PROP11001 - Property Valuation

General Information

Unit Synopsis

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

Level Undergraduate
Unit Level 1
Credit Points 6
Student Contribution Band SCA Band 4
Fraction of Full-Time Student Load 0.125
Pre-requisites or Co-requisites There are no pre-requisites for the 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).

Class Timetable View Unit Timetable
Residential School No Residential School

Unit Availabilities from Term 3 - 2022

Term 1 - 2023 Profile
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).

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.

Assessment Tasks

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 Policy for more details of interim results and final grades

Past Exams

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Previous Feedback

Term 1 - 2022 : The overall satisfaction for students in the last offering of this course was 100.00% (`Agree` and `Strongly Agree` responses), based on a 35.19% response rate.

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.

Source: Student evaluations
Feedback
Some students struggled to sufficiently complete the first task, a full valuation of a residential property. They found it difficult to know what to include and what to excluded and requested more assessment scaffolding.
Recommendation
As an authentic task aligned to learning outcomes and accreditation requirements the assessment cannot be removed or simplified. That said, the course coordinator will provide a single template rather than asking students to choose from a selection. The template along with associated inclusions and exclusions will be discussed earlier in the unit with sufficient time allocated in the weekly virtual classes to address student queries. As per previous years, student will have access to industry standards and valuation exemplars.
Action Taken
The template appeared to make the assignment brief clearer for students not previously exposed to property valuation. For an introductory valuation unit, a template will be retained however more advanced valuation units will provide students with the choice to adapt a selection or real reports.
Source: Student feedback
Feedback
A student expressed frustration in preparing for the final take-home exam. They asked for the questions to be provided beforehand as they had been provided in an alternative unit.
Recommendation
The questions for the exam are not released beforehand but it is open book and open web, allowing access to all the resources provided. Providing questions beforehand would disadvantage students engaged in the learnings and mean that we could not demonstrate achievement of the learning outcomes or meet our requirements for accreditation. As per previous years, the coordinator will provide an exam brief including 'how to prepare' video, along with past exams and the solutions to the mathematical questions. Sufficient time will be allocated in the weekly virtual classes to address assessment queries.
Action Taken
This appeared as a one-off problem. The student did pursue the matter further and an external review was conducted. The external review acknowledged the requirements of the accrediting bodies. While no further action is taken regarding this unit the practice of pre-providing exam questions requires consideration and will be raised in discipline meetings.
Source: Student feedback
Feedback
The readings and learning activities associated with the cost approach to valuation were considered overly complicated with some students having trouble following the readings and calculations.
Recommendation
The readings and learning materials for the cost approach (module) will be revised. The revision will most likely see some of the more detailed analysis and readings moved from the core module to extension activities and readings.
Action Taken
Module simplified to reflect introduction valuation content more closely. Some of the more detailed exercises were moved to the appendices as extension readings and activities.
Source: DDLT
Feedback
Incorporating a weekly quiz has been suggested as a means to increase student engagement in introductory units.
Recommendation
A formative only weekly quiz/learning activity will be trialled. The questions may relate to the weekly module activites already presented in the module readings.
Action Taken
Weekly questions embedded in the weekly online class and addressed in the discussion forums.
Source: Enrolments
Feedback
Enrolment numbers have dropped. In particular, enrolments from students outside BPROP have declined in the past 3 years.
Recommendation
The HoC for Property to initiate and deliver further programs and projects to raise enrolment numbers in BPROP and better understand the decline in unit enrolments with other HoCs in business.
Action Taken
Nil.
Source: Student feedback and UC observation
Feedback
Design and apply a more detailed marking rubric to accompany the audio feedback provided for the valuation assignment.
Recommendation
Audio feedback generally well received, and it reduced grading time for the UC. A new more detailed rubric will be designed to accompany the audio feedback.
Action Taken
Nil.
Source: Student feedback
Feedback
Better quality videos
Recommendation
New recordings will have enhanced audio recording and transcription functionality.
Action Taken
Nil.
Source: Student feedback
Feedback
Further exam advice
Recommendation
The UC will provide an exam brief including 'how to prepare' video, along with past exams and the solutions to the mathematical questions. Sufficient time will be allocated in the weekly virtual classes to address assessment queries.
Action Taken
Nil.
Source: Student feedback
Feedback
Later and more flexible exam scheduling
Recommendation
Exam scheduling to move back a week. That said, due to risks and temptations to share or enable cheating (contract and other) exam periods will be set for a specific period and duration not exceeding 3 hours. Alternative sittings with adapted exams will be retained for students with genuine reasons as per school practice.
Action Taken
Nil.
Source: Student feedback and UC observation
Feedback
More student involvement
Recommendation
Alternative forms of delivery, including asynchronous activities, embedding AI and even VET skills and competencies will be considered for a more engaging offer.
Action Taken
Nil.
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 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 9 10
1 - Written Assessment
2 - Examination