Bachelor of Commerce Honours in Property Valuation and Management
Business, Commerce and Management Studies - Finance Economics and Accounting
Purpose and Rationale
Qualification Title: Bachelor of Commerce Honours in Property Valuation and Management
Purpose:
The purpose of this qualification is to prepare learners for entry into both a Property Valuation and Management career or into Postgraduate studies. Upon completion, learners will be able to:
- Apply integrated knowledge and advanced conceptual thinking skills to innovatively solve complex property valuation and management problems.
- Competently use a range of valuation methods, processes, and techniques to create, present, and argue fully motivated valuation reports.
- Demonstrate knowledge of valuation theory.
- Conduct thorough research into valuation problems.
The qualification is structured around Advanced Property Valuation and Property Law to equip learners with the necessary knowledge and skills required in the field of property valuation and management.
Rationale:
Industry Needs:
- The South African Council for the Property Valuation Profession indicated a requirement for a four year degree for registration as a Professional Valuer.
- The specialisation in a Bachelor's Degree with articulation to an Honours Degree was identified as the optimal solution.
National Requirements:
- High-level skills training and the production, acquisition, and application of new knowledge are national imperatives outlined in the Education White Paper.
- The Bachelor of Commerce Honours: Property Valuation and Management will contribute to fulfilling these national imperatives.
Student Needs:
- There is a growing demand for Bachelor's and Honours Degrees in property valuation and related disciplines.
- The institution of a postgraduate qualification will enhance the Department's ability to deliver research output in the field of property valuation.
To obtain international recognition, accreditation by the Royal Institute of Chartered Surveyors (RICS) is necessary, and the Honours Degree meets the requirements set by RICS.
By providing learners with the necessary knowledge, skills, and ethical standards in property valuation and management, this qualification aims to prepare them for a successful career in the field or for further academic pursuits.
Outcomes
- Design and conduct a small quantitative research project in property. Module 02:
- Value different kinds of property with appropriate valuation methodology. Module 03:
- Do a valuation of a leasehold interest.
- Do a valuation of retirement villages.
- Value mining rights.
- Do a feasibility study for residential, commercial and industrial properties and viability studies for township, sectional title, retirement village, office, shopping centre and industrial developments.
- Make a whole life appraisal of a property.
- Apply Geographic Information Systems (GIS) on property valuation.
- Explain how to use Computer Aided Valuation Systems (CAVS).
- Explain the process of setting up a professional valuation practice. Module 04:
- Make an informed property investment decision.
- Develop a cash flow model for use in property investment.
- Measure the performance of investment in property.
- Make risk adjustments in property finance and investments.
- Select property financing instrument that will optimise return on investment.
- Draw up an efficient property portfolio plan and manage it. Module 05:
- Interpret immovable property and the interest in immovable property.
- Specify the capacity to acquire rights over land in South Africa.
- Analyse and comprehend the forms of land tenure in South Africa.
- Evaluate joint ownership as a form of land tenure.
- Apply the concepts of possession and occupation of immovable property.
- Discuss and apply the nature and content of servitudes.
- Analyse the relationship between mineral rights and land.
- Analyse security in respect of movable and immovable property. Module 06:
- Explain the registration of rights in terms of the deeds Registries Act 47 of
- Analyse the legal aspects of property development schemes.
- Determine statutory control over the use of fixed property.
- Analyse the expropriation of immovable property.
- Apply the general principles of contracts.
- Identify and explain various types of commercial associations.
- Identify the appropriate forum for dispute solving.
- Collect, analyse and evaluate information to ensure statutory compliance.
- Communicate effectively in defending a valuation report in court or any other forum.
- Apply common law and statutory provisions for compliance with Constitutional provisions-national, provincial and local legislation-relating to property valuation. Module 07:
- Consider diversification in a property portfolio.
- Develop a property portfolio strategy.
- Describe the property portfolio management process.
- Describe the importance of leases as a key to performance and value.
- Discuss the elements of investing in international real estate.
- Oversee a property management office and generate different reports.
- Manage different types of properties.
- Identify, measure and control risk and health and safety issues in property. Module 08:
- Apply knowledge and skills to a real life case study in order to produce a comprehensive management report on a portfolio of properties.
Assessment Criteria
Exit Level Outcome 1
- Explain the purpose of research inquiry in finance using current research ethics.
- Conceptualise, investigate, and analyse property issues and problems using appropriate research approaches.
- Classify the research resources available within the institution and use various paper and computerised reference search and retrieval media.
- Use the APA writing style and Harvard method of referencing.
- Understand and incorporate general research ethics within work.
- Choose the correct sequence of steps necessary to conduct an independent research project given a current topic in property (i.e. valuation, finance, management, and investment).
- Outline the introduction, problem statement, assumptions and limitations, review of related literature, testable hypothesis/hypotheses, and reference sections for an independent research project on a selected topic (in property).
- Construct the sample/subjects sub-section of a written research proposal/plan to include a comprehensive description of the population, sample size, appropriate selection technique, and precautions to guard against sampling bias.
- Write up research.
- Formulate and defend the written research proposal/plan to include a description, purpose, content, rationale, objectivity, validity, reliability, administration, scoring, and interpretation of each instrument to be used.
Exit Level Outcome 2
- Determine the value of property that is expropriated or under servitude.
- Identify and determine the effect of rezoning on the value of a property.
- Determine the value of different types of farms.
- Value usually non-negotiable properties.
- Value different kinds of shopping centres.
- Do a valuation of air space.
- Determine the value of an interest in time share.
- Value an applicable property with the comparable sales method.
- Value an applicable property with the income method.
- Value an applicable property with the cost method.
- Value an applicable property with the accounts method.
- Value an applicable property with the discounted cash flow method.
- Value an applicable property with the residual method.
- Apply the expropriation law on expropriated land.
- Apply the principles of remuneration on expropriated land and or land under servitude to determine the amount of compensation for an owner.
- Determine the market value of expropriated and land under servitude.
- Identify the factors to consider for possible rezoning.
- Calculate the monetary influence of these factors on the value of the property.
- Advise potential investors on the feasibility of rezoning.
- Apply the different valuation methods applicable to different farming operations.
- Discuss the procedures to follow in farm valuation and identify the sources of information available to the farm valuer.
- Apply and discuss the effect of regulations and laws on farm valuation.
- Apply the Faustmann formula on plantation valuation.
- Recognise the circumstances when non-negotiable properties come about.
- Identify the kind of interest that comes about because of non-negotiable properties.
- Value the rights of non-negotiable properties.
- Make use of the most appropriate valuation technique for non-negotiable properties.
- Distinguish different kinds of shopping centres.
- Discuss different tenant mixes of shopping centres.
- Identify the attributes of a good shopping centre.
- Apply the factors influencing the value of different shopping centres.
- Incorporate the property investment market in the analysis of shopping centre potential.
- Determine the most appropriate method to place a value on a shopping centre.
- Conduct income-based valuation of an existing shopping centre.
- Explain the concept of air space.
- Identify the principle limitations of development.
- Explain horizontal subdivision.
- Explain how air rights are created.
- Approach the valuation of air rights logically.
- Value air space.
- Define the business activity of timeshare.
- Explain the legal requirements for the development of a timeshare scheme.
- Make an informed valuation of a timesharing scheme.
Qualification Details
- Type
- Honours Degree
- NQF Level
- 08
- Min. Credits
- 120
- SAQA Source
- More Information
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University of Johannesburg
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