PRINCIPLES OF REAL ESTATE VALUATION
2014/2015, Semester 2
School of Design and Environment (Real Estate)
Modular Credits: 4
The module introduces students to the theories that underpin real property valuation with the aim of providing students with an appreciation of the fundamental principles of valuation. The model therefore provides a critical review of the value theory, appraisal theory and valuation theory. Topics to be dealt with include: nature and scope of valuation; concepts of value, particularly open market value and fair market value; foundations of appraisal; role and functions of the valuer; characteristics of property and the property market; market study and valuation; the valuation process; professional standards and valuation report; and, most importantly, the main methods of valuation.
This module is conducted in the usual lecture and tutorial format. To provide realism and a greater appreciation of the industry, guest lectures will be organized and tutorial and project questions set using current and real life examples.
Lectures will be on Thursdays 10-12 and tutorials will be on Mondays 2-6 and Thursdays 2-4. I will personally conduct all lectures and tutorials.
The module comprises two main parts: the concepts and theory required for real estate valuation in the first part; and the main methods of valuation in the second.
Please see lecture outline to be provided in the workbin.
Assessment will comprise 3 main components: individual test and tutorial participation, group project and main examination. All tutorials and projects will be based on the current real estate market in Singapore, so understanding and knowing the market well will be useful.
Workload Components : A-B-C-D-E
A: no. of lecture hours per week
B: no. of tutorial hours per week
C: no. of lab hours per week
D: no. of hours for projects, assignments, fieldwork etc per week
E: no. of hours for preparatory work by a student per week