QA2 – Assessment Brief (UG) – PRMD20021 and PRMD20028

Nottingham Trent University

School of Architecture, Design and the Built Environment Property Management and Development Subject Group

QA2 – Assessment Brief (UG)
Academic year2021/22
Module CodePRMD20021 and PRMD20028
Module TitleValuation
Module LeaderRebecca Goodall
Level of Study (4,5 or 6)5
Coursework Number and Coursework Title1 of 1. Report portfolio
Coursework Weighting in element100%
Coursework Brief AuthorRebecca Goodall
Date Issued to LearnersFirst week of the academic year
Submission Time and Submission DateNo later than 10.00am on 28th April 2022
Submit toNOW Electronic Dropbox
Planned Assessment Feedback Date (15 working days after submission)Friday 20th May 2022
Maximum Word LimitAround 3,000 exc tables, headings, references

Academic Irregularities WARNING:

This is an individual piece of work and learners are reminded of the University’s regulations on                 academic irregularities, which      covers plagiarism, copying, cheating and other activities/situations/circumstances that may also constitute an academic irregularity. You are expected to have read and checked that your work does not contravene the University regulations on academic irregularities. Examples on what constitutes an academic irregularity can be found in Section 17c of the Academic Standards and Quality Handbook which you are advised to study carefully; it can be viewed and downloaded from the university intranet at: https://www4.ntu.ac.uk/adq/document_uploads/quality_handbook/165820.pdf

Introduction

This coursework is intended to help you meet and assess your achievement of the module learning outcomes, identified below, and develop a range of personal transferable skills. The grade awarded will contribute to your grade for this module and your overall level aggregate grade. The assessment criteria are clearly set out within the coursework brief and it is in your own interests to ensure that your work addresses the assessment criteria clearly and in an appropriate manner and logical sequence. If you are unsure or unclear about any aspect of what is required of you, you should contact the coursework author or module leader straight away.

Submission Instructions

  1. Your coursework must be submitted electronically in Microsoft Word format.
  2. Your work must be submitted to the Module Dropbox which is located in the module learning room on NOW; it should be uploaded no later than the coursework submission date and time given above.
  3. The coursework will automatically be assessed by the web-based text-match tool, Turnitin UK. Learners are permitted one Practice Submission to the Dropbox so the Turnitin report can be viewed prior to Final Submission.
  4. Only one final Submission is allowed. Once submitted you cannot revise your final submission; you have only one opportunity to submit the final version. Failure to submit your work to the Dropbox by the submission deadline will delay assessment of your work and may result in your work being deemed a late submission and thereby subject to a late submission penalty.

Presentation Requirements

  • The coursework must be typed; 12 point Arial font must be used throughout for the main body of the work.
  • Line spacing must be 1.5 lines.
  • Top, bottom, left and right margins must be at least 30mm.
  • The coursework must be presented ‘single side’ typed (not double sided).
  • The core pages of the submission must be paginated.
  • The coursework must not extend beyond the word limit specified above. Any work after this word limit has been reached will not be graded. The word limit includes tables, figures and footnotes but excludes the bibliography and/or list of references unless specifically directed otherwise by the module leader.
  • Make sure you proof read and spell check your work. Remember that spell checkers will not identify an incorrect but correctly spelt word.
  • The coursework submission must not include your name, just your student (learner) number in the top right header margin.

Submission using Turnitin

Turnitin is an online system that checks documents for text matches against its database of papers, articles and web pages. When a piece of coursework is submitted to Turnitin, an Originality Report is generated, which highlights instances of text matching. At NTU, Turnitin is integrated into NOW, via the use of the Dropbox.

The practice submission folder allows you to upload your work in advance of the final deadline, so you can make use of the Originality Report that is generated. The Originality Report shows repeated text from other sources within the Turnitin database and can be used as a tool to improve your understanding of academic integrity and referencing.

To prevent the software from detecting similarities in re-submitted work, you should use the same file name when uploading work. This will be mean that the files will be exempt from checking.

All submissions will be date-stamped electronically, and late submissions will be highlighted to tutors. Please ensure work is uploaded before the deadline as computer issues are not an accepted reason for late submissions and may incur penalty.

