PROP11001 - Property Valuation
Term 1 - 2017


All details in this unit profile for PROP11001 have been officially approved by CQUniversity and represent a learning partnership between the University and you (our student). The information will not be changed unless absolutely necessary and any change will be clearly indicated by an approved correction included in the profile.

Overview

This unit is an introduction to professional property valuation. The unit examines property markets, market value, factors influencing market value, the nature and role of various stakeholders and the valuation process applied to freehold property interests. Practical aspects of property valuation are introduced including data collection, valuation report writing, the practical implications of professional ethics and codes of professional practice in property industry with specific focus on simple residential property.

Details

Career Level Undergraduate
Unit Level Level 1
Credit Points 6
Student Contribution Band 3A
Fraction of Full-Time Student Load 0.125

Attendance Requirements

All on-campus students are expected to attend scheduled classes – in some units, these classes are identified as a mandatory (pass/fail) component and attendance is compulsory. International students, on a student visa, must maintain a full time study load and meet both attendance and academic progress requirements in each study period (satisfactory attendance for International students is defined as maintaining at least an 80% attendance record).

Offerings

Term 1 - 2017
  • Distance

Website

This unit has a website, within the Moodle system, which is available two weeks before the start of term. It is important that you visit your Moodle site throughout the term. Go to Moodle

Recommended Student Time Commitment

Each 6-credit Undergraduate unit at CQUniversity requires an overall time commitment of an average of 12.5 hours of study per week, making a total of 150 hours for the unit.

Class Timetable

Assessment Overview

Assessment Task Weighting
1. Written Assessment 50%
2. Examination 50%

This is a graded unit: your overall grade will be calculated from the marks or grades for each assessment task, based on the relative weightings shown in the table above. You must obtain an overall mark for the unit of at least 50%, or an overall grade of ‘pass’ in order to pass the unit. If any ‘pass/fail’ tasks are shown in the table above they must also be completed successfully (‘pass’ grade). You must also meet any minimum mark requirements specified for a particular assessment task, as detailed in the ‘assessment task’ section (note that in some instances, the minimum mark for a task may be greater than 50%). Consult the University’s Grades and Results Procedures for more details of interim results and final grades.

All University policies are available on the IMPortal.

You may wish to view these policies:

  • Grades and Results Procedure
  • Assessment Policy and Procedure (Higher Education Coursework)
  • Review of Grade Procedure
  • Academic Misconduct Procedure
  • Monitoring Academic Progress (MAP) Policy and Procedure – Domestic Students
  • Monitoring Academic Progress (MAP) Policy and Procedure – International Students
  • Refund and Excess Payments (Credit Balances) Policy and Procedure
  • Student Feedback – Compliments and Complaints Policy and Procedure
  • Acceptable Use of Information and Communications Technology Facilities and Devices Policy and Procedure

This list is not an exhaustive list of all University policies. The full list of University policies are available on the IMPortal.

Feedback, Recommendations and Responses

Every unit is reviewed for enhancement each year. At the most recent review, the following staff and student feedback items were identified and recommendations were made.

Feedback Source Recommendation
Having three assessments including an online test is not preferred by students. Course Evaluation Survey Rationalise assessment to two items with optional formative online extension assessment that does not contribute to final grade.
"The exam could have been supported more with more specific revision, but was quite good." Five other comments (50% of the improvement comments) expressed similar sentiments. Course Evaluation Survey It appears that in many other courses classes are given very focused advice on which parts of the course to revise in detail and students expect this level of coaching even though the exam is supposed to examine the whole course. The exam advice in this course was written to the specification set by the school. It will be appropriate to raise the matter of exam advice at the school level to ensure consistency.
On successful completion of this unit, you will be able to:
  1. Describe and evaluate the theory and principles of property valuation and property market economics.
  2. Communicate and interact productively with various stakeholders in the property industry using various media channels.
  3. Apply and review ethical arguments and cultural implications related to property economics and valuation processes.
  4. Conduct a valuation of less complex property types by selecting and applying appropriate methods and preparing a professional property valuation report.

This unit fulfils part of the property valuation content within the "Valuation" field of the Australian Property Institute's accreditation guidelines. After successful completion of this unit students will be able to conduct valuations of residential and other less complex real property types at a professional standard.

Alignment of Assessment Tasks to Learning Outcomes

Assessment Tasks Learning Outcomes
1 2 3 4
1 - Written Assessment
2 - Examination  

Alignment of Graduate Attributes to Learning Outcomes

  • Introductory Level
  • Intermediate Level
  • Graduate Level
Graduate Attributes Learning Outcomes
1 2 3 4
1. Communication  
2. Problem Solving
3. Critical Thinking
4. Information Literacy
5. Team Work      
6. Information Technology Competence
7. Cross Cultural Competence    
8. Ethical practice

Alignment of Assessment Tasks to Graduate Attributes

  • Introductory Level
  • Intermediate Level
  • Graduate Level
Assessment Tasks Graduate Attributes
1 2 3 4 5 6 7 8
1 - Written Assessment  
2 - Examination        

Prescribed Textbooks

Property Valuation and Analysis
Author/s: RTM. Whipple Year: 2006
Edition: 2 Publisher: Thomson/Lawbook
City: North ryde State: NSW
Country: Australia
View textbooks at the CQUniversity Bookshop

Other Resources

These are not compulsory, but may assist you:
Suburb Sales Report
Author/s: CoreLogic: RPData Year: 2015
Edition: Publisher: http://www.corelogic.com.au/
City: online commercial data source
Country: Australia
Other resources may be available at CQUniversity Library. Note:

The Whipple text will be used in this course and will also be a useful reference for subsequent valuation courses and in professional practice.

