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PROPERTY

> Level 1
PO 1002
FINANCE, RISK AND INVESTMENT
CREDIT POINTS 15

Course Co-ordinator: Dr L McCann

Pre-requisite(s): None.

The module considers the nature and operation of investment markets with a focus on three major asset classes; shares, bonds and real estate. It looks at the characteristics of these different investment options, especially in terms of the risks and returns associated with each. The module also introduces basic financial mathematics involving the time value of money, calculation of present and future values, and the computing of rates of return for investments or projects. Finally, it considers the role of financial institutions and regulatory bodies, and the area of personal finance in which consumers and financial markets interact.

2 one-hour lectures and 1 one-hour tutorial per week.

1st Attempt: 1 two-hour examination containing multiple choice and written elements (75%); Continuous assessment (25%) comprising an investment portfolio exercise and report.

Resit: 1 two-hour examination containing multiple choice and written elements (100%).

Formative Assessment and Feedback Information

Practice multiple choice questions during delivery of the module.

A written feedback form will be produced for the portfolio exercise and report once marked. Practice multiple choice exercises will be followed by an indicative mark and worked solutions.

PO 1503
UNDERSTANDING PROPERTY
CREDIT POINTS 15

Course Co-ordinator: Professor N Hutchison

Pre-requisite(s): None.

Co-requisite(s):

Environmental and climatic influences in building design and material choice;sustainable built environment; building degradation and pathology; building defects; structural and condition surveys; building measurement and survey drawings; planning, legal and financial framework.

1 two-hour lecture plus 1 one-hour lecture per week, plus three site visits/field trips.

1st Attempt: Continuous assessment (100%) comprising two elements:
i) one 1,500 word essay (50%)
ii) one class test lasting one hour (50%)
Resit: One 1,500 word essay on a new topic.

Formative Assessment and Feedback Information

Formative assessment will be provided on the essay.

Individual feedback will be given on the essay and the outcomes of the class test will be discussed in lectures.

 

> Level 2
PO 2005
LAND AND PROPERTY LAW
CREDIT POINTS 15

Course Co-ordinator: To be confirmed

Pre-requisite(s): None.

The course will cover the following areas:

  • The concept of land tenure.

  • The evolution of land tenure in Scotland.

  • Capacity to hold land.

  • Co-ownership.

  • 'Ownership' of land.

  • Subordinate rights in land: life rents, leases, security rights.

  • Restrictions on the use of land: real burdens, servitudes.

  • Land registration.

  • Conveyancing.

3 one-hour lectures per week and 4 one-hour tutorials.

1st Attempt: 1 two-hour examination (80%); written in-course assignment (20%).

Resit: 1 two-hour written examination (80%). In course assignment mark is carried forward (20%).

Formative Assessment and Feedback Information

This will take place via tutorial discussions.

Written feedback is given for the in-course assignment.
On a less formal basis, via verbal feedback during tutorial discussions.

PO 2006
LAND AND PROPERTY ECONOMICS
CREDIT POINTS 15

Course Co-ordinator: Dr D Scofield

Pre-requisite(s): EC 1005; EC 1505.

Economic analysis of property markets. Property market as a set of linked markets. Institutional and regulatory environment of property. Basics of property market analysis: use, investment and development. Analysis of property sectors (offices, retail, industrial, housing). Modelling property market activity.

1 two-hour lecture per week and, 1 one-hour tutorial every two weeks.

1st Attempt: 1 two-hour examination (80%); continuous assessment (20%) consisting of one essay of 1,500 words in length.

Resit: 1 two-hour written examination (80%) plus in-course assignment mark carried forward.

Formative Assessment and Feedback Information

This will take place via tutorial discussions.

Oral feedback is given on the tutorial presentation.

A written feedback will be given to the essay assignment.

PO 2504
UNDERSTANDING STATISTICS
CREDIT POINTS 15

Course Co-ordinator: Dr D Roberts

Pre-requisite(s): None.