Coursework Task and Additional Guidance

Valuation report portfolio:

The questions detailed below are based on themes relating to the module and the sort of tasks you will be asked to do in industry. You are expected to attempt to answer the appropriate questions at the time when those themes are covered in sessions rather than leaving everything to the end. Surgery sessions are booked in where you will be able to seek formative feedback. Participating actively in the online seminars will be very useful too. Although the work needs to be very much your own and you are not allowed to collude you are encouraged to form working groups to help each other through the module.

Please do not leave writing up your report until the end as this could result in you failing the module. If you then failed the referral opportunity you would probably not be able to proceed into your final year so you must be disciplined and work on this throughout the module duration (seven months!). Please look at the module calendar which provides you with an approximate timing of when topics are covered. The questions below have also been laid out in approximately the right order where possible. This is a 20 Credit Point module and the work that goes into this single module assignment really needs to reflect that.

You may also require support with your professional writing skills and style. mathematical skills and/or use of Excel which you need to seek early on (via the library and the Ascension platform if related to their content).

You are expected to use plenty of references (Harvard style) detailing all the sources you have consulted. These could include conversations in seminars, lecture slides, text books, documents found via the RICS iSurv database (incl the Red Book), publications from industry research portals, journal articles and more. You may be able to incorporate previous own work into your submission and hence it may be appropriate to reference accordingly. You are reminded that you must reference all sources that have informed a point you are making, not just specific quotes or data. This should result in a comprehensive set of references. You are encouraged to seek support on referencing via the library if necessary. You are also encouraged to use a referencing software to make it easier for you (eg RefWorks). The library can support you with this too.

It is advisable to use a report-style layout utilising a front cover, table of contents and page numbers. You are advised to download a MS Word report template to ensure the layout is of industry standard. You are encouraged to use examples (made up, industry or from text books), graphs and graphics where appropriate to add further depth to your arguments. You are expected to write succinctly. You will be able to see some examples (called exemplars) of similar work on the module learning room.

Your word limit is around 3,000 excluding references, tables etc. You can split the word count across the questions as you like. It is essential that you consider the assessment criteria that will be used to mark your work which will provide you with clarity and transparency with regard to what is required of you. Please carefully look at the weightings discussed and note that individual questions are not weighted as such.

Please note that you can use TurnitIn to provide you with a similarity report prior to your final Dropbox submission. This will provide you with an opportunity to reconsider your referencing and writing.

Rationale for the assessment:

Valuation is the cornerstone of our profession and although there is no getting around some dry aspects once these are applied to real life scenarios the topic becomes very interesting and relevant to your future career success. The questions set replicate the sort of tasks you are expected to do in industry as graduate surveyors (or on the client side working as an analyst, portfolio manager, developer etc). You will also need to be able to carry out these tasks for your APC (Assessment of Professional Competence) to become a qualified Chartered Surveyor (MRICS) and you will be building on these same themes in your final year so all the effort you put in now will pay off. Moreover report writing and answering specific questions precisely, using critical analysis based on research as well as the application of mathematical skills and the use of Excel will be extremely useful in professional employment inside and outside the industry. Several questions are personalised allowing you to choose markets or properties that you are interested in, this includes international examples and markets if you like.

Attendance and the coursework:

Please prioritise attending the sessions, doing the flipped activities prior to the session in order for them to make sense and for you to be able to contribute and make the most of being given the opportunity to work on some coursework questions (or questions similar to your coursework) during the workshops.

Before you start:

  • Sign up to the Ascension training platform using your NTU email. Use this link: https://www.ascension-training.com/offers/arSexApB
  • Ensure you have access to CoStar, EGi or a similar database for accessing comparables (see guidance provided in your PMA module). you may need to use your NTU email here too.
  • Ensure you have access to research reports by the large consultancies. You may need to set up a login. There are too many to list but the following provide a good starting point: JLL, CushWake, CBRE, Savills.
  • Ensure you can access Excel on your device (if you use a Mac you may need to download this).
  • Ensure you have a calculator to use (this needs to have some scientific functions and could be the one on your device)
  • Ensure you have a camera you can use (eg on your phone)
  • You may want to use DigiMaps (which you used in the first year but not essential)
  • Ensure you know how to access the online resource list on my module learning room which contains easy access to the online text books such as

