Module Title: Property Valuation
Module Code: 7PROP017W
Semester 1, 2022/2023
Module Handbook
MODULE TEACHING TEAM CONTACT DETAILS
DATES FOR YOUR DIARY
Key assignment submission, and summative feedback return dates
The dates for the return of marks and/or feedback are determined by the University’s stated marking periods as given in the academic regulations.
READING AND KEY LEARNING RESOURCES
The Reading and Key Learning Resources for this module are available at:
https://westminster.rl.talis.com/lists/E58B7316-E936-A164-6400-7317BE2556DB.html.
Contents
INTRODUCTION AND WELCOME TO THE MODULE 4
MODULE AIMS, LEARNING OUTCOMES AND INDICATIVE CONTENT 4
EMPLOYABILITY 16
ASSESSMENT 6
Academic integrity 7
University of Westminster Quality & Standards statement 7
FEEDBACK ARRANGEMENTS 9
Formative feedback 9
Summative feedback 9
ACADEMIC SUPPORT WITHIN THIS MODULE 10
USING YOUR STUDY TIME EFFECTIVELY 14
READING AND KEY LEARNING RESOURCES 2
MODULE CALENDAR 11
LECTURE CAPTURE 14
WBS PROFESSISONAL PRINCIPLES 17
• Please note that this module handbook serves as guidance for students taking this module.
• Some minor changes related to literature and video sources, seminar activities etc. may change during the course of the module and will be communicated by the module leader
• Key information such as the module learning outcomes, the methods of assessment and assessment deadlines will not change.
Ensure that you check the module Blackboard site and your University email regularly for announcements and updates.
INTRODUCTION AND WELCOME TO THE MODULE
This module is designed to critically evaluate the merits and limitations of the traditional and contemporary approaches to real estate valuation in the broad economic, financial and social context. The module examines the challenges facing the global valuation profession in the valuation process due to technology advancement and social changes, and further explores the modern methods of valuation and the valuation practice that can fit for the future.
MODULE AIMS, LEARNING OUTCOMES AND INDICATIVE CONTENT
Module Aims
This module aims to equip students with the concept of value, by critically evaluates the merits and limitations of the traditional, contemporary and modern approaches to real estate valuation, and also the knowledge and skills to carry out valuations for different types of property and purposes. The module aims to stablish an in-depth understanding of the purposes of valuation; the ethics; and how the RICS and other international professional standards regulate and guide the valuation practice. It provides a wide-range of valuing techniques – the comparison, investment, residual, profit and cost approaches to valuation. The module challenges the traditional and contemporary valuation theories and explore the more modern theories and methods in a wider economic, financial and social context.
Learning Outcomes
On successful completion of this module students should be able to:
1. build a deep and systematic understanding of the principles and purposes underlying the valuation of investment property (KU)
2. flexibly and creatively apply the valuation methods/techniques in an innovative approach to undertake a variety of valuations for a range of purposes (SS)
3. critically evaluate the appropriateness, practical applications and limitations of the wide range of advanced methods and techniques of valuation and propose improvement (SS KTS)
4. identify client requirements and the optimal but proactive approaches to practical problems with critical ethical awareness (KU)
5. competently undertake substantial investigation/research towards a defined goal in a complex real estate valuation and investment operational context with a reflective approach in independent learning (KTS).
Indicative Syllabus Content
• The main drivers that have an impact on value and the wider influences such as government policy, the economic climate, technological change and other investment medium
• The principles and application of the latest relevant valuation standards
• The relevant RICS best practice guidance notes and Professional Statements
• Understanding client requirements and the Terms of Engagement
• Inspection and information gathering relevant to the valuation work being undertaken
• Analysis and interpretation of comparable evidence
• Application of a range of valuation methods or techniques
• Valuing a range of property types
• The development of big data, valuation software and artificial intelligence
• The role and function of Automated Valuation Models (AVMs)
• The debate on the future of valuations
ASSESSMENT
The University has arrangements for marking, internal moderation and external scrutiny. Further information can be found in Section 12 of the Handbook of Academic Regulations, westminster.ac.uk/study/current-students/resources/academic-regulations
The assessment will be inclusive and accessible to enable students with different backgrounds and experiences to participate on level terms.
The module assessments are designed to enhance students in establishing an in-depth understanding across the syllabus of the module. The Report assessment is a practice-focused report to establish the analytical, problem-solving, research and presentation skills. The Valuation Exercise assessment is designed to assess the student’s understanding of the valuation theories and the application of the valuation techniques. Formative assessment and timely feedback are provided in the workshops and the mock-test before the summative assessments.
