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 2023 Credit points: 10.000 -
Delivery & attendance
Timetable: https://bond.edu.au/timetable Delivery mode: Standard Workload items: - Forum: x12 (Total hours: 36) - Weekly forum
- Forum: 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 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: | SSUD11-200 |
| Subject title: | Principles of Property Valuation |
| Subject level: | Undergraduate |
| Semester/Year: | May 2023 |
| 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 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: |
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 Computer-Aided Examination (Open) Final Exam 30.00% Final Examination Period 1,2,3,4 Written Report Valuation of residential land. 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. 30.00% 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. 40.00% 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 |
|---|---|---|---|---|
| Computer-Aided Examination (Open) | Final Exam | 30.00% | Final Examination Period | 1,2,3,4 |
| Written Report | Valuation of residential land. 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. | 30.00% | 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. | 40.00% | 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
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
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.
We commence with a discussion of the course outline and student requirements to successfully complete the subject. We progress to introduce and explain the Property Valuation Profession, the role of the Property Valuer and 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 the International Valuation Standards and their use within the industry. Students are then introduced to the key property characteristics that not only define real property but are further explored in the valuation 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 to and analysis of the concept of market value. We explore 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 to assess the value of real 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.
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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 the data analysis process applied when conducting 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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The Income Approach to property valuation
This topic provides an introduction to the Income Approach to property valuation, primarily the capitalisation method and its application to assessing the market value of investment grade 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 to property valuation
An introduction to the Cost Approach to valuation and its application to assessing the market value of real property. This topic continues to include assessing insurance value and residual 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.
An examination of the relevant professional bodies' requirements and expectations of their members as practicing professionals, including an analysis of professional ethics and conduct. We also identify the requirements these bodies have for individuals seeking accredited professional membership within them. Finally, we cover the types and scope of professional roles that individuals with property and valuation skills may become involved in as part of a career in this space.
SLOs included
- Develop an understanding of the nature and role of the valuation profession, the property market and valuation methods.