Blackledge

  • Ensure you can access the RICS isurv database via the NTU library
  • Know how to reduce the file size of images if necessary, otherwise you may struggle to upload your final report.
  • Know how to format a report and check your uploaded report is formatted correctly
  • Know how to use the NTU Harvard referencing system

What to do if you are worried about passing this assessment at any time during the module:

Contact me Rebecca Goodall (rebecca.goodall@ntu.ac.uk) asap. It is not unusual to fall behind in a module and I will be supportive and non-judgemental and will help you devise a strategy to get you back on track. You really need to aim to pass your module first time round and I do not want to see anyone on my module fail.

Questions to answer in your report (you may copy the questions into the report without this adding to your word count for added clarity)

  1. Write a brief external building description of a local property of your choice that you have inspected externally. Include labelled photos you have taken yourself and provide the exact address of the property. Ideally this would be a commercial property but if there are lockdown restrictions you may use a residential property.

Hint: ensure to use the appropriate construction terminology as well as analysing and then describing the functional aspects of the building such as the entrances, car parking, number of stories, use, landscaping etc.

Photos should be labelled detailing what aspect of the building they are showing eg: ‘front elevation accessible from Shakespeare Street’. You can find examples of this particular style of writing in agent’s particulars which you can find on portals such as CoStar or EGi. We will also be looking at these in class.

2)   Measuring:

  • Assume that you are valuing an office building. You have found comparbles based on the Code of Measuring Practice’s Net Internal Area (NIA) but have read the Red Book which states you should be measuring using International Property Measuring Standards (IPMS3) unless your client requests NIA in their instruction. Analyse the difficulties you may have here and how you may overcome those.
    • Your subject property has the following features. Are these likely to result in the IPMS area exceeding or being smaller than the NIA equivalent? Reference the documents accordingly.

An office building with: columns, recessed windows with deep window sills, covered walkways and balconies and a roof garden.

3)  Making enquiries, due diligence and valuation approach:

Subject property: Waltons Hotel, 2 North Road, Nottingham, NG7 1AG

Please carry out an external inspection if possible (do not go inside). Alternatively carry out a desktop inspection using google maps, Street View etc.

  1. Provide a map where you have clearly marked down the property (you could use DigiMaps, Google Maps or so for this).
  • Provide an image of the property clearly stating if this is a photograph you took or the source if it is not your own.
  • Research whether the hotel is:
  • In a conservation area or on the edge of one (name the area)
  • Is the property listed? If so which grade. Which organisation decides on this?
  • Go onto the appropriate planning portal and find the property. State which planning authority is responsible for the subject property
  • List any planning applications (and their reference numbers) that may have been made in the past five years
  • Is it rated (by the VOA)? If so what is the ratable value?
  • Is it in a flood risk area?
  • What is the current use of the subject property and who is the occupier?

Ensure to provides references/sources where appropriate (remember to also include these in your reference section at the end of the report)

Please answer these questions using a table similar to this:

Subject Property:Waltons Hotel, 2 North Road, Nottingham, NG7 1AG
Conservation Area 
Listing status 
Planning Authority 
Planning Applications in past five years 
Rating status/Ratable Value 
Flood risk 
Current use of the property/current occupier 
Any additional information 
  
  • Discussion: in light of your research discuss which method you are likely to use to value the property and why. Then briefly consider/discuss the factors that would impact value.

Hint: you will find the RICS comparable document (‘Comparable

Evidence in Real Estate Valuation’ by RICS on NOW) helpful and are also expected to consider the current market situation and you may wish to make reference to property market reports either focussing on Nottingham and/or on hotels.

Hint: you may want to access the isurv RICS database for this via the NTU library portal although the Red Book has been uploaded onto NOW as well.

  • Write a location description for the following subject property as you would for a Valuation report.

Subject property: IKEA at the Giltbrook Retail Park

Hint: provide the full address. You should discuss key occupiers and landmarks near the property, key infrastructure such as public transport and main roads nearby (in km/miles as well as minutes by car or foot). You may want to include screenshots of maps. Have a look on property portals for example location and situation descriptions used in sales particulars.

