PVS Flashcards
Adoption of the IVSC Valuation Standards under Philippine Setting
Philippine Valuation Standards (1st Edition) 2009
established in 2001, spearheading the government’s land reform program in partnership with the Australian Government (technical assistance) and the World Bank (financial support)
Land Administration and Management Project (LAMP)
DOF thru BLGF and NTRC (National Tax Research Center) is tasked with implementing these reforms
-Implement a valuation system
-Establish an independent national authority
-Develop valuation standards
-Raise the level of and professionalize the property valuation industry
Real Estate Service Act of 2009
RA 9646
Real Estate Service Act (RA 9646) was signed by? date?
Gloria Macapagal Arroyo; June 29, 2009
Real Estate Service Act (RA 9646) effectivity date?
July 30, 2009
Real Estate Service Act of 2009 transfer the regulatory function of ___ to ___ thru the direcr supervision and regulatory control of ___
DTI; PRC; PRBRES
technical arm responsible for pursuing the valuation reform agenda created by DOF in 2007
Property Valuation Staff (PVS)
The PVS 1st Edition is based on what edition of IVS
8th Edition
those who deal with the special discipline of preparing and reporting valuations
valuer
The IVSC has undertaken 8 revisions of the International Valuation Standards, which were published in
1985, 1994/97, 2000, 2001, 2003, 2005, 2007
The IVSC has grown by the year 2007 to include associations with member or observer status representing how many countries?
52 countries
IVSC is a Non-Government Organization (NGO) member of
United Nations
IVSC at the time PVS (1st Edition) was released, the following papers were available
2 White papers:
-Valuation in Emerging Markets
-The Valuation of Real Estate Serving as Collateral for Securised Instruments
1 Technical Paper:
-Mass Appraisal for Property Taxation
IVSC international headquarters
12 Great George Street, London, UK
a term referring to valuations performed primarily for use in financial reporting
asset valuation
a person who posseses the necessary qualifications, ability, and experience to estimate property value for a diversity of purposes including transactions involving transfer of property ownership, property considered as collateral to secure loans and mortgages, property subject to litigation or pending settlement of taxes, and property treated as fixed assets in financial reporting
Professional Property Valuer
The IVS represent accepted, or best, practice in the Valuation profession, also known as
Generally Accepted Valuation Principles (GAVP)
IVSC, the organization of the standards follows:
- Introduction
- Concepts Fundamental to Generally Accepted Valuation Principles
- Code of Conduct
- Property Types
- Introduction to the Standards
- Standards
- Applications
- Guidance Notes
- Glossary
3 principal elements of the IVS
Standard, Application and Guidance Notes
wether vacant or improved, land is also referred to as
real estate
is created by real estate’s utility, or capacity to satisfy the needs and want of human societies
value
Contributing to value are real estate’s
uniqueness, durability, fixity of location, relatively limited supply, specific utility
is a legal concept encompassing all the interest, rights and benefits related to ownership
Property