Unit study package code: VALU3000 Mode of study: Internal Tuition pattern summary: Note: For any specific variations to this tuition pattern and for precise information refer to the Learning Activities section. Seminar: 1 x 3 Hours Weekly This unit does not have a fieldwork component. Credit Value: 25.0 Pre-requisite units: 13324 (v.0) Property Valuation Methodology 200 or any previous version OR VALU2000 (v.0) Property Valuation Methodology or any previous version Co-requisite units: Nil Anti-requisite units: Nil Result type: Grade/Mark Approved incidental fees: Information about approved incidental fees can be obtained from our website. Visit fees.curtin.edu.au/incidental_fees.cfm for details. Unit coordinator: Title: Ms Name: Andrea Constable Phone: +61 8 9266 2844 Email: [email protected]Location: Building: 402 - Room: 417 Teaching Staff: Name: Andrea Constable Phone: +61 8 9266 2844 Email: [email protected]Location: Building: 402 - Room: 417 Administrative contact: Name: Hayley Wickham Phone: +618 8 9266 4124 Email: [email protected]Location: Building: 402 - Room: 402:5 Learning Management System: Blackboard (lms.curtin.edu.au) Unit Outline VALU3000 Specialised Property Valuation Semester 1, 2016 Curtin Business School (CBS) School of Economics and Finance VALU3000 Specialised Property Valuation Bentley Campus 17 Feb 2016 School of Economics and Finance, Curtin Business School (CBS) Page: 1 of 12 CRICOS Provider Code 00301J The only authoritative version of this Unit Outline is to be found online in OASIS
Transcript
Unit study package code: VALU3000
Mode of study: Internal
Tuition pattern summary: Note: For any specific variations to this tuition pattern and for precise information refer to the Learning Activities section.
Seminar: 1 x 3 Hours Weekly
This unit does not have a fieldwork component.
Credit Value: 25.0
Pre-requisite units: 13324 (v.0) Property Valuation Methodology 200 or any previous version OR VALU2000 (v.0) Property Valuation Methodology or any previous version
Co-requisite units: Nil
Anti-requisite units: Nil
Result type: Grade/Mark
Approved incidental fees: Information about approved incidental fees can be obtained from our website. Visit fees.curtin.edu.au/incidental_fees.cfm for details.
Unit coordinator: Title: MsName: Andrea ConstablePhone: +61 8 9266 2844Email: [email protected]: Building: 402 - Room: 417
Acknowledgement of Country We respectfully acknowledge the Indigenous Elders, custodians, their descendants and kin of this land past and present.
Syllabus VALU3000 Specialised Property Valuation is an introduction to the valuations of assets such as licensed premises, petrol stations and high volume retail properties. We also examine the valuation methodologies used for statutory requirements, business valuations, compensation, resumption and other valuation techniques including automated valuation models (AVM’s).
Introduction Welcome to Specialised Property Valuation. The aims of this unit are to teach you how to apply valuation principles and practices to the valuation of specialised properties. This includes the valuation of small businesses, infrastructural assets, specialised properties and statutory valuations. You will be taught how to read and adjust income and balance sheets for business valuations. You will develop an understanding of the statutes that affect valuation practice and the specialised valuation techniques and principles which are needed in complying with those statutory requirements.
Unit Learning Outcomes All graduates of Curtin University achieve a set of nine graduate attributes during their course of study. These tell an employer that, through your studies, you have acquired discipline knowledge and a range of other skills and attributes which employers say would be useful in a professional setting. Each unit in your course addresses the graduate attributes through a clearly identified set of learning outcomes. They form a vital part in the process referred to as assurance of learning. The learning outcomes tell you what you are expected to know, understand or be able to do in order to be successful in this unit. Each assessment for this unit is carefully designed to test your achievement of one or more of the unit learning outcomes. On successfully completing all of the assessments you will have achieved all of these learning outcomes.
Your course has been designed so that on graduating we can say you will have achieved all of Curtin's Graduate Attributes through the assurance of learning process in each unit.