The course provides an introduction to the following concepts in an accessible and straightforward manner:
Graphical techniques for summarising data;
Summary descriptive measures of central location and variability;
Index numbers;
Probability and probability distributions;
Confidence intervals;
Hypothesis testing;
The ?? and F distributions;
Correlation;
Regression analysis
Time series analysis and forecasting

2 one-hour lectures per week and 1 one-hour tutorial for eight weeks, supplemented by 2 one-hour computer workshops in the sixth and ninth week of the course.

1st Attempt: 1 two-hour examination (70%); continuous assessment (30%) consisting of an in-course test (10%) and a graded written assignment (20%) of 1,500 words in length.

Resit: 1 two-hour written examination (70%) with in-course assignment mark and in-course test marks carried forward.

Formative Assessment and Feedback Information

This will take place via weekly tutorial exercises and in the computer workshops.

Oral feedback is given during tutorials and model answers provided to tutorial exercises. Model answers will also be provided for the in-course test while individual written feedback will be provided for the course assignment.

PO 2505
PRINCIPLES OF PROPERTY VALUATION
CREDIT POINTS 15

Course Co-ordinator: TBC

Pre-requisite(s): PO 1002.

This course introduces students to the concept of value in UK real estate markets, including an examination of the distinguishing features of real estate markets and the different types of legal interests in property. It examines the five main methods of valuation with particular emphasis on the comparable and investment methods. Through lecture examples and tutorial exercises, the course teaches a structured approach to the assimilation and analysis of relevant evidence for valuation. It also utilizes compounding and discounting techniques and applies these to the valuation of various property types and interests. Lastly, the practical context in which valuations are conducted is considered, including the workings of the RICS Valuation Standards and how valuations are reported.

2 one-hour lectures per week, 1 one-hour tutorial every two weeks, plus occasional half-day site visits.

1st Attempt: 1 two-hour written examination (80%) and one piece of in-course assessment (20%) consisting of a 2,000 word professional report.

Resit: 1 two-hour written examination (80%) plus in-course assignment mark carried forward.

Formative Assessment and Feedback Information

This will take place both through tutorial discussions and practice valuation exercises.

Students will receive individual written feedback on their written coursework.

They will also receive model answers to selected practice exercises as well as verbal feedback in the course of tutorial discussions.

 

> Level 3
PO 3005
APPLIED VALUATION
CREDIT POINTS 30

Course Co-ordinator: Professor N Hutchison

Pre-requisite(s): PO 2505 (Principles of Property Valuation).

The course is intended to discuss and explore the following issues:-
- Investment Appraisal: an examination of current issues in investment appraisal.
- Business Appraisal: financial reports; analysis of balance sheets and profit and loss accounts; valuation of specialised operational entities (eg. hotels, public houses and leisure properties).
- Compulsory Purchase: an examination of the role of compulsory purchase, how it operates and the valuation of assessing compensation due in different scenarios
- Local Taxation: an in-depth examination of the approach to the valuation of both residential and commercial properties as used to determine the annual payment of Council Tax and Business rates respectively.
- Rent Review: how rent reviews are instigated, conducted and resolved.
- Estate Agency: how both residential and commercial properties are disposed/purchased/leased in the market-place.
- National Taxation: an examination of the main national UK taxes that affect property and relevant valuations that require to be undertaken.
- Practice management: an investigation as to how surveying organisations operate effectively and the role of the APC graduate surveyor within that structure.

1 two-hour lecture, 1 one-hour lecture plus 1 one-hour tutorial every week, plus one half-day site visit.

1st Attempt: 1 two-hour written examination (60%), two pieces of in-course assessment (35%) comprising an essay (20%) and report (15%) each 2,000 words, plus submission of a CV and covering letter and attendance at mock interview (5%).

Resit: 1 two-hour written examination (60%) plus in-course assignment mark. Previous coursework will be taken into account unless doing so would cause a student who passed the resit exam to fail the course overall, in which case the overall mark will be CAS 9.

Formative Assessment and Feedback Information

This will take place both through tutorial discussions and practice valuation exercises.

Students will receive individual written feedback on their written coursework.

They will also receive model answers to selected practice exercises as well as verbal feedback in the course of tutorial discussions.

PO 3506
HOUSING ECONOMICS
CREDIT POINTS 30

Course Co-ordinator: TBC

Pre-requisite(s): PO 2006 or EC 2003.

