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Consistency Principle in Valuation of Real Property Interest

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  • Sorin V. STAN

Abstract

In recent years, in the current editions of valuation standards developed by the International Valuation Standards Council (IVSC), Appraisal Foundation and the Royal Institution of Chartered Surveyors (RICS), new terms that are designed to emphasize the importance of aspects of the valuation missions have been introduced. Some examples of words/keywords are "consistency", "opinion on value", "professional judgment" or "reasonable opinion". All these keywords have as a corollary development of valuation reports based on economic principles and market circumstances. Consistencies and correlations between various forms or calculations of economic variables used as input data to valuation methods and procedures, as well as between valuation assumptions ensure rigorous application of professional judgment and therefore a thorough grounding of the final opinion in a valuation process.

Suggested Citation

  • Sorin V. STAN, 2012. "Consistency Principle in Valuation of Real Property Interest," The Valuation Journal, The National Association of Authorized Romanian Valuers, vol. 7(2), pages 4-19.
    • Handle: RePEc:vaj:journl:v:7:y:2012:i:2:p:4-19
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    JEL classification:

    • R20 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - General

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