Units

---

Sample subject outline - Semester 2 2013

Note: Subject outlines often change before the semester begins. Below is a sample outline.

Rationale

The estimation of value is a central component of a property economist's function. The ability to analyse property markets and estimate the worth of property assets is an essential tool for all property professionals. This unit will provide you with a foundation for the understanding of further property studies.

Aims

The aim of this unit is to develop your understanding of the fundamental principles and practices associated with the valuation of real property assets.

Objectives

By the completion of this unit you should be able to demonstrate the following discipline specific capabilities at beginning level:

1. understand the nature of property, the property market and concepts of value;
2. have a clear picture of the nature of the valuation profession, clients' needs, and the professional standards required of valuers in the property industry;
3. apply the valuation process to the valuation of residential property assets;
4. have a basic understanding of the direct comparison and summation (cost approach) valuation methodologies in use today.

Content

This subject has been structured to facilitate your learning across three component areas identified as: value principles and concepts; market data; and the methods of valuation.

This will be achieved through coverage of the following topics:

• concepts, theory and operational procedures in the practice of property and property valuation


• character of the property market and the foundations of real property value


• definitions of value and highest and best use


• legal interests in property and property types


• the acquisition, disposal and valuation process for freehold property interests


• data collection


• inspection procedures


• factors influencing market value


• preparation of a residential valuation report


• Professional Standards and Ethics

Approaches to Teaching and Learning

Teaching Mode:
Hours per week: 3
Lecture: 3

The unit will comprise lectures, directed private study and site visits. Lectures and workshop tutorials will comprise the main teaching approach.

Learning Approaches:
- Problem based
- Self-learning
- Individual learning
- Team based learning
- Experiential learning

Assessment

QUT's Assessment Policy is located at MOPP C/5.1.

This unit will comprise both formative and summative approaches to assessment involving a mix of formats including both oral and written feedback.Formative assessment in the form of feedback to you will be provided during discussions during lectures and tutorials.

Assessment name: Mid-Semester Exam
Description: Mid Semester Exam
Relates to objectives: 1, 2, 4
Weight: 20%
Internal or external: Internal
Group or individual: Individual
Due date: Week 6

Assessment name: Examination (Theory)
Description: End of semester examination relating to all unit objectives covered.
Relates to objectives: 1, 2, 3, 4
Weight: 40%
Internal or external: Internal
Group or individual: Individual
Due date: End of semester

Assessment name: Report
Description: A written valuation report following an on-site inspection of a residential property. This assignment will require the student to inspect a property, analyse sales evidence and prepare a written valuation report. This will require the application of the processes and principles presented during the semester, with the major foci being on the valuation process, the collation and analysis of relevant market data and the presentation of the opinion of value in a full and formal property valuation report format.
Relates to objectives: 3
Weight: 40%
Internal or external: Internal
Group or individual: Group
Due date: Week 9

Academic Honesty

QUT is committed to maintaining high academic standards to protect the value of its qualifications. To assist you in assuring the academic integrity of your assessment you are encouraged to make use of the support materials and services available to help you consider and check your assessment items. Important information about the university's approach to academic integrity of assessment is on your unit Blackboard site.

A breach of academic integrity is regarded as Student Misconduct and can lead to the imposition of penalties.

Resource materials

There is no set text for this subject. You will however be directed to a range of readings and you may choose to purchase a particular as recommended during the lecture series.

Recommended References:
1. Australian Property Institute (2007), Valuation Principles and Practice - second edition, Australian Property Institute, Canberra.
2. Australian Property Institute (latest edition),Australia and New Zealand Valuation and Property Standards, API, Canberra. (or online version).
3. Australian Property Institute (various), Australia and New Zealand Property Journal, Sydney.
4. Hyam AA (2005), The Law Affecting Rent Review Determinations, NSW Federation Press, Annandale.
5. Hyam AA (2009), The Law Affecting Valuation of Land in Australia, NSW Federation Press, Annandale.
6. Isaac D, and Steeley T (current edition), Property Valuation and Techniques, Macmillan, London.
7. Millington AF (current edition), An Introduction to Property Valuation, Estate Gazette, London.
8. Reed RG (2007), The valuation of real estate: the Australian edition of the Appraisal of Real Estate, Australian Property Institute, Canberra.
9. REIA, API and PCA (current edition), Glossary of Property Terms.
10. Scarrett D (2008), The Five Methods of Valuation, Routledg, London.
11. Whipple, RTM, Property Valuation and Analysis- second edition, Law Book Co., Sydney.

The other very useful source is the newspapers, especially the property sections and the finance pages. The Australian Financial Review is always helpful but Thursday is especially good for property; The Australian has a commercial property section on a Friday; and The Sydney Morning Herald (Sydney), The Age (Melbourne) and The Courier Mail (Brisbane) provide local property information. If you have on-line access to the newspapers that is also a very good way of collecting and reviewing market data.

Other texts and references will be advised and recommended, where appropriate, during the lectures.

top

Risk assessment statement

The unit is essentially classroom based and there are no extraordinary risk management issues. However field trips are integral and students, who will be in possession of a current Workplace Health and safety Induction Certificate, will be fully briefed on appropriate risk management implications immediately prior to these trips taking place.

In undertaking the assignment you will be required to attend a site inspection of a residential property and to visually inspect (from the kerbside) a variety of recently sold properties. Attendance at the field trip is compulsory.

Additional Costs:
There are additional costs associated with this unit, incidental to the necessary searches for the written assignment. These costs are expected to be no greater than $100 and can be further reduced through sharing between students.

Disclaimer - Offer of some units is subject to viability, and information in these Unit Outlines is subject to change prior to commencement of semester.

Last modified: 19-Jun-2012