Module Provider: Real Estate and Planning
Number of credits: 20 [10 ECTS credits]
Terms in which taught: Spring term module
Non-modular pre-requisites:
Modules excluded:
Current from: 2020/1

Module Convenor: Prof Peter Wyatt


Type of module:

Summary module description:

This module builds on the REMF45 Investment Appraisal and Valuation module and studies the market valuation process; as distinct from the wider appraisal process. It examines both the valuation process and valuation methods, and as 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 REMF45 Investment Appraisal and Valuation 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. 

Assessable learning outcomes:

Upon completion of this module, students should be able to: 

  • Understand what valuation is, i.e. valuation applications: market transactions, performance measurement, financial reporting, loan security, land and property taxation, expropriation, insurance, and the valuation industry: service providers (agents and consultants) and clients. 

  • Be cognisant of international and national standards and guidance, ethics and professionalism, including conflicts of interest, client influence. 

  • Understand the valuation process: terms of engagement, inspections and information gathering (including measurement), valuation, reporting 

  • Understand the different valuation bases, assumptions and special assumptions 

  • To un derstand the various approaches to, methods of and techniques for valuing legal interests in real estate 

  • Develop numeracy and problem solving skills in the application of valuation techniques. 

Additional outcomes:

Outline content:

Brief description of teaching and learning methods:

The module will comprise lectures and tutorials.

Contact hours:
  Autumn Spring Summer
Lectures 20 2
Seminars 8
Guided independent study:      
    Wider reading (independent) 140 30
Total hours by term 0
Total hours for module 200

Summative Assessment Methods:
Method Percentage
Written exam 100

Summative assessment- Examinations:

Three-hour examination

Summative assessment- Coursework and in-class tests:

Formative assessment methods:

Penalties for late submission:
Penalties for late submission on this module are in accordance with the University policy. Please refer to page 5 of the Postgraduate Guide to Assessment for further information:

Assessment requirements for a pass:

A mark of 50% overall

Reassessment arrangements:

Reassessment will be by a three-hour written examination. 

Additional Costs (specified where applicable):

Last updated: 4 April 2020


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