RE2REV: Real Estate Valuation II

Module code: RE2REV

Module provider: Real Estate and Planning; Henley Business School

Credits: 20

Level: 5

When you'll be taught: Semester 1

Module convenor: Professor Peter Wyatt, email: p.wyatt@henley.reading.ac.uk

Module co-convenor: Miss Jane Batchelor, email: j.m.batchelor@reading.ac.uk

Additional teaching staff 1: Mr Shin Wee Tang, email: s.tang@henley.edu.my

Pre-requisite module(s): BEFORE TAKING THIS MODULE YOU MUST TAKE RE1IAP (Compulsory)

Co-requisite module(s): IN THE SAME YEAR AS TAKING THIS MODULE YOU MUST ( TAKE RE2LAW (Compulsory)

Pre-requisite or Co-requisite module(s):

Module(s) excluded:

Placement information: NA

Academic year: 2024/5

Available to visiting students: No

Talis reading list: No

Last updated: 19 November 2024

Overview

Module aims and purpose

The aim of this module is to develop the students’ understanding of the underlying principles of valuation and to explain the various approaches to and methods of property valuation. 

The purpose of the module is to explain the processes, procedures and practices necessary to value real estate, particularly commercial property investments. It examines the valuation process, including regulatory framework, role of the valuation and different concepts of value. It examines in detail various methods of valuation, including which ones are appropriate for which role, and examines the limitations of these methods and the results.

The module lead at the University of Reading Malaysia is Mr Tang Shin Wee.

Module learning outcomes

By the end of the module, it is expected that students will be able to: 

1. Explain what valuation is and the principal valuation applications. 
2. Describe the nature of the valuation industry and be cognisant of international and national standards and guidance, ethics and professionalism including conflicts of interest, client influence, and valuer registration. 
3. Apply the valuation process, the different concepts of value and the definitions that follow from those concepts, and appreciate the different valuation bases, assumptions and special assumptions. 
4. Apply various methods of valuing property. 

Module content

• Introduction to property valuation 
• The economics of property value 
• Property markets 
• Valuation mathematics 
• Valuation governance 
• Market approach 
• Income approach 
• Cost approach 
• Valuation of investment property 
• Valuations for accounts and loans 
• Valuations for taxation 
• Valuations for expropriation 

Structure

Teaching and learning methods

The module is taught using a combination of lectures and tutorials. 

For students studying at our campus in Malaysia: This module may be taught in a different semester and the breakdown of study hours may differ to those set out in the Study Hours table (please refer to the Module Handbook for the correct breakdown). In addition, you will be required to complete an additional 40 hours of study, taking the total number of study hours to 240 for this module. This is to comply with the Malaysian Quality Agency (MQA). 

Study hours

At least 30 hours of scheduled teaching and learning activities will be delivered in person, with the remaining hours for scheduled and self-scheduled teaching and learning activities delivered either in person or online. You will receive further details about how these hours will be delivered before the start of the module.

Please note the independent study hours above are notional numbers of hours; each student will approach studying in different ways. We would advise you to reflect on your learning and the number of hours you are allocating to these tasks.

Semester 1 The hours in this column may include hours during the Christmas holiday period.

Semester 2 The hours in this column may include hours during the Easter holiday period.

Summer The hours in this column will take place during the summer holidays and may be at the start and/or end of the module.

Assessment

Requirements for a pass

Students need to achieve an overall module mark of 40% to pass this module.

Summative assessment

Penalties for late submission of summative assessment

The Support Centres will apply the following penalties for work submitted late:

Assessments with numerical marks

• where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of three working days;
• the mark awarded due to the imposition of the penalty shall not fall below the threshold pass mark, namely 40% in the case of modules at Levels 4-6 (i.e. undergraduate modules for Parts 1-3) and 50% in the case of Level 7 modules offered as part of an Integrated Masters or taught postgraduate degree programme;
• where the piece of work is awarded a mark below the threshold pass mark prior to any penalty being imposed, and is submitted up to three working days after the original deadline (or any formally agreed extension to the deadline), no penalty shall be imposed;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

Assessments marked Pass/Fail

• where the piece of work is submitted within three working days of the deadline (or any formally agreed extension of the deadline): no penalty will be applied;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension of the deadline): a grade of Fail will be awarded.

The University policy statement on penalties for late submission can be found at: https://www.reading.ac.uk/cqsd/-/media/project/functions/cqsd/documents/qap/penaltiesforlatesubmission.pdf

You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

Formative assessment

Formative assessment is any task or activity which creates feedback (or feedforward) for you about your learning, but which does not contribute towards your overall module mark.

One mock examination will be provided in the same style and format as the summative examination which is to be attempted by the students at a time of their own choosing. Tutorials will provide students with additional support on solving problems and case studies. Participation is essential to acquire full knowledge. These sessions will provide extensive feedback to students who want to improve their knowledge and they should be regarded as an effective feedback system to test abilities and ask for clarifications. 

During the second half of the semester, you will be required to attend timetabled seminars and practical workshops around career management skills. In class exercises and interactive discussions will aid your development of industry awareness and self-reflection. 

Reassessment

Additional costs