On successful completion of this unit students can:Graduate Attributes addressed
1 Differentiate between property and business valuations and determine the appropriate methodology to be used when valuing each asset class
2 Analyse the valuation process of rating and taxing property assets as defined by The Valuation of Land Act 1978
3 Demonstrate an understanding of valuation methods for compensation purposes
4 Construct a specialised valuation report by applying appropriate knowledge of the relevant professional practice standards and guidance notes of the Australian Property Institute, Property Institute of New Zealand, and International Valuations Standards Committee
Curtin Business School (CBS) School of Economics and Finance
VALU3000 Specialised Property Valuation Bentley Campus 17 Feb 2016 School of Economics and Finance, Curtin Business School (CBS)
Page: 2 of 12CRICOS Provider Code 00301J
The only authoritative version of this Unit Outline is to be found online in OASIS
Curtin's Graduate Attributes
Learning Activities Much of the emphasis in this unit will be on learning through lectures, practical exercises, student presentations, case studies and a field trip (in the students’ own time). There will be eleven guest lecturers. It is essential that you maintain progress with the reading list attached as the lectures and final exam are based on these readings. You can get copies of the lecture Power Point slides from the FLECS - Blackboard site at: http://lms.curtin.edu.au/
You do not have to purchase the following textbooks but you may like to refer to them.
l Callard, L.M., Pallot, W.J., (1994) Shelf No: 658.1522 CAL.Business Valuation Practice, Sydney: The Law Book Co.Please note: This book is no longer in print and I have asked the library to have the entire book put on e-Reserve.
Other resources
You do not have to purchase the following textbooks but you may like to refer to them. There are a variety of good textbooks and journals that have relevant sections appropriate to this subject. A complete list of references is provided below. These references will be held in the closed reserve section of the library and some will also be available on E-Reserve.
Angus, John H. (2002) Understanding Strata Titles, A Guide to the Management and Administration of Strata Companies in Western Australia, John Hallinan Angus, Perth
API & PINZ (2012) Australian & New Zealand Property Standards, January 2012 ACT: API. This is available online from the API website as well as a downloaded copy in Blackboard. This is a very important document and I cannot stress enough the importance of you becoming familiar with it.
Australian Property Institute (Ed.). (2007). Valuation principles and practice (2nd ed.). Deakin, ACT: Australian Property Institute.
Australian Property Institute, Australian Property Journal API. (1996) Specialist Valuations in Australia and New Zealand, Theory and Practice, Deakin, ACT.
Australian Property Institute (1999) Legislation Affecting Property Professionals
Bond, S.G. (2002). "Do Market Perceptions Affect Market Prices? A Case of a Remediated Contaminated Site", in Real Estate Valuation Theory, eds K. Wang and M.L.Wolverton, Kluwer Academic Publishers, Boston, Vol. 8, pp. 285-321. Shelf No. 333.332 REA
Bond, S.G. (2001). "Stigma Assessment: The Case of a Remediated Contaminated Site". Journal of Property Investment and Finance, Vol. 19, No.2, pp. 188-210. Full text available from ProQuest 5000 International
Bond, S.G., (2000). “Know Thy Legislation: The Case of Decontaminated Sites in Western Australia”, Australian Property Journal. Vol. 36, No. 4, pp. 312-316.
Brown, D. (2004). Land Acquisition: an examination of the principles of law governing the compulsory acquisition or resumption of land in Australia, 5th edition, Butterworths, Sydney.
Collins,M. (2003) ‘High Court Overturns Land Value Method – Maurici-v-Chief Commissioner of State Revenue (NSW)’, Australian Property Journal, vol. 37, no 6, pp 436-437.
De Biasi, G. (2001) ‘Compensation – Injurious Affection’, Property West, Australian Property Institute WA, Nov/Dec.
Gloudemans, Robert. (1999) Mass Appraisal of Real Property, International Association of Assessing Officers (IAAO).
Hyam, A. (1993) Court Decisions for Examination Study, Australian Institute of Valuers and Land Economists (Note: 1997 edition available on order from API)
Hyam, A. (1997) Valuation Principles and Practice, Australian Property Institute Jackson, T.O. (2001). The Effects of Environmental Contamination on Real Estate: A Literature Review, Journal
of Real Estate Literature, 2001, Vol. 9, No. 2, 93-116. Shelf No. P 333 07679.
