PROPERTY

Credit Points

15

Course Coordinator

Dr S Devaney

Pre-requisites

None

Co-requisites

None

Overview

The module considers the nature and operation of investment markets with a focus on three major asset classes; shares, bonds and real estate. It looks at the characteristics of these different investment options, especially in terms of the risks and returns associated with each. The module also introduces basic financial mathematics involving the time value of money, calculation of present and future values, and the computing of rates of return for investments or projects. Finally, it considers the role of financial institutions and regulatory bodies, and the area of personal finance in which consumers and financial markets interact.

Structure

2 one-hour lectures and 1 one-hour tutorial per week.

Assessment

1st Attempt: 1 two-hour examination containing multiple choice and written elements (75%); Continuous assessment (25%) comprising an investment portfolio exercise and report.

Resit: 1 two-hour examination containing multiple choice and written elements (100%).

Formative Assessment

Practice multiple choice questions during delivery of the module.

Feedback

A written feedback form will be produced for the portfolio exercise and report once marked. Practice multiple choice exercises will be followed by an indicative mark and worked solutions.

Credit Points

15

Course Coordinator

Professor N Hutchison

Pre-requisites

None

Co-requisites

None

Overview

Environmental and climatic influences in building design and material choice;sustainable built environment; building degradation and pathology; building defects; structural and condition surveys; building measurement and survey drawings; planning, legal and financial framework.

Structure

1 two-hour lecture plus 1 one-hour lecture per week, plus three site visits/field trips.

Assessment

1st Attempt: Continuous assessment (100%) comprising two elements:
i) one 1500 word essay (50%)
ii) one class test lasting one hour (50%)
Resit: One 1500 word essay on a new topic.

Formative Assessment

Formative assessment will be provided on the essay.

Feedback

Individual feedback will be given on the essay and the outcomes of the class test will be discussed in lectures.

Credit Points

15

Course Coordinator

To be confirmed

Pre-requisites

None

Co-requisites

None

Overview

The course will cover the following areas:

• The concept of land tenure.


• The evolution of land tenure in Scotland.


• Capacity to hold land.


• Co-ownership.


• 'Ownership' of land.


• Subordinate rights in land: life rents, leases, security rights.


• Restrictions on the use of land: real burdens, servitudes.


• Land registration.


• Conveyancing.

Structure

3 one-hour lectures per week and 4 one-hour tutorials.

Assessment

1st Attempt: 1 two-hour examination (80%); written in-course assignment (20%).

Resit: 1 two-hour written examination (80%). In course assignment mark is carried forward (20%).

Formative Assessment

This will take place via tutorial discussions.

Feedback

Written feedback is given for the in-course assignment.
On a less formal basis, via verbal feedback during tutorial discussions.

Credit Points

15

Course Coordinator

Dr D Scofield

Pre-requisites

EC 1005 EC 1505

Co-requisites

None

Overview

Economic analysis of property markets. Property market as a set of linked markets. Institutional and regulatory environment of property. Basics of property market analysis: use, investment and development. Analysis of property sectors (offices, retail, industrial, housing). Modelling property market activity.

Structure

1 two-hour lecture per week and, 1 one-hour tutorial every two weeks.

Assessment

1st Attempt: 1 two-hour examination (80%); continuous assessment (20%) consisting of one essay of 1,500 words in length.

Resit: 1 two-hour written examination (80%) plus in-course assignment mark carried forward.

Formative Assessment

This will take place via tutorial discussions.

Feedback

Oral feedback is given on the tutorial presentation.

A written feedback will be given to the essay assignment.

Credit Points

15

Course Coordinator

Dr D Roberts

Pre-requisites

None

Co-requisites

None

Overview

The course provides an introduction to the following concepts in an accessible and straightforward manner:
Graphical techniques for summarising data;
Summary descriptive measures of central location and variability;
Index numbers;
Probability and probability distributions;
Confidence intervals;
Hypothesis testing;
The ?? and F distributions;
Correlation;
Regression analysis
Time series analysis and forecasting

Structure

2 one-hour lectures per week and 1 one-hour tutorial for eight weeks, supplemented by 2 one-hour computer workshops in the sixth and ninth week of the course.

Assessment

1st Attempt: 1 two-hour examination (70%); continuous assessment (30%) consisting of an in-course test (10%) and a graded written assignment (20%) of 1,500 words in length.

Resit: 1 two-hour written examination (70%) with in-course assignment mark and in-course test marks carried forward.

Formative Assessment

This will take place via weekly tutorial exercises and in the computer workshops.

Feedback

Oral feedback is given during tutorials and model answers provided to tutorial exercises. Model answers will also be provided for the in-course test while individual written feedback will be provided for the course assignment.

