n'est pas la relecture passive des chapitres, mais la <em>refonte active</em> des trois grands cas chiffrés du cours — le cas intégré de l'atelier 3 (chapitre 13), le cas Maloney (ce chapitre) et le problème type de la section C ci-dessous — jusqu'à pouvoir les dérouler sans consulter le corrigé. Les fiches synthèses de fin de chapitre et l'aide-mémoire de l'annexe <a class="xref" href="/aide-memoire/">A</a> servent ensuite de filet : parcourez-les la veille, en vous arrêtant sur chaque formule dont la logique ne vous paraît pas immédiatement évidente — c'est elle qu'il faut retravailler, pas celle que vous savez déjà.</p>290<h3 id="s-14-7-2" class="h-subsection"><span class="h-num">14.7.2</span><span class="h-text">Section A — Deux QCM types</span><a class="h-anchor" href="#s-14-7-2" aria-label="Lien vers cette section">#</a></h3>291<div class="box box-exo" id="exo-14-6"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 14.6</span><span class="box-title">— QCM 1 — remplacement vs reproduction</span><a class="box-anchor" href="#exo-14-6" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-76">Le coût de remplacement diffère du coût de reproduction parce qu'il :</p>292<ol class="enum"><li class="labeled"><span class="li-label">a)</span><div class="li-body">utilise les mêmes matériaux que le bâtiment original;</div></li><li class="labeled"><span class="li-label">b)</span><div class="li-body">crée un bâtiment d'utilité équivalente avec des standards actuels;</div></li><li class="labeled"><span class="li-label">c)</span><div class="li-body">est toujours plus élevé que le coût de reproduction;</div></li><li class="labeled"><span class="li-label">d)</span><div class="li-body">n'inclut pas le profit entrepreneurial.</div></li></ol></div></div>293<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p14-81"><strong>b)</strong> — le remplacement vise l'<em>utilité équivalente</em> avec les matériaux et standards actuels, ce qui élimine d'emblée les déficiences fonctionnelles curables (d'où le piège 2 : ne pas les déduire une seconde fois).</p></div></details>294<div class="box box-exo" id="exo-14-7"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 14.7</span><span class="box-title">— QCM 2 — physique curable</span><a class="box-anchor" href="#exo-14-7" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-82">La dépréciation physique curable se définit comme :</p>295<ol class="enum"><li class="labeled"><span class="li-label">a)</span><div class="li-body">toute détérioration physique du bâtiment;</div></li><li class="labeled"><span class="li-label">b)</span><div class="li-body">les réparations dont le coût est inférieur ou égal à la valeur ajoutée;</div></li><li class="labeled"><span class="li-label">c)</span><div class="li-body">l'usure normale due au passage du temps;</div></li><li class="labeled"><span class="li-label">d)</span><div class="li-body">la dépréciation qui ne peut être corrigée.</div></li></ol></div></div>296<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p14-87"><strong>b)</strong> — le critère est <em>économique</em>, pas technique : une réparation est « curable » si elle est rentable (coût <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≤</mo></mrow><annotation encoding="application/x-tex">\le</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7719em;vertical-align:-0.136em;"></span><span class="mrel">≤</span></span></span></span> valeur ajoutée), qu'elle soit techniquement facile ou non.</p></div></details>297<h3 id="s-14-7-3" class="h-subsection"><span class="h-num">14.7.3</span><span class="h-text">Section B — Questions à développement types</span><a class="h-anchor" href="#s-14-7-3" aria-label="Lien vers cette section">#</a></h3>298<p id="p14-88">Trois questions représentatives (10 points chacune), avec l'esquisse de ce qu'une réponse forte doit contenir.</p>299<p id="p14-89"><strong>Première question</strong> : expliquer le calcul de la dépréciation physique incurable en distinguant composantes à courte et à longue durée de vie, et justifier pourquoi le curable se calcule d'abord. Une réponse complète décrit la cascade : le curable sort de la base parce qu'un acheteur rationnel le déduira du prix de toute façon — le laisser dans la base de l'âge/vie reviendrait à le compter deux fois; les composantes à courte durée (toiture, CVAC, finitions) reçoivent chacune leur propre ratio âge effectif/durée de vie parce que leur rythme d'usure n'a rien de commun avec celui de la structure; et la base long terme se calcule en retranchant à la fois le curable et le coût neuf des composantes déjà traitées. Les copies faibles décrivent les trois calculs; les copies fortes expliquent <em>pourquoi</em> chaque soustraction protège de quel double comptage — c'est là que se jouent les points.