REMB10: Real Estate Valuation

Module code: REMB10

Module provider: Real Estate and Planning; Henley Business School

Credits: 20

Level: 7

When you'll be taught: Semester 2

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

Pre-requisite module(s): BEFORE TAKING THIS MODULE YOU MUST TAKE REMB05 (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: No

Last updated: 19 November 2024

Overview

Module aims and purpose

This module builds on the REMB05 Real Estate Investment and Appraisal module and studies the market valuation process; as distinct from the wider appraisal process. It examines both the valuation process and valuation methods,andas well as preparing students for the workplace, it critically examines property valuation practice at both a theoretical and applied level. 

The aim of this module is to enable students to develop an understanding of the role of property valuation in both investment and occupier markets. Students will understand the different approaches to valuation and be able to match the methods adapted to the role of the valuation. The module will build on the appraisal issues developed in the REMB05 Real Estate Investment and Appraisal core module and students will be able to distinguish between different concepts of value and the formal definitions of the bases that follow the concept. Students will be able to apply and critically evaluate different techniques and understand their limitations. Students will understand how statutory and quasi-statutory regulations influence and impact upon the valuation process. Students will understand the importance of the valuation process and the internal and external influences affecting this process and its outcomes. 

Module learning outcomes

By the end of the module, it is expected that students will have demonstrated to: 

• A critical awareness of what valuation is, its context with the valuation profession and, the wider stakeholder group, be cognisant of international and national standards and guidance, ethics and professionalism,includingconflicts of interest and, client influence; 
• A systematic understanding of the valuation process, the different valuation bases, assumptions and special assumptions; 
• Originality in the application of various approaches to methods of and techniques for valuinglegal interests in real estate; 
• The ability to deal with complex issues systematically, make defensible judgements in the absence of complete data, and communicate output clearly to specialist and non-specialist audiences; 
• The ability to exercise self-direction and originality in tacking and solving valuation problems as well as the qualities and transferable skills necessary for employment enquiring;
• Numeracy andproblem-solvingskills in the application of valuation techniques; 
• Initiative and decision-making in complex scenarios.

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. 

Study hours

At least 24 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 50% 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.

Reassessment

Additional costs