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Italian Property Valutation Standard - Third Edition
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The Codice delle Valutazioni Immobiliari - Italian Property Valuation Standard radically renews the previous edition, an order to contribute in improving the quality of process and the final product (estimated valuation), developing these main following issues:
- the definitions of values (of the market and other than market values), chosen in a manner fitting for our situation and our real estate and valuation culture;
- a method for measuring property areas, according to the principles and criteria of international measurement standards, which distinctly separate the measurement of areas from the calculation of the "commercial area"; the former is a physical measurement which can be standardized, while the latter refers to the commercial practice followed in different local markets which can rarely be standardized;
- the appraisal procedures according to international standards (market approach, cost approach and income approach); these are uniform appraisal methods in these standards and unquestionable in international valuation literature;
- the essential elements for drawing up a Valuation Report;
- the principles for reviewing Valuation Reports;
- explanatory notes on specific valuation topics.
The Italian Property Valuation Standard defines moreover:
- Ethical Code of operator;
- Guide-Lines for valuation in order to grant loans;
- Guide-Lines for agricultural property valuation;
- Guide-Lines for shared running expenses of ownership.
The section of Italian Property Valuation Standard is organized in a peculiar exposition, even if of easy comprehension, based an:
- an introduction, in which the topic is presented and the Standard's objective is indicated in a preliminary manner;
- the definitions, in which the whole of the elements that characterize and circumscribe the topic on a conceptual level are indicated, in accordance with the valuation literature and international valuation standards;
- a discussion, in which the topic and pertinent questions are examined in depth, and exceptions and proposals are also discussed;
- the application, in which practical uses of the chapter topic are indicated and regulations for the valuation are prescribed and solutions offered for problems and questions.
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