</p>300<p id="p14-90"><strong>Deuxième question</strong> : un évaluateur utilise le coût de <em>remplacement</em> et déduit une fonctionnelle <em>curable</em> de 25 000 $ pour un chauffage obsolète — expliquer l'erreur et la correction. Le cœur de la réponse est la définition même du coût de remplacement : un bâtiment d'utilité équivalente aux standards actuels serait construit avec un chauffage moderne; la déficience curable est donc déjà <em>absente</em> du coût neuf, et la déduire de nouveau constitue une double déduction de 25 000 $ qui sous-évalue la propriété d'autant. La correction : soit retirer la déduction (en conservant le remplacement), soit passer au coût de reproduction et alors la déduire légitimement — mais jamais l'hybride.</p>301<p id="p14-91"><strong>Troisième question</strong> : décrire les quatre méthodes d'évaluation du terrain et les circonstances où chacune est privilégiée, avec un exemple québécois pour chacune. La grille de correction attend la comparaison directe (méthode reine dès qu'il existe des ventes — terrain résidentiel à Gatineau), l'extraction (secteurs bâtis sans ventes de terrains vacants — quartier central de Hull), l'affectation ou analyse de lotissement (terrains à développer — projet domiciliaire en périphérie de Sherbrooke) et le résidu foncier (immeubles à revenus quand seuls les loyers parlent — immeuble commercial du centre-ville). Les développements complets se trouvent à la séance 3.</p>302<h3 id="s-14-7-4" class="h-subsection"><span class="h-num">14.7.4</span><span class="h-text">Section C — Problème de calcul complet</span><a class="h-anchor" href="#s-14-7-4" aria-label="Lien vers cette section">#</a></h3>303<div class="box box-exo" id="exo-14-8"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 14.8</span><span class="box-title">— problème type — 25 points</span><a class="box-anchor" href="#exo-14-8" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-92">Bâtiment commercial de <span class="num">8000</span> pi<sup>2</sup>, coût neuf de remplacement de <span class="num">1 200 000 $</span>. Données : dépréciation curable <span class="num">30 000 $</span>; composantes court terme (coût neuf) <span class="num">400 000 $</span>, âge effectif moyen 12 ans, vie moyenne 20 ans; âge effectif global 15 ans, vie économique 45 ans; superadéquation nette <span class="num">40 000 $</span>; externe (ventes jumelées) 8 %; terrain <span class="num">200 000 $</span>. Calculez : a) la dépréciation totale; b) la valeur dépréciée; c) la valeur par la méthode du coût.</p></div></div>304<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p14-93"><strong>1. Physique curable</strong> : 30 000 $. <strong>2. Incurable CT</strong> : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>400</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mo stretchy="false">(</mo><mn>12</mn><mi mathvariant="normal">/</mi><mn>20</mn><mo stretchy="false">)</mo><mo>=</mo><mn>240</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">400~000 \times (12/20) = 240~000~\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">400</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mopen">(</span><span class="mord">12/20</span><span class="mclose">)</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">240</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace nobreak"> </span><span class="mord">$</span></span></span></span>. <strong>3. Incurable LT</strong> : base <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mn>1</mn><mtext> </mtext><mn>200</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>30</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>400</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>770</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">= 1~200~000 - 30~000 - 400~000 =305770~000~\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">1</span><span class="mspace nobreak"> </span><span class="mord">200</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">30</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">400</span><span class="mspace nobreak"> </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">770</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace nobreak"> </span><span class="mord">$</span></span></span></span>; dépréciation <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mn>770</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mo stretchy="false">(</mo><mn>15</mn><mi mathvariant="normal">/</mi><mn>45</mn><mo stretchy="false">)</mo><mo>=</mo><mn>256</mn><mtext> </mtext><mn>667</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">= 770~000 \times (15/45) = 256~667~\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">770</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mopen">(</span><span class="mord">15/45</span><span class="mclose">)</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">256</span><span class="mspace nobreak"> </span><span class="mord">667</span><span class="mspace nobreak"> </span><span class="mord">$</span></span></span></span>. <strong>4. Fonctionnelle incurable</strong> (superadéquation nette) : 40 000 $. <strong>5. Externe</strong> : base <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mn>1</mn><mtext> </mtext><mn>200</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mo stretchy="false">(</mo><mn>30</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>240</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>256</mn><mtext> </mtext><mn>667</mn><mo stretchy="false">)</mo><mo>−</mo><mn>40</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>633</mn><mtext> </mtext><mn>333</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">= 1~200~000 - (30~000 + 240~000 + 256~667)306- 40~000 = 633~333~\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">1</span><span class="mspace nobreak"> </span><span class="mord">200</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mopen">(</span><span class="mord">30</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">240</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">256</span><span class="mspace nobreak"> </span><span class="mord">667</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:0.6444em;"></span><span class="mord">40</span><span class="mspace nobreak"> </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">633</span><span class="mspace nobreak"> </span><span class="mord">333</span><span class="mspace nobreak"> </span><span class="mord">$</span></span></span></span>… attention, l'énoncé type applique le taux à la valeur dépréciée avant externe : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo stretchy="false">(</mo><mn>1</mn><mtext> </mtext><mn>200</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>566</mn><mtext> </mtext><mn>667</mn><mo>−</mo><mn>40</mn><mtext> </mtext><mn>000</mn><mo stretchy="false">)</mo><mo>×</mo><mn>8</mn><mtext> </mtext><mi mathvariant="normal">%</mi><mo>=</mo><mn>593</mn><mtext> </mtext><mn>333</mn><mo>×</mo><mn>0,08</mn><mo>=</mo><mn>47</mn><mtext> </mtext><mn>467</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">(1~200~000 - 566~667 - 40~000) \times 8\,\% = 593~333 \times 0{,}08 =30747~467~\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mopen">(</span><span class="mord">1</span><span class="mspace nobreak"> </span><span class="mord">200</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">566</span><span class="mspace nobreak"> </span><span class="mord">667</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">40</span><span class="mspace nobreak"> </span><span class="mord">000</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:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">8</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">593</span><span class="mspace nobreak"> </span><span class="mord">333</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8389em;vertical-align:-0.1944em;"></span><span class="mord">0</span><span class="mord"><span class="mpunct">,</span></span><span class="mord">08</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">47</span><span class="mspace nobreak"> </span><span class="mord">467</span><span class="mspace nobreak"> </span><span class="mord">$</span></span></span></span>. <strong>a)</strong> <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>D</mi><mtext>totale</mtext></msub><mo>=</mo><mn>30</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>240</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>256</mn><mtext> </mtext><mn>667</mn><mo>+</mo><mn>40</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>47</mn><mtext> </mtext><mn>467</mn><mo>=</mo><mstyle mathcolor="#107C4E"><mrow><mn mathvariant="bold">614</mn><mtext> </mtext><mn mathvariant="bold">134</mn><mtext> </mtext><mi mathvariant="bold">$</mi></mrow></mstyle></mrow><annotation encoding="application/x-tex">D_{\text{totale}} = 30~000 + 240~000 + 256~667 + 40~000 +30847~467 = \uqogreen{614~134~\$}</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="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">30</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">240</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">256</span><span class="mspace nobreak"> </span><span class="mord">667</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">40</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">47</span><span