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
Pre-requisites or Co-requisites
There are no requisites for this unit.
Important note: Students enrolled in a subsequent unit who failed their pre-requisite unit, should drop the subsequent unit before the census date or within 10 working days of Fail grade notification. Students who do not drop the unit in this timeframe cannot later drop the unit without academic and financial liability. See details in the Assessment Policy and Procedure (Higher Education Coursework).
Offerings For Term 1 - 2017
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).
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 Grading
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 Policy for more details of interim results and final grades.
All University policies are available on the CQUniversity Policy site.
You may wish to view these policies:
- Grades and Results Policy
- Assessment Policy and Procedure (Higher Education Coursework)
- Review of Grade Procedure
- Student Academic Integrity Policy and Procedure
- Monitoring Academic Progress (MAP) Policy and Procedure – Domestic Students
- Monitoring Academic Progress (MAP) Policy and Procedure – International Students
- Student Refund and Credit Balance Policy and Procedure
- Student Feedback – Compliments and Complaints Policy and Procedure
- Information and Communications Technology Acceptable Use Policy and Procedure
This list is not an exhaustive list of all University policies. The full list of University policies are available on the CQUniversity Policy site.
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 from Course Evaluation Survey
Having three assessments including an online test is not preferred by students.
Rationalise assessment to two items with optional formative online extension assessment that does not contribute to final grade.
Assessment Rationalised to two items
Feedback from Course Evaluation Survey
"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.
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.
A video revision was included to assist in exam preparation.
- Describe and evaluate the theory and principles of property valuation and property market economics.
- Communicate and interact productively with various stakeholders in the property industry using various media channels.
- Apply and review ethical arguments and cultural implications related to property economics and valuation processes.
- 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 - 50% | ||||
| 2 - Examination - 50% | ||||
Alignment of Graduate Attributes to Learning Outcomes
| 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 | ||||
| 9 - Social Innovation | ||||
| 10 - Aboriginal and Torres Strait Islander Cultures | ||||
Alignment of Assessment Tasks to Graduate Attributes
| Assessment Tasks | Graduate Attributes | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | |
| 1 - Written Assessment - 50% | ||||||||||
| 2 - Examination - 50% | ||||||||||
Textbooks
Property Valuation and Analysis
Edition: 2 (2006)
Authors: RTM. Whipple
Thomson/Lawbook
North ryde North ryde , NSW , Australia
Binding: Paperback
Suburb Sales Report
(2015)
Authors: CoreLogic: RPData
http://www.corelogic.com.au/
online commercial data source online commercial data source , Australia
Binding: Hardcover
Additional Textbook Information
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
- 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 referencing styles below:
For further information, see the Assessment Tasks.
g.small@cqu.edu.au
Module/Topic
Property, Markets and Value
Chapter
1
Events and Submissions/Topic
Module/Topic
Comparable Sales Valuation
Chapter
9
Events and Submissions/Topic
Module/Topic
Instruction, inspection and risk
Chapter
3 (core), 6 (extension)
Events and Submissions/Topic
Module/Topic
The cost approach
Chapter
11
Events and Submissions/Topic
Module/Topic
The income approach
Chapter
10 pp. 313-334
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
Module/Topic
Valuation Reports and Standards
Chapter
13
Events and Submissions/Topic
Module/Topic
Property Development
Chapter
10 pp.422-446
Events and Submissions/Topic
Module/Topic
Residual Land Valuation
Chapter
10 pp.422-446
Events and Submissions/Topic
Module/Topic
The practical market
Chapter
2
Events and Submissions/Topic
Module/Topic
The valuation framework
Chapter
4
Events and Submissions/Topic
Major valuation assignment due this week.
Residential Valuation Assignment Due: Week 10 Friday (19 May 2017) 11:45 pm AEST
Module/Topic
Rental theory
Chapter
5
Events and Submissions/Topic
Module/Topic
Ethics for professionals
Chapter
ch.12 pp.529-530 (extension rest of chapter)
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
1 Written Assessment
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.
Week 10 Friday (19 May 2017) 11:45 pm AEST
Week 12 Friday (2 June 2017)
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.
- Describe and evaluate the theory and principles of property valuation and property market economics.
- Communicate and interact productively with various stakeholders in the property industry using various media channels.
- Apply and review ethical arguments and cultural implications related to property economics and valuation processes.
- Conduct a valuation of less complex property types by selecting and applying appropriate methods and preparing a professional property valuation report.
- Communication
- Problem Solving
- Critical Thinking
- Information Literacy
- Team Work
- Information Technology Competence
- Ethical practice
Examination
Dictionary - non-electronic, concise, direct translation only (dictionary must not contain any notes or comments).
As a CQUniversity student you are expected to act honestly in all aspects of your academic work.
Any assessable work undertaken or submitted for review or assessment must be your own work. Assessable work is any type of work you do to meet the assessment requirements in the unit, including draft work submitted for review and feedback and final work to be assessed.
When you use the ideas, words or data of others in your assessment, you must thoroughly and clearly acknowledge the source of this information by using the correct referencing style for your unit. Using others’ work without proper acknowledgement may be considered a form of intellectual dishonesty.
Participating honestly, respectfully, responsibly, and fairly in your university study ensures the CQUniversity qualification you earn will be valued as a true indication of your individual academic achievement and will continue to receive the respect and recognition it deserves.
As a student, you are responsible for reading and following CQUniversity’s policies, including the Student Academic Integrity Policy and Procedure. This policy sets out CQUniversity’s expectations of you to act with integrity, examples of academic integrity breaches to avoid, the processes used to address alleged breaches of academic integrity, and potential penalties.
What is a breach of academic integrity?
A breach of academic integrity includes but is not limited to plagiarism, self-plagiarism, collusion, cheating, contract cheating, and academic misconduct. The Student Academic Integrity Policy and Procedure defines what these terms mean and gives examples.
Why is academic integrity important?
A breach of academic integrity may result in one or more penalties, including suspension or even expulsion from the University. It can also have negative implications for student visas and future enrolment at CQUniversity or elsewhere. Students who engage in contract cheating also risk being blackmailed by contract cheating services.
Where can I get assistance?
For academic advice and guidance, the Academic Learning Centre (ALC) can support you in becoming confident in completing assessments with integrity and of high standard.
What can you do to act with integrity?
