ECONOMICS AND REAL ESTATE APPRAISAL
Learning outcomes of the course unit
The course is aimed at teaching knowledge and understanding of the basic of the management of appraisal; the student will also learn to apply the acquired knowledge and understanding to identify the needs in professional applications to give adequate answers, making judgment and improving communication skills and learning skills.
Course contents summary
Principles of Economics.
Need, good, and utility. Production and consumption. Market demand, supply and price. Company and enterprise. Business management.
The enterprise systems. Relationships between firms, environment and market. The business functions and the purpose of business. The role of stakeholders in corporate system. The management company. The corporate strategy. The process of governance. The dealership. The financial management. Logistics and supply chain management. The management of the innovation process. The management of human resources. The assessment of corporate efficiency. Financial statements and financial ratios.
Historical profile of appraisal. The object of the evaluation. Valuation theory. Assessment procedures for private goods. Estimation criteria: market value, cost value, capitalization value, complementary value, transformation value, subrogation value; characters of estimation judgment, estimation procedures. Assessment procedures for public goods. Monetary and non-monetary assessments; environmental assessments. Rustic funds estimate; land enhancements; civil, rural and industrial estimate; building areas and surface rights estimate. Condominium values estimate; costs of construction; bill of quantities estimates; work in progress accounting. Expropriation for public use; real servitudes; right of usufruct. Damage estimate; caution estimate. Mortgages and loans. Estimates regarding inheritance and divisions. Procedures for the assessment of plans and projects.
Economic and financial evaluation approach; civil and reclassified balance sheet; financial ratios Financial indices of valuation: NPV, NPVR, IRR, Payback period; the choice of discount rate; types of financial flows.
Company valuation: patrimonial approach, income approach, financial approach, mixed approach; terminal value estimate; the comparative approach of multiples.
The life cycle approach. Project financing. Cadastre and census estimates. Organization of the cadastre; cadastral operations estimate. Land registry, buildings registry. Taxes and duties. Professional practice. Technical advice and arbitration. Elements of financial mathematics.
Orefice M. (2007). Estimo. Vol. 2: Estimo industriale, UTET, Torino.
Sciarelli S. (2004). Fondamenti di economia e gestione delle imprese, CEDAM, Padova.
Simonotti M. (2006). Metodi di stima immobiliare, Flaccovio, Palermo.
Assessment methods and criteria
The student will have to perform a final oral exam with verification questions that must demonstrate knowledge and ability to understand the topics covered, autonomy of judgment and ability to express opinions on the problems of the sector, have acquired critical knowledge to compare and compare the nature of the underlying problems. This will be verified with a plurality of questions.