Kinnard, W.N., Worzala, E.M., Bond, S.G. & Kennedy, P.J (2002). "Comparative Studies of United States, United Kingdom and New Zealand Appraisal Practice: Valuing Contaminated
Commercial Real Estate", in Real Estate Valuation Theory, eds. K. Wang and M.L. Wolverton, Kluwer Academic Publishers, Boston, Vol. 8, pp. 201-226. Shelf No. 333.332 REA
Link, A. N. & Boger, M. B. (1999). The Art and Science of Business Valuation, Westport, Connecticut: Quorum. Shelf Number: 658.15 LIN. Full-text available on e-Reserve.
Curtin Business School (CBS) School of Economics and Finance
VALU3000 Specialised Property Valuation Bentley Campus 17 Feb 2016 School of Economics and Finance, Curtin Business School (CBS)
Page: 4 of 12CRICOS Provider Code 00301J
The only authoritative version of this Unit Outline is to be found online in OASIS
Lloyd, J. (2003). ‘A Matter of ‘Land Value’ – The Maurici Case’, Australian Property Journal, vol. 37, no 8, pp 596-600.
Palandri, M. (2001) ‘Privacy – Now a Federal Case’, Property West, Australian Property Institute WA, Nov/Dec.
Pratt, S.P., (1998), Business Valuation Body of Knowledge 1: Exam Review and Professional Reference, New
York, Wiley, 1998. Shelf No: 658.15 PRA
Pratt, S.P., (1986), Valuing a Business the Analysis and Appraisal of Closely Held Companies, Homewood, Ill,
Dow Jones-Irwin, Business One Irwin, 1986. Shelf No: Q 657.73 PRA
Pratt; S.P., and American Institute of Certified Public Accountants (1993), Business Valuation Video-course [video recording] and DVD, Jersey City, NY, AICPA. Shelf No: 1993658.151 BUS
Robbins, A. (2003) ‘Taxable Land Valuation after Maurici’, Australian Property Journal, vol. 37, no 6, pp 432-435.
Rost, R.O. and Collins H.G. (1984) Land Valuation and Compensation in Australia, M.S. Simpson & Sons.
Spencer, J. in A.I.V.L.E (1996), Specialist valuations in Australia and New Zealand, theory and practice. Ch. 19, p.p. 154-163. Full-text available on e-Reserve.
Online Resources
West Australian Statutes and Regulations – Extracts available from the State Law Publisher at www.slp.wa.gov.au
Land Administration Act 1997
State Administrative Tribunal Act 2004
Land Valuers Licensing Act 1978
Strata Titles Act 1985
Heritage of Western Australia Act 1990
Planning and Development Act 2005
Environmental Protection Act 1986
WA Law Reform Commission Final Report on Injurious Affection (concepts valuers use in compensation assessment) http://www.lrc.justice.wa.gov.au/2publications/reports/P98-FR.pdf
Parliament of Western Australia & Parliamentary Bills - http://www.parliament.wa.gov.au/index.htm
Office of the Federal Privacy Commissioner, National Privacy Principals – www.privacy.gov.au,
Australian Legal Information Institute for research on court cases Australia-wide – www.austlii.edu.au
Curtin Business School (CBS) School of Economics and Finance
VALU3000 Specialised Property Valuation Bentley Campus 17 Feb 2016 School of Economics and Finance, Curtin Business School (CBS)
Page: 5 of 12CRICOS Provider Code 00301J
The only authoritative version of this Unit Outline is to be found online in OASIS
Assessment Assessment schedule
Detailed information on assessment tasks
1. Assessment 1 – Test Date: 13 April 2016 Students will be required to sit a semester test comprising multiple choice and short answers on all materials covered up to week 6. The test will be held during the scheduled lecture time on Wednesday 13 April at 2.00 pm in the lecture venue.
2. Assessment 2 – Business Valuation Report Date: 1 June 2016 The research business valuation project will involve valuing a business inspected during a field trip to be conducted in your own time. The field trip and financial analysis will form the basis for the initial collection of data. It will be up to you to collect all other relevant comparable and market data. This is a group assignment with a maximum of 3 per group (details of how work is to be divided will be discussed during class). You will produce a professional written report based on the hypothetical data given and the additional market information gathered from your own research. You should retain a copy of your assignment if you wish to refer to it prior to the final exam. Your completed business valuation report should be submitted electronically in Microsoft Word document format complete with the group assignment cover sheet duly completed and signed to [email protected] on the due date and time stated.
