module specification

Valuation is an essential skill for commercial real estate professionals and forms the basis of financing decisions, transactional and development advice, dispute resolution and statutory applications. This module develops students’ skills in valuing commercial property applying traditional and contemporary methods of valuation over a range of contexts. The module focuses on the drivers of real estate value, the standard methods of valuation and the appropriate situations for their use, together with introducing innovations in valuation methods. You will learn the importance of market data in valuation, the sources of this data and how to validate and interpret it. Throughout the module there is an emphasis on the importance of following professional standards in this area of work and of ethical behaviour. You will be presented with authentic scenarios and examples to help with your understanding.

• Time value of money, yields and valuation formulae (LO1)
• Key drivers of real estate value (LO1)
• Valuation of freehold and leasehold interests (LO1)
• Comparable valuations (LO1, LO2)
• Investment and valuation (LO1, LO2)
• Development and valuation (LO1, LO2)
• Valuing income producing properties (LO1)
• Introduction to depreciated replacement cost valuation (LO1)
• Data collection and sources of market data (LO2)
• Structuring and writing valuation reports (LO3)
• RICS Global Standards (LO3)
• Valuation risks (LO4)
• Sustainability and valuations (LO4)

Lectures will help develop your knowledge and understanding and seminars, workshops and other activities will allow you to apply your learning to a range of situations, helped by peer and tutor support. Throughout the module you will be required to evaluate and critique valuation methods and data, as required for level 7 study.

Study will be supported via lectures, seminars, workshops, and guided asynchronous activities. Where appropriate, activities, will be captured and made available to allow asynchronous access. The value of this blended approach is that you will be able to continue to explore topics beyond the classroom and interact with your cohort to expand on discussions and debates via the VLE.

You will receive formative feedback at regular intervals.  Formative means that the feedback will not go towards your final mark for the module, but you will be able to use the feedback to learn, improve your knowledge of key topics and to develop your academic writing skills. Students will be given the opportunity to self-assess their learning in small group sessions and discussions.

You will be asked to do independent and guided reading and research to support your learning, this will help you to build a wider knowledge of economic theory and how it relates to the built environment and how it will affect you as a real estate professional.

On completion of the module the learner, operating independently and applying their knowledge and skills, should be able to:
1. Critically appraise and propose appropriate methods of commercial valuation practice to a variety of scenarios.
2. Demonstrate proficiency in the application of commercial real estate valuation methodologies.  Interpret the relevant professional standards and legislation and apply to commercial valuation practice.
3. Critically appraise the influence of sustainability on commercial real estate valuations.

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