Course Title: Valuation of Specialist Property
Part A: Course Overview
Course Title: Valuation of Specialist Property
Credit Points: 12.00
Terms
Course Code |
Campus |
Career |
School |
Learning Mode |
Teaching Period(s) |
OMGT2071 |
City Campus |
Postgraduate |
325H Property, Construction & Project Management |
Face-to-Face |
Sem 2 2006, Sem 2 2007, Sem 2 2008, Sem 1 2009, Sem 1 2010, Sem 1 2011 |
Course Coordinator: Jane Simpson
Course Coordinator Phone: +61 3 9925 1734
Course Coordinator Email: jane.simpson@rmit.edu.au
Course Coordinator Location: 8.8.59
Pre-requisite Courses and Assumed Knowledge and Capabilities
Pre-requisite Courses and Assumed Knowledge and Capabilities
OMGT1165 Valuation Techniques & Property Analysis
OMGT2069 Valuation for Statutory Purposes
Course Description
This course covers both the theory and practical application of complex valuations in an urban environment. This is undertaken on the basis of the presentation of theory in lectures and workshops with practical assignments undertaken as fieldwork or case study. It deals exclusively with the valuation of complex urban and specialised properties, with particular emphasis on commercial and industrial property. You are expected to have a thorough grounding in general valuation practice and principles through the pre-requisite courses. This course builds on that basic knowledge.
The course will provide you with the tools and references required to undertake valuations of complex urban properties. It draws on previous studies in valuation, and combines lectures by specialist valuers, workshops and fieldwork to allow students to develop an understanding of the types of property, and the issues you will face in real life when valuing them. It will also provide you with a forum in which to develop your presentation and writing skills, to the specific standards required.
On-going learning and a deeper understanding will be achieved through a detailed examination of the current body of knowledge. In addition to discussion of basic and advanced principles of valuation, the course reviews the valuation techniques applied to the various property types and emergent trends.
Through commercial-standard presentation of fieldwork exercises (or case studies) the course allows for critical examination of the communication of property details in reports and presentation standards.
Objectives/Learning Outcomes/Capability Development
This course deals with complex urban properties. You are therefore required to demonstrate a detailed understanding of the material covered, as it forms an important cornerstone of professional practice. This course seeks to provide you with exposure to the valuation of major urban properties and the issues that arise for a professional valuer.
Graduates from the Valuation stream of the program satisfy the academic requirement for certification by the Australian Property Institute as Certified Practising Valuer, with the proviso that they also hold a relevant undergraduate degree.
This professional designation carries with it 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, 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.
At the end of this course you are expected to:
1. Demonstrate a sound understanding of the theory, concepts and practical applications applied to valuation;
2. Produce a professional valuation report that can be defended in regards to the market analysis, and applying the correct valuation technique for a specialised property; which may include industrial, commercial or rural property;
3. Analyse market data and economic factors to produce a logical well-informed valuation; and
4. Select and apply relevant valuation practice standards and incorporate the body of knowledge attached to the valuation of specialised properties
Overview of Learning Activities
The course addresses specialised valuations and is run on the basis of weekly three-hour workshops and may include occasional additional fieldwork as advised in class. The workshops will cover the theory and application to complete valuations of urban type commercial properties and will be provide a hand-on practical learning exercises through various case studies.
Overview of Learning Resources
Learning resources will include course books and other readings.
Overview of Assessment
Assessment may comprise of in-class tests or assessment, a valuation report assignment, and an analysis of relevant literature and theory.