General Information
The subject will introduce students to the theory and practice of property valuation as a professional process primarily from the Australian perspective. The subject is designed to assist students to develop an understanding of the property market, the role of the profession and the methods of valuation used to determine the value of a range of legal interests in property, primarily, at this introductory stage, relating to open market freehold interests. The subject will draw upon the current property market and the assessment will require students to collect and analyse market data from a range of defined sources. Students will also be given the opportunity to acquire the necessary analytical tools to work through property market specific supply and demand issues, identify future market trends and objectively evaluate current issues affecting property being valued. The summative (graded) assessment will be achieved by the completion, at an introductory professional standard, of two comprehensive valuation reports based on field inspections.
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Details
Academic unit: Faculty of Society & Design Subject code: SSUD11-200 Subject title: Principles of Property Valuation Subject level: Undergraduate Semester/Year: May 2022 Credit points: 10.000 -
Delivery & attendance
Timetable: https://bond.edu.au/timetable Delivery mode: Standard Workload items: - Lecture: x12 (Total hours: 36) - Weekly lecture
- Tutorial: x12 (Total hours: 12) - Weekly tutorial
- Personal Study Hours: x12 (Total hours: 72) - No Description
Attendance and learning activities: Attendance at all classes and field trips is required in order to successfully complete this subject. Non-attendance may result in failure to achieve the learning outcomes of this subject. -
Resources
Prescribed resources: Books
- David Parker (2021). Principles and Practice of Property Valuation in Australia. 3rd Ed, Routledge 294
Others
- RP Data (2021). RP Data.
- Nearmap Ltd. (2021). Nearmap.
- Logue, D. (Ed.) (2021). Readings included in subject ilearn site.
iLearn@Bond & Email: iLearn@Bond is the online learning environment at Bond University and is used to provide access to subject materials, lecture recordings and detailed subject information regarding the subject curriculum, assessment and timing. Both iLearn and the Student Email facility are used to provide important subject notifications. Additionally, official correspondence from the University will be forwarded to students’ Bond email account and must be monitored by the student. To access these services, log on to the Student Portal from the Bond University website as www.bond.edu.au
| Academic unit: | Faculty of Society & Design |
|---|---|
| Subject code: | SSUD11-200 |
| Subject title: | Principles of Property Valuation |
| Subject level: | Undergraduate |
| Semester/Year: | May 2022 |
| Credit points: | 10.000 |
| Timetable: | https://bond.edu.au/timetable |
|---|---|
| Delivery mode: | Standard |
| Workload items: |
|
| Attendance and learning activities: | Attendance at all classes and field trips is required in order to successfully complete this subject. Non-attendance may result in failure to achieve the learning outcomes of this subject. |
| Prescribed resources: | Books
Others
|
|---|---|
| iLearn@Bond & Email: | iLearn@Bond is the online learning environment at Bond University and is used to provide access to subject materials, lecture recordings and detailed subject information regarding the subject curriculum, assessment and timing. Both iLearn and the Student Email facility are used to provide important subject notifications. Additionally, official correspondence from the University will be forwarded to students’ Bond email account and must be monitored by the student. To access these services, log on to the Student Portal from the Bond University website as www.bond.edu.au |
Enrolment requirements
| Requisites: |
Nil |
|---|---|
| Assumed knowledge: |
Assumed knowledge is the minimum level of knowledge of a subject area that students are assumed to have acquired through previous study. It is the responsibility of students to ensure they meet the assumed knowledge expectations of the subject. Students who do not possess this prior knowledge are strongly recommended against enrolling and do so at their own risk. No concessions will be made for students’ lack of prior knowledge.
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| Restrictions: |
Nil |
Assurance of learning
Assurance of Learning means that universities take responsibility for creating, monitoring and updating curriculum, teaching and assessment so that students graduate with the knowledge, skills and attributes they need for employability and/or further study.
At Bond University, we carefully develop subject and program outcomes to ensure that student learning in each subject contributes to the whole student experience. Students are encouraged to carefully read and consider subject and program outcomes as combined elements.
Program Learning Outcomes (PLOs)
Program Learning Outcomes provide a broad and measurable set of standards that incorporate a range of knowledge and skills that will be achieved on completion of the program. If you are undertaking this subject as part of a degree program, you should refer to the relevant degree program outcomes and graduate attributes as they relate to this subject.
