Independent Guided Study

Transcription

1 MODULE DESCRIPTOR TITLE Valuation SI MODULE CODE S CREDITS 15 LEVEL 7 JACS CODE 234 SUBJECT GROUP Real Estate and Building Surveying DEPARTMET atural and Built Environment MODULE LEADER Sarah Cardwell MODULE STUD HOURS (based on 10 hours per credit) Scheduled Learning and Teaching Activities Placement (if applicable) Independent Guided Study MODULE AIM Total umber of Study Hours The aim of this module is to provide you with a solid grounding in valuation methodology and the ability to apply this theory to a range of practical problems within a wide range of real estate contexts, in line with the professional body requirements of the RICS. MODULE LEARIG OUTCOMES By engaging successfully with this module a student will be able to Critically apply a range of valuation methods to value different property types for a range of purposes, identifying and implementing the appropriate basis of valuation. Identify, evaluate and analyse market data and apply these to a range of valuation methods. Demonstrate an appreciation of how valuers and valuations are regulated in the UK and internationally, including reporting standards and ethics. IDICATIVE COTET The role and function of the valuer, including professional ethics, standards and regulation both nationally and internationally. Conventional and contemporary methods of valuation. The valuation process including understanding the clients needs, identification of property and collection and analysis of data, understanding markets and expressions of opinion through valuation reporting. Detailed consideration of a range of examples of market and hypothetical valuations for a range of purposes. Use of proprietary software to support analysis and valuation. LEARIG, TEACHIG AD ASSESSMET - STRATEG AD METHODS Students will be supported in their learning, to achieve the above outcomes, in the following ways

2 Learning activities will include interactive lectures, seminars, practical exercises and guided self-directed learning. The seminars will provide an opportunity to implement, into real world situations, the principles and concepts taught on the module. The seminar sessions will be used for providing formative feedback. A key support mechanism will be provided by the module Blackboard site which will be developed as an interactive resource. This will be a repository of information but will also provide a detailed structure for the module. There will be a summative unseen examination of two hours duration at the end of the module, weighted at 100%. The examination will assess all the learning outcomes for the module. To pass the module, as a minimum, you will be expected to demonstrate an ability to carry out valuations using the main methods of valuation, in the context of different hypothetical scenarios For the exam you will need to demonstrate: correct identification of valuation problems; key stages of the valuation process; competent selection and use of appropriate methods of analysis and appraisal, calculations that use a relevant method which are accurate and laid out in a clear way, with some annotation and reference to market knowledge. ASSESSMET TASK IFORMATIO o. Short Description of SI Code EX/CW/PR Weighting % Word Count or Exam Duration 1 Exam EX Hours In-module retrieval available FEEDBACK Students will receive feedback on their performance in the following ways ou will receive peer group and tutor formative feedback during seminar sessions. ou will be provided with a mark for the examination. ou will be able to discuss your performance in the examination with your tutor who will point out the strengths and weaknesses in your performance. LEARIG RESOURCES FOR THIS MODULE (ICLUDIG READIG LISTS) Blackboard will be a key learning resource and will contain module documents and learning resources. The Blackboard site will be update on a regular basis with lecture notes, seminar material and links to topical issues.