class="mspace nobreak"> </span><span class="mord">467</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" style="color:#107C4E;"><span class="mord mathbf" style="color:#107C4E;">614</span><span class="mspace nobreak" style="color:#107C4E;"><span style="color:#107C4E;"> </span></span><span class="mord mathbf" style="color:#107C4E;">134</span><span class="mspace nobreak" style="color:#107C4E;"><span style="color:#107C4E;"> </span></span><span class="mord mathbf" style="color:#107C4E;">$</span></span></span></span></span>. <strong>b)</strong> Valeur dépréciée <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mn>1</mn><mtext> </mtext><mn>200</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>614</mn><mtext> </mtext><mn>134</mn><mo>=</mo><mstyle mathcolor="#107C4E"><mrow><mn mathvariant="bold">585</mn><mtext> </mtext><mn mathvariant="bold">866</mn><mtext> </mtext><mi mathvariant="bold">$</mi></mrow></mstyle></mrow><annotation encoding="application/x-tex">= 1~200~000 - 614~134 =309\uqogreen{585~866~\$}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">1</span><span class="mspace nobreak"> </span><span class="mord">200</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">614</span><span class="mspace nobreak"> </span><span class="mord">134</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" style="color:#107C4E;"><span class="mord mathbf" style="color:#107C4E;">585</span><span class="mspace nobreak" style="color:#107C4E;"><span style="color:#107C4E;"> </span></span><span class="mord mathbf" style="color:#107C4E;">866</span><span class="mspace nobreak" style="color:#107C4E;"><span style="color:#107C4E;"> </span></span><span class="mord mathbf" style="color:#107C4E;">$</span></span></span></span></span>. <strong>c)</strong> <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>V</mi><mo>=</mo><mn>585</mn><mtext> </mtext><mn>866</mn><mo>+</mo><mn>200</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mstyle mathcolor="#107C4E"><mrow><mn mathvariant="bold">785</mn><mtext> </mtext><mn mathvariant="bold">866</mn><mtext> </mtext><mi mathvariant="bold">$</mi></mrow></mstyle></mrow><annotation encoding="application/x-tex">V = 585~866 + 200~000 = \uqogreen{785~866~\$}</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:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">585</span><span class="mspace nobreak"> </span><span class="mord">866</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">200</span><span class="mspace nobreak"> </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" style="color:#107C4E;"><span class="mord mathbf" style="color:#107C4E;">785</span><span class="mspace nobreak" style="color:#107C4E;"><span style="color:#107C4E;"> </span></span><span class="mord mathbf" style="color:#107C4E;">866</span><span class="mspace nobreak" style="color:#107C4E;"><span style="color:#107C4E;"> </span></span><span class="mord mathbf" style="color:#107C4E;">$</span></span></span></span></span>. <strong>Vérification</strong> : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>614</mn><mtext> </mtext><mn>134</mn><mo><</mo><mn>1</mn><mtext> </mtext><mn>200</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">614~134 < 1~200~000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6835em;vertical-align:-0.0391em;"></span><span class="mord">614</span><span class="mspace nobreak"> </span><span class="mord">134</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel"><</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">1</span><span class="mspace nobreak"> </span><span class="mord">200</span><span class="mspace nobreak"> </span><span class="mord">000</span></span></span></span>; taux de dépréciation <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>≈</mo></mrow><annotation encoding="application/x-tex">\approx</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.4831em;"></span><span class="mrel">≈</span></span></span></span> 51 % — plausible.</p></div></details>310<h3 id="s-14-7-5" class="h-subsection"><span class="h-num">14.7.5</span><span class="h-text">Exercice supplémentaire — détecter les pièges</span><a class="h-anchor" href="#s-14-7-5" aria-label="Lien vers cette section">#</a></h3>311<div class="box box-exo" id="exo-14-9"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-pencil"/></svg></span><span class="box-label">Exercice 14.9</span><span class="box-title">— l'énoncé piégé</span><a class="box-anchor" href="#exo-14-9" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-94">Un collègue vous soumet le calcul suivant pour un immeuble dont le coût de <em>remplacement</em> neuf est de <span class="num">2 400 000 $</span> (terrain : <span