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Estimo (EA)
Appraisal
Raffaele Zanoli

Seat Ingegneria
A.A. 2016/2017
Credits 9
Hours 90
Period 2s
Language ENG

Prerequisites
Basic algebra

Learning outcomes
KNOWLEDGE AND UNDERSTANDING:
The course deals with the economic aspects of architectural practice and allows students to gain basic knowledge of micro-economics, financial mathematics and principle of applied statistics for economics. This knowledge is needed to understand the theoretical basis of appraisal principles and methods. The course will then train students on real estate valuation techniques according to international standards, site & building valuation using the cost approach and project appraisal techniques.
CAPACITY TO APPLY KNOWLEDGE AND UNDERSTANDING:
Students will develop the ability to work in groups in order to produce a specific real estate appraisal report. To this end, using the available databases on the housing market (European or Italian), students will analyze the building and architectural features of real estate property to be appraised (subject) in order to demonstrate their ability to combine technological and appraisal skills to write the appraisal report on the subject. In addition, students will be required to demonstrate , individually, the ability to apply their acquired knowledge to address simple economic problems, financial and actuarial calculations, and valuation of complex real estate.
TRANSVERSAL SKILLS:
The preparation and writing of the real estate appraisal report, which will be worked out in groups, will help students to improve their degree of independence of judgment in interpreting data and information and to provide adequate reasons for the choices and the decisions taken for the evaluation. The student will learn to interact with other members of a team, learning to successfully manage the inevitable group dynamics while improving their communication skills.

Program
Contents (lectures/flipped calssrooms, 45 hours) Definitions, aims and scope of Appraisal Tools: Financial Math, Micro-economics, basic statistics. Value and appraisal of land and buildings. Economic aspects of goods and appraisal criteria. Market value appraisal and related procedures. Cost value appraisal and relate procedures. Other appraisal techniques. Market comparison approach. Income approach. Cost approach. residual techniques. Building land appraisal. Appraisal of residential and other buildings. Characteristics of the real estate market and principles of land economics. Expropriation. Practicals (45 hours) Guided practicals and tests on: Microeconomics, Finacial Math, Appraisal. Appraisal reporting.

Development of the examination
LEARNING EVALUATION METHODS
For attending student (blended): The assessment is based on individual and group activities conducted on the Moodle platform, on a practical appraissal report oral and / or written assesments of learning For those not attending (e-learning): The evaluation is based on two written tests (multiple-choice tests and written test of an appraisal problem) and an oral examination.

LEARNING EVALUATION CRITERIA
The criteria for assessment of learning are based on the standards established by the Italian Property Valuation Standards Tecnoborsa (Fourth edition). Specifically, the various assessments are designed to test students' ability to: • Understand the basics of microeconomics, in particular the concepts of value and price competitive market and not, cost, supply and demand; • Anticipate and postpone monetary amounts, calculate depreciation; • Analyze and segment the housing market; • Understand the postulates and principles of valuation; • Survey estate prices and features; • Use real estate appraisal procedures

LEARNING MEASUREMENT CRITERIA
All tests and practicals will be given a percentage grade which will be converted in 0/30 marks. Tests will be given a mark based on the ratio of the gained points over the total theoretical points. The appraisal practical (report) will be graded using a rubric published on the LMS course site

FINAL MARK ALLOCATION CRITERIA
The final mark will be a weighed average of all assessments, based on both individual and group work. The weighting scheme is the following: Microeconomics 20%, Financaial Math 20%, Appraisal 60%, of which 40% appraisal report. Online practicals (Moodle) account for 6% of the final grade.

Recommended reading
M. Simonotti, Metodi di stima immobiliare, Dario Flaccovio Editore, Palermo, ultima ediz. and various learning materials on LMS site (Moodle). English textbooks can be provided to Erasmus students.

Courses

• Ingegneria Edile-Architettura (Corso di Laurea Magistrale con Riconoscimento Europeo (DM 270/04))