3. Assessment 3 – Final Examination Due: See Final Exam Schedule on the Curtin Website The Final Exam is a two-hour exam reviewing all work for the semester. It will comprise multiple choice and short answer questions. All material covered in lectures, field trip and readings will be examinable. It is highly recommended that students attend all lectures and complete all readings. The Final Exam will be held during the formal examination period. It is your responsibility to check the date and time of the Final Exam on the Curtin website. University policy disallows information regarding the exam timetable to be given over the telephone. Official release results for this unit are published on Oasis on the Curtin website.
Pass requirements
To pass this unit you must: 1. Receive an overall grade of 5 or above and a mark greater than or equal to 50, AND 2. Submit all assessment activities.
Moderation describes a quality assurance process to ensure that assessments are appropriate to the learning outcomes, and that student work is evaluated consistently by assessors. Minimum standards for the moderation of assessment are described in the Assessment and Student Progression Manual, available from policies.curtin.edu.au/policies/teachingandlearning.cfm
Late assessment policy
This ensures that the requirements for submission of assignments and other work to be assessed are fair, transparent, equitable, and that penalties are consistently applied.
1. All assessments students are required to submit will have a due date and time specified on this Unit Outline. 2. Students will be penalised by a deduction of ten percent per calendar day for a late assessment submission
(eg a mark equivalent to 10% of the total allocated for the assessment will be deducted from the marked value for every day that the assessment is late). This means that an assessment worth 20 marks will have two marks deducted per calendar day late. Hence if it was handed in three calendar days late and given a mark of 16/20, the student would receive 10/20. An assessment more than seven calendar days overdue will not be marked and will receive a mark of 0.
Assessment extension
A student unable to complete an assessment task by/on the original published date/time (eg examinations, tests) or due date/time (eg assignments) must apply for an assessment extension using the Assessment Extension form (available from the Forms page at students.curtin.edu.au/administration/) as prescribed by the Academic Registrar. It is the responsibility of the student to demonstrate and provide evidence for exceptional circumstances beyond the student's control that prevent them from completing/submitting the assessment task.
The student will be expected to lodge the form and supporting documentation with the unit coordinator before the assessment date/time or due date/time. An application may be accepted up to five working days after the date or due date of the assessment task where the student is able to provide an acceptable explanation as to why he or she was not able to submit the application prior to the assessment date. An application for an assessment extension will not be accepted after the date of the Board of Examiners' meeting.
Deferred assessments
If your results show that you have been granted a deferred assessment you should immediately check your OASIS email for details.
Deferred examinations/tests will be held from 18/07/2016 to 29/07/2016 . Notification to students will be made after the Board of Examiners’ meeting via the Official Communications Channel (OCC) in OASIS.
Supplementary assessments
Supplementary assessments, if granted by the Board of Examiners, will have a due date or be held between 18/07/2016 and 29/07/2016 . Notification to students will be made after the Board of Examiners’ meeting via the Official Communications Channel (OCC) in OASIS.
It is the responsibility of students to be available to complete the requirements of a supplementary assessment. If your results show that you have been granted a supplementary assessment you should immediately check your OASIS email for details.
Referencing style
The referencing style for this unit is Chicago.
More information can be found on this style from the Library web site: http://libguides.library.curtin.edu.au/referencing.
Copyright
Curtin Business School (CBS) School of Economics and Finance
VALU3000 Specialised Property Valuation Bentley Campus 17 Feb 2016 School of Economics and Finance, Curtin Business School (CBS)
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The only authoritative version of this Unit Outline is to be found online in OASIS
Academic Integrity (including plagiarism and cheating) Any conduct by a student that is dishonest or unfair in connection with any academic work is considered to be academic misconduct. Plagiarism and cheating are serious offences that will be investigated and may result in penalties such as reduced or zero grades, annulled units or even termination from the course.
Plagiarism occurs when work or property of another person is presented as one's own, without appropriate acknowledgement or referencing. Submitting work which has been produced by someone else (e.g. allowing or contracting another person to do the work for which you claim authorship) is also plagiarism. Submitted work is subjected to a plagiarism detection process, which may include the use of text matching systems or interviews with students to determine authorship.
Cheating includes (but is not limited to) asking or paying someone to complete an assessment task for you or any use of unauthorised materials or assistance during an examination or test.
