Course Title: Rural Valuations

Part A: Course Overview

Course Title: Rural Valuations

Credit Points: 12.00

Terms

Course Code	Campus	Career	School	Learning Mode	Teaching Period(s)
OMGT1145	City Campus	Undergraduate	325H Property, Construction & Project Management	Face-to-Face	Sem 2 2006, Sem 2 2008, Sem 2 2009, Sem 2 2010, Sem 2 2011, Sem 2 2012, Sem 2 2013, Sem 2 2014, Sem 2 2015, Sem 2 2016, Sem 2 2017, Sem 1 2019, Sem 2 2019, Sem 1 2022, Sem 1 2023, Sem 1 2024

Course Coordinator: Judith Callanan

Course Coordinator Phone: +61 3 9925 2644

Course Coordinator Email: judith.callanan@rmit.edu.au

Course Coordinator Location: 8.8.8

Course Coordinator Availability: by Appointment

Pre-requisite Courses and Assumed Knowledge and Capabilities

Enforced Pre-Requisite Courses

Successful completion of MKTG1320 Valuation Process and Methods
Note: it is a condition of enrolment at RMIT that you accept responsibility for ensuring that you have completed the prerequisite/s and agree to concurrently enrol in co-requisite courses before enrolling in a course.
For your information go to RMIT Course Requisites webpage https://www.rmit.edu.au/students/student-essentials/enrolment/course-requisites.

Course Description

 
Valuation of rural property focuses on the factors that create value and influence behaviour in rural land. This course aims to provide a firm understanding of the nature of problem solving in rural valuations, and to promote flexibility and responsiveness to change.

This course covers the physical aspects of rural land and agricultural production and seeks to develop your ability to communicate and make recommendations towards the market for rural land, valuation and principles. This course builds on the theory and practice previously learned, to provide a strong understanding and overview of farming agriculture and the financial considerations required in rural industries. The unit identifies the changing environment and constraints faced by rural development and how to apply to the valuation of rural land.
The course focuses on five major topics crucial to a proper understanding of property markets and development of rural communities and the influence this has on Valuers
1. What is Rural Property and why is it different from other forms of Property?
2. Demands and transformational forces on Rural Property of Infrastructure, Technology and Water availability/rights
3. Review and defensibility of Rural Reports including the Valuation Process and Standards for Rural Valuation.( Ethics & Professional Standards)
4. Farm Management, Technology and Sustainable practice
5. Specialised Property types and changes within Rural property market.

You will examine a broad range of current issues and contemporary topics that are extremely relevant to the property industry and of importance to the profession. The course aims to develop your critical understanding of the impact of events and trends on rural property, and to enhance your capacity to formulate and justify your considered opinion.
 

Objectives/Learning Outcomes/Capability Development

In this course you will develop the following program capabilities:
GC 1 Problem Diagnosis and Solving
GC 2 Professional Communication
GC 3 Professional Practice
GC 4 Critical Thinking

Upon successful completion of this course, you will be able to:

1. Identify and analyse current social, economic and political issues that affect Rural Communities and the Valuation of Rural Land
2. Identify how both local and global economic drivers impede on rural property markets.
3. Source and critically evaluate information used for decision-making in rural valuation and formulate defensible case on a point of law for the justification and allowances of specific considerations that affect Rural Property
4. Research, analyse and synthesise secondary data to produce a property report.
5. Work effectively in a team to achieve a comprehensive and timely outcome.
6. Communicate professionally to diverse stakeholders in oral and written form.

 

Overview of Learning Activities

Your learning in this course will be developed through tutorials/workshops. Learning activities will include group work, group exercises, class discussions, debates, field trips and individual investigation. Delivery may be face to face, online or a mix of both.

Class and tutorial exercises, self directed learning and research and field work each provide different inputs into the learning experience in this course.

The course provides you with the opportunity to examine the impact and interrelationships of a range of current issues that influence and impact on the value of rural property and communities.
This course will provide you with the relevant skills required to defend a valuation report and expose you to specialised non-urban real estate and land.
This course will identify and expose you to toward the physical aspects of rural land, its market, and how valuation principles are applied in a rural context to undertake a base-level valuation report.
This course will demonstrate the application of valuation principles to rural land and farm management and an understanding on the impact that production plays towards rural industries and its valuation practice.
 

Overview of Learning Resources

RMIT will provide you with resources and tools for learning in this course through our online systems.

There are services available to support your learning through the University Library. The Library provides guides on academic referencing and subject specialist help as well as a range of study support services. For further information, please visit the Library page on the RMIT University website and the myRMIT student portal.

Overview of Assessment

You will be assessed on how well you meet the course’s learning outcomes and on your development against the program capabilities. Assessment consists of:

Assessment 1: Research assignment and critical analysis.  50%  This assignment will require the student to bring together the elements they have learnt throughout the course.

Assessment 2: Farm Valuation analysis.  50%  A full farm valuation report or analysis is required. The assignment will be based on knowledge learnt during course (including prior learning in OMGT1165) along with the sites visited while in Echuca.  

Feedback will be given on all assessment tasks.

Equitable Learning Services

If you have a long term medical condition and/or disability it may be possible to negotiate to vary aspects of the learning or assessment methods. You can contact the program coordinator or Equitable Learning Services if you would like to find out more.

Your course assessment conforms to RMIT assessment principles, regulations, policies, procedures and instructions.