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 - 2024
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 SUTE
Evaluation categories scoring less than 80% are clear unit requirements, useful knowledge/skills, and unit relevant to degree.
Much of this may relate to the subjective nature of property valuation. That said, the coordinator should work on making assessment expectations even clearer upfront and explicitly provide further scaffolding for non-property students.
- 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 - Take Home Exam - 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 | ||||
Textbooks
Property Valuation and Analysis
Edition: 2nd (2006)
Authors: Whipple
Law Book Co of Australasia
ISBN: 9780455223940
Binding: Paperback
IT Resources
- CQUniversity Student Email
- Internet
- Unit Website (Moodle)
- Microsoft Office (Word, Excel, PowerPoint)
All submissions for this unit must use the referencing style: American Psychological Association 7th Edition (APA 7th edition)
For further information, see the Assessment Tasks.
s.boyd@cqu.edu.au
Module/Topic
Real estate and society
Chapter
Refer study guide
Events and Submissions/Topic
Module/Topic
Market value and comparable sales
Chapter
Refer study guide
Events and Submissions/Topic
Module/Topic
Instruction, inspection and risk
Chapter
Refer study guide
Events and Submissions/Topic
Module/Topic
Cost approach
Chapter
Refer study guide
Events and Submissions/Topic
Module/Topic
Income approach
Chapter
Refer study guide
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
Module/Topic
Valuation reports
Chapter
Refer study guide
Events and Submissions/Topic
Module/Topic
Property development
Chapter
Refer study guide
Events and Submissions/Topic
Module/Topic
Residual land value
Chapter
Refer study guide
Events and Submissions/Topic
Module/Topic
Property markets and location
Chapter
Refer study guide
Events and Submissions/Topic
Module/Topic
Chapter
Refer study guide
Events and Submissions/Topic
Module/Topic
Law of rent
Chapter
Refer study guide
Events and Submissions/Topic
Module/Topic
Professional ethics
Chapter
Refer study guide
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
1 Written Assessment
Execute a real 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.
You may be eligible for a re-attempt. A re-attempt is where you are given a second opportunity to demonstrate your achievement of one or more of the unit’s learning outcomes before you can progress to new learning or participate in subsequent learning activities. You may be given the opportunity to re-attempt an assessment but will only achieve a mark no greater than the minimum for a pass standard for the assessment. You must:
- have shown a reasonable attempt to complete the initial assessment task
- be granted a re-attempt by your Unit Coordinator
- note that only one opportunity to do a re-attempt will be given, and
- make changes to the nominated assessment task which you have failed and resubmit the revised work for marking within seven (7) consecutive days, no assessment extensions will be approved.
Week 10 Friday (17 May 2024) 11:55 pm AEST
Week 12 Thursday (30 May 2024)
The assessment is aligned to:
- 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.
The grading tool specifically addresses the following areas and criteria:
| 1 | Presentation |
| 2 | Property description |
| 3 | Economic outlook and risks |
| 4 | Valuation approach |
| 5 | Calculations |
| 6 | Insightfulness |
The criteria are not equally weighted and further details of assessment criteria may be found on the Moodle site.
- 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.
2 Take Home Exam
The exam will be released approximately three hours before submission. It will include current case studies and may require the gathering property and market information. Parts of the exam may be answered through video and audio recordings.
Further details to be found on the Moodle site with an more explicit exam brief provided around week 10.
Review/Exam Week Wednesday (5 June 2024) 9:00 pm AEST
This assessment is aligned with the learning outcomes:
- Describe and evaluate the theory and principles of property valuation and property market economics.
- 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.
- Describe and evaluate the theory and principles of property valuation and property market economics.
- 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.
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?
