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 with particular emphasis on the role of a valuer as an expert witness and risk management.
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Details
Academic unit: Faculty of Society & Design Subject code: SSUD71-328 Subject title: Specialist and Statutory Valuation Subject level: Postgraduate Semester/Year: September 2023 Credit points: 10.000 -
Delivery & attendance
Timetable: https://bond.edu.au/timetable Delivery mode: Intensive Workload items: - Workshop: x3 (Total hours: 18) - Workshop 1: 3 days
- Workshop: x3 (Total hours: 18) - Workshop 2: 3 days
- Personal Study Hours: x12 (Total hours: 84) - Recommended study hours
Attendance and learning activities: As successful completion of this subject is heavily dependent on participation during all scheduled sessions, attendance will be monitored. Most sessions build on the content of the previous one. It is difficult for a student to recover if a session is missed. It is the responsibility of the student to catch up on any content missed and to complete set work outside class. It is also necessary for students to engage proactively and contribute positively in discussions, analyses and case studies. The assessments are an important part of developing the knowledge and understanding required to fulfil the minimum requirements of this subject. In addition to “remote” face-to-face contact time, students should plan to spend a minimum of 84 hours undertaking preparation/out of class work/personal study for this subject. This is intended as a general guide only for workload planning. More time may be required depending on the student's comprehension of the content delivered in class and aptitude for the subject. Please note that subsequent subjects assume the student has a full understanding of this subject - this content will not be repeated. -
Resources
Prescribed resources: Books
- David Parker (2021). Principles and Practice of Property Valuation in Australia. n/a, Routledge 294
- Australian Property Institute (1996). Specialist Valuations in Australia and New Zealand. n/a, Deakin, ACT. Australian Property Institute
Others
- Logue, D (Ed.) (2022). Readings included in subject ilearn site.
iLearn@Bond & Email: iLearn@Bond is the Learning Management System at Bond University and is used to provide access to subject materials, class 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: | SSUD71-328 |
| Subject title: | Specialist and Statutory Valuation |
| Subject level: | Postgraduate |
| Semester/Year: | September 2023 |
| Credit points: | 10.000 |
| Timetable: | https://bond.edu.au/timetable |
|---|---|
| Delivery mode: | Intensive |
| Workload items: |
|
| Attendance and learning activities: | As successful completion of this subject is heavily dependent on participation during all scheduled sessions, attendance will be monitored. Most sessions build on the content of the previous one. It is difficult for a student to recover if a session is missed. It is the responsibility of the student to catch up on any content missed and to complete set work outside class. It is also necessary for students to engage proactively and contribute positively in discussions, analyses and case studies. The assessments are an important part of developing the knowledge and understanding required to fulfil the minimum requirements of this subject. In addition to “remote” face-to-face contact time, students should plan to spend a minimum of 84 hours undertaking preparation/out of class work/personal study for this subject. This is intended as a general guide only for workload planning. More time may be required depending on the student's comprehension of the content delivered in class and aptitude for the subject. Please note that subsequent subjects assume the student has a full understanding of this subject - this content will not be repeated. |
| Prescribed resources: | Books
Others
|
|---|---|
| iLearn@Bond & Email: | iLearn@Bond is the Learning Management System at Bond University and is used to provide access to subject materials, class 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: |
Pre-requisites:Co-requisites:There are no co-requisites |
|---|---|
| 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:
- 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 Computer-Aided Examination (Open) End of semester exam 30.00% Final Examination Period 1,2,3,4,5 Written Report Assignment 1 Written report based upon the analysis and interpretation of relevant legislation and case law involving a form of statutory valuation as directed (includes compulsory acquisition and compensation). A class presentation may be included as a component of this assessment. 35.00% Week 6 1,2,3,4,5 Written Report Assignment 2 Written report on a relevant Specialist Valuation topic as directed. 35.00% Week 12 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 |
|---|---|---|---|---|
| Computer-Aided Examination (Open) | End of semester exam | 30.00% | Final Examination Period | 1,2,3,4,5 |
| Written Report | Assignment 1 Written report based upon the analysis and interpretation of relevant legislation and case law involving a form of statutory valuation as directed (includes compulsory acquisition and compensation). A class presentation may be included as a component of this assessment. | 35.00% | Week 6 | 1,2,3,4,5 |
| Written Report | Assignment 2 Written report on a relevant Specialist Valuation topic as directed. | 35.00% | Week 12 | 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
Bond University‘s Student Code of Conduct Policy , Student Charter, Academic Integrity Policy and our Graduate Attributes guide expectations regarding student behaviour, their rights and responsibilities. Information on these topics can be found on our Academic Integrity webpage recognising that academic integrity involves demonstrating the principles of integrity (honesty, fairness, trust, professionalism, courage, responsibility, and respect) in words and actions across all aspects of academic endeavour.
