General Information
This subject will extend the knowledge acquired in previous valuation and investment subjects by examining the methodologies used for the valuation of complex and diverse property interests. Various applications and methods of valuation will be analysed. For statutory valuation purposes the mass appraisal method, GIS applications and the compulsory acquisition process will be evaluated. Examples of specialist valuation topics that may be covered include the valuation of management rights, hotels, marinas, businesses, retirement sector assets, plant and machinery and rural properties. Specialist valuation topics vary depending on access to guest speakers. The rules of conduct of the relevant professional bodies will also be analysed, including the role of an expert witness.
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Details
Academic unit: Faculty of Society & Design Subject code: SSUD13-328 Subject title: Specialist and Statutory Valuation Subject level: Undergraduate Semester/Year: January 2022 Credit points: 10.000 -
Delivery & attendance
Timetable: https://bond.edu.au/timetable Delivery mode: Standard Workload items: - Seminar: x12 (Total hours: 36) - Seminar 1
- Personal Study Hours: x12 (Total hours: 84) - No Description
Attendance and learning activities: Attendance at all lectures and particularly in-class student presentations is necessary to comprehensively understand the subject material and learnings. -
Resources
Prescribed resources: No Prescribed resources.
After enrolment, students can check the Books and Tools area in iLearn for the full Resource List.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: | SSUD13-328 |
| Subject title: | Specialist and Statutory Valuation |
| Subject level: | Undergraduate |
| Semester/Year: | January 2022 |
| Credit points: | 10.000 |
| Timetable: | https://bond.edu.au/timetable |
|---|---|
| Delivery mode: | Standard |
| Workload items: |
|
| Attendance and learning activities: | Attendance at all lectures and particularly in-class student presentations is necessary to comprehensively understand the subject material and learnings. |
| Prescribed resources: | No Prescribed resources. After enrolment, students can check the Books and Tools area in iLearn for the full Resource List. |
|---|---|
| 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.
|
| 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:
- Differentiate the nature and role of the specialist and statutory property valuer.
- Distinguish and apply the various principles of property valuation, as practised by various professionals in the industry.
- Appreciate the challenges faced by individuals acting as professionals in a property valuation role, including in the role of an expert witness.
- Identify how various government statutes and policies impact on the value of various property interests.
- Examine various legal cases and their impact on property valuation principles.
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 Written Report Assignment 1 consists of a written report and may include an in class presentation of findings. 35.00% Week 7 2,3,4,5 Written Report Assignment 2 consists of a written report and may include an in class presentation of findings. 35.00% Week 12 1,2,3,4 Computer-Aided Examination (Open) Final exam 30.00% Week 13 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 |
|---|---|---|---|---|
| Written Report | Assignment 1 consists of a written report and may include an in class presentation of findings. | 35.00% | Week 7 | 2,3,4,5 |
| Written Report | Assignment 2 consists of a written report and may include an in class presentation of findings. | 35.00% | Week 12 | 1,2,3,4 |
| Computer-Aided Examination (Open) | Final exam | 30.00% | Week 13 | 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
Subject curriculum
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Introduction to Specialist and statutory valuation
This topic provides an overview of the material covered during the semester and the role of the valuer in the topics we cover. It also discussed accreditation issues, litigation and other broader industry issues. Finally it discusses the assessment for the subject. Note that the topics below are indicative only. Not all topics below may be covered and may vary from semester to semester depending on availability of specialist guest lecturers and ongoing industry change. However the topics covered each semester shall be relevant to the intent of the subject.
SLOs included
- Differentiate the nature and role of the specialist and statutory property valuer.
- Appreciate the challenges faced by individuals acting as professionals in a property valuation role, including in the role of an expert witness.
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Valuers in court: the expert witness
This topic explores the role and practices valuers must adopt when appearing in or contributing to the Australian Courts, particularly in the context of appearing as expert witnesses.
SLOs included
- Differentiate the nature and role of the specialist and statutory property valuer.
- Appreciate the challenges faced by individuals acting as professionals in a property valuation role, including in the role of an expert witness.
- Identify how various government statutes and policies impact on the value of various property interests.
- Examine various legal cases and their impact on property valuation principles.
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Statutory Valuations: valuations for government rating and land tax assessment.
This topic examines the theory, statutory and case law context and practical applications of rating and land tax valuations. It also steps through the objection and appeal processes land owners can make against these assessments. Finally it outlines the role and functions of the Land Court.
SLOs included
- Differentiate the nature and role of the specialist and statutory property valuer.
- Distinguish and apply the various principles of property valuation, as practised by various professionals in the industry.
- Appreciate the challenges faced by individuals acting as professionals in a property valuation role, including in the role of an expert witness.
- Identify how various government statutes and policies impact on the value of various property interests.
- Examine various legal cases and their impact on property valuation principles.
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Compulsory acquisition and the determination of compensation
This topic covers the theory and practical application of determining the amount of compensation due to dispossessed land owners (or interest holders) who are affected by the compulsory acquisition of their property interests by government endorsed projects.