  • Write a brief property market overview on a location (eg a city or region in the UK or abroad) and sub-market of your choice (eg offices, retail, hotels, student accommodation etc). Ensure to discuss the occupier and investment market as well as considering the development market where appropriate. Provide a property market outlook where possible. You must cite all the reports used and are encouraged to use several different reports. Where discrepancies arise state these too.

Hint: these overviews are used in various valuation reports and tend to be quite descriptive rather than requiring your own analysis. They discuss key indicators such as take-up, yields and the development pipeline as opposed to providing detailed economic analysis. A range of recent reports should be referenced here (these should be no older than 2021).

Many consultancies provide such reports to inform yours. You may want to start with CBRE, JLL, CushWake, Savills etc. You may need to set up a login and may need to use your uni email.

  • For the subject property EMA1 Amazon Fulfilment Centre, East Midlands Gateway, DE74 2DL compile a table of rental comparables as well as a table of investment/capital value comparables. Provide analysis of those comparables vis-à-vis the subject property and then state the Market Rent you have arrived at as well as an appropriate yield (ARY) and/or Capital Value psf. Assuming the NIA of the subject property is 10,000 sq m calculate the Market Value using either the income capitalisation approach or the capital value approach depending on the transactional evidence you found (making any additional assumptions that allow you to take this approach).

Hint: think about how similar the comparable is to your subject property and what adjustments will be necessary but also consider the Hierarchy of

Evidence and what makes a good comparable (find, use and reference the appropriate RICS guide that will help you with this).

How many comparables you will need depends on their quality and relevance. The better they are the fewer you would need. Aim for about five for the rental comps. Ideally you would have a similar amount for the investment transactions but this may be hard. Supplement your findings with additional industry research if need be.

  • Provide a table of Rental comparables:
Address (inc photo where possible)Details of comparable property (inc occupiers/leases info where possible)Rent £ pa psfDate of transactionConsiderations (in comparison to the subject property. Consider adjustments)
     
  • State your Market Rent and rationale:
  • Provide a table of Investment transactions:
Address (inc photo where possible)Details of comparable property (inc occupiers/leases where possible)Yield and/or Cap val psfConsiderations (in comparison to the subject property. Consider adjustments)
    
  • State your Market yield or cap val psf and rationale:
  • State the Market Value based on your analysis (show formulae used and use the rounding convention ‘Say’). State any assumptions you have made when using this valuation approach.
  • Carry out the following valuations using the methods you have learned. Represent answers rounded to two decimal places throughout the calculation (but ensure you do not round when calculating eg by using Excel) and round and state your final answer using the British surveying rounding practice (eg ‘Say £2.5m’). Show your working. You are not expected to take off purchaser’s costs.
  • Calculate the capital value psf for the following industrial unit:

–    Rent £78,500 pa

  • Yield 7.25%
  • Area: 1,096 sq m

Hint: use the income capitalisation approach and don’t be caught out!

  • Value the single high street property below using the traditional term & reversion method.

The property is a single shop, let to a successful national retailer at an annual passing rent of £37,500 per annum. The lease is for a term of 15 years with 5- yearly upwards only rent reviews. There are currently 11 years unexpired on the lease. The current rental value of the property is £47,000 per annum. Your transactional evidence (comps) suggest a yield of 6% to be appropriate for the term and you adjust this yield by 50 bps (basis points) to reflect the different risk for the reversion.

  • Value   the   single   high   street   shop   below   using   the traditional hardcore/layer method.

The property is a single shop let to a national retailer who is not doing so well (has a weaker covenant) at an annual passing rent of £37,500 per annum. The lease is for a term of 15 years with 5-yearly upwards only rent reviews. There are currently 11 years unexpired on the lease. The current rental value of the property is £47,000 per annum. Use 6.5% for your hardcore yield and shift out the yield for the topslice by another 50 basis points.

