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PO2509: PRINCIPLES OF PROPERTY VALUATION (2017-2018)

Last modified: 31 Aug 2017 14:39


Course Overview

This course deals with the detail of why property requires to be valued and how the valuation process operates in the UK by way of the implementation of the RICS “Red Book”. The five property valuation methods are discussed via a series of lectures supplemented by tutorials/workshops in which valuation problem-solving tasks are discussed, with a focus on the investment method and the critique of traditional approaches.  Practical valuation exercises are undertaken, which include the inspection and measurement of property and the analysis of comparable evidence.

Course Details

Study Type Undergraduate Level 2
Session Second Sub Session Credit Points 15 credits (7.5 ECTS credits)
Campus None. Sustained Study No
Co-ordinators
  • Dr Nan Liu
  • Professor Norman Hutchison

Qualification Prerequisites

  • Programme Level 2

What courses & programmes must have been taken before this course?

What other courses must be taken with this course?

None.

What courses cannot be taken with this course?

None.

Are there a limited number of places available?

No

Course Description

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.

Degree Programmes for which this Course is Prescribed

  • MA Accountancy-Real Estate
  • MA Business Management-Real Estate
  • MA Finance-Real Estate
  • MA Real Estate
  • Property Joint

Contact Teaching Time

54 hours

This is the total time spent in lectures, tutorials and other class teaching.

Teaching Breakdown


Assessment

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 examination (100%).

Formative Assessment

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

Feedback

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.

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