Subject Learning Outcomes (SLOs)
On successful completion of this subject the learner will be able to:
- Develop an understanding of the nature and role of the valuation profession, the property market and valuation methods.
- Develop skills, competencies and knowledge appropriate for selecting, analysing and synthesising material of relevance to the conduct of property valuation in academic and professional contexts.
- Access a comprehensive range of information sources, relevant to the valuation of property.
- Analyse and criticise relevant material in an appropriate manner, supported by reasoned argument and generate independent opinions of value.
- Prepare, arrange and present valuation reports at an appropriate standard for academic and professional purposes.
Generative Artificial Intelligence in Assessment
The University acknowledges that Generative Artificial Intelligence (Gen-AI) tools are an important facet of contemporary life. Their use in assessment is considered in line with students’ development of the skills and knowledge which demonstrate learning outcomes and underpin study and career success. Instructions on the use of Gen-AI are given for each assessment task; it is your responsibility to adhere to these instructions.
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Assessment details
Type Task % Timing* Outcomes assessed Take-home Examination on line exam 30% Final Examination Period 1,2,3,4 Written Report Valuation of a vacant lot in a residential estate: Students will complete a written valuation report of one land parcel to a professional standard, based on your inspection, data collection, broader research and analysis. 30% Week 7 1,2,3,4,5 Written Report Valuation of an improved industrial property. Students will complete a valuation report of an industrial property to a professional standard based on your inspection, data collection, broader research and analysis. 40% Week 11 1,2,3,4,5 - * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
- C = Students must reach a level of competency to successfully complete this assessment.
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Assessment criteria
Assessment criteria
High Distinction 85-100 Outstanding or exemplary performance in the following areas: interpretative ability; intellectual initiative in response to questions; mastery of the skills required by the subject, general levels of knowledge and analytic ability or clear thinking. Distinction 75-84 Usually awarded to students whose performance goes well beyond the minimum requirements set for tasks required in assessment, and who perform well in most of the above areas. Credit 65-74 Usually awarded to students whose performance is considered to go beyond the minimum requirements for work set for assessment. Assessable work is typically characterised by a strong performance in some of the capacities listed above. Pass 50-64 Usually awarded to students whose performance meets the requirements set for work provided for assessment. Fail 0-49 Usually awarded to students whose performance is not considered to meet the minimum requirements set for particular tasks. The fail grade may be a result of insufficient preparation, of inattention to assignment guidelines or lack of academic ability. A frequent cause of failure is lack of attention to subject or assignment guidelines. Quality assurance
For the purposes of quality assurance, Bond University conducts an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
| Type | Task | % | Timing* | Outcomes assessed |
|---|---|---|---|---|
| Take-home Examination | on line exam | 30% | Final Examination Period | 1,2,3,4 |
| Written Report | Valuation of a vacant lot in a residential estate: Students will complete a written valuation report of one land parcel to a professional standard, based on your inspection, data collection, broader research and analysis. | 30% | Week 7 | 1,2,3,4,5 |
| Written Report | Valuation of an improved industrial property. Students will complete a valuation report of an industrial property to a professional standard based on your inspection, data collection, broader research and analysis. | 40% | Week 11 | 1,2,3,4,5 |
- * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
- C = Students must reach a level of competency to successfully complete this assessment.
Assessment criteria
| High Distinction | 85-100 | Outstanding or exemplary performance in the following areas: interpretative ability; intellectual initiative in response to questions; mastery of the skills required by the subject, general levels of knowledge and analytic ability or clear thinking. |
|---|---|---|
| Distinction | 75-84 | Usually awarded to students whose performance goes well beyond the minimum requirements set for tasks required in assessment, and who perform well in most of the above areas. |
| Credit | 65-74 | Usually awarded to students whose performance is considered to go beyond the minimum requirements for work set for assessment. Assessable work is typically characterised by a strong performance in some of the capacities listed above. |
| Pass | 50-64 | Usually awarded to students whose performance meets the requirements set for work provided for assessment. |
| Fail | 0-49 | Usually awarded to students whose performance is not considered to meet the minimum requirements set for particular tasks. The fail grade may be a result of insufficient preparation, of inattention to assignment guidelines or lack of academic ability. A frequent cause of failure is lack of attention to subject or assignment guidelines. |
Quality assurance
For the purposes of quality assurance, Bond University conducts an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
Study Information
Submission procedures
Students must check the iLearn@Bond subject site for detailed assessment information and submission procedures.
