ECONOMIA AGRARIA ED ESTIMO

Module ESTIMO RURALE

Knowledge and understanding abilities – The course provides students with the fundamental methodological knowledge for the appraisal of private real estate assets, with particular attention to international valuation standards. Theoretical principles and practical techniques for the analysis and estimation of asset values will be covered.

Ability to a apply knowledge and understanding abilities – By the end of the course, students will be able to apply valuation methodologies compliant with international standards, performing accurate appraisals.

Making judgements – Students will develop the ability to critically evaluate different appraisal methodologies, selecting the most appropriate approaches based on the specific characteristics of the asset and the relevant context.

Communication skills – Attendance at lectures and reading of recommended texts will assist students in acquiring and using technical language; the use of study materials in English will also provide a foundation for technical terminology in this language. The course promotes the development of skills in preparing clear, coherent, and comprehensive appraisal reports, as well as orally presenting results, also with the support of digital tools.

Learning skills – By the end of the course, students will have acquired the skills necessary to independently update themselves on regulatory and methodological developments, not only for academic purposes but also at a professional level.

The teaching methods include lectures, seminars and coworking among students. In addition, teaching visits will be held.

Information for students with disabilities and/or learning disorders.
As a guarantee of equal opportunities and in compliance with current regulations, students can ask for a personal interview in order to plan any compensatory and/or dispensatory measures, based on their specific needs and on learning objectives of the discipline. It is also possible to refer to the departmental contacts of CInAP (Center for Active and Participatory Inclusion - Services for Disabilities and/or learning disorders).
If conditions require teaching given in a hybrid mode or remotely, necessary changes may be introduced to what previously stated in order to comply with the program.

None

1. Elements of financial mathematics:

• Financial transactions; interest regimes; mound factor; discount factor; valuation of annuities; mound of annual annuities; present value of annual annuities; reinstatement fee: amortisation fee; mound of multi-year annuities; present value of multi-year annuities.

2. Elements of statistics: 

• Statistical surveys; measurement scales; descriptive statistics; probability and probability distributions; statistical induction; point estimation, interval estimation and hypothesis testing; simple and multiple regression analysis.

3. General valuation: 

• Estimation postulates; criteria for estimation; market-oriented estimation procedures: mono-parametric procedures; general estimation system; Nearest Appraisal Technique (NAT); 
  cost estimation procedures; depreciation estimation; income capitalisation estimation procedures; land market analysis; valuation codes and estimation standards; the appraisal report.

• Valuation of rights in rem; valuation in expropriations for public utility; valuation of rural buildings; valuation of a rustic estate; valuation of an estate susceptible to improvement; valuation of fruit arboretums; valuation of pending fruits and crop advances; judgments of convenience on the execution of a land improvement.

6. Resolution of frequently recurring estimation cases

1. Michieli M., Cipollotti G.B. (2018): Trattato di estimo generale, immobiliare, agrario, forestale, ambientale, legale. Edagricole.

2. Simonotti M. (2006): Metodi di stima immobiliare. Applicazioni degli standard internazionali, Flaccovio.

3. Simonotti, M. (2011). Valutazione immobiliare standard. Stimatrix.

4. Appraisal Institute (2013). The Appraisal of Real Estate, 14th Edition.

Other teaching material will be made available in the repository STUDIUM and will include:

• Copies of the power points presented during the classes and seminars.
• Scientific articles and other material.
• Examples of solved exam exercises.

Assessment of the student's knowledge will be made according to the following criteria: the student's ability to learn and level of istudy of the topics discussed, property of synthesis and exposition, and the student's ability to argue. To this scope, it is planned:

- a written midterm test;

- a final oral test.

The grade is expressed in thirtieths. The exam is considered passed if the student achieves a grade of at least eighteen thirtieths.

If necessary, the learning assessment procedure may also be conducted on-line.

The grading will be as follows:

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

Subject knowledge and understanding: At threshold level. Obvious imperfections

Capacity for analysis and synthesis: Barely sufficient capacity

Use of references: Barely appropriate

21-23

Knowledge and understanding of the subject matter: Routine Knowledge 

Ability to analyse and synthesise: Is able to analyse and synthesise correctly. Argues logically and coherently

Use of references: Uses standard references

24-26

Knowledge and understanding of subject matter: Good knowledge

Analysis and synthesis abilities: Has good analysis and synthesis abilities. Arguments are expressed coherently

Use of references: Uses standard references

27-29

Knowledge and understanding of the subject: 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.

1. Interest and discount schemes
2. Postulates
3. Classification of Estimation Procedures
4. General Estimation System
5. NAT
6. Estimation by income capitalisation
7. Estimation in expropriations for public utility
8. Valuation standards
9. Land and buildings register