Course Title: Advanced Valuation
Part A: Course Overview
Course Title: Advanced Valuation
Credit Points: 12
Course Code |
Campus |
Career |
School |
Learning Mode |
Teaching Period(s) |
OMGT1152 |
City Campus |
Undergraduate |
325H Property, Constr & Proj Mgt |
Face-to-Face |
Sem 1 2006,
Sem 1 2007, Sem 1 2008, Summer2009, Sem 1 2009, Sem 1 2010, Sem 2 2010, Sem 1 2011, Sem 2 2011, Sem 1 2012 |
Course Coordinator: Matt Myers
Course Coordinator Phone: +61 3 9925 1726
Course Coordinator Email:matt.myers@rmit.edu.au
Pre-requisite Courses and Assumed Knowledge and Capabilities
OMGT2067 Urban Valuation
OMGT1145 Rural Valuation
Course Description
This is the capstone valuation course that includes a final lecture and workshop series on major urban valuation theory and practice and the application of contemporary valuation techniques in an Australian context, whereby feasibility, market analysis and communication skills are reviewed and then tested in a capstone valuation exercise.
Objectives/Learning Outcomes/Capability Development
Graduates from the Bachelor of Applied Science (Valuation) satisfy the academic requirement for certification by the Australian Property Institute as Certified Practising Valuer. They are also eligible for membership of the Royal Institution of Chartered Surveyors. These professional designations carry with them duties and obligations to the client, as well as to the employer, and the community at large. In addition to being subject to the Australian Property Institute’s Codes of Ethics and Professional Practice, and the RICS Rules of Conduct for Members, the graduate is expected to exhibit many other qualities. These relate to immediate employability; creativity in problem solving; ability to work alone or in teams; ability to bring a property perspective to multi-disciplinary teams; the demonstration of an understanding of the political, economic and social context of property decision making and communication skills.
This course seeks to develop professional skills in eight key areas, with objectives, as follows:
1. Reflective practice
• To reflect on the actions and outcomes of professional practice, and the contribution made to personal and professional practice, the strategies of the employer, and the goals and aspirations of clients and the community.
• To undertake and apply research in professional activities.
2. Evidence based practice
• Ability to identify a problem.
• To defend actions and outcomes logically, coherently and with reference to the techniques and methods used in practice.
• To put professional practice into a global context, adopting appropriate international best practices and standards at all times.
• To adapt to changing methods, technology, practice and contexts.
3. Problem diagnosis and solving
• To develop an ability to synthesise knowledge with professional experience to produce the best outcomes when faced with problems.
• To progress from simple data and information collection towards more detailed analysis, synthesis and evaluation.
• To apply self-discipline and independent thought to produce a practically-oriented professional outcome.
4. Communication
• To ask appropriate questions in a manner that is understood by the other person, listen to, and use, the answer to properly and professionally inform the outcome or path of action chosen.
• To gather and synthesise information, from a wide range of people, to achieve an informed outcome.
5. Strategic thinking and action
• To adopt a professional attitude to dealing with problems, evaluating alternative actions and adopting the most defensible strategy.
6. The development of socially aware and responsible practice
• To recognise and make informed and ethical judgments about the impact of professional practice on clients and the wider community.
7. The integration of personal values with professional and service values
• To clearly articulate and promote an ethical position that guides personal behaviour in all aspects of professional practice.
8. Risk management
• To recognise and appreciate levels of risk based on a clear understanding of relevant legal and regulatory frameworks.
Capabilities in this course build on those formerly developed in the following courses:
• Residential Valuation
• Property Law
• Advanced Property Law
• Statutory Valuation
• Urban Valuation
• Rural Valuation
Capabilities in this course will be developed subsequently in the following courses.
• Current Issues
As a result of the material covered in this course, together with the capabilities developed in pre-requisite and prior courses, by the end of this course you should have developed the following to a beginning-professional level:
• Knowledge of valuation theory and practice which underpins the valuation of complex property, and understand the implications for all stakeholders.
• Knowledge of the importance of research in the analysis and valuation processes, and the critical importance in the preparation of material for court work.
• The skills needed to undertake a complex valuation, secure in the knowledge of principles and practice.
• The skill to apply contemporary techniques to valuation problems, and the ability to interpret and apply the solutions to the analyses correctly.
• Ability to confidently approach the task of sales analyses of a range of properties, including rural, and be able to correctly interpret the outcomes to reach a valuation figure.
• Knowledge to look at a range of possible solutions to the valuation task, and confidently and correctly choose the most appropriate path of action.
• Ability to interview people associated with the transfer of property, and be able to use the information gained to inform the sales analysis process.
• Ability to produce detailed valuation reports of the highest professional standard.
• Ability to defend a valuation, and the reported contents, to other professionals.
• Knowledge to understand the impact of professional activities on stakeholders.
• Ability to competently discuss the professional and ethical standards imposed by the appropriate professional bodies and the International Valuation Standards Committee
• Ability to professionally discuss ethical behaviour.
• Ability to conduct assessment of risk presenting with valuation work, and in particular the risk associated with various categories of clients and types of valuation work.
Overview of Learning Activities
Learning activities comprise lectures / workshops and major field exercises. These, together with reflection, self-directed learning and research (with particular emphasis on personal values and practices), are aimed at covering:
• contemporary valuation techniques
• the valuation of complex urban property where practice, reflection and the defence of a position are integrated
• the defence of a position
• current professional standards and requirements in relation to communicating with clients and others
• alternative land use strategies and the impact on value and valuation practice
• personal values and ethical practices
• the International Valuation Standards
• the Australian Property Institute Professional Practice Standards
• RICS' Appraisal and Valuation Standards;
• risk and risk management
Overview of Learning Resources
Learning resources will consist of specialised valuation books, readings from professional journals, as well as Professional Valuation Practice Standards.
Overview of Assessment
Assessment in this course is by way of assignments, tests, tutorial assessment and a final examination.