Policy on late submission and extensions
A student who has not established a basis for an extension in compliance with University and Faculty policy either by 1) not applying before the assessment due date or 2) by having an application rejected due to failure to show a justifiable cause for an extension, will receive a penalty on assessment submitted after its due date. The penalty will be 10% of marks awarded to that assessment for every day late, with the first day counted after the required submission time has passed. No assessment will be accepted for consideration seven calendar days after the due date. Where a student has been granted an extension, the late penalty starts from the new due date and time set out in the extension.
Academic Integrity
University’s Academic Integrity Policy defines plagiarism as the act of misrepresenting as one’s own original work: another’s ideas, interpretations, words, or creative works; and/or one’s own previous ideas, interpretations, words, or creative work without acknowledging that it was used previously (i.e., self-plagiarism). The University considers the act of plagiarising to be a breach of the Student Conduct Code and, therefore, subject to the Discipline Regulations which provide for a range of penalties including the reduction of marks or grades, fines and suspension from the University.
Bond University utilises Originality Reporting software to inform academic integrity.Feedback on assessment
Feedback on assessment will be provided to students within two weeks of the assessment submission due date, as per the Assessment Policy.
Accessibility and Inclusion Support
If you have a disability, illness, injury or health condition that impacts your capacity to complete studies, exams or assessment tasks, it is important you let us know your special requirements, early in the semester. Students will need to make an application for support and submit it with recent, comprehensive documentation at an appointment with a Disability Officer. Students with a disability are encouraged to contact the Disability Office at the earliest possible time, to meet staff and learn about the services available to meet your specific needs. Please note that late notification or failure to disclose your disability can be to your disadvantage as the University cannot guarantee support under such circumstances.
Additional subject information
Field trips are compulsory. Students prevented from attending the field trips due to Necessary Public Health Restrictions will be provide with relevant tools and information to enable them to complete the assignment.
Subject curriculum
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Introduction to valuation and property characteristics.
A discussion of the course outline and student requirements to successfully complete this subject. The topic introduces the purpose of the property valuation profession and the role of the property Valuer. It then sets out the key professional bodies including the Australian Property Institute, the Royal Institution of Chartered Surveyors, the Valuers Registration Board of Queensland, and the recognition of International Valuation Standards and their use within the industry. Students are introduced to the key property characteristics that not only define real property but are further explored in the methods discussed throughout the subject.
SLOs included
- Develop an understanding of the nature and role of the valuation profession, the property market and valuation methods.
- Develop skills, competencies and knowledge appropriate for selecting, analysing and synthesising material of relevance to the conduct of property valuation in academic and professional contexts.
- Access a comprehensive range of information sources, relevant to the valuation of property.
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Basis of value.
An introduction and analysis of the concept of market value and other key concepts used in property valuation including defining market value in accordance with international valuation standards.
SLOs included
- Develop an understanding of the nature and role of the valuation profession, the property market and valuation methods.
- Develop skills, competencies and knowledge appropriate for selecting, analysing and synthesising material of relevance to the conduct of property valuation in academic and professional contexts.
- Access a comprehensive range of information sources, relevant to the valuation of property.
- Analyse and criticise relevant material in an appropriate manner, supported by reasoned argument and generate independent opinions of value.
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Valuation approaches, principles, methods and definitions.
An overview of the various methods of valuation used by practitioners in the valuation of a range of different types of real property. From this overview, we then take a deeper analysis into the application of the market approach.
SLOs included
- Develop an understanding of the nature and role of the valuation profession, the property market and valuation methods.
- Develop skills, competencies and knowledge appropriate for selecting, analysing and synthesising material of relevance to the conduct of property valuation in academic and professional contexts.
- Access a comprehensive range of information sources, relevant to the valuation of property.
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Property interests.
Identification of a hierarchy of property interests. Introduction to Survey Plans, Land Titles, easements and other forms of property interests.
SLOs included
- Develop skills, competencies and knowledge appropriate for selecting, analysing and synthesising material of relevance to the conduct of property valuation in academic and professional contexts.
- Access a comprehensive range of information sources, relevant to the valuation of property.
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Field trip.
Students will attend a site visit to a residential development to inspect a vacant parcel of land and carry out the required market research. The information is necessary to complete a valuation report which is the first assignment for this subject.
SLOs included
- Develop an understanding of the nature and role of the valuation profession, the property market and valuation methods.
