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 - 2020

Term 1 - 2021 Profile
Online
Term 1 - 2022 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 - 2020 : The overall satisfaction for students in the last offering of this course was 4.5 (on a 5 point Likert scale), based on a 29.11% 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: 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.
Action Taken
The Moodle resources were upgraded and refined as recommended. Weekly online tutorials were used to guide and keep track of student progression.
Source: Student Unit and Teaching Evaluation
Feedback
The weekly online tutorials were noted as some of the best aspects of the unit. Students found them to be the best place to ask questions and ‘catch up every week’.
Recommendation
Continue the weekly tutorials in the same manner. This includes an initial discussion on how everyone is going and what is happening in property news. Then a very brief recap of the week's material followed by an engaged discussion around the module questions.
Action Taken
Nil.
Source: Student Unit and Teaching Evaluation, and informal student feedback.
Feedback
The unit appears to be well received by business and accounting students as it introduces property as a form of investment.
Recommendation
Consider a unit name change to better reflect the unit's broader focus on property as form of investment. Potentially 'PROP11001 Property Investment and Valuation' or even a broader 'PROP11001 Introduction to Property'.
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
1 - Written Assessment
2 - Examination