class="num">500 000 $</span>, évalué avec des comparables du même secteur) : physique curable 60 000 $; incurable âge/vie global : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>2</mn><mtext> </mtext><mn>400</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mo stretchy="false">(</mo><mn>18</mn><mi mathvariant="normal">/</mi><mn>60</mn><mo stretchy="false">)</mo><mo>=</mo><mn>720</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">2~400~000 \times (18/60) = 720~000~\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">2</span><span class="mspace nobreak"> </span><span class="mord">400</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mopen">(</span><span class="mord">18/60</span><span class="mclose">)</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">720</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace nobreak"> </span><span class="mord">$</span></span></span></span>; fonctionnelle curable (système de chauffage désuet) 35 000 $; externe 6 % appliquée à <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo stretchy="false">(</mo><mn>2</mn><mtext> </mtext><mn>400</mn><mtext> </mtext><mn>000</mn><mo>+</mo><mn>500</mn><mtext> </mtext><mn>000</mn><mo stretchy="false">)</mo></mrow><annotation encoding="application/x-tex">(2~400~000 + 500~000)</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mopen">(</span><span class="mord">2</span><span class="mspace nobreak"> </span><span class="mord">400</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">500</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mclose">)</span></span></span></span>, soit 174 000 $. Valeur conclue : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>2</mn><mtext> </mtext><mn>900</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>989</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>1</mn><mtext> </mtext><mn>911</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">2~900~000 - 989~000 = 1~911~000~\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">2</span><span class="mspace nobreak"> </span><span class="mord">900</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">989</span><span class="mspace nobreak"> </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">1</span><span class="mspace nobreak"> </span><span class="mord">911</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace nobreak"> </span><span class="mord">$</span></span></span></span>. Relevez les quatre erreurs et recalculez correctement.</p></div></div>312<details class="box box-sol"><summary><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-check"/></svg></span><span class="box-label">Solution</span><span class="sol-hint">Cliquer pour révéler</span></summary><div class="box-body"><p id="p14-95"><strong>Erreur 1 (piège 1)</strong> : le curable (60 000) n'a pas été soustrait de la base avant l'âge/vie — base correcte : <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mn>2</mn><mtext> </mtext><mn>400</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>60</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>2</mn><mtext> </mtext><mn>340</mn><mtext> </mtext><mn>000</mn></mrow><annotation encoding="application/x-tex">2~400~000 - 60~000 =3132~340~000</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">2</span><span class="mspace nobreak"> </span><span class="mord">400</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">60</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">2</span><span class="mspace nobreak"> </span><span class="mord">340</span><span class="mspace nobreak"> </span><span class="mord">000</span></span></span></span>; incurable <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mn>2</mn><mtext> </mtext><mn>340</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>18</mn><mi mathvariant="normal">/</mi><mn>60</mn><mo>=</mo><mn>702</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">= 2~340~000 \times 18/60 = 702~000~\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">2</span><span class="mspace nobreak"> </span><span class="mord">340</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:1em;vertical-align:-0.25em;"></span><span class="mord">18/60</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">702</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace nobreak"> </span><span class="mord">$</span></span></span></span>. <strong>Erreur 2 (piège 2)</strong> : avec un coût de <em>remplacement</em>, la fonctionnelle <em>curable</em> (35 000) est déjà éliminée — ne pas la déduire. <strong>Erreur 3 (piège 6)</strong> : l'externe ne s'applique pas au terrain (comparables du même secteur) — base : améliorations dépréciées seulement. <strong>Erreur 4 (présentation)</strong> : la