PROPERTY 311 : Advanced Valuation
Business and Economics
2022 Semester One (1223) (15 POINTS)
Course Prescription
Course Overview
The aim of this course is to provide you with opportunity to deepen your knowledge of the application of the theory and practice of valuation. Throughout this semester we will be exploring how to apply the valuation techniques to more markets for complex and specialised property scenarios and considering the practical limitations and current issues in valuing such property. You will also develop the underpinning knowledge and skills required to perform rudimentary valuations by solving authentic property valuation problems and reporting to clients appropriately through the valuation standards, guidance papers and other decision-making tools. This will prepare you for a career as a valuer and contribute towards the process of gaining membership of professional organisations such as the RICS, PINZ and NZIV.
Capabilities Developed in this Course
| Capability 1: | Disciplinary Knowledge and Practice |
| Capability 2: | Critical Thinking |
| Capability 3: | Solution Seeking |
| Capability 4: | Communication and Engagement |
| Capability 5: | Independence and Integrity |
Learning Outcomes
- Know and apply the professional and ethics standards that valuers observe in valuation decision making process (Capability 1, 2 and 5.2)
- Perform and appraise a wide and diverse range of complex and specialised valuations using appropriate information, practice standards and other decision-making tools (Capability 1, 2 and 3)
- Use a range of reporting standards to prepare and communicate valuation decisions to clients in a professional manner (Capability 1 and 4.2)
Assessments
| Assessment Type | Percentage | Classification |
|---|---|---|
| Ethics Quiz | 10% | Individual Coursework |
| Workshops | 30% | Individual Coursework |
| Assignments | 60% | Group & Individual Coursework |
| 3 types | 100% |
| Assessment Type | Learning Outcome Addressed | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 2 | 3 | ||||||||
| Ethics Quiz | ||||||||||
| Workshops | ||||||||||
| Assignments | ||||||||||
Workload Expectations
This course is a standard 15 point course and students are expected to spend 10 hours per week in each 15 point course that they are enrolled in.
For this course, you can expect 12 hours of lectures, 24 hours of workshop, 54 hours of reading and thinking about the content and 60 hours of work on assignments.
Delivery Mode
Campus Experience
Attendance is required at scheduled activities including workshops to complete components of the course.
Lectures will be available as recordings. Other learning activities including workshops and guest lectures may not be available as recordings.
The course will not include live online events including workshops.
The activities for the course are scheduled as a standard weekly timetable delivery.
Learning Resources
Course materials are made available in a learning and collaboration tool called Canvas which also includes reading lists and lecture recordings (where available).
Please remember that the recording of any class on a personal device requires the permission of the instructor.
- API and PINZ, 2009. Australia and New Zealand Valuation and Property Standards. Deakin: Australian Property Institute .
- RICS, 2020. Red Book Global Standards. London: Royal Institution of Chartered Surveyors
- IVSC, 2020. International Valuation Standards. London: International Valuation Standards Council .
- PCNZ and PINZ, 2013. Guide for the Measurement of Rentable Areas. Wellington: Property Institute of New Zealand .
- Jefferies, R.L. 1991. Urban Valuation in New Zealand (Vol. 1, 2nd Edition). Wellington: New Zealand Institute of Valuers.
- Shapiro, E., Mackmin, D. and Sams, G., 2013. Modern Methods of Valuation. Taylor & Francis.
- Fisher, J.D. and Martin, R.S., 2008. Income Property Valuation (3rd Edition). Dearborn Financial Publishing Inc.
- Denyer-Green, B., 2013. Compulsory purchase and compensation. Taylor & Francis.
- Harper, D., 2013. Valuation of hotels for investors. Taylor & Francis.
- Baum, A.E. and Crosby, N., 2014. Property Investment Appraisal (4th Edition). John Wiley & Sons.
- Whipple, R.T.M., 2006. Property Valuation and Analysis. Lawbook.
- All students will require a HP 10B II financial calculator or equivalent for this paper.
Student Feedback
At the end of every semester students will be invited to give feedback on the course and teaching through a tool called SET or Qualtrics. The lecturers and course co-ordinators will consider all feedback and respond with summaries and actions.
Your feedback helps teachers to improve the course and its delivery for future students.
Class Representatives in each class can take feedback to the department and faculty staff-student consultative committees.
Following feedback from students this year, the course will no longer be assessed through end of semester examination as this essentially duplicates the weekly workshop exercises, which students found really useful and engaging.
Other Information
The designated class time will include a series of interactive lectures and workshops. The lectures will be used to present the core materials while given you the opportunity to consider practical application of the valuation related content through worked example and discussion during the workshops. You will also be provided with formative feedback throughout the workshops.
Academic Integrity
The University of Auckland will not tolerate cheating, or assisting others to cheat, and views cheating in coursework as a serious academic offence. The work that a student submits for grading must be the student's own work, reflecting their learning. Where work from other sources is used, it must be properly acknowledged and referenced. This requirement also applies to sources on the internet. A student's assessed work may be reviewed against online source material using computerised detection mechanisms.
Class Representatives
Class representatives are students tasked with representing student issues to departments, faculties, and the wider university. If you have a complaint about this course, please contact your class rep who will know how to raise it in the right channels. See your departmental noticeboard for contact details for your class reps.
Inclusive Learning
All students are asked to discuss any impairment related requirements privately, face to face and/or in written form with the course coordinator, lecturer or tutor.
Student Disability Services also provides support for students with a wide range of impairments, both visible and invisible, to succeed and excel at the University. For more information and contact details, please visit the Student Disability Services’ website http://disability.auckland.ac.nz
Special Circumstances
If your ability to complete assessed coursework is affected by illness or other personal circumstances outside of your control, contact a member of teaching staff as soon as possible before the assessment is due.
If your personal circumstances significantly affect your performance, or preparation, for an exam or eligible written test, refer to the University’s aegrotat or compassionate consideration page https://www.auckland.ac.nz/en/students/academic-information/exams-and-final-results/during-exams/aegrotat-and-compassionate-consideration.html.
This should be done as soon as possible and no later than seven days after the affected test or exam date.
Learning Continuity
In the event of an unexpected disruption, we undertake to maintain the continuity and standard of teaching and learning in all your courses throughout the year. If there are unexpected disruptions the University has contingency plans to ensure that access to your course continues and course assessment continues to meet the principles of the University’s assessment policy. Some adjustments may need to be made in emergencies. You will be kept fully informed by your course co-ordinator/director, and if disruption occurs you should refer to the university website for information about how to proceed.
Student Charter and Responsibilities
The Student Charter assumes and acknowledges that students are active participants in the learning process and that they have responsibilities to the institution and the international community of scholars. The University expects that students will act at all times in a way that demonstrates respect for the rights of other students and staff so that the learning environment is both safe and productive. For further information visit Student Charter https://www.auckland.ac.nz/en/students/forms-policies-and-guidelines/student-policies-and-guidelines/student-charter.html.
Disclaimer
Elements of this outline may be subject to change. The latest information about the course will be available for enrolled students in Canvas.
In this course students may be asked to submit coursework assessments digitally. The University reserves the right to conduct scheduled tests and examinations for this course online or through the use of computers or other electronic devices. Where tests or examinations are conducted online remote invigilation arrangements may be used. In exceptional circumstances changes to elements of this course may be necessary at short notice. Students enrolled in this course will be informed of any such changes and the reasons for them, as soon as possible, through Canvas.