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Consistency Principle in Valuation of Real Property Interest

Sorin V. Stan

The Valuation Journal, 2012, vol. 7, issue 2, 4-19

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.

JEL-codes: R20 (search for similar items in EconPapers)
Date: 2012
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Handle: RePEc:vaj:journl:v:7:y:2012:i:2:p:4-19