RE3REV: Real Estate Valuation III

Module code: RE3REV

Module provider: Real Estate and Planning; Henley Business School

Credits: 20

Level: 6

When you'll be taught: Semester 1

Module convenor: Mr Brano Glumac, email: b.glumac@henley.reading.ac.uk

Additional teaching staff 1: Mr Kee Liang Chin, email: kl.chin@henley.edu.my

Additional teaching staff 2: Mr Shin Wee Tang, email: s.tang@henley.edu.my

Pre-requisite module(s): BEFORE TAKING THIS MODULE YOU MUST ( TAKE RE2PREP (Compulsory)

Co-requisite module(s):

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: Yes

Last updated: 19 November 2024

Overview

Module aims and purpose

The RE3REV module builds on knowledge of valuation methods taught in the RE2REV module. It examines the variety of the valuation processes and valuation methods for different market contexts, real estate assets and purposes. It enables students to critically examine property valuation technology and practice at both theoretical and applied levels and prepares them for the real estate industry. 

This module aims to deepen the student's critical understanding and knowledge of the roles and responsibilities of the valuer and how they apply these to residential and commercial property valuations. It will enhance knowledge of valuation theory to the application of current practice problems and challenges in residential and commercial property markets. The module will build on the value methods developed in the RE2REV module. Students will extend their knowledge of the different approaches to valuation and learn their applications to different market contexts, real estate assets and purposes. Some examples are but not restricted to taxation, compulsory purchases, affordable housing and other residential tenancies, sustainability, and automatization. Students will also understand how statutory regulations and guidance influence the valuation process, the importance of technology in the valuation process and its responsible use in practice. 

The Module Leads at the University of Reading Malaysia are Mr Tang Shin Wee and Mr Kee Liang Chin. 

Module learning outcomes

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

1. Explain how valuation is applied in different segments of the real estate industry characterised by different legal frameworks, standards, guidance, ethics and cultures having different valuation bases, assumptions and special assumptions in the valuation process 
2. Apply valuation theory, approaches, and methods to different market contexts, real estate assets and purposes and examine how valuation regulation, guidance and standards to commercial and residential valuations vary among different valuation purposes 
3. Evaluate emerging technology and current practice issues in valuation theory and practice 
4. Develop critical thinking and problem-solving skills in the application of valuation approaches 

Module content

• Valuations for property and land taxation 
• Valuations and land value-capturing mechanisms 
• Valuations for affordable housing 
• Valuations for other residential tenancies 
• Sustainability and value 
• Legal framework for compulsory purchases 
• Valuations and compulsory purchase and compensation 
• Valuations for other purposes 
• Measuring valuation uncertainty 
• Conceptual framework for automated valuation systems 
• Mathematical models in automated valuation 

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.

Formative assessment includes one mock examination which will be provided in the same style and format as the summative examination. This is to be attempted by students at a time of their own choosing. A series of seminar exercises where students attempt to solve problems and case studies will also be provided. Participation is essential to acquire full knowledge. Tutorials 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.

Reassessment

Additional costs