SLOs included
- Differentiate the nature and role of the specialist and statutory property valuer.
- Distinguish and apply the various principles of property valuation, as practised by various professionals in the industry.
- Appreciate the challenges faced by individuals acting as professionals in a property valuation role, including in the role of an expert witness.
- Identify how various government statutes and policies impact on the value of various property interests.
- Examine various legal cases and their impact on property valuation principles.
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Management Rights
This topic explores the valuation of management letting rights which incorporates the business of managing strata properties and the associated real property assets. The concept of management letting rights was invented on the Gold Coast in the 1970's and is most obviously seen in the various high-rise apartment towers that define the city skyline.
SLOs included
- Differentiate the nature and role of the specialist and statutory property valuer.
- Distinguish and apply the various principles of property valuation, as practised by various professionals in the industry.
- Appreciate the challenges faced by individuals acting as professionals in a property valuation role, including in the role of an expert witness.
- Identify how various government statutes and policies impact on the value of various property interests.
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Businesses and going-concerns
This topic examines a range of businesses and going concerns including the various interest structures and the ladder of risk levels of various business types. It then steps through the process of how to determine the market value of a business and going concern.
SLOs included
- Differentiate the nature and role of the specialist and statutory property valuer.
- Distinguish and apply the various principles of property valuation, as practised by various professionals in the industry.
- Appreciate the challenges faced by individuals acting as professionals in a property valuation role, including in the role of an expert witness.
- Identify how various government statutes and policies impact on the value of various property interests.
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Motels
This topic examines the motel as a business and property investment, including the various interest structures and regional classifications. It then steps through the process of how to determine the market value of a motel.
SLOs included
- Differentiate the nature and role of the specialist and statutory property valuer.
- Distinguish and apply the various principles of property valuation, as practised by various professionals in the industry.
- Appreciate the challenges faced by individuals acting as professionals in a property valuation role, including in the role of an expert witness.
- Identify how various government statutes and policies impact on the value of various property interests.
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Caravan parks
This topic examines the caravan park as a business and property investment, including the various interest structures and regional classifications. It then steps through the process of how to determine the market value of a caravan park.
SLOs included
- Differentiate the nature and role of the specialist and statutory property valuer.
- Distinguish and apply the various principles of property valuation, as practised by various professionals in the industry.
- Appreciate the challenges faced by individuals acting as professionals in a property valuation role, including in the role of an expert witness.
- Identify how various government statutes and policies impact on the value of various property interests.
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Infrastructure assets for financial reporting purposes
This topic covers the practice of valuing infrastructure assets for financial reporting purposes, typically carried out for government authorities and not-for-profit organisations. The assets often include everything in a local council's property and asset register such as library buildings, parks, pump stations, civic centres, swimming and sporting complexes and roads. Other government assets include for example stadiums, airports and power stations.
SLOs included
- Differentiate the nature and role of the specialist and statutory property valuer.
- Distinguish and apply the various principles of property valuation, as practised by various professionals in the industry.
- Appreciate the challenges faced by individuals acting as professionals in a property valuation role, including in the role of an expert witness.
- Identify how various government statutes and policies impact on the value of various property interests.
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Childcare centres
This topic examines the childcare centre as a business and property investment, including the various interest structures and classifications. It then steps through the process of how to determine the market value of a childcare centre.
SLOs included
- Differentiate the nature and role of the specialist and statutory property valuer.
- Distinguish and apply the various principles of property valuation, as practised by various professionals in the industry.
- Appreciate the challenges faced by individuals acting as professionals in a property valuation role, including in the role of an expert witness.
- Identify how various government statutes and policies impact on the value of various property interests.
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Plant and machinery
This topic covers the valuation of plant and machinery, which although is typically not a real property asset, is a specialised and accredited stream of valuation practice recognised by the Australian Property Institute and Royal Institution of Chartered Surveyors. Plant and machinery assets are often included in property transactions but their separate value is required to be determined.
SLOs included
- Differentiate the nature and role of the specialist and statutory property valuer.
- Distinguish and apply the various principles of property valuation, as practised by various professionals in the industry.
- Appreciate the challenges faced by individuals acting as professionals in a property valuation role, including in the role of an expert witness.
- Identify how various government statutes and policies impact on the value of various property interests.
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Valuers' professional liability, duty of care and risk management
This topic examines the professional liability and duty of care that valuers have as professionals providing advice that others (e.g. clients) rely upon in their decision making. It also covers the risk management practices valuers can adopt to minimise the risk of exposure to litigation. Several case studies are explored and the lessons learned from each.
SLOs included
- Distinguish and apply the various principles of property valuation, as practised by various professionals in the industry.
- Appreciate the challenges faced by individuals acting as professionals in a property valuation role, including in the role of an expert witness.
- Identify how various government statutes and policies impact on the value of various property interests.
- Examine various legal cases and their impact on property valuation principles.