Valuation report of a single detached residential property

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Reference no: EM131460629

Overview

Prepare a full long-form valuation report of a single detached residential dwelling cottage property which is more than 10 years old. It must be freehold title and may be occupied. Unless you reside in New South Wales, the subject property must be in N.S.W.; externally enrolled interstate or overseas students do not have to comply with this restriction.

Further criteria:

- The subject property must have a reasonable curtilage. It is prudent to select a property with no significant latent development potential in the foreseeable future.

- The property may be valued on a vacant possession basis but can be owner occupied at the date of valuation. We recommend & always prefer fee simple in possession.

- Mortgage security is explicitly stipulated for valuation purposes in accord with. 8.2 ANZVGN 2 Valuations for Mortgage and Loan Security Purposes and risk analysis will be a key focus https://anzvps.api.org.au/8-2-vgn.php

- Similarly, on-completion, rental; financial reporting/balance sheet; statutory, acquisition/disposal or stamp duty valuations are to be expressly avoided. Insurance valuations are not allowed nor forced sale value https://www.youtube.com/watch?v=uEb40MkZbx0&feature=youtu.be

- A secondary check method of valuation is compulsory.

Details

To follow the ANZPI professional standards: https://anzvps.api.org.au/index.php

Further clarification and discussion will be carried out in class. Students are expected to peruse the vUWS posted materials relating to sales evidence & the inherent/external features associated with both unimproved and improved residential property. Identifying risk factors & appropriate sighting of documents as per pp.13-14 of the Australian Banking and Finance Industry (ABFI) Residential Valuation Standing Instructions Version 1.1.4 (September 2016) will prove instructive.https://www.api.org.au/residential-valuation-standing-instructions

VALUATION REPORT

1. The premises are to be described in terms of size, construction and layout-and present use. Additionally, students are to outline and investigate the status of the selected property in terms of town planning considerations.

2. Having regard to the current use of the premises the basis of valuation must be "current market value"; students are to put forward prime, supporting secondary (check) methods of valuation and must identify market data presently available to the valuer (e.g. sales).

3. Additionally, students will highlight the points of comparisondiscerned in the key sales transactions identified in the rationale` section of valuation report. What attributes assisted their deliberations in arriving at the final value conclusion in accord with the stated report purpose. See Millington, Ch.7.

4. Students will prepare a full-speaking narrative professional valuation report for the selected premises. The ANZVPS Business Focus 14.3 Reports, Content and Compilation section specifically refers to self-contained or comprehensive style reporting format. https://anzvps.api.org.au/14-3-business-focus.php

Details of all valuation calculations, methodology, assumptions, and sales analysis are required. Professional standards must encompass instructions, valuation executive summary, evidence and annexures. Especially, students will identify the matters that must be conveyed to persons commissioning a valuation of the premises selected for this exercise. Observance and adherence to the APINZ Valuation and Property Standards will be strictly evaluated.

The traditional industry reporting format does not preclude scholarly discussion (where relevant) and proper referencing for this subject's purposes. For all intents and purposes i) to iii) above may be viewed as client instructions as the observant student will note that these issues should be addressed in any quality valuation report. Students will be critiqued on the appropriateness of the basis (preferably market value), purpose, interest to be valued and valuation methodologies for the chosen subject property.

Word limit is 2,500 words maximum incorporating if deemed relevant, figures, tables/charts, floor and site plans, locality maps, photos/pictures, sales transaction analysis schedules, field notes, supporting valuation calculations and workings; qualifications, disclaimers, acknowledgements, table of contents, executive summary and reference list. Students must hone, edit and re-edit their reports down to a lean, succinct, concise document. Endeavour to cultivate a superior professional and objective narrative tone that flows.

- Note exclusions: No residential flats, attached townhouses, villa units or multiple medium density buildings. No strata title or community title properties are acceptable.

It is envisaged that students will consult the lecturer/tutors associated with this topic with a view to discussing in some detail the premises that are selected for the purposes of the exercise.

This unit is not to be viewed as a discrete subject area. To this end students are encouraged to implement and incorporate any skills or ‘tools' acquired from other subject areas into their valuation assignment.

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This task is based on property evaluation and whole of the information shared in this file is unique. This assignment was developed in ms word and contains relevant information.

Reference no: EM131460629

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Valuation report of a single detached residential property : Prepare a full long-form valuation report of a single detached residential dwelling cottage property which is more than 10 years old. It must be freehold title and may be occupied.
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Reviews

inf1460629

5/2/2017 6:01:54 AM

Incredible work. Met short due date. Great correspondence. Comprehended the guidelines and tailed them well! Great ! Paper was well done and earned me an A.. A debt of gratitude is in order for everything!!!

len1460629

4/13/2017 1:53:50 AM

Referencing Diverse sourcing, reference list, bibliography, Harvard referencing, narrative linked, figures, charts and tables. 5% File and field notes Included data analysis; valuation calculations, interview transcripts, surveys, sketch plans, letters of authority, evidence of background reading etc. 5% Acknowledge-ments and assistance Business cards annexed; job titles/organisations, context, phone contacts. 5%

len1460629

4/13/2017 1:53:42 AM

Referencing Diverse sourcing, reference list, bibliography, Harvard referencing, narrative linked, figures, charts and tables. 5% File and field notes Included data analysis; valuation calculations, interview transcripts, surveys, sketch plans, letters of authority, evidence of background reading etc. 5% Acknowledge-ments and assistance Business cards annexed; job titles/organisations, context, phone contacts. 5%

len1460629

4/13/2017 1:53:29 AM

CRITERIA REPORT STANDARDS MARK Introduction Executive summary and proper synopsis of what the problem/issue is an account of what is to follow in the body of the assignment. 10% Body of the report Succinctness, directly addressing the problem posed, good structure; clarity of written expression with supporting figures/tables linked to argument with interpretation. Re: report due diligence check list vUWS 45% Summary, evaluation and conclusion Summaries main points accurately, objectively and adequately. 10%

len1460629

4/13/2017 1:53:05 AM

• No current 2015/17 dated Certificate of Title or Computer Folio Identifier; • No valuation-file communications or worked calculations; • No valuation field inspection (subject and sales) notes with in field sketch plans. • No disclaimer, limitations, provisos or reservations. • No photographic evidence (a single exterior front elevation and colour is required). No sales transaction analysis lacking both contract dates & parties to transaction; and no detailed direct comparison commentary relating the selected key comparable sales market evidence to the subject premises are notoriously classic omissions!

