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 http://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: http://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   comparison discerned 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. http://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. 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. Students are required to keep a copy of all written work   submitted. A personal hardcopy   is retained by the student and is to be available on demand within 24 hours   If any problems arise in relation to lost assignments it is the   responsibility of the student to provide a replacement copy. 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. 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   March (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. 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. 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. If any assistance is provided by a valuer in any way, then the   extent of this assistance must be fully detailed and acknowledged in the   report. Permissions and clearances must be obtained regarding a specific   building, especially if a valuation report is being partially utilised as an   information source. 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.   Non- adherence to minimum presentation requirements   (penalty) Any unsatisfactory submission will be returned (subject to   the coordinator’s discretion and in some instances collegial discussion), for   reworking until such time that it meets the standards required and   stipulated. The maximum mark that can be achieved if an assignment is   returned due to non- compliance with stated requirements is 50 per cent of the   available marks. Assignment Resources    and Under both Assessments 1 and 2 vUWS online folders will be   handy PDFs and further links. Assistance View the current API Private Practitioners List on-line to   assist students with identifying individual valuer locations &   specialties. Current API Practice is to provide on-line access via the API   website. http://www.nsw.api.org.au/menuitem/property-professionals/find- a- property-professional;   navigate via state division, then groups for latest contact update in your   region or area of interest. http://professionals.api.org.au/ http://nsw.api.cavwebservices.com/menuitem/professional- development/discussion-groups https://www.api.org.au/closed-exposure- drafts https://www.api.org.au/resources/risk-management- module-resources- volume- residential https://www.api.org.au/course/residential-valuation- standing-instructions- version-114 https://www.api.org.au/sites/default/files/uploaded-content/website- content/tip_methods_of_measurement_endorsed_6th_may_2016_final_02112 016_.pdf Repeating students Those students repeating this unit may elect to resubmit   their previous assignment; i.e. they must update their valuation report in   terms of current market values, sales evidence and trends. Obviously it is   expected that any previously issued feedback via template spreadsheet mark   breakdown sheet inserts provided and both typed/handwritten comments are   enacted upon! The essential requirement is that students will have to indicate   they are repeating the unit as Turnitin cannot support the resubmission of   the previous session’s assignment as well as the new document. The other   option is to simply undertake this year’s assignment with a new property. 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;  No current 2015/17 dated Certificate of      Title or