Assessment title Assessment rationale, including module learning outcome Weighting (% of the module)
Consultant Report The first assessment, Consultant Report (3,000 words) requires students to compose a consultant report evaluating the effective application of modern valuation methods in a chosen organisation in the UK to meet their practical and ethical needs. Students have to develop a critical analysis/evaluation on the potentials and barriers in the innovative adoption of modern methods in valuation. This max. 3000-words assessment will address Learning Outcomes LO3, LO4 and LO5.
50%
Valuation Exercise The second assessment (Valuation Exercise) requires students to analyse the property valuation processes and apply appropriate valuation techniques in order to demonstrate a deep and systematic understanding of the current theoretical and methodological approaches in valuation. Students have to apply appropriate valuation techniques on different types of property for different purposes. This assessment (max. 3,000 words) will address Learning Outcomes LO1 and LO2.
50%
The pass mark for the module is 50%. To pass overall, the overall total calculated from adding weighted marks in each assessment component must be 50% (If your mark for the module is between 0 – 49 you will be required to complete one or more referral assessments and your mark for these will be capped at 50%).
Unless explicitly indicated otherwise all coursework must be submitted electronically via Blackboard. In addition to the detail given below, further information may be posted onto the Blackboard site for the module.
Each assessment will be issued with a clear brief, marking scheme/guidance and indication of required performance.
Academic integrity
What you submit for assessment must be your own current work. It will automatically be scanned through a text matching system to check for possible plagiarism.
Do not reuse material from other assessments that you may have completed on other modules. Collusion with other students (except when working in groups), recycling previous assignments (unless this is explicitly allowed by the module leader) and/or plagiarism (copying) of other sources all are offences and are dealt with accordingly. If you are not sure about this, then speak to your class leader.
University of Westminster Quality and Standards statement
Plagiarism is a particular form of cheating. Plagiarism must be avoided at all costs and students who break the rules, however innocently, will be penalized. It is your responsibility to ensure that you understand correct referencing practices. As a university level student, you are expected to use appropriate references and keep carefully detailed notes of all your sources of material, including any material downloaded from the www.
Plagiarism is defined as submission for assessment of material (written, visual or oral) originally produced by another person or persons, without acknowledgement, in such a way that the work could be assumed to be your own. Plagiarism may involve the unattributed use of another person’s work, ideas, opinions, theory, facts, statistics, graphs, models, paintings, performance, computer code, drawings, quotations of another person’s actual spoken or written words, or paraphrases of another person’s spoken or written words.
Plagiarism covers both direct copying and copying or paraphrasing with only minor adjustments:
• a direct quotation from a text must be indicated by the use of quotation marks (or an indented paragraph in italics for a substantive section) and the source of the quote (title, author, page number and date of publication) provided;
• a paraphrased summary must be indicated by attribution of the author, date and source of the material including page numbers for the section(s) which have been summarized.
Eligibility of students for an ‘alternative assessment’
No alternative assignment is offered for this module.
Assessment General Threshold Criteria
80-100 An outstanding piece of work: All assessment criteria have been met at an exceptionally high standard.
o Displays exceptional initiative, creativity, sophistication and originality.
o Provides insightful analysis.
o Demonstrates originality and rigour of argument.
o Shows independent synthesis of ideas and understanding.
o Demonstrates reflexivity and critical analysis to generate transformative solutions/responses.
o Demonstrates substantial independent research.
o Communicates complexity clearly and succinctly with excellent standard of presentation
70-79 An excellent piece of work: All assessment criteria have been met at a high standard.
o Demonstrates sophisticated understanding across the field of study and related areas.
o Draws on a range of techniques and information sources for independent analysis.
o Demonstrates creativity and flair in task/enquiry.
o Provides robust and insightful argument.
o Provides a high quality critical and reflexive analysis.
o Demonstrates substantial independent research
o Communicates ideas clearly and succinctly with good standard of presentation.
60-69 A good piece of work: All assessment criteria have been met at a good standard.
o Demonstrates breadth and/or depth of understanding across the field of study and related areas.
o Synthesises knowledge to address task/enquiry.
o Presents argument cogently and clearly.
o Demonstrates extensive research and critical use of resources.
o Communicates ideas clearly with a good standard of presentation.
50-59 A sound piece of work: All assessment criteria have clearly been met.
o Demonstrates understanding of appropriate range of concepts and theoretical approaches.
o Provides an argument to frame response to enquiry/task.
o Uses a range of relevant sources provided to undertake research.
o Undertakes meaningful analysis/reflection in relation to the enquiry/task.
o Communicates ideas using an appropriate format with few weaknesses in presentation.
40-49 FAIL: An inadequate piece of work: One or more relevant assessment criteria are not met.
o Provides clear limitations in the range of concepts/principles explored.
o Demonstrates lack of clarity and depth of understanding in relation to the task/enquiry.
o Uses a narrow range of sources to support task/enquiry.
o Provides limited analysis/reflection.
o Communication is unclear with significant weaknesses in presentation.