From Semester 1, 2016, all incoming coursework students are required to complete Curtin’s Academic Integrity Program (AIP). If a student does not pass the program by the end of their first study period of enrolment at Curtin, their marks will be withheld until they pass. More information about the AIP can be found at: https://academicintegrity.curtin.edu.au/students/AIP.cfm
Refer to the Academic Integrity tab in Blackboard or academicintegrity.curtin.edu.au for more information, including student guidelines for avoiding plagiarism.
Information and Communications Technology (ICT) Expectations Curtin students are expected to have reliable internet access in order to connect to OASIS email and learning systems such as Blackboard and Library Services.
You may also require a computer or mobile device for preparing and submitting your work.
For general ICT assistance, in the first instance please contact OASIS Student Support: oasisapps.curtin.edu.au/help/general/support.cfm
For specific assistance with any of the items listed below, please contact The Learning Centre: life.curtin.edu.au/learning-support/learning_centre.htm
l Using Blackboard, the I Drive and Back-Up files l Introduction to PowerPoint, Word and Excel
Additional information Deferred Assessment Deferred assessment is the formal approval for a student to complete an assessment task for a unit at a later date. A ‘ DA’ is the interim result. The assessment task can include an examination or assignment or other work. Approval for deferred assessment will only be given in circumstances where the specified criteria are met. Students must complete an application form available from the School Office or online please refer to the link below: http://students.curtin.edu.au/administration/documents/Applicationfor_Deferred_Assessment_post14122010.pdf For further information, please visit the Assessment and Student Progression Manual via the following link: http://policies.curtin.edu.au/policies/viewpolicy.cfm?id=f2cc9a5b-43a3-11e0-8120-1706e21d5a89
Enrolment
It is your responsibility to ensure that your enrolment is correct - you can check your enrolment through the eStudent option on OASIS, where you can also print an Enrolment Advice.
Curtin Business School (CBS) School of Economics and Finance
VALU3000 Specialised Property Valuation Bentley Campus 17 Feb 2016 School of Economics and Finance, Curtin Business School (CBS)
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The only authoritative version of this Unit Outline is to be found online in OASIS
Student Rights and Responsibilities It is the responsibility of every student to be aware of all relevant legislation, policies and procedures relating to their rights and responsibilities as a student. These include:
l the Student Charter l the University's Guiding Ethical Principles l the University's policy and statements on plagiarism and academic integrity l copyright principles and responsibilities l the University's policies on appropriate use of software and computer facilities
Information on all these things is available through the University's "Student Rights and Responsibilities" website at: students.curtin.edu.au/rights.
Student Equity There are a number of factors that might disadvantage some students from participating in their studies or assessments to the best of their ability, under standard conditions. These factors may include a disability or medical condition (e.g. mental illness, chronic illness, physical or sensory disability, learning disability), significant family responsibilities, pregnancy, religious practices, living in a remote location or another reason. If you believe you may be unfairly disadvantaged on these or other grounds please contact Student Equity at [email protected] or go to http://eesj.curtin.edu.au/student_equity/index.cfm for more information
You can also contact Counselling and Disability services: http://www.disability.curtin.edu.au or the Multi-faith services: http://life.curtin.edu.au/health-and-wellbeing/about_multifaith_services.htm for further information.
It is important to note that the staff of the university may not be able to meet your needs if they are not informed of your individual circumstances so please get in touch with the appropriate service if you require assistance. For general wellbeing concerns or advice please contact Curtin's Student Wellbeing Advisory Service at: http://life.curtin.edu.au/health-and-wellbeing/student_wellbeing_service.htm
Recent unit changes Students are encouraged to provide unit feedback through eVALUate, Curtin's online student feedback system. For more information about eVALUate, please refer to evaluate.curtin.edu.au/info/.
Recent changes to this unit include:
The Guest Speakers changed to reflect current professional practice.
To view previous student feedback about this unit, search for the Unit Summary Report at https://evaluate.curtin.edu.au/student/unit_search.cfm. See https://evaluate.curtin.edu.au/info/dates.cfm to find out when you can eVALUate this unit.
Curtin Business School (CBS) School of Economics and Finance
VALU3000 Specialised Property Valuation Bentley Campus 17 Feb 2016 School of Economics and Finance, Curtin Business School (CBS)
Page: 9 of 12CRICOS Provider Code 00301J
The only authoritative version of this Unit Outline is to be found online in OASIS