  • Calculate the Gross Development Value (GDV) based on the following assumptions:
  • The site is 1 ha
  • Site density 60%
  • Assume gross to net ratio (GEA:NIA) of 80%
  • You plan to build 6 floors
  • The lettable area on the ground floor is reduced by 25%
  • Estimated rental value is £30 psf

–    ARY 5.75%

e)   Value the council-owned primary school for accounting purposes:

  • Estimated life of the building is 75 years with 20 years remaining
  • Floor area is 3,500 sq m
  • Site area 1.6 ha
  • Land value is estimated at £235,000 per ha
  • The building’s modern replacement cost (inc fees) is estimated at £1,800 psm
  • Using Excel set up a simple Discounted Cashflow Model (DCF). Copy a screenshot of your model into your report. What is the IRR for the following model:
  • Acquisition cost: £1.2m
  • Net rental income £100,000 pa benefitting from annual fixed uplifts of 2.5%
  • Holding period 10 years
  • Exit value: use an ARY of 5.5% to calculate the exit value
  • Start with a hurdle rate of 15% but then set the NPV = 0 to find out the actual IRR.
  • Consider the following properties across Nottingham which you are expected to either externally briefly look at (a ‘drive-by’ inspection) or find using Streetview or similar if you are unable to get to the sites. Ascertain the appropriate valuation methodology you would use for each (state and justify the methodology) and highlight some of the key considerations that would impact the valuation.

Please note that the scenarios below where written in a way where there is only one correct method for each.

LocationBasis              of PurposeValue/Valuation                          Method, rationale                     and                     key considerations
Waste Recycling Group Ltd,                    Nottingham Incinerator/Incinerator Road/Cattle Market Rd, Nottingham NG2 3JHEquitable                                value (previously Fair Value) for the council who we assume own and operate the unit for the purposes of this exercise. 
Former               kitchenInvestment value for an 
showroom,          Crocusopportunistic                           investor
Street/Sherriff’s      Way,whose plan is to acquire
Nottingham NG2 3DPthe     vacant          property,
 asset manage it and then
 sell in 5 years once the
 rental income has been
 optimised. This investor
 makes   decisions             based
 on      exceeding         hurdle
 rates (IRRs)
Trinity House, 2 Burton Street, Nottingham NG1 4BXMarket value for secured lending purposes.   Assume the entire building is let to E.On with 10 years unexpired on an FRI lease and that E.On is a company with excellent                          covenant strength. 
Next, 107-113 VictoriaMarket              Rent(forthe 
Centre,        Nottinghamowners Intu)  
NG1 3QD   
  • Consider the following valuation methods/approaches and provide the address of an actual example property that is likely to be valued using each method/approach. This can be located anywhere in the UK or abroad. You could find these properties using databases such as CoStar, EGi, Rightmove, an online auction catalogue or properties listed on the websites of property consultancies. You may also use properties you walked past in Nottingham, at home/work or so as long as you provide some evidence/detail.
 Location address, photo and source (using   Harvard   style. Do not paste in hyperlinks here please).Rationale – why is this the appropriate method to use for this sort of property
Comparable method  
Income                     capitalisation approach  
Term    &    Reversion            or Hardcore/Layer  
Discounted Cash Flow  
Profits method  
Capital Value per square foot  
Turnover-based rent  
Zoning  
Depreciated                      Replacement Cost  
Residual Valuation  
  1. Consider the information provided below and identify what each scenario is an example of choosing from: Valuation Purpose, Basis of Value, Valuation Methodology, Assumption, Special Assumption
Scenario/information givenAnswer
Investment Value 
DRC 
Relying on areas provided 
Not having sight of a building survey and valuing on the basis that there are no issues with deleterious materials 
Secured Lending 
Valuation on basis of vacant possession when building is occupied 
Market Rent 
Accounting purposes 
Income Approach 
  1. Use bullet point sentences to briefly detail the steps you would take to value the subject property The Horn in Hand, 17 Goldsmiths St, Nottingham NG1 5JT (Red Book valuation for secured lending purposes) starting with a Client’s verbal instruction to a signed Red Book report.

Hint: you need to address both the RICS Red Book regulations/procedures as well as the actual valuation considerations but you do not need to provide any indicative valuation figures.