Modelling the housing market: interaction between user, asset and development market; supply of new housing and market frictions; taxation and its influence on user cost; tenure mode choice and household portfolios; housing and the macroeconomy: household mobility and wealth effects; state intervention: rent control and social housing; house prices and transaction behaviour.

1 one-hour lecture and 1 two-hour lecture every week, plus 1 one-hour tutorial fortnightly.

1st Attempt: 1 two-hour written examination (60%) and two pieces of in-course assessment (20% each) consisting of a 1,500 word essay each.

Resit: 1 two-hour written examination (60%) plus in-course assignment mark. Previous coursework will be taken into account unless doing so would cause a student who passed the resit exam to fail the course overall, in which case the overall mark will be CAS 9.

Formative Assessment and Feedback Information

This will take place through tutorial discussions.

Students will receive individual written feedback on their written coursework.

They will also receive verbal feedback in the course of tutorial discussions.

PO 3507
INTERNATIONAL REAL ESTATE
CREDIT POINTS 30

Course Co-ordinator: TBC

Pre-requisite(s): PO 2006 or EC 2003.

The course examines international property markets from the perspectives of users, investors and real estate service providers. It also incorporates the study of specific national markets, focusing on those in the regions of Europe, North America and Asia-Pacific.

1 two-hour lecture every week, plus 1 one-hour tutorial every week for eight weeks.

1st Attempt: 1 two-hour written examination (60%). Two pieces of in-course assessment, comprising an essay (20%) and a report (20%), each of which is 2,000 words.

Resit: 1 two-hour written examination (60%) plus in-course assignment marks. Previous coursework will be taken into account unless doing so would cause a student who passed the resit exam to fail the course overall, in which case the overall mark will be CAS 9.

Formative Assessment and Feedback Information

This will take place through tutorial discussions and exercises to be attempted in advance.

Students will receive individual written feedback on their written coursework.

They will also receive outline answers to selected practice exercises as well as verbal feedback in the course of tutorial discussions.

PO 3508
REAL ESTATE CASE STUDY
CREDIT POINTS 15

Course Co-ordinator: Dr D Roberts

Pre-requisite(s): None.

Co-requisite(s): MS 3549.

This module requires the students to conduct independent market research on a real estate market. It thus provides a means for student to put into practice the research knowledge and skills being taught in the level 3 Business research methods module. It will also require them to draw on concepts from a range of other real estate modules including PO 2006 (Land and property economics), PO 2505 (Principles of property valuation), PO 2504 (Understanding statistics), and PO 3004 (Applied valuation). The initial stages of the module (choice of case study market, identification of research strategy, approach and data sources) will be facilitated by an introductory lecture. A compulsory field trip to a major commercial real estate market within the UK will provide key insights into current issues facing real estate markets and the types of analysis relevant to market practitioners. Guidance and support will be given throughout the course via the course coordinator but the main responsibility for the completion of the case study rests with the student.

There will be an initial two-hour introductory session to explain the course aims, details of the field trip (1 two-and-a-half day field trip (or possibly three separate field trips) and how the course will be run (including formative and summative assessment).

A two-hour time slot will be arranged at which individual students will present their findings to a subset of their peers. (The number of presentations within a two hour session will be capped at 8 to allow for sufficient discussion and feedback).

Apart from this there are no other scheduled teaching sessions.

1st Attempt: Two pieces of in-course assessment: A case study proposal (10%) and a 5,000 word case study report (80%) plus a presentation of case study findings (10%).

Resit: The submission of a 5,000 word case study report (100%).

Formative Assessment and Feedback Information

Students will be provided with constructive feedback on their case study proposal, and further guidance and advice from the course coordinator on request throughout the duration of the module.

Written feedback on their initial research plan and final case study report.

Verbal feedback at final presentation session.

 

> Level 4

PLEASE NOTE: Resit: (for Honours students only): Candidates achieving a CAS mark of 6-8 may be awarded compensatory level 1 credit. Candidates achieving a CAS mark of less than 6 will be required to submit themselves for re-assessment and should contact the Course Co-ordinator for further details.