valeur finale doit être <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><msub><mi>V</mi><mi>T</mi></msub><mo>+</mo></mrow><annotation encoding="application/x-tex">V_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:0.2222em;">V</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:-0.2222em;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" 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 class="mord">+</span></span></span></span> améliorations dépréciées, pas une soustraction globale sur « 2 900 000 $ ». <strong>Recalcul</strong> : améliorations avant externe <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mn>2</mn><mtext> </mtext><mn>400</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>60</mn><mtext> </mtext><mn>000</mn><mo>−</mo><mn>702</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mn>1</mn><mtext> </mtext><mn>638</mn><mtext> </mtext><mn>000</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">= 2~400~000 - 60~000 -314702~000 = 1~638~000~\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">2</span><span class="mspace nobreak"> </span><span class="mord">400</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">60</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">−</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">702</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">1</span><span class="mspace nobreak"> </span><span class="mord">638</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace nobreak"> </span><span class="mord">$</span></span></span></span>; externe <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mn>1</mn><mtext> </mtext><mn>638</mn><mtext> </mtext><mn>000</mn><mo>×</mo><mn>6</mn><mtext> </mtext><mi mathvariant="normal">%</mi><mo>=</mo><mn>98</mn><mtext> </mtext><mn>280</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">= 1~638~000 \times 6\,\% = 98~280~\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">1</span><span class="mspace nobreak"> </span><span class="mord">638</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">×</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">6</span><span class="mspace" style="margin-right:0.1667em;"></span><span class="mord">%</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">98</span><span class="mspace nobreak"> </span><span class="mord">280</span><span class="mspace nobreak"> </span><span class="mord">$</span></span></span></span>; améliorations dépréciées <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mn>1</mn><mtext> </mtext><mn>539</mn><mtext> </mtext><mn>720</mn><mtext> </mtext><mi mathvariant="normal">$</mi></mrow><annotation encoding="application/x-tex">= 1~539~720~\$</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord">1</span><span class="mspace nobreak"> </span><span class="mord">539</span><span class="mspace nobreak"> </span><span class="mord">720</span><span class="mspace nobreak"> </span><span class="mord">$</span></span></span></span>; valeur <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo><mn>1</mn><mtext> </mtext><mn>539</mn><mtext> </mtext><mn>720</mn><mo>+</mo><mn>500</mn><mtext> </mtext><mn>000</mn><mo>=</mo><mstyle mathcolor="#107C4E"><mrow><mn mathvariant="bold">2</mn><mtext> </mtext><mn mathvariant="bold">039</mn><mtext> </mtext><mn mathvariant="bold">720</mn><mtext> </mtext><mi mathvariant="bold">$</mi></mrow></mstyle></mrow><annotation encoding="application/x-tex">= 1~539~720 + 500~000 =315\uqogreen{2~039~720~\$}</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.7278em;vertical-align:-0.0833em;"></span><span class="mord">1</span><span class="mspace nobreak"> </span><span class="mord">539</span><span class="mspace nobreak"> </span><span class="mord">720</span><span class="mspace" style="margin-right:0.2222em;"></span><span class="mbin">+</span><span class="mspace" style="margin-right:0.2222em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.6444em;"></span><span class="mord">500</span><span class="mspace nobreak"> </span><span class="mord">000</span><span class="mspace" style="margin-right:0.2778em;"></span><span class="mrel">=</span><span class="mspace" style="margin-right:0.2778em;"></span></span><span class="katex-base"><span class="katex-strut" style="height:0.8056em;vertical-align:-0.0556em;"></span><span class="mord" style="color:#107C4E;"><span class="mord mathbf" style="color:#107C4E;">2</span><span class="mspace nobreak" style="color:#107C4E;"><span style="color:#107C4E;"> </span></span><span class="mord mathbf" style="color:#107C4E;">039</span><span class="mspace nobreak" style="color:#107C4E;"><span style="color:#107C4E;"> </span></span><span class="mord mathbf" style="color:#107C4E;">720</span><span class="mspace nobreak" style="color:#107C4E;"><span style="color:#107C4E;"> </span></span><span class="mord mathbf" style="color:#107C4E;">$</span></span></span></span></span>, arrondie à <strong>2 040 000 $</strong>. L'original sous-évaluait de près de 130 000 $.