Real Estate Appraisal

The course aims to provide essential methodological knowledge for the economic valuation of private and public assets and real rights; to correctly apply modern valuation methods; and to acquire the knowledge and skills to draw up appraisal reports in accordance with international valuation standards.
The student, at the end of the course, will acquire adequate skills aimed at
- be able to identify the estimation criterion and the steps necessary for the formulation of the estimation judgement (knowledge and understanding)
- be able to apply the estimation procedures and reference regulations (ability to apply knowledge and understanding);
- be able to research, organise and correctly analyse data on the comparables and the asset under appraisal (autonomy of judgement)
- acquire adequate technical language and be able to appropriately communicate the results of the valuation, also by drafting valuation reports in compliance with international valuation standards (communication skills);
- deal with advanced case studies with a high degree of autonomy (learning skills).

Lectures (21 hours), tutorials and other activities (42 hours, with participatory discussion of noteworthy case studies, group work, in-depth seminars).
Drafting (optional) of a paper to be discussed during the oral test.
To guarantee equal opportunities and in compliance with the laws in force, interested students may request a personal interview in order to plan any compensatory and/or dispensatory measures, based on the teaching objectives and specific needs. It is also possible to contact the CInAP (Centre for Active and Participatory Integration - Services for Disabilities and/or DSA) contact person in our Department, Professor Anna De Angelis.

Attendance is not compulsory but strongly recommended to facilitate learning.

Theoretical principles, methodologies and operational tools of estimation applied to the production and environmental realities most frequently encountered in the professional activity.

Contribution of teaching to the goals of the 2030 Agenda for Sustainable Development

1. SDG 1: Eradicate poverty
- Target 1.4: Ensure that all, especially the poor and vulnerable, have access to economic resources and land tenure. Rural valuation teaches the fair valuation of agricultural land and natural resources, facilitating equitable access to land for smallholder farmers, promoting equitable redistribution policies and strengthening social justice in rural areas.

2. SDG 2: Defeat hunger
- Target 2.3: Double agricultural productivity and smallholder income through access to resources such as land. Rural appraisal supports the accurate assessment of land productivity and value, encouraging investment and resource optimisation.
- Target 2.4: Ensure sustainable food production systems and implement resilient agricultural practices that increase productivity and resilience to climate change. Rural appraisal includes the analysis of environmental risks and the valorisation of sustainable practices, promoting more effective and sustainable land use.

3. SDG 5: Gender equality
- Target 5.a: Give women equal rights to land ownership and economic resources. Rural appraisers can contribute to the valuation of land in a fair and transparent manner, facilitating land ownership also for women and supporting the formulation of policies that promote gender equality in ownership and access to agricultural assets.

4. SDG 10: Reduce inequalities
- Target 10.1: Progressively increase the income of the poorest 40% of the population. Fair and transparent valuation of agricultural land and natural resources can help reduce inequalities in rural areas by supporting equitable access to land and improving the economic conditions of small farmers and rural communities.
- Target 10.2: Enhance economic and political inclusion for all, including rural communities Rural valuation promotes transparency in land markets and improves equitable access to resources, reducing the economic gap between social groups.

5. SDG 11: Sustainable cities and communities
- Target 11.3: Improve participatory and sustainable planning and management of human settlements Rural spatial planning and management contributes to ensuring that the expansion of urban and rural areas is sustainable and well-coordinated, minimising the impact on the environment and the local economy.
- Target 11.4: Protect and preserve the cultural and natural heritage. Valuations that assess the value of rural resources also take into account cultural and natural aspects, promoting the preservation of the rural landscape and historical sites.

6. SDG 12: Responsible consumption and production
- Target 12.2: Achieve efficient use of natural resources Rural appraisal makes it possible to accurately assess the use of natural resources so as to promote their efficient and sustainable use. This enables the optimal management of agricultural and forestry land, reducing waste and promoting greater productivity.
- Target 12.3: Reduce food losses along the production chain By correctly valuing agricultural resources, efficient land management can be promoted, promoting food production that minimises waste and optimises harvests.

7. SDG 13: Climate action
- Target 13.1: Strengthen resilience to climate risks Rural livelihoods can include environmental vulnerability assessments that help communities identify climate change risks and promote adaptation strategies to reduce these risks.
- Target 13.2: Integrate climate change into national policies Valuation analysis can provide crucial data for developing sustainable land management plans, encouraging agricultural practices that reduce climate change impacts.

8. SDG 15: Life on Earth
- Target 15.1: Ensure the conservation of terrestrial ecosystems, including agricultural land. Rural appraisal helps to assess the environmental value of agricultural and natural resources, facilitating their conservation and sustainable land use.
- Target 15.3: Combat desertification and restore degraded land Rural valuation can help identify land at risk of degradation and suggest strategies for restoration, promoting the regeneration of natural resources.

9. SDG 17: Partnership for the goals
- Target 17.18: Improve data availability and assessment capacity, especially in developing countries. Rural appraisal relies on the use of accurate spatial and environmental data, improving the capacity to gather useful information for the sustainable management of agricultural resources at local and global levels.

Modality:

Lecture

Dedicated seminar

The assessment of learning takes place by means of an oral interview and possible intermediate tests. The assessment of the student's preparation will be based on the following criteria: the student's ability to learn and the level of in-depth study of the topics covered, the student's ability to synthesise and expound, and the student's reasoning ability.
The grading follows the following scheme:
Unsuitable
Knowledge and understanding of topic: Significant deficiencies. Significant inaccuracies
Ability to analyse and synthesise: Irrelevant. Frequent generalisations. Inability to summarise
Use of references: Completely inappropriate
18-20
Knowledge and understanding of subject matter: At threshold level. Obvious imperfections
Capacity for analysis and synthesis: Barely sufficient capacity
Use of references: Barely appropriate
21-23
Knowledge and comprehension of the subject: Routine Knowledge Ability to analyse and synthesise: Is able to analyse and synthesise
correct. Argues logically and coherently
Use of references: Uses standard references
24-26
Knowledge and understanding of subject matter: Good knowledge
Analysis and synthesis skills: Has good analysis and synthesis skills. Arguments are expressed coherently
Use of references: Uses standard references
27-29
Knowledge and understanding of subject matter: Knowledge more than good
Capacity for analysis and synthesis: Has considerable capacity for analysis and synthesis
Use of references: Has deepened the arguments
30-30L
Knowledge and understanding of the subject: Very good knowledge
Capacity for analysis and synthesis: Has considerable capacity for analysis and synthesis.
Use of references: Has significant in-depth knowledge

Evaluation Phases
Evaluation procedures
Regression models
Depreciation
Expropriation for public utility
Valuation standards