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6 - General Valuation Concepts and Principles

6 - General Valuation Concepts and Principles



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Published by Kismet

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Published by: Kismet on Mar 23, 2008
Copyright:Attribution Non-commercial


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GeneralValuation Concepts andPrinciples
General ValuationConcepts and Principles
1. Introduction2. Land and Property Concepts3. Real Estate, Property, and Asset Concepts4. Price, Cost, Market, and Value5. Market Value6. Highest and Best Use7. Utility8. Other Important Concepts9. Valuation Approaches10. Summary
The experience of Professional Property Valuers anddialogue among nations through the InternationalValuation Standards Committee (IVSC) havedemonstrated that, with few exceptions, there is commonworldwide agreement regarding fundamentals thatunderpin the valuation discipline.Local laws and economic circumstances may, onoccasion, require special (and sometimes limited)applications, but fundamentals of valuation methods andtechniques are generally similar throughout the world.It is an objective of the International Valuation StandardsCommittee to avow and promote these fundamentals.
IVSC's Standards, Applications and GuidanceNotes (GNs) are based on these fundamentals,but it is the position of the Committee that it isinappropriate to attempt to articulate allappropriate fundamentals within the body ofeach Standard.Instead, this section supplements each Standardand provides an overview of fundamentals thatare particularly important to understanding thevaluation profession and to applying theStandards
Land and PropertyConcepts
Land and Property Concepts
is essential to our lives and ourexistence.Its importance brings land into focus forconsideration by lawyers, geographers,sociologists, and economists.As each of these disciplines relates to landand to uses of land, the societies andnations of our world are affected.
Land and Property Concepts
Valuation of land as if vacant or of landand improvements to or on the land, is aneconomic concept.Whether vacant or improved, land is alsoreferred to as
real estate.
Value is created by real estate's utility, orcapacity to satisfy the needs and wants ofhuman societies.
Real Estate's Value
Contributing to real estate's value are its
 – general uniqueness, – durability, – fixity of location, – relatively limited supply, and the – specific utility of a given site.

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