cambridge international land institute short...

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And

Cambridge International Land Institute

SHORT COURSE GUIDE

Professional Adaptation Award in Real Estate

NB The information contained in this document is intended only as a guide to the short course. It does not constitute a legally binding document or contract between the individual and the Royal Agricultural University. The information contained herein is correct at the time of going to print, but the University reserves the right to make changes to the structure of the short course, assessment methods, etc. at any time without prior notification. Any changes made however will be made known as soon as possible.

© The Royal Agricultural University

March 2015

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1. Awarding Institution

Royal Agricultural University

2. Teaching Institution

Royal Agricultural University and Cambridge International Land Institute

3. Final Award Title(s)

Professional Award accredited by RICS as part of APC requirement for RICS Adaptation route.

4. Relevant QAA Subject Benchmark Statement(s) and other reference points, e.g. FHEQ, FD qualification benchmark

Framework for Higher Education Qualifications (FHEQ) (2008) QAA subject benchmark: Construction, Property and Surveying (2008) RICS Education and Qualification Standards Requirements and Competencies (2014)

5. Details of approval by a professional/statutory body

Approved by the Royal Institution of Chartered Surveyors Boards as part of their professional adaptation route.

6. Mode of study Part-time – 6 months 7. Language of study English

8. Date of production / Revision

September 2014

9. Short Course Management Team

Iain Butler, Robert Couchman, David Cox, Bill Seabrooke and Nigel Walker

10. Educational Aims of the Short Course The short course in Real Estate is a joint venture between the Royal Agricultural University (RAU) and Cambridge International Land Institute (CILI), The short course is based on the delivery of a strategy, structure and customised content for development and delivery in the UK and abroad. Delivery would wholly be by the RAU and CILI. Where the delivery is international, the RAU and CILI will work with a third party who will provide the relevant teaching facilities and pastoral support. The short course is a bespoke programme of study to comply with the entry requirements of the RICS through the adaptation route. RAU staff will, at all times, retain full responsibilities for curriculum and development, module teaching programmes and for the setting and marking of student assignments and examinations. The short course is approved by the RICS Board as meeting the requirements of the 450 hour study short course forming part of the APC requirement for those candidates seeking RICS membership through the Adaptation route. Graduates of this award will then be in a position to complete the further APC requirements including the competency requirements the pathways identified

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on page 8 and providing a record of life long learning completed up to a further 12 month period to take the candidate to a minimum of 5 years appropriate experience before applying to the RICS for final assessment. The short course is taught over a six month period, covering aspects of the graduates home real estate market with comparisons of international practice. The short course is available to candidates who are members of a professional body approved by the RICS or hold a non-accredited degree both within the UK and internationally (see Appendix 2 for a list of approved professional bodies). The short course will equip students with the skills and flexibility to apply the knowledge gained through a mixture of virtual/distance learning and directed learning and structured case study preparation, to enable them to evaluate and operate in their local market but also compare practice and procedure with other areas. In particular, the short course will provide: • A high quality short course that is designed to give sound and relevant

technical content, allowing graduates to evaluate and operate with confidence and effectiveness in the candidate’s local real estate market.

• An opportunity for students to development their academic knowledge and practical professional competence associated with the subjects within the short course

• A short course fulfilling the academic element of the APC requirement of the adaptation route to membership of the Royal Institution of Chartered Surveyors, and allowing students to progress onto the Valuation, Finance and Investment Commercial, Planning and Development, Residential and Management Consultancy Property Practice APC pathways

• Transferable skills as an integral part of the short course. • A varied, balanced, and relevant diet of modern and up to date teaching

and assessment. • A critical environment in which to understand the complex and dynamic

forces at work, and to challenge established practice and contemporary issues in real estate markets.

• A short course which embraces both academic rigor and vocational problem solving skills, including the development of appropriate research methodologies and techniques.

The short course is designed around three modules, one of which takes the form of an introductory virtual/distance learning package run by CILI. This introductory module, Real Estate as an Asset Class, gives the introductory knowledge for the two other modules which are problem-based case studies, which develop the following major subject strands namely: • Professional Practice, ethics and codes of conduct • Real estate valuation, finance and investment. • Business strategy and management consultancy relating to real estate

asset management and marketing. • Planning, real estate economics and environmental policy.

