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SSUD71-328: Specialist and Statutory Valuation May 2020 [Standard]

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.

Details

Academic unit:Faculty of Society & Design
Subject code:SSUD71-328
Subject title:Specialist and Statutory Valuation
Subject level:Postgraduate
Semester/Year:May 2020
Credit points:10

Delivery & attendance

Timetable: https://bond.edu.au/timetable
Delivery mode:

Standard

Workload items:
  • Seminar: x12 (Total hours: 36) - Weekly webinar
  • Personal Study Hours: x12 (Total hours: 84) - Recommended study hours
Attendance and learning activities: Students are required to all to attend all teaching activities, as by missing these classes you will miss out on vital information needed to complete this subject.

Resources

Prescribed resources:
  • IBISWORLD REPORTS. [Website]
  • isurv Valuation and the red book online. [Website] RICS.
  • Australian Property Institute (2007). Valuation Principles and Practice. [Book]
  • Australian Property Institute (1996). Specialist valuations in Australia and New Zealand : theory and practice. [Book] The Institute.
After enrolment, students can check the Books and Tools area in iLearn for the full Resource List.
[email protected] & Email:[email protected] 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

Restrictions: ? This subject is not available to
  • Study Abroad Students

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.

Find your program

Subject Learning Outcomes (SLOs)

On successful completion of this subject the learner will be able to:
  1. Differentiate the nature and role of the specialist and statutory property valuer.
  2. Distinguish and apply the various principles of property valuation, as practised by various professionals in the industry.
  3. Appreciate the challenges faced by individuals acting as professionals in a property valuation role, including in the role of an expert witness.
  4. Identify how various government statutes and policies impact on the value of various property interests.
  5. Examine various legal cases and their impact on property valuation principles.

Assessment

Assessment details

TypeTask%Timing*Outcomes assessed
Written Report Complete a written report on a relevant compulsory acquisition matter. 35% Week 6 2, 3, 4, 5.
Written Report Complete a written report on a relevant specialist valuation 35% Week 11 1, 2, 3, 4.
Take-home Examination Online exam 30% 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 [email protected] subject site for detailed assessment information and submission procedures.

Policy on late submission and extensions

A late penalty will be applied to all overdue assessment tasks unless an extension is granted by the subject coordinator. The standard penalty will be 10% of marks awarded to that assessment per day late with no assessment to be accepted seven days after the due date. Where a student is granted an extension, the penalty of 10% per day late starts from the new due date.

Policy on plagiarism

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.

Subject curriculum

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.

1, 3.

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.

1, 3, 4, 5.

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.

1, 2, 3, 4, 5.

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.

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.

1, 2, 3, 4.

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.

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.

1, 2, 3, 4.

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.

1, 2, 3, 4.

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.

1, 2, 3, 4.

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.

1, 2, 3, 4, 5.

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.

1, 2, 3, 4, 5.

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.

1, 2, 3, 4, 5.
Approved on: Apr 30, 2020. Edition: 2.0
Last updated: Aug 26, 2020.