</p></div></details>316<h2 id="s-14-8" class="h-section"><span class="h-num">14.8</span><span class="h-text">Le cours en un coup d'œil</span><a class="h-anchor" href="#s-14-8" aria-label="Lien vers cette section">#</a></h2>317<div class="center"><div class="table-wrap"><table class="tbl"><thead><tr><th class="al-c">Bloc</th><th>Séances</th><th>Thèmes clés</th></tr></thead><tbody><tr><td class="al-c">1</td><td>1–2</td><td>Fondements, terminologie, principes, normes de l'OEAQ</td></tr><tr><td class="al-c">2</td><td>3–4</td><td>Terrain : comparaison, extraction, résidu, ajustements</td></tr><tr><td class="al-c">3</td><td>5–8</td><td>Coûts : reproduction/remplacement, directs, indirects, profit</td></tr><tr><td class="al-c">4</td><td>9–12</td><td>Dépréciation : physique, fonctionnelle, externe</td></tr><tr><td class="al-c">5</td><td>13–14</td><td>Applications spécialisées, synthèse, révision</td></tr></tbody></table></div></div>318<p id="p14-96">Les dix compétences développées — évaluer un terrain par différentes méthodes; estimer le coût de reproduction/remplacement; calculer les coûts directs et indirects; mesurer la dépréciation physique; analyser la fonctionnelle; évaluer l'externe; appliquer la méthode au complet; réconcilier avec les autres approches; rédiger un rapport professionnel; inspecter un bâtiment aux fins d'évaluation — sont toutes mobilisées par l'examen final, qui couvre l'<strong>ensemble</strong> du cours.</p>319<p id="p14-97">Un dernier mot sur la place de ce cours dans votre formation. La méthode du coût est réputée la plus « technique » des trois approches, et ce chapitre a montré pourquoi : elle enchaîne plus d'étapes, plus d'hypothèses et plus d'occasions d'erreur que les deux autres. Mais elle est aussi celle qui apprend le mieux le métier. Celui ou celle qui sait ventiler une dépréciation — distinguer ce qui s'use, ce qui se démode et ce qui se dévalue de l'extérieur, puis chiffrer chaque part sans jamais compter deux fois la même perte — possède une grille de lecture qui enrichit ses analyses de comparaison (quels ajustements? pourquoi?) et de revenu (pourquoi ce taux? quel risque?). Les immeubles pour lesquels le marché se tait — l'église, l'école, l'usine, l'aréna — continueront d'exister, et quelqu'un devra leur donner une valeur défendable. C'est exactement ce que ce cours vous a appris à faire.</p>320<div class="box box-ret" id="aretenir-14-98"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-star"/></svg></span><span class="box-label">Le mot de la fin</span><a class="box-anchor" href="#aretenir-14-98" aria-label="Lien">#</a></div><div class="box-body"><p id="p14-99">La méthode du coût est l'outil de l'évaluateur là où le marché se tait, fondée sur la logique économique du principe de substitution. La formule que vous n'oublierez jamais :</p>321<div class="eq"><span class="katex-display"><span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML" display="block"><semantics><mrow><mi>V</mi><mo>=</mo><msub><mi>V</mi><mtext>Terrain</mtext></msub><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>Totale</mtext></msub><mo fence="true" stretchy="true" minsize="1.2em" maxsize="1.2em">)</mo></mrow><annotation encoding="application/x-tex">V = V_{\text{Terrain}} + \bigl(C_{\text{Neuf}} - D_{\text{Totale}}\bigr)</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:0.2222em;">V</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:-0.2222em;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:0.2222em;"></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">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="mclose"><span class="delimsizing size1">)</span></span></span></span></span></span></div>322<p id="p14-100">Bonne étude et bonne chance à l'examen final!