12)  Impact of lease clauses/structure on value:

Analyse and discuss the lease clauses for Lease structure A and B below. Answer which lease structure (assuming the same subject property) is likely to result in a higher Market Value and why.

Lease structure ALease structure B
15 year lease with 5 yearly landlord and tenant break options10 year lease with the landlord’s option to break after 3 years
IRIFRI
Inside ‘The Act’Outside the Landlord & Tenant 1954 Act
No rent reviewsAnnual indexation inline with RPI
  • Write a paragraph or two discussing your learning experience of this module. Discuss your engagement within taught sessions (eg contributions to chats or working in breakout rooms), the Ascension training as well as the working group(s) you have been part of as well as how your skills have developed throughout the academic year and where you think you will be applying the knowledge, understanding and skills you have learned in industry. You may also want to discuss what you have learned in relation to general academic skills such as time management or overcoming difficulties.

Please use appendix to attach supporting evidence such as screenshots inc your Ascension certificates.

The following assessment criteria will apply to this coursework. You should ensure that the work that you submit appropriately addresses and corresponds with these criteria.

Assessment CriteriaFurther Guidance
1     Knowledge, Understanding, Application    of due     diligence tasks, Valuation methods, principles    and RICS regulationKnowledge, Understanding, Application of due diligence tasks, Valuation methods, principles and RICS regulation where you will demonstrate comprehension, application and analysis to arrive at a considered answer.   Your QA10 Grading and Feedback Sheet contains the following additional information used when marking your work:   First (excellent): You have demonstrated outstanding/excellent
  Weighting: 70%knowledge and understanding of valuation and, in order to achieve a mid/high first. You demonstrate that you have been able to evaluate concepts, carry out research, synthesise information, apply the appropriate mathematical valuation proceeses in order to carry out due diligence tasks correctly and to the highest standard, value properties using the scenarios given and interpret RICS principles and regulations resulting in excellent answers to all questions.   Upper Second (very good): You have demonstrated very good knowledge and understanding of due diligence, valuation RICS regulation and principles and are typically able to relate facts/concepts together when answering questions. You have demonstrated autonomy in your approach to learning. You have answered all questions and have answered the majority of the questions to a high standard, demonstrating a clear command of the skills required (for example, valuation methods appropriately employed, relevant RICS documentation considered, correct formulae demonstrated and applied). The reason your work fell short of a first could be because there are some smaller errors in your calculations or aspects missing when carrying out the due diligence related tasks and/or some gaps in understanding the RICS principles and regulations.   Lower Second (good): You have demonstrated good knowledge and understanding of valuation. You demonstrate a solid grasp of the underlying methods/principles and RICS regulation which you are able to apply well alongside the required due diligence. You may have made some larger errors in the application of methods, calculations or research has been applied incorrectly in places.   Third (sufficient): You have demonstrated sufficient knowledge and understanding of valuation. Overall you have evidenced that you can carry out due diligence work to a sufficient standards, that you are able to carry out valuation calculations and have shown sufficient understanding of the RICS principles and regulations. You may have made some larger errors in the application of methods, calculations or research has been applied incorrectly in places, but overall the marker is still confident that you have met the Learning Outcomes of the module.   Fail (insufficient): You demonstrate insufficient/highly insufficient knowledge and understanding of valuation. You fail to address some aspects of the brief/the questions set. There may be weak arguments or weakly constructed arguments such as mistakes in the selection and application of valuation methods or RICS guidance. You are able to reproduce some learned aspects and apply them to some questions but there is a general lack of proficiency. You have not evidenced your ability to carry out due diligence and/or valuation calculations to an acceptable standard.
2 Quality of written communication:   Weighting 20%Strong written communication: You will need to write in a succinct and professional manner avoiding a colloquial tone and use the appropriate subject/industry terminology throughout. You will need to communicate information, ideas and concepts effectively in a clear, articulate fashion including where you are detailing valuation calculations and the underlying formulae. You also need to pay attention to a professional report and page layout and demonstrate
