Rationale and Context
The ability to form an opinion as to the value of real property is a fundamental skill, or discipline, at the heart of the work of the rural practice chartered surveyor. The valuation of an interest in land involves a complex process within which a number of demanding judgements must be made, requiring synthesis of many disciplines traditionally studied by surveyors and valuers. Students must have a firm grasp of the financial appraisal methodologies used by valuers. This module therefore examines the traditional and modern approaches to the valuation of real property. In doing so, we also acknowledge the intervention of statute and case law in the valuation of property for certain purposes and the role of professional guidance, like the RICS valuation standards, within the discipline which valuers work. There will be some linkages to another optional module Biodiversity and Ecosystem Services which tends to look at non-market approaches to valuation whereas this module will tend to focus on market led approaches to valuation.
The module will typically align to the following RICS APC Competencies (Rural Pathway) – principally Valuation but in doing so these other competencies need to be acknowledged – Agriculture, Landlord and Tenant, Management of the Natural Environment and Landscape, Planning and Development for their ability to affect a valuation figure. In terms of the mandatory competencies, Ethics, Rules of Conduct & Professionalism, Client Care, Communication and Negotiation, Health & Safety, Data Management
Intended Learning Outcomes
1. Apply and evaluate the use and adequacy of valuation methodologies to solve complex valuation problems within the appropriate legal and professional frameworks.
2. Synthesise knowledge of valuation techniques and other land and property related knowledge in arriving at an opinion of value.
3. Collate, evaluate and utilise market data in the preparation of valuation figures.