PO 4006 / PO 4506
REAL ESTATE DISSERTATION
CREDIT POINTS 30

Course Co-ordinator: Dr Q Xiao

Pre-requisite(s): MS 3549. Only available to students in Programme Year 4.

Note(s): Students may not register for both PO 4006 AND PO 4506.

This course involves the completion of an independent piece of research work. The emphasis is upon self-directed study. A supervisor will provide guidance and support, but final responsibility for the completion of the dissertation rests with the student.

The process of writing a dissertation provides students with the opportunity to utilize the skills of writing, presentation and logical argument they have developed during their previous years of study. Moreover, it provides students with the opportunity to further develop skills that may be necessary for future employment, such as the writing of reports.

The dissertation process starts with attendance at a compulsory research methods module. No formal classes are held for the dissertation itself. Students are expected, however, to arrange regular meetings with an allocated supervisor. An informal progress meeting will be held at the beginning of the academic session.

1st Attempt: In-course assessment: submission of 12,000 word dissertation (including original work) on topic approved by the Dissertation Co-ordinator (100%).

Resit: None.

Formative Assessment and Feedback Information

Regular supervisor-student meetings will be arranged and an assigned supervisor will read and comment on the draft of the dissertation and also ensure that the student is made aware of inadequate progress or of standards of work that fall below that generally expected.

Feedback will occur through the regular supervisor-student meetings and/or via e-mail when responding to drafts.

PO 4007
REAL ESTATE PORTFOLIO INVESTMENT
CREDIT POINTS 30

Course Co-ordinator: Dr R Schulz

Pre-requisite(s): PO 2006 or EC 2003 or AC 2030. Only available to students in Programme Year 4.

This course examines theories and issues relevant to both mixed-asset and real estate portfolios. Themes include: institutional background; investor motives; risk and return; the application of modern portfolio theory (including the Capital Asset Pricing Model); information and market efficiency; securitization; market modelling; index construction and derivatives. Drawing these themes together, benchmarking and real estate portfolio strategy and management are examined in the context of practical examples. The course is a core module for those intending a career in Chartered Surveying, investment fund management, and related professional positions.

1 two-hour lecture per week, 1 one-hour tutorial every two weeks (including computer workshop).

1st Attempt: Two pieces of written coursework, consisting of 1,500 words each (20% per coursework) and 1 two-hour written examination (60%).

Resit: None.

Formative Assessment and Feedback Information

This will take place both through tutorial discussions and practical computer exercises.

Students will receive individual written feedback on their written coursework.

They will also receive model answers to numerical tutorial exercises as well as verbal feedback in the course of tutorial discussions.

PO 4506
DISSERTATION
CREDIT POINTS 30

Course Co-ordinator: TBC

Pre-requisite(s): Available to Senior Honours students who have passed MS 4032.

Personal research supported by formal introduction to research methods (in associated course) and by regular supervision.

Required field work: discussion with supervisor.

1st Attempt: In-course assessment: submission of dissertation (including original work) on topic approved by the Dissertation Coordinator (100%).

PO 4507
REAL ESTATE DEVELOPMENT
CREDIT POINTS 30

Course Co-ordinator: Dr S Devaney

Pre-requisite(s): PO 2505. Only available to students in Programme Year 4.

Note(s): This course will be available in alternate years in 2013/14.

This course focuses on the valuation and financing of property development schemes. It begins by setting this activity in context through consideration of the economic motives for development and the occurrence of development cycles. It then reviews specific techniques for calculating the financial value and viability of development projects, such as the residual method, scenario and sensitivity analysis, and more sophisticated simulation approaches. Other issues that are considered include sources of funding, market forecasting and the involvement of public agencies in property development.

1 two-hour lecture per week, 1 one-hour tutorial per week (maximum of 7) and 1 one-hour computer workshop per week (maximum of 7).

1st Attempt: Two pieces of written coursework, consisting of 2,000 words each (20% per coursework) and 1 two-hour written examination (60%).

Resit: None.

Formative Assessment and Feedback Information

This will take place through tutorial discussions and practical computer exercises.

Students will receive individual written feedback on their written coursework.

They will also receive model answers to numerical tutorial/computer exercises as well as verbal feedback in the course of tutorial discussions.