Staff are required to report suspected misconduct. This includes all types of plagiarism, cheating, collusion, fabrication or falsification of data/content or other misconduct relating to assessment such as the falsification of medical certificates for assessment extensions. The longer term personal, social and financial consequences of misconduct can be severe, so please ask for help if you are unsure.
If your work is subject to an inquiry, you will be given an opportunity to respond and appropriate support will be provided. Academic work under inquiry will not be marked until the process has concluded. Penalties for misconduct include a warning, reduced grade, a requirement to repeat the assessment, suspension or expulsion from the University.
Feedback on assessment
Feedback on assessment will be provided to students according to the requirements of the Assessment Procedure Schedule A - Assessment Communication Procedure.
Whilst in most cases feedback should be provided within two weeks of the assessment submission due date, the Procedure should be checked if the assessment is linked to others or if the subject is a non-standard (e.g., intensive) subject.
Accessibility and Inclusion Support
Support is available to students where a physical, mental or neurological condition exists that would impact the student’s capacity to complete studies, exams or assessment tasks. For effective support, special requirement needs should be arranged with the University in advance of or at the start of each semester, or, for acute conditions, as soon as practicable after the condition arises. Reasonable adjustments are not guaranteed where applications are submitted late in the semester (for example, when lodged just prior to critical assessment and examination dates).
As outlined in the Accessibility and Inclusion Policy, to qualify for support, students must meet certain criteria. Students are also required to meet with the Accessibility and Inclusion Advisor who will ensure that reasonable adjustments are afforded to qualifying students.
For more information and to apply online, visit BondAbility.
Additional subject information
Topics covered in the subject curriculum may change from semester to semester depending upon access to specialist industry practitioners. The topics identified within the subject curriculum are indicative only and the number of topics delivered each semester may not include the same number of topics as shown above.
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.
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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
- Appreciate the challenges faced by individuals acting as professionals in a property valuation role, including in the role of an expert witness.
- 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 theoretical concepts, the application of statutory and case law principles and the practical approach to assessing the statutory value of real property for rating and land tax purposes within a mass appraisal context. It also steps through the objection and appeal processes land owners can make against these assessments. Intrinsic within the above, we examine the role and functions of the Valuer-General and 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 compensation assessment
This topic covers the theoretical concepts and the practical application of how valuers assess the amount of compensation payable to land owners (or interest holders) affected by the compulsory acquisition of their property interests by government-endorsed projects e.g. roads, powerlines, water pipelines etc. The role of the courts is also explored in determining objections to those compensation assessments and in setting relevant case law that is subsequently applied by valuers in future compensation assessments.
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: the business of managing strata properties, most obviously seen in the various high rise apartment towers on the Gold Coast. The concept of management letting rights was invented on the Gold Coast in the 1970's. We then learn how the valuer approaches the valuation of management letting rights.
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.
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Businesses and going-concerns
This topic examines businesses and going concerns as an asset class that can be traded in the open market. It includes the various interest structures and the analysis of inherent risk within 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.
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Motels and caravan parks
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. We'll also cover the valuation of caravan parks as a business and property investment, including the various interest structures and regional classifications. Included in this analysis is the process of determining the market value of a caravan park as practiced by industry specialists.
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.
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Infrastructure assets for financial reporting purposes
This topic covers the relatively recent area of the valuation of infrastructure assets for financial reporting. These valuations are typically carried out for government authorities and not-for-profit organisations. The assets typically 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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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
- 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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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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Accommodation Hotels
This topic examines Hotels as an income-producing accommodation asset i.e. not to be confused with pubs, taverns or clubs. It delves into the scale, ownership structures and regional differences of hotel assets that make them a complex and unique property asset. We explore the various income streams hotels may derive, hotel management and operations and how that impacts their market performance. Finally, we identify and apply the relevant valuation methodologies to understand how the market value of a hotel asset is assessed by valuers practicing in this niche field.
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.
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Other topics
The topics above may be substituted for other relevant topics from semester to semester depending on access to guest speakers who are specialists in their fields. It also may not include the same number of topics as shown above. Examples of other topics we may cover in lieu of the above include service stations, marinas, pubs, nightclubs and other licenced premises, rural properties, the acquisition of Native Title rights and interests etc as they become available.
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.