 diligence through good spelling and grammar.   Your QA10 feedback form contains the following additional information used when marking your work:   First (excellent): You have written succinctly, clearly and in an articulate, logical fashion using appropriate terminology and paying attention to excellent presentation throughout including where calculations have been detailed.   Upper Second (very good): You have evidenced strong communication skills overall but not entirely or consistently; there may for example be some key technical terms that are absent where they should have been used. You have written succinctly, clearly constructed your arguments and in an articulate fashion using appropriate terminology and paying attention to very good presentation throughout.   Lower Second (good): Overall, you have written clearly and with confidence and largely use appropriate terminology presenting your work well. You have not written in a casual/colloquial tone. There may be questions that have been answered less well (i.e. demonstrating weaker communication skills) or you may have not structured your answers clearly throughout for example possibly resulting in less succinct answers. Your report layout may not be of very good or excellent standard including using the Harvard Referencing System in your Reference section.   Third (sufficient): Your arguments may be poorly constructed. Communication and presentation is generally competent but with some weakness, for example lacking consistent use of appropriate terminology and/or a succinct and appropriate writing style, weaker structuring of arguments or weak presentation.   Fail (insufficient): Your arguments are weak/weakly constructed and/or lack clarity. You have not used appropriate technical terminology throughout Presentation skills may be weak. Overall, your writing is not professional, logical or technical.
3 Evidencing your claims   Weighting 10%You will need to evidence your claims by providing appropriate examples to demonstrate your argument or by underpinning your statements with evidence such as citing lecture materials, seminar discussions, text books, industry research and data, RICS documentations etc.   Your QA10 feedback form contains the following additional information used when marking your work:   First (excellent): You have evidenced your claims extensively and through appropriate selection of high quality sources. You demonstrate critical analysis of, reading/research (including examples practiced in seminars/lectures and recommended reading but also gone beyond the prescribed range by finding our own sources of academic and/or industry research). You have used the Harvard Referencing System correctly.   Upper Second (very good): You have evidenced an appropriate
 selection and analysis of reading/research, but largely based on set sources provided to you to direct your answers, or relied on your own sources at the expense of key sources that should have been used to answer some questions. You demonstrate autonomy in your approach to learning, which will be demonstrated through confident, convincing answers underpinned with evidence using the Harvard Referencing System.   Lower Second (good): You have evidenced an appropriate selection of reading/research, but generally based your answers on set sources provided to you to direct your answers or have relied too heavily on sources found via general internet searches that may not be as appropriate as those you were directed to in class, for example where general finance texts where consulted rather than UK property valuation documents or RICS documentation. Your Harvard Referencing may have been incorrectly applied in places or sources may be missing.   Third (sufficient): You have only evidenced your answers to a sufficient standard through insufficient use of resources or inappropriate examples in palaces. You have demonstrated some ability to select and evaluate reading/research however work may be more generally descriptive or incorrectly/insufficiently evidenced in places. There is a strong reliance on set sources or sources obtained via general internet searches (rather than appropriate UK valuation or RICS documentation for example) to advance work.   Fail (insufficient): You use limited sources to make arguments or apply information incorrectly. You have not referenced comprehensively using Harvard Referencing System.

Assessment and Module Learning Outcomes (MLOs)

The table below gives details of the module learning outcomes (see Module Specification for full details) that will be assessed by this coursework.

  Module Learning Outcomes (MLO) AssessedKnowledge and Understanding   These are the four bullet points in your module handbook and the underlying module specification   Analyse, apply, and evaluate the principles, methods, techniques and practices of valuation of a range of interests in the propertyReview approaches appropriate to valuation and explain the bases for applying such approaches to specific cases.Apply standards and guidelines as necessary in the preparation of property valuations.Gather information, undertake project analysis and provide advice
Skills Qualities and Attributes   Identify and solve problems; devise appropriate solutions to suit circumstances.
 Gather data, analyse, evaluate and interpret information, consider alternatives and reach conclusions / make recommendations and /or advise.Communicate information, ideas and concepts effectively in clear, articulate fashion, utilising information technology and aids where appropriate.Utilise personal and interpersonal skills and competencies, and work constructively and co-operatively with others (team working), applying ethical and professional values to situations encountered.*Undertake self-directed reading and time management, acting independently in planning, organising and directing your personal academic and professional development.
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