39-0 FAIL: A poor piece of work: Most of the relevant assessment criteria area not been met.
o Demonstrates poor understanding of key concepts and principles.
o Shows significant weaknesses and omissions in completing the task.
o Omits analysis/reflection.
o Uses inadequate information sources.
o Communication is unclear with significant weaknesses in presentation.
FEEDBACK ARRANGEMENTS
Feedback is an important part of your learning. Feedback normally takes one of two forms:
1. Formative feedback: This is the feedback opportunities that are embedded in the module to help with your learning, as well as your assessment.
2. Summative feedback: This is the feedback that is generated following an assessment submission, which helps you understand how your performed against the marking criteria and how you can improve your academic skills for future assessments in this module as well as other modules in your course.
Details about how feedback is provided within this module is explained below.
Formative feedback
Formative feedback opportunities within this module will occur after each seminar, allowing you to understand your level of understanding and the further reading you should undertake to improve your understanding of the content being discussed that week.
As the beginning of each lecture, we will have recap questions from the previous weeks sessions to help you identify gaps in your understanding and where you can find the material to fill these gaps.
For each assessment there will be an opportunity for an academic support and feedback drop-in session, where you will receive support and feedback on your assessment prior to submission.
Summative feedback
Summative feedback will be provided for each assessment, this feedback is to help you not only to understand how you performed in the assessment, but it will also provide guidance into how you can improve your academic skills for future assessment in this and other modules within your course.
Specific summative feedback will be provided online via blackboard, where feedback takes the form of a mark and statement allocated against each assessment criteria. You will also receive a number of key points on strength, weakness and academic skills you can improve upon. We aim to provide you this feedback within 15 working days.
General feedback for the entire module will also be made via blackboard to the module, which will discuss the key areas of shared strengths, weaknesses and academic skills improvements. This general feedback is likely to be issued before your specific summative feedback.
ACADEMIC SUPPORT
Academic support is an important aspect of your learning within the University, on your course and in this module. Academic support is offered in different ways within each module. Below we will explain how you should receive academic support within this module and specific weekly academic support can be found in the module calendar.
During the lectures time we have been allocated for questions and answers about the module content, as well as the assessment within the module. We will try to keep all questions and answers about assessment within these sessions to ensure the questions and answers are freely available to all on the module and also recorded through the normal lecture capture.
During the module we have allocated a number of opportunities within the seminar time for you to receive academic support and formative feedback on your coursework, these are indicated in the module calendar and further details will be published on the module blackboard site.
Each of the module team will have academic support hours, this is the time they have allocated for students to drop-in or make an appointment for academic support on a one-to-one/group basis, your seminar leader may direct you one of sessions if they do not have the time during the seminar or lecture to fully support you and your needs.
We will also make video recordings available for the weekly lectures, assessment briefing and introduction to the module. Although we make these recordings available to you, they should not be considered a replacement to you attending the sessions, where we could support your learning better.
MODULE CALENDAR
Learning Week Weekly Learning Objectives Event Indicative content Self-directed study activities Academic support events
1 1. Understand the purpose and use of valuations
2. Understand the property market and property as an investment
3. Understand Tradition, contemporary, advanced and Future Valuation LEC Introduction to the PG Valuation Module
The purpose and use of valuations
The property market and property as an investment
Tradition, Contemporary, Advanced and Future Valuation Self-Learning Exercises
Anticipated study time: 3 hours Lecture Exercises
SEM The Principle of the Time Value of Money – The 6 functions of £1 and formulae
2 1. Understand the RICS Red Book
2. Understand the Professional Codes of Practice
3. Understand RICS’ 5 Global Professional and Ethical standards LEC The RICS Valuation – Global Standards 2020 (Red Book)
RICS Code for Leasing Business Premises
RICS The Global Professional and Ethical Standards Self-Learning Exercises
Anticipated study time: 3 hours Lecture Exercises
SEM Discounted Cash Flow NPV IRR
3 1. Understand the measurement of properties
2. Understand the Traditional and Advanced Valuation
3. Understand the Residential Property – The Comparison Method LEC RICS Code of Measuring Practice 2015
Valuation methodology: an overview
Freehold and Leasehold
Residential Property – The Comparison Method
Investment Method – Traditional Valuation and Criticisms Self-Learning Exercises
Anticipated study time: 3 hours Lecture Exercises
SEM The UK Traditional Valuation
The Comparison Method
4 1. Understand the Investment Method LEC Investment Method – Contemporary Valuation and Criticisms Self-Learning Exercises