The CoreLogic (RPData) Suburb Sales Report provides necessary sales data for the major assignment. RPData is one of several private property data suppliers and data from another supplier will also be suitable for the assignment as they all tend to rely on the same ultimate data sources. Most property practises subscribe to either RPData or one of its competitors and many students will be able to access this data through arrangement with either employers, or other practitioners with whom they have some relationship. CQUniversity has limited access to the service which is available via the library (see Property Gateway for details). Do not pursue sales information until you have finalised the selection of a property for the major assignment.

The free suburb profile is a RPData service that provides very useful background contextual information for forming the market outlook for your valuation. In addition to this profile students should also explore other sources of market and economic commentary. This is useful both for your assignment and to keep abreast of for your future professional careers. Generally good quality market and economic outlook information is available at no cost from a variety of organisations who have interest in property, these include major property firms, banks, AMP society, the Reserve Banks of Australia and the Australian Bureau of Statistics.

IT Resources

You will need access to the following IT resources:
  • CQUniversity Student Email
  • Internet
  • Unit Website (Moodle)
  • CF56 Property Program Gateway
  • CoreLogic Property Data system (optional, available via login from Library)
All submissions for this unit must use the Harvard (author-date) referencing style (details can be obtained here), OR American Psychological Association (APA) referencing style (details can be obtained here). For further information, see the Assessment Tasks below.
Unit CoordinatorGarrick Small (g.small@cqu.edu.au)
Note: Check the Term-Specific section for any additional contact information provided by the teaching team
Week Begin Date Module/Topic Chapter Events and Submissions
Week 1 06-03-2017

Property, Markets and Value

1

Week 2 13-03-2017

Comparable Sales Valuation

9

Week 3 20-03-2017

Instruction, inspection and risk

3 (core), 6 (extension)

Week 4 27-03-2017

The cost approach

11

Week 5 03-04-2017

The income approach

10 pp. 313-334

Vacation Week 10-04-2017
Week 6 17-04-2017

Valuation Reports and Standards

13

Week 7 24-04-2017

Property Development

10 pp.422-446

Week 8 01-05-2017

Residual Land Valuation

10 pp.422-446

Week 9 08-05-2017

The practical market

2

Week 10 15-05-2017

The valuation framework

4

Major valuation assignment due this week.

Residential Valuation Assignment Due Friday (19 May 17) 11:45 PM AEST
Week 11 22-05-2017

Rental theory

5

Week 12 29-05-2017

Ethics for professionals

ch.12 pp.529-530 (extension rest of chapter)

Review/Exam Week 05-06-2017
Exam Week 12-06-2017

1 Written Assessment

Assessment Title Residential Valuation Assignment
Task Description

Complete a professional quality long form valuation for a residential property. The assignment contains core and extension elements to provide flexible options for a range of student preferences. Full details are provided in the Moodle course page within the assessment panel.

Assessment Due Date Week 10 Friday (19-May-2017) 11:45 PM AEST
Return Date to Students Week 12 Friday (02-Jun-2017)
Weighting 50%
Assessment Criteria

Your report will be graded according to its overall quality on the following criteria:

1 Presentation
2 Property Description
3 Economic Outlook
4 Valuation approach
5 Computations
6 Investment value
7 Practitioner contact
8 Insightfulness

Standards required for the various grades of pass use the university grades and results standards (available from the Property Gateway). These are outlined in detail within the assignment outline found in the Moodle course page within the assessment block.

Referencing Style Harvard (author-date) or American Psychological Association (APA)
Submission Online

All files must be in a format that can be opened by Microsoft Word (e.g. ".doc"). Pdf files should not be submitted. Please compress photos. One file maximum 9MB.

Learning Outcomes Assessed
This section can be expanded to view the assessed learning outcomes

1. Describe and evaluate the theory and principles of property valuation and property market economics.

2. Communicate and interact productively with various stakeholders in the property industry using various media channels.

3. Apply and review ethical arguments and cultural implications related to property economics and valuation processes.

4. Conduct a valuation of less complex property types by selecting and applying appropriate methods and preparing a professional property valuation report.

Graduate Attributes
This section can be expanded to view the assessed graduate attributes

1. Communication

2. Problem Solving

3. Critical Thinking

4. Information Literacy

5. Team Work

6. Information Technology Competence

8. Ethical practice



Examination

Outline Complete an examination
Date During the University examination period
Weighting 50%
Length 120 minutes
Details Dictionary - non-electronic, concise, direct translation only (dictionary must not contain any notes or comments).
Calculator - non-programmable, no text retrieval, silent only.
Closed Book
Learning Outcomes Assessed
This section can be expanded to view the assessed learning outcomes

1. Describe and evaluate the theory and principles of property valuation and property market economics.

3. Apply and review ethical arguments and cultural implications related to property economics and valuation processes.

4. Conduct a valuation of less complex property types by selecting and applying appropriate methods and preparing a professional property valuation report.

Graduate Attributes
This section can be expanded to view the assessed graduate attributes

1. Communication

2. Problem Solving

3. Critical Thinking

8. Ethical practice


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