CQUniversity Unit Profile
PROP11001 Property Valuation
Property Valuation
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.
Corrections

Unit Profile Correction added on 26-03-20

The end of term examination has now been changed to an alternate form of assessment. Please see your Moodle site for details of the assessment.

General Information

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: 10
Fraction of Full-Time Student Load: 0.125

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 - 2020

Online

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).

Class and Assessment Overview

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

Bundaberg, Cairns, Emerald, Gladstone, Mackay, Rockhampton, Townsville
Adelaide, Brisbane, Melbourne, Perth, Sydney

Assessment Overview

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

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.

Previous Student Feedback

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 Tutorial discussions with students and end of term informal student/coordinator meetings.

Feedback

This unit introduces property valuation with a broad coverage of things that impact property worth and value. At times the broad span can make weekly readings look onerous. This can be managed but it may be hard to catch-up if students get caught behind.

Recommendation

The coordinator will refine the module readings to reduce the need for text book readings. Additional learning tools and practical case studies will be applied where they enhance learning and reduce the reading load. Future students will be encouraged to keep pace with the class and refrain from trying to 'knock off' more than one module a week and regularly attend the weekly tutorials.

Unit Learning Outcomes
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 Learning Outcomes, Assessment and Graduate Attributes
N/A Level
Introductory Level
Intermediate Level
Graduate Level
Professional Level
Advanced Level

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 and Resources

Textbooks

Supplementary

Property Valuation and Analysis

Edition: 2nd (2006)
Authors: Whipple
Law Book Co of Australasia
ISBN: 9780455223940
Binding: Paperback

Additional Textbook Information

Copies are available for purchase at the CQUni Bookshop here: http://bookshop.cqu.edu.au (search on the Unit code)

IT Resources

You will need access to the following IT resources:
  • CQUniversity Student Email
  • Internet
  • Unit Website (Moodle)
Referencing Style

All submissions for this unit must use the referencing style: American Psychological Association 6th Edition (APA 6th edition)

For further information, see the Assessment Tasks.

Teaching Contacts
Steven Boyd Unit Coordinator
s.boyd@cqu.edu.au
Schedule
Week 1 Begin Date: 09 Mar 2020

Module/Topic

Property fundamentals

Chapter

Refer study guide

Events and Submissions/Topic

Week 2 Begin Date: 16 Mar 2020

Module/Topic

Market value and comparable sales

Chapter

Refer study guide

Events and Submissions/Topic

Week 3 Begin Date: 23 Mar 2020

Module/Topic

Instruction, inspection and risk

Chapter

Refer study guide

Events and Submissions/Topic

Week 4 Begin Date: 30 Mar 2020

Module/Topic

The cost approach

Chapter

Refer study guide

Events and Submissions/Topic

Week 5 Begin Date: 06 Apr 2020

Module/Topic

The income approach

Chapter

Refer study guide

Events and Submissions/Topic

Vacation Week Begin Date: 13 Apr 2020

Module/Topic

Chapter

Events and Submissions/Topic

Week 6 Begin Date: 20 Apr 2020

Module/Topic

Valuation reports

Chapter

Refer study guide

Events and Submissions/Topic

Week 7 Begin Date: 27 Apr 2020

Module/Topic

Property development

Chapter


Events and Submissions/Topic

Week 8 Begin Date: 04 May 2020

Module/Topic

Residual land value

Chapter

Refer study guide

Events and Submissions/Topic

Week 9 Begin Date: 11 May 2020

Module/Topic

Property markets (in detail)

Chapter

Refer study guide

Events and Submissions/Topic

Week 10 Begin Date: 18 May 2020

Module/Topic

Defining value

Chapter

Refer study guide

Events and Submissions/Topic

Residential valuation Due: Week 10 Friday (22 May 2020) 11:55 pm AEST
Week 11 Begin Date: 25 May 2020

Module/Topic

Rental theory

Chapter

Refer study guide

Events and Submissions/Topic

Week 12 Begin Date: 01 Jun 2020

Module/Topic

Professional ethics

Chapter

Refer study guide

Events and Submissions/Topic

Review/Exam Week Begin Date: 08 Jun 2020

Module/Topic

Chapter

Events and Submissions/Topic

Exam Week Begin Date: 15 Jun 2020

Module/Topic

Chapter

Events and Submissions/Topic

Assessment Tasks

1 Written Assessment

Assessment Title
Residential valuation

Task Description

Execute a professional quality property valuation of a free standing single dwelling (e.g. a house on a block of land) plus additional practical and theoretical elements pertinent to the valuation. In this assessment you will select a property that you have access to and value it using the methods learned in class to produce an industry standard professional valuation report. Complete details to be found on the Moodle site.


Assessment Due Date

Week 10 Friday (22 May 2020) 11:55 pm AEST


Return Date to Students

Week 12 Thursday (4 June 2020)


Weighting
50%

Assessment Criteria

The assessment will be marked against the following criteria:

1 Presentation
2 Property description
3 Economic outlook and risks
4 Valuation approach
5 Calculations
6 Investment appraisal
7 Practitioner contact
8 Insightfulness

The criteria are not equally weighted and further details of assessment criteria may be found on the Moodle site.


Referencing Style

Submission
Online

Submission Instructions
See Moodle site for detailed submission instructions

Learning Outcomes Assessed
  • 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.


Graduate Attributes
  • Communication
  • Problem Solving
  • Critical Thinking
  • Information Literacy
  • Team Work
  • Information Technology Competence
  • Ethical practice

Examination

Outline
Complete an invigilated examination

Date
During the examination period at a CQUniversity examination centre

Weighting
50%

Length
120 minutes

Exam Conditions
Closed Book

Materials
Calculator - non-programmable, no text retrieval, silent only
Dictionary - non-electronic, concise, direct translation only (dictionary must not contain any notes or comments).
Academic Integrity Statement

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?