- Develop skills, competencies and knowledge appropriate for selecting, analysing and synthesising material of relevance to the conduct of property valuation in academic and professional contexts.
- Access a comprehensive range of information sources, relevant to the valuation of property.
- Analyse and criticise relevant material in an appropriate manner, supported by reasoned argument and generate independent opinions of value.
- Prepare, arrange and present valuation reports at an appropriate standard for academic and professional purposes.
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Data collection and analysis.
An introduction to the various sources of data used by property valuers and their analysis in property valuations. Students will learn how to identify relevant sources of data and establish skills in recognising the reliability of various sources of data for professional purposes.
SLOs included
- Develop an understanding of the nature and role of the valuation profession, the property market and valuation methods.
- Develop skills, competencies and knowledge appropriate for selecting, analysing and synthesising material of relevance to the conduct of property valuation in academic and professional contexts.
- Access a comprehensive range of information sources, relevant to the valuation of property.
- Analyse and criticise relevant material in an appropriate manner, supported by reasoned argument and generate independent opinions of value.
- Prepare, arrange and present valuation reports at an appropriate standard for academic and professional purposes.
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Introduction to the Income Approach of property valuation
An introduction to the income approach to valuation, primarily the capitalisation method and its application to establish the market value of investment property.
SLOs included
- Develop an understanding of the nature and role of the valuation profession, the property market and valuation methods.
- Develop skills, competencies and knowledge appropriate for selecting, analysing and synthesising material of relevance to the conduct of property valuation in academic and professional contexts.
- Access a comprehensive range of information sources, relevant to the valuation of property.
- Analyse and criticise relevant material in an appropriate manner, supported by reasoned argument and generate independent opinions of value.
- Prepare, arrange and present valuation reports at an appropriate standard for academic and professional purposes.
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The Cost approach.
An introduction to the Cost approach to establish market value, including residual value and insurance value.
SLOs included
- Develop an understanding of the nature and role of the valuation profession, the property market and valuation methods.
- Develop skills, competencies and knowledge appropriate for selecting, analysing and synthesising material of relevance to the conduct of property valuation in academic and professional contexts.
- Access a comprehensive range of information sources, relevant to the valuation of property.
- Analyse and criticise relevant material in an appropriate manner, supported by reasoned argument and generate independent opinions of value.
- Prepare, arrange and present valuation reports at an appropriate standard for academic and professional purposes.
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Field trip.
Students will attend a site visit to inspect an improved freehold industrial property and conduct the required market research. The information is necessary to complete a valuation report which is the second assignment for this subject.
SLOs included
- Develop an understanding of the nature and role of the valuation profession, the property market and valuation methods.
- Develop skills, competencies and knowledge appropriate for selecting, analysing and synthesising material of relevance to the conduct of property valuation in academic and professional contexts.
- Access a comprehensive range of information sources, relevant to the valuation of property.
- Analyse and criticise relevant material in an appropriate manner, supported by reasoned argument and generate independent opinions of value.
- Prepare, arrange and present valuation reports at an appropriate standard for academic and professional purposes.
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An introduction to Property Investment
An introduction to investment classes and the role of property as a type of investment vehicle, types of property investments, key drivers of investment, negative gearing and the influence of market cycles within investments.
SLOs included
- Develop an understanding of the nature and role of the valuation profession, the property market and valuation methods.
- Develop skills, competencies and knowledge appropriate for selecting, analysing and synthesising material of relevance to the conduct of property valuation in academic and professional contexts.
- Access a comprehensive range of information sources, relevant to the valuation of property.
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Other types of value.
Concepts and definitions of other types of value and when they should be used as a valuation approach will be explored, including special value, fair value, statutory value and heritage value.
SLOs included
- Develop an understanding of the nature and role of the valuation profession, the property market and valuation methods.
- Develop skills, competencies and knowledge appropriate for selecting, analysing and synthesising material of relevance to the conduct of property valuation in academic and professional contexts.
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The role and responsibilities of a Valuer as a professional.
Examination and assessment of the various professional body requirements and expectations of its members both as practicing professionals and the requirements for accreditation for individuals seeking professional memberships. This further encapsulates professional ethics and the role of valuers within project teams. Finally, we cover the types of professional roles individuals with property and valuation skills may practice in.
SLOs included
- Develop an understanding of the nature and role of the valuation profession, the property market and valuation methods.