Credit Points

15

Course Coordinator

Dr S Devaney

Pre-requisites

PO 1002

Co-requisites

None

Overview

This course introduces students to the concept of value in UK real estate markets, including an examination of the distinguishing features of real estate markets and the different types of legal interests in property. It examines the five main methods of valuation with particular emphasis on the comparable and investment methods. Through lecture examples and tutorial exercises, the course teaches a structured approach to the assimilation and analysis of relevant evidence for valuation. It also utilizes compounding and discounting techniques and applies these to the valuation of various property types and interests. Lastly, the practical context in which valuations are conducted is considered, including the workings of the RICS Valuation Standards and how valuations are reported.

Structure

2 one-hour lectures per week, 1 one-hour tutorial every two weeks, plus occasional half-day site visits.

Assessment

1st Attempt: 1 two-hour written examination (80%) and one piece of in-course assessment (20%) consisting of a 2,000 word professional report.

Resit: 1 two-hour written examination (80%) plus in-course assignment mark carried forward.

Formative Assessment

This will take place both through tutorial discussions and practice valuation exercises.

Feedback

Students will receive individual written feedback on their written coursework.
They will also receive model answers to selected practice exercises as well as verbal feedback in the course of tutorial discussions.

Credit Points

30

Course Coordinator

Professor N Hutchison

Pre-requisites

PO 2503

Overview

This course will examine current issues in investment appraisal. It will cover calculations of worth, growth explicit DCF techniques, surrender and renewal valuations; valuation accuracy and variation; business valuations; rent reviews; valuation reports; national taxation and valuation for rating purposes.

Structure

3 one-hour lectures per week. 1 two-hour tutorial and/or practical workshop per week.

Assessment

1st Attempt: 1 two-hour examination (60%) and in-course assessment (40%).

Resit: 1 two-hour examination (60%) and in-course assessment mark (40%).

Credit Points

30

Course Coordinator

To be confirmed

Pre-requisites

PO 2501 or EC 2002 or AC 2026. Available to students in Programme Year 3 or above.

Notes

This course will run in alternate years. This course will not be available in 2011/12.

Overview

This course analyses the structure of international property markets, focusing on Europe, North America and Asia-Pacific. It examines the impact of global and local economic forces and national institutional characteristics on the behaviour and development of property markets in various countries. It discusses how these factors affect the attractiveness of different property markets for international investors. It also examines how real estate service providers have adapted to a changing international business environment.

Structure

1 two-hour lecture per week and 1 one-hour seminar per week.

Assessment

1st Attempt: 1 two-hour examination (60%) and in-course assessment (40%).

Resit: 1 two-hour examination (60%) and original in-course assessment mark (40%).

Credit Points

30

Course Coordinator

Dr Q Xiao

Pre-requisites

PO 2501, or EC 2002.

Notes

This course will run in alternate years. This course will not be available in 2012/13.

Overview

The microeconomics of housing markets. Housing market segmentation, disequilibrium in housing, defining neighbourhoods. Analysis of house price models. Housing and the macroeconomy, the behaviour of the finance industry and its impact on housing markets. The interaction between housing and labour markets. Housing taxation and right to buy. Institutional and policy influences in housing markets. The impact of the planning system, housing supply.

Structure

3 one-hour lectures and 1 one-hour seminar per week.

Assessment

1st Attempt: 1 two-hour written examination (60%) and two pieces of in-course assessment (40%).

Resit: 1 two-hour written examination (60%) and two pieces of in-course assessment (40%).

Credit Points

30

Course Coordinator

Dr R Schulz

Pre-requisites

PO 2505 or similar. Available to students in Programme Year 4 only.

Overview

This course examines theories and issues relevant to both mixed-asset and real estate portfolios. Themes include: institutional background; investor motives; risk and return; the application of Modern Portfolio Theory (including the Capital Asset Pricing Model); information and market efficiency; securitization; market modelling; index construction and derivates. Drawing these themes together, benchmarking and real estate portfolio strategy and management are examined in the context of practical examples. Real Estate Portfolio Investment is a core module for those intending a career in chartered surveying, investment fund management, and related professional positions.

Structure

1 two-hour lecture per week and a total of 5 one-hour tutorials/seminars.

Assessment

1st Attempt: 1 two-hour written examination (60%) and twp pieces of in-course assessment(40%).

Credit Points

30

Course Coordinator

Dr Q Xiao

Pre-requisites

Available to Senior Honours students who have passed MS 4032.

Overview

Personal research supported by formal introduction to research methods (in associated course) and by regular supervision.

Structure

Required field work: discussion with supervisor.

Assessment

1st Attempt: In-course assessment: submission of dissertation (including original work) on topic approved by the Dissertation Coordinator (100%).