The significance of the research is determined by the unconformity of the content of the housing market system and its basic elements with the standard of appraisal of housing and its practical application. The results of the research show that the International Valuation Standard and European Valuation Standard does not cover all dimensions of the heterogeneity of housing and other kinds of a real estate. These Standards are saturated with qualitative elements in the explanation of various concepts, which are subjective perceptible and explainable. The existence of subjective elements in determining the procedure of valuation and in the conditions of the revelation of the results of the evaluation opens up comparative wide opportunities for manipulation with the situation in the procedure of the valuation. Such weaknesses of the Valuation standards contributes for the intensification of information asymmetries between different groups of the real estate market participants and increases the difference between the estimated market value of housing and its real value as well.