Anticipated study time: 3 hours Lecture Exercises
SEM Contemporary Valuation
Valuation tables and tools
5 1. Understand the Commercial Property – Measurement and Zoning LEC Commercial Property – Measurement and Zoning and Valuation
Self-Learning Exercises
Anticipated study time: 3 hours Lecture Exercises
SEM Measurement and Zoning valuation
6 1. Understand the Investment Method LEC The Investment Method – Contemporary DCF Valuation
Self-Learning Exercises
Anticipated study time: 3 hours Lecture Exercises
SEM The Investment Method – Contemporary DCF Valuation
7 1. Understand the Investment Method LEC The Investment Method – Contemporary DCF Valuation
Self-Learning Exercises
Anticipated study time: 3 hours Lecture Exercises
SEM The Investment Method – Contemporary DCF Valuation
8 1. Understand the Profits Method LEC The Profits Method
Self-Learning Exercises
Anticipated study time: 3 hours Lecture Exercises
SEM The Profits Method
9 1. Understand the Cost based Method LEC The Cost based Method
Self-Learning Exercises
Anticipated study time: 3 hours Lecture Exercises
SEM The Cost based Method
10 1. Understand the Automated Valuation Models (AVMs) LEC Automated Valuation Models (AVMs)
Self-Learning Exercises
Anticipated study time: 3 hours Lecture Exercises
SEM Automated Valuation Models (AVMs)
11 1. Understand the ARGUS software for Real Estate appraisal – ARGUS Enterprise LEC ARGUS software for Real Estate appraisal– ARGUS Enterprise
Self-Learning Exercises
Anticipated study time: 3 hours Lecture Exercises
SEM ARGUS software for Real Estate appraisal– ARGUS Enterprise
12 1. Understand the Future of valuation: Technologies in valuation – Big data, Blockchain, Bitcoin and beyond LEC The Future of valuation: Technologies in valuation – Big data, Blockchain, Bitcoin and beyond Self-Learning Exercises
Anticipated study time: 3 hours Lecture Exercises
SEM The Future of valuation
Note: Additional preparation materials may be posted on Blackboard. To benefit fully from your face-to-face taught sessions, these should be accessed and completed beforehand. Any changes to the schedule will be announced on Blackboard.
LECTURE CAPTURE
We support our students by providing recordings* to support education and learning. We aim to offer recorded versions of the following:
– Course and module induction sessions
– Lectures
– Assessment briefings
Other types of learning may be also provided, depending on the module and mode of study.
Workshops and seminars will not be routinely recorded.
*Recordings may be provided in a range of forms, including Panopto recording, audio, video and other learning resources.
Recordings can be found on our virtual learning environment (Blackboard).
USING YOUR STUDY TIME EFFECTIVELY
You have primary responsibility for your own learning. You will have a schedule of formal study where you will be working with academic staff and this is outlined later in this handbook.
Alongside your scheduled studies, your private or ‘independent’ study is very important. This is the time that you spend learning without direct supervision from, or contact with, a member of teaching staff and this makes up a large part of your studies. It is likely to include background reading, preparation for seminars or tutorials, follow-up work, wider practice, the completion of assignments, revision and so on. Some independent study may be structured for you as a key part of your learning, but it also is the additional study you choose to undertake to further improve your learning.
To summarise, in general your study activity will break down into:
• Scheduled contact/activity time (such as lectures, classes, tutorials, workshops, supervisions and other-directed activities)
• Structured independent study (such as reading and preparing for scheduled learning activity)
• Module and course-based wider study (such as reading the business media, employability activities, personal tutoring activity)
• Assessment (working on coursework and/or preparing for and taking tests/exams)
You should be putting in 10 hours of study time for every credit so you should plan to commit more hours than the class time in this module in order to gain the most of your studies.
PG Activity Table
Activity type Category Student learning and teaching hours*
Lecture Scheduled 24
Seminar Scheduled N/A
Tutorial Scheduled N/A
Project supervisor Scheduled N/A
Demonstration Scheduled N/A
Practical Classes and workshops Scheduled 12
Supervised time in studio/workshop Scheduled N/A
Fieldwork Scheduled N/A
External visits Scheduled N/A
Work based learning Scheduled N/A
Total Scheduled 36
Placement Placement N/A
Independent study Independent 164
Total student learning and teaching hours 200
* These hours are indicative only and may be subject to change. They also indicate what would be typical. Your particular study needs may vary.
If you are unclear on any aspect of making the best use of your study time on this module, speak to your class leader or the module leader.
EMPLOYABILITY
Graduate Attribute How this module curriculum and assessment enhances your employability
Critical and creative thinker Business report tests your ability to critically evaluate information; presentation tests your ability to present ideas in ways that communicate meaning with creativity, impact
Literate and effective communicator Working in teams; seeking, editing and formatting information to communicate effectively.
Entrepreneurial Devising solutions to client problems; using real-world case studies and examples; costing solutions, seeking new markets, purposes; solving problems
Global in outlook and engaged in communities International cases and examples; assignment topics, problems; study visits, exchange and placement opportunities
Socially, ethically and environmentally aware We value your work highly if your proposed ideas meet these social goals