At the beginning of the globalization process, in 1981 was found The International Asset Valuation Standard Committee (TIAVSC) with initial 20 countries membership and in 1984 first set of standards was launched. After 10 years, in 1994 first formal set of valuation standards was published under a new name International Valuation Standard Committee (IVSC). In 1998 International Accounting Standard Committee (IASC) make major revisions to International Accounting Standards (IAS) and in response IVSC undertakes International Valuation Standard (IVS) Project in January 2000. This three years project produced ìIVS 2003 Editionî and the last one is 2005 - Edition. The purpose is to create a robust and comprehensive set of valuation standards and: * To facilitate cross ñ border transaction; * To contribute to viability of the global market; * To promote transparency in financial reporting. // In accordance with IVSC all valuations have one of two foundations: Market Value (IVS 1) or Non ñ Market Value (IVS 2), like as value in use, salvage value, marriage value etc. and all valuations have to be communicated (IVS 3). For real estate valuations there are a couple of important IVS: * Valuation of real property - GN 1; * Valuation of Lease Interest - GN 2 ;* Depreciation Replacement Cost (DRC) ñ GN 8; * Discounted Cash Flow Analysis - GN 9. // Considering the purpose of Real Estate Valuation and the global market evolution is important also to note: * Valuation Application for Financial Reporting ñ IVA 1, very important for connection with IFRS/ IAS; * Valuation Application for Lending Purposes ñ IVA 2, important for connection with Basel Capital Accord (named Basel 2). // IVS is an amalgamation of various national standards where accepted or best practice in the valuation profession is identified and adopted. There is a challenge to implement this standards and Romanian experience in valuation education and practice is quite interesting. For an emerging market like Romanian market, valuation standards are important because education system and also valuation activity will consider this gravity center. In Romania 15 years ago the education and research in real estate valuation doesnít exist, especially because over 95% of real estate ownership belongs to the state. In present a major part of the real estate ownership is private (after a huge privatization process) and real estate market represent a challenge for researchers, valuers, professors etc.