Course Title: Valuation Process and Methods
Part A: Course Overview
Course Title: Valuation Process and Methods
Credit Points: 12
325H Property, Construction & Project Management
|Sem 2 2011,
Sem 2 2012,
Sem 2 2013,
Sem 2 2014,
Sem 2 2015,
Sem 2 2016,
Sem 2 2017,
Sem 1 2018,
Sem 2 2018,
Sem 1 2019,
Sem 2 2019
Course Coordinator: Kwabena Mintah
Course Coordinator Phone: +61 3 9925 3611
Course Coordinator Email: firstname.lastname@example.org
Course Coordinator Location: 8.7.60
Course Coordinator Availability: by appointment
Pre-requisite Courses and Assumed Knowledge and Capabilities
From 1 January 2016
Enforced Prerequisite: OMGT2214 Valuation & Property Principles
Prior to 2016 You should have satisfactorily completed the prerequisite course OMGT2214 Valuation & Property Principles before you commence this course.
Alternatively you may be able to demonstrate the required skills and knowledge before you start this course. Contact your course coordinator if you think you may be eligible for recognition of prior learning. Further information: http://www.rmit.edu.au/browse;ID=x94or0ccuu7k
This course will introduce you to valuation processes used to determine the value of a range of properties across the property sectors. The course will focus on property valuation theory, tools, and applications.
Topics covered include:
- Land valuation methods
- Cost estimating for valuers
- Sales (direct) comparison method
- Income and expense analysis
- Direct and yield analysis
Your learning in this course will build upon the knowledge and skills you have acquired from the course Valuation & Property Principles.
Objectives/Learning Outcomes/Capability Development
Program Learning Outcomes (PLOs)
In this course you will develop the following program learning outcomes:1 Determine and apply knowledge of complex property and valuation theory to your professional practice and/or further study
2 Professionally communicate to a range of audiences, demonstrating in depth knowledge of the discipline and of the needs of diverse property and valuation stakeholders
3 Apply logical, critical and creative thinking to analyse, synthesise and apply theoretical knowledge, and technical skills, to formulate evidenced based solutions to industry problems or issues
4 Utilise appropriate methods and techniques to design and /or execute research based or professionally focused property or valuation projects, demonstrating capacity for independent and collaborative learning, addressing real world industry issues
5 Collaborate effectively with others and demonstrate intellectual independence and autonomy to solve problems and/or address industry issues and imperatives
Course Learning Outcomes (CLOs)
Upon successful completion of this course you will be able to:
- Describe the principles of market analysis
- Define the principles of property transaction used to estimate property value
- Apply principles of market analysis to undertake property and land valuations responsive to the needs of diverse stakeholder requirements
- Apply income valuation mathematics to estimate current property market value
- Undertake and communicate market and data research and analysis to value property
Overview of Learning Activities
Key concepts and applications will be covered in lectures and workshop/tutorials. Your understanding of valuation mathematics will be further developed through class activities and individual and group assessment which will include a focus on arithmetic skills required to work within the property valuation sector.
Overview of Learning Resources
RMIT will provide you with resources and tools for learning in this course through our online systems. A set text book is required for this course.
Overview of Assessment
You will be assessed on how well you meet the course’s learning outcomes and on your development against the program learning outcomes. Assessment consists of:
Task 1: An in-class quiz that examines the understanding of valuation principles and theory. 10% weighting and covers CLO 1.
Task 2: An in-class quiz that examines the ability of students to use their computational skills in valuation data analysis for residential property valuation. 10% weighting and covers CLO 3.
Task 3: Individual work (Valuation report): Individually prepare a residential valuation report for an owner-occupier client seeking to purchase a property in s specific suburb in Melbourne. 40% weighting and covers CLO1, CLO2, CLO3, CLO4 and CLO5.
Task 4: An end of semester exam that assesses how well you have understood the topics discussed during the semester and your ability to demonstrate same under exams conditions. It covers CLO1, CLO2, CLO3, and CLO4.
Feedback will be given on all assessment tasks except exams (grade will be provided).
Equitable Learning Services
Equitable Learning Services (ELS) provide support and equal opportunities for students with a disability, long-term illness and/or mental health condition and primary carers of individuals with a disability. You can contact the ELS if you would like to find out more: https://www.rmit.edu.au/students/support-and-facilities/student-support/equitable-learning-services. You can also contact the course coordinator or the program coordinator if you would like to find out more.
An assessment charter (http://mams.rmit.edu.au/kh6a3ly2wi2h1.pdf) summarises your responsibilities as an RMIT student as well as those of your teaching staff.
Your course assessment conforms to RMIT assessment principles, regulations, policies and procedures which are described and referenced in a single document: http://www.rmit.edu.au/browse;ID=ln1kd66y87rc.