</p></div></div>323<hr class="sep">324<section class="box box-synth" id="synthese"><div class="box-head"><span class="box-icon"><svg class="" aria-hidden="true"><use href="#i-clipboard"/></svg></span><span class="box-label">L’essentiel de la séance</span></div><div class="box-body"><ul><li><strong>Processus en cinq étapes</strong> : HBU et inspection <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>→</mo></mrow><annotation encoding="application/x-tex">\rightarrow</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">→</span></span></span></span> terrain <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>→</mo></mrow><annotation encoding="application/x-tex">\rightarrow</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">→</span></span></span></span> coût neuf <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>→</mo></mrow><annotation encoding="application/x-tex">\rightarrow</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">→</span></span></span></span> dépréciation (trois formes) <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>→</mo></mrow><annotation encoding="application/x-tex">\rightarrow</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">→</span></span></span></span> synthèse <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mi>V</mi><mo>=</mo><msub><mi>V</mi><mi>T</mi></msub><mo>+</mo><mo stretchy="false">(</mo><msub><mi>C</mi><mi>N</mi></msub><mo>−</mo><mi>D</mi><mo stretchy="false">)</mo></mrow><annotation encoding="application/x-tex">V = V_T + (C_N - D)</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:0.2222em;">V</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:-0.2222em;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" 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 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"><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:0.3283em;"><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 mathnormal mtight" style="margin-right:0.109em;">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:0.2222em;"></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;">D</span><span class="mclose">)</span></span></span></span>.</li><li><strong>Cas Maloney (gabarit d'examen)</strong> : terrain 292 000 $ (grille de 4 comparables, poids justifiés); coût neuf 1 800 000 $ (<span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>=</mo></mrow><annotation encoding="application/x-tex">=</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.3669em;"></span><span class="mrel">=</span></span></span></span> directs 1 350 000 <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span> indirects 19 % <span class="katex"><span class="katex-mathml"><math xmlns="http://www.w3.org/1998/Math/MathML"><semantics><mrow><mo>+</mo></mrow><annotation encoding="application/x-tex">+</annotation></semantics></math></span><span class="katex-html" aria-hidden="true"><span class="katex-base"><span class="katex-strut" style="height:0.6667em;vertical-align:-0.0833em;"></span><span class="mord">+</span></span></span></span> profit 12 %); physique 889 000 $ (curable 45 000, CT 374 432, LT 469 800); fonctionnelle 66 000 $ (substitution 13 000, superadéquation 53 000); externe 84 500 $ (ventes jumelées 10 %, améliorations seulement); <strong>valeur 1 050 000 $</strong> (dépréciation totale 57,8 %).</li><li><strong>Réconciliation</strong> : comparaison 40 %, revenu 35 %, coût 25 % pour un immeuble locatif de 31 ans; le coût pèse lourd pour l'usage spécial, le neuf, l'assurance et le municipal — jamais de moyenne mécanique.</li><li><strong>Rapport</strong> : chaque montant traçable; exigences OEAQ (sources, formes de dépréciation, âge effectif justifié) et NUPPEC/CUSPAP 2026 (HBU documenté, terrain séparé, réconciliation, conditions limitatives).</li><li><strong>Six pièges</strong> : double comptage; confusion reproduction/remplacement (le remplacement élimine déjà la fonctionnelle curable); oubli du profit (8–15 %); mauvais âge effectif; oubli de l'externe (test d'extraction, éq. <a class="xref" href="#eq-eq-ch14-extraction">14.4</a>); mauvaise allocation terrain/améliorations.</li><li><strong>Examen final</strong> (30 %, 3 h) : QCM 20 pts, développement 30 pts, calculs 25 pts, cas intégrateur 25 pts; calculatrice non programmable et formulaire fourni; montrer les calculs, arrondir à la fin, vérifier <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><mo><</mo><msub><mi>C</mi><mi>N</mi></msub></mrow><annotation encoding="application/x-tex">D_{\text{totale}} < C_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:0.0278em;">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><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:0.3283em;"><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 mathnormal mtight" style="margin-right:0.109em;">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>.</li></ul></div></section>325 </article>326 </div>327 </div>328 <section class="ch-quiz" id="quiz"><div class="ch-quiz-inner"><div id="quiz-app"><p class="gl-count">Chargement du quiz…</p></div></div></section>329 330<nav class="ch-pager" aria-label="Navigation entre les séances">331 <a class="prev" href="/seance/13/"><small>← Séance 13</small><b>Applications spécialisées</b></a>332 <a class="next" href="/aide-memoire/"><small>Annexe A →</small><b>Aide-mémoire des 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