3 Resources for the modules include: CoStar - a database of comparable commercial property and land (lettings, sales and investments). Estates Gazette (EGi) Valuation Office Agency (VOA) - used to access individual rating valuations. Singer Vielle - provides details of a wide selection of commercial property investments for sale. RICS - provides valuation standards and guidance, industry news and knowledge, training and events, regulation, APC guidance, and professional standards and ethics. Building Cost Information Service (BCIS) ISurv - provides RICS guidance and practical commentary in the areas of building surveying, commercial property, construction, environment, planning, estate agency and valuation. Books and Publications Suggested reading is provided at the end of each taught session. However, there are a wide range of sources available to you, including: Armatys, J Askham, P and Green, M (2009). Principles of valuation. London: Estates Gazette. (covers the basics) Baum, A and Crosby, (2008). Property investment appraisal. 3rd ed. Oxford: Blackwell. Baum, A Mackmin, D and unnington, (2011). The income approach to property valuation. 6 th ed., Oxford: Elsevier Ltd. Baum, A et al (2007). Statutory valuations. 4 th ed., London: Estates Gazette. Blackledge, M (2009). Introducing property valuation. Oxon: Routledge. Enever, Isaac, D and Daley, M (2010). The Valuation of Property Investments. 7th ed., London: Estates Gazette. Harper, D (2008). Valuation of hotels for investors. London: Estates Gazette. Hayward, R (2008). Valuation principles into practice. 6 th ed., London: Estates Gazette. Hirst, C (2011). Ethics and professional conduct for surveyors. 2 nd ed., Coventry: RICS. Isaac, D and O'Leary, J (2012). Property valuation principles. 2 nd ed., Basingstoke: Palgrave. Isaac, D and O'Leary, J (2011). Property investment. 2nd ed., Basingstoke: Palgrave. Saunders, O (2011). Valuation calculations: 101 worked examples. 2 nd ed., Coventry: RICS. Shapiro, E, Mackmin, D, and Sams, G (2013). Modern methods of valuation. 11th ed. Abingdon: Routledge. Storr, D. J (1994). Appraisal tables. Sheffield: Sheffield Hallam University Press.

4 Publications RICS (2014). RICS Valuation - Professional Standards. Coventry: Royal Institution of Chartered Surveyors. RICS information paper (2012). Comparable Evidence in Property Valuation. Coventry: Royal Institution of Chartered Surveyors. RICS guidance note (2010). The capital and rental valuation of public houses, bars, restaurants and nightclubs in England and Wales. (G 67/2010) Coventry: Royal Institution of Chartered Surveyors. RICS guidance note (2010). Discounted cash flow for commercial property investments. 1 st ed., Coventry: Royal Institution of Chartered Surveyors. RICS (2007). Code of Measuring Practice. 6 th ed., Coventry: Royal Institution of Chartered Surveyors. RICS information paper (1998). Valuation of development land. 1 st Institution of Chartered Surveyors. ed., Coventry: Royal RICS information paper (1997). Calculation of worth - an information paper. Coventry: Royal Institution of Chartered Surveyors. RICS (1997). Commercial investment property valuation methods - an information paper. Coventry: Royal Institution of Chartered Surveyors. Journals Modus (RICS) Estates Gazette Property Week Property Journal (RICS) Electronic Journals Chartered Surveyor Weekly Journal of Leisure Property Journey of Property Finance Journal of Investment and Finance Journal of Property Research Journal of Property Valuation and Investment Journal of Valuation

5 SECTIO 2 MODULE IFORMATIO FOR STAFF OL MODULE DELIVER AD ASSESSMET MAAGEMET IFORMATIO MODULE STATUS - IDICATE IF A CHAGES BEIG MADE EW MODULE EXISTIG MODULE - O CHAGE Title Change Level Change Credit Change Assessment Pattern Change Change to Delivery Pattern Date the changes (or new module) will be implemented 09/2015 MODULE DELIVER PATTER Module Begins Module Ends Course Intake 1 September 2015 January 2016 Course Intake 2 DD/MM/ DD/MM/ Course Intake 3 DD/MM/ DD/MM/ Is timetabled contact time required for this module? Are any staff teaching on this module non-shu employees? If yes, please give details of the employer institution(s) below What proportion of the module is taught by these non-shu staff, expressed as a percentage? MODULE ASSESSMET IFORMATIO Indicate how the module will be marked *Overall PERCETAGE Mark of 40% *Overall PASS / FAIL Grade /A SUB-TASKS Will any sub-tasks (activities) be used as part of the assessment strategy for this module? FIAL TASK According to the Assessment Information shown in the Module Descriptor, which task will be the LAST TASK to be taken or handedin? (Give task number as shown in the Assessment Information Grid in Section 1 of the Descriptor) O-STADARD ASSESSMET PATTERS MARK 'X' I BOX IF MODULE ASSESSMET PATTER IS O STADARD, eg MODEL B, ALL TASKS MUST BE PASSED AT 40%. B: on-standard assessment patterns are subject to faculty agreement and approval by Registry Services - see guidance notes. CHECKED Date Reason August 2015 Checked Against SI - correct o. 1