len1460629

4/13/2017 1:52:51 AM

Marking criteria and standards A detailed marking guide with component weights for this assessment task follows but should be read in conjunction with the Australia & New Zealand Valuation and Property Standards provided on the vUWS site. Best advice is to peruse vUWS link and resources. The ANZV&PS over-ride any perceived conflict or ambiguity. The following is a list of those features and hallmarks most commonly associated (often in combination) with a fail grade: • No purpose or confused/inconsistent purpose of valuation; • No acknowledgements (must be extensive); • No check method of valuation undertaken or value provided; • No reconciliation of valuation approaches; • Misapplication of units of measurement or comparison, including adoption of averaging of residential sales evidence;

len1460629

4/13/2017 1:51:29 AM

The assignment emphasis will be on the coherence of the property solution to the valuation problem and whether the story of the property is communicated effectively. The valuation report’s purpose and interest must conform to the stated valuation approaches. The teaching & marking staff are concerned with sales analysis, relevance to the marketplace and the methodologies supporting the conclusion. We are not overly concerned with whether the final current market value is 100 per cent accurate, right or wrong. The prime areas of interest are the soundness of the valuation process and how well that is represented in the parallel valuation report writing process. The property address must always be real, actual and identified.

len1460629

4/13/2017 1:51:24 AM

All e-mail assignment queries will be referred to the blog webpage. That way all students benefit from the teaching staff comments in a transparent manner. Students should scroll down the blog for and under the “Pages” icon select “ALL” on the right hand side to view the entire postings list and feedback. A property address and use may change if a valid reason is explained to the unit coordinator/tutor. This flexibility does not void the above requirement. The unit coordinator and tutors have no problem with mentored, fee paying supervised assignment submissions with proper due acknowledgement of all parties, so long as the employer’s express consents/permission is obtained. There is also no impediment to adopting a valuation firm or company’s reporting format, jargon or standard descriptions and endorsements. Spreadsheets, valuation calculations and analysis must be original.

len1460629

4/13/2017 1:51:01 AM

Students are required to pre-register their full nominated property address, proper description and any subsequent changes via the vUWS “Discussion Blog” which will be open from Week 1 and referred to below. First come, first served. The coordinator will not be responsible for incomplete details. Some students post an exterior photo. If a problem is identified a student can apprise a peer courtesy of the blog’s “Reply Comments” function! Usually this is avoided, especially if students avail themselves of the “Discussion Blog” early in the piece and review other student’s postings. Students can quickly see if more than one student is doing the same property and communicate that to all parties. The first blogger’s view is to be respected in this regard. The onus is on the students to contact each other.

len1460629

4/13/2017 1:50:54 AM

Assignment restrictions Students are not allowed to undertake a land use/property type completed in another unit or course within. Further no student will submit property address that has been valued by another student of this unit in the last two years. If you have any doubts in this respect, you must raise them with the unit coordinator/teaching staff. Each student is to select a different property address - if more than one valuation is carried out for the same property then the assignment will be marked as one and students will share marks. It is not the coordinators role to check duplication. The onus is on students to check. To avert the above scenario each student will post to the “Discussion Blog” via vUWS by the 14 (Week 4), the property use and address of their selected special premises for assignment purposes. It is expected that students assiduously organise contacts and finalise arrangements in order to make site inspections, conduct interviews and secure property data from Week 1 of Autumn Session.

len1460629

4/13/2017 1:50:22 AM

Assignments must be word processed (or typed), size 12 font, one and a half line spacing with adequate margins for comment. A proper bibliography, due acknowledgments and consistent referencing systems (preferably Harvard) are expected. No handwritten assignments will be accepted. Use and sign the WS U assignment cover sheet. Only the Harvard referencing system must be adopted. Footnotes will not be acceptable. All sources of information, including acknowledgments and graphs are to be referenced in both the text and the reference list. All background material is to be acknowledged in the bibliography. Failure to correct the reference material, or the submission of a report or valuation with inadequate content, poor presentation and inaccurate information, regardless of accuracy of referencing, will result in a fail grade.

len1460629

4/13/2017 1:50:11 AM

Format requirements - Assignments are to be produced on A4 with a WSU cover sheet indicating Institution, Course Name/No., Due Date, Lecturer Name; Student Name; Student Number; Unit Name; Unit Number and title of the assignment topic incorporating land use and property address. Non-adherence will result in significant penalties. Word Count also must be noted on cover sheet (utilise a snapshot via “Properties” menu of W.P. software). Page numbering is mandatory. Assignments are to be produced on A4 with a WSU cover sheet indicating Institution, Course Name/No., Due Date, Lecturer Name; Student Name; Student Number; Unit Name; Unit Number and title of the assignment topic incorporating land use and property address. Non-adherence will result in significant penalties. Word Count also must be noted on cover sheet (utilise a snapshot via “Properties” menu of W.P. software). Page numbering is mandatory.

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