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PRINCIPLES OF ECONOMICS, REAL ESTATE VALUATION AND CONSTRUCTION LAW
MASSIMO ROVAI
Academic year2023/24
CourseCIVIL-ENVIRONMENTAL & BUILDING ENGINEERING
Code001NI
Credits6
PeriodSemester 1 & 2
LanguageItalian

ModulesAreaTypeHoursTeacher(s)
ELEMENTI DI ECONOMIA, ESTIMOICAR/22,IUS/10LEZIONI90
ALFREDO FIORITTO unimap
MASSIMO ROVAI unimap
Learning outcomes
Knowledge

The course aims to acquire knowledge about the basic concepts of economy, real estate appraisal and the organizational structure of the construction sector in Italy. With the course, will be acquired also expertise on the estimate method with particular reference to the evaluation of building construction costs, the high best use value; the assessment of damage to buildings; the assessment of urban projects, the valuation of investments and multi-criteria analysis.

 The teaching of Law aims to transfer knowledge about the regulation of the professional activities carried out by civil engineers

Assessment criteria of knowledge

The assessmento of knowledge is carried out with:

- a written exam test (duration 3 hours and answer to 6 open questions) in which the student must demonstrate his / her knowledge of the topics covered in class by organizing correct and effective answers;

- a written report regarding an evaluation report and / or a survey on the real estate market;

 The examination regarding the teaching module of Law will take place with the drafting of a dissertation regarding a topic of the course freely chosen by each student.

Prerequisites

no prerequisites are foreseen

Teaching methods

Learning activities:

  • individual study
  • group work

Attendance: Advised

Teaching methods:

  • Lectures
  • Task-based learning/problem-based learning/inquiry-based learning
Syllabus

Real estate economics and appraisal

 Lessons

Financial Mathematics: Introduction; Simple and compound interest; The rational and commercial discount; Limited and unlimited annual payments; The poly-annual payments.

Elements of Real Estate and Construction Economics: The characteristics of the real estate market; Information sources on the real estate market; The capital market; The Real Estate Market Observatory (OMI); The construction market;

Land Registry: search for information on the ownership of the property; House prices; Categories of properties and income; Databases; Property boundaries; Land or property registration; Local land charges;

The evaluation problem: The estimate postulates; The nature of value; The types of value in evaluation; The evaluation process; Data analysis; the highest and best use;

The Sales Comparison Approach: mono-parametric and multi-parametric evaluations; The multiple regression model; the Market Comparison Approach; Additions and deductions to the value.

The Highest And Best Use Approach: The estimate of the properties to be redeveloped and the building areas;

The Income Capitalization Approach: Analysis of the income and expenses of managing a property; Direct capitalization; Capitalization of returns; Discounted cash flow analysis;

The cost approach: types of costs; fixed and variable costs; estimates of construction costs and overall costs; depreciation estimates; the depreciation of the construction cost; parametric costs and analytical costs;

Special appraisal: Expropriation for public utility;Estimation of damages;

Elements of Business Economics: Short-term decisions; Investments and investment choice criteria.

 Practice:

Financial mathematics exercises

The valuation of a property with the Market Comparison Approach;

The evaluation of a building area;

Case studies: evaluation of projects and/or project variants with the global cost method;

Short-term decisions

Investment decisions

 

Topics of the teaching module regarding Law

 First Unit

  • Sources of law;
  • The State;
  • The European Union.

 Second Unit

  • The Parliament;
  • The Government;
  • Local Government;
  • The President of the Republic;
  • The Judiciary;
  • The Constitutional Court.

 Third Unit

  • General rules on contract (definition, requirements, accidental elements, deposits, different kinds of invalidity, termination, rescission, preliminary agreement);
  • Contract liability.

 Fourth Unit

  • The procurement contract (substantial classification, concept, preliminary agreement, the commissioner and the contractor, execution, audits, exiting, the director of works and the site manager, the designer, sub-contract).

 Fifth Unit

  • The Public Procurement Code;
  • The basic principles regarding the public procurements (planning, transparency, competition).

 Sixth Unit

  • The public tendering procedure (the vetting memorandum, the prior information notice, the call for tenders).

 Seventh Unit

  • The participation of the aspiring contractors in the public tendering procedures;
  • The legality rating.

 Eighth Unit

  • The selection of the contractor in the public tendering procedures.

 Ninth Unit

  • The award and the execution of the public procurement contract.

 Tenth Unit

 Ownership and rights in rem

  • The eminent domain.

 

Bibliography

Real estate economics and appraisal

Topics of the course can be developed:

  • with the aid of the notes taken during lectures;
  • with slides that will be made available on a web site.

Recommended bibliography:

    • MOSI – Manuale delle stime immobiliari – disponibile in pdf

    • B. Cantisani. Estimo, Economia ambientale, Ingegneria Economica. EPC Libri, 2008

    • Simonotti. La Stima Immobiliare. UTET. 1998.

 

Recommended bibliography for the students of the module regarding Law

For the part about private law and only in order to the topics of the program: V. Roppo, "Diritto Privato. Linee essenziali", Giappichelli, Torino, 2018, fifth edition (or next).

For the part about public law and only in order to the topics of the program: A. Barbera - C. Fusaro, "Corso di diritto pubblico", Il Mulino, Bologna, 2010, tenth edition (or next).

For the part about public procurement law and only in order to the topics of the program: S. Fantini - H. Simonetti, "Le basi del diritto dei contratti pubblici", Giuffrè, Milano, 2019, second edition (or next).

Slides of the course can just help the students.

 

Non-attending students info

Students who do not attend classes are advised to make an appointment with the professor.

Assessment methods

On-line registration on the University of Pisa portal (https://esami.unipi.it/esami/)

The exam consists of a written test plus the discussion of a real estate evaluation report.

The written test includes open questions and / or exercises to be solved with three questions on the part of economy and three questions on the part of the evaluation.

Students who have difficulty passing the test or wish to improve the grade it is possible to take an additional oral exam.

 

The examination regarding the teaching module of Law will take place with the drafting of a dissertation regarding a topic of the course freely chosen by each student.

Additional web pages

Microsoft Teams Code Real Estate Economics and Appraisal

https://teams.microsoft.com/l/team/19%3aClhjdNmuGeRrKtc2QO9y2eBBy0u3NZsPppXZHTy-gXA1%40thread.tacv2/conversations?groupId=55060513-60e5-4941-97b5-a07b584227ad&tenantId=c7456b31-a220-47f5-be52-473828670aa1

 

Microsoft Teams Code (Law lessons): https://teams.microsoft.com/l/team/19%3a88853dda8a1442fb92bc4b4e50abb8db%40thread.tacv2/conversations?groupId=c0c920e2-b264-4883-8ffb-aa3453a55273&tenantId=c7456b31-a220-47f5-be52-473828670aa1

Notes

Communication: Prof. Massimo Rovai (Modulo di Economia ed estimo Civile) - massimo.rovai@unipi.it;

Communication: Prof. Alfredo Fioritto (Modulo di Legislazione) - alfredo.fioritto@unipi.it

Updated: 23/10/2023 18:29