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• Commercial and residential development and development appraisal. These strands are supported by studies in: • Law. • Business and management. • Economics. • Research skills. • Mathematics and statistics. The emphasis of two case studies is on problem solving. The curriculum is orientated around problem scenarios, which the students are expected to solve or manage. Students are expected to engage with the complex nature of the case studies presented to them, and are expected to decide what information they need to learn and what skills they need to gain in order to manage the situation effectively. They combine academic rigor with practical problem solving skills. 11. Intended Learning Outcomes The learning outcomes are based upon the QAA benchmarks for Construction, Property and Surveying (2008), The Framework for Higher Education Qualifications in England, Wales and Northern Ireland (2008), and the RICS Education and Qualification Standards Requirements and Competencies (2014). They describe what you should know and be able to do if you make full use of the opportunities for learning that the short course provides. By studying this short course in real estate, you will acquire knowledge and understanding of the context, core concepts and theories of the subject and develop key skills that you will be able to apply to both your academic studies and the wider world of work once you have graduated. Students who graduate will have been able to demonstrate: i. Knowledge and Understanding of: A1. The complex and dynamic legal, economic, financial, governmental,

business, management, technological, sustainable and environmental principles and practices governing real estate and real estate markets;

A2, Discipline specific principles relating to the work of the surveyor; A3. The roles performed by surveyors and other professional advisors in the

UK compared to a variety of real estate markets Knowledge and understanding outcomes are achieved mainly through virtual/distance learning, workshops, seminars, tutorials and reading. Students are given directed learning tasks, and are encouraged to increase the depth of their knowledge and understanding through private study and the completion of assignments and case study reports.

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ii. Intellectual Skills which: B1. Apply the skills needed for academic study and enquiry, and be able to

adapt and apply these skills to a continually changing professional real estate environment.

B2. Evaluate current research and information relating to a variety of real estate scenarios;

B3. Evaluate critically information from a number of sources in order to gain a coherent understanding of theory and practice;

B4. Demonstrate self-direction and originality in tackling and solving problems;

B5. Seek to advance their knowledge and understanding, and develop these new skills to a high level.

Intellectual skills are developed by using a case study approach as a focus for all learning activities such as lead lectures, tutor led tutorials, student and tutor led seminars, directed learning, problem based and experiential learning situations. iii. Practical / Professional Skills: C1. Offer advice, make decisions and implement them in relation to the

purchase, sale, letting, management, investment, planning and development of commercial and residential real estate at strategic, operational and tactical levels, and in doing so, be able to critically appraise and value real estate for operational, investment, development and statutory purposes within the context of the workings of those land administration institutions involved in real estate markets with comparisons where appropriate of international markets;.

C2. Interpret and analyse complex and dynamic real estate markets and its services and be able to understand the physical, legal, business and socio-economic and sustainability contexts in which the real estate market exists, and how the institutions involved within a real estate market function;

C3. Be able to survey, analyse and report on the financial, management, natural, aesthetic and sustainable aspects of sites and buildings; and

C4. Demonstrate knowledge and understanding of the needs, perspectives and character of individuals and organisations that currently occupy real estate, and be able to assist in identifying and articulating their future real estate requirements.

All these outcomes are developed in a co-ordinated and progressive manner throughout the six months. A 2 day induction course will precede the Short course with the objective of ensuring that the candidates are fully aware of the expectations of the module based /case study approach. Although the students will be directed in their studies, they will have an over-riding responsibility to gather the necessary information to complete the varied tasks of each module Module 1 – Real Estate as an Asset class – undertaken through

virtual/distance learning package. This introduces the Institutions of

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Land Use and concentrates on the acquisition of basic skills and the demonstration of knowledge and understanding with regards the valuation, management and development of real estate;

Module 2 - Case Study 1 – Real Estate Management develops the

content of module 1 further, but with an analytical approach; Module 3 - Case Study 2 – Investment/Development Project, seeks

to evaluate and critically apply this knowledge and understanding through a major residential or commercial investment/development project in the candidates home location allowing students to compare and contrast, analyse and develop an understanding of the land administration institutions involved within their own local real estate market with some comparison of international practice.

On completion of the short course, students will have the ability to progress and develop their professional work in the real estate market, and be confident in their ability to critically evaluate how it operates, and clarify the role institutions play within that real estate market. iv. Transferable Skills D1. Problem solving, analytical and creative skills allowing for decisions to

be made in complex and unpredictable situations; D2. Skills of reasoning and argument through effective communication and

teamwork; D3. Numeracy and information technology skills; D4. Independent learning skills; D5. Skills in investigation and research using initiative and personal

responsibility. Transferable skills are incorporated within the case studies and related to relevant assessments as appropriate. Strategies for this include tutor and student led tutorials and seminars, directed learning, student portfolios, group work projects, and case study analysis. 12. Short Course Structure and requirements This academic programme is constructed using a selection of modules, each of which requires engagement with a variety of learning activities. Successful completion of module assessments will result in the award of credits, and students are required to achieve a total of 45 credits to complete the programme of study. The credit system is used to ensure a balanced workload across each programme, with each credit point representing a notional learning time of 10 hours of student work. Thus a 15-credit module will require a notional input of

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150 hours of work, and the complete 45 credits will require 450 hours of work, or approximately 20 hours per week. Within this total time, students will be expected to attend and participate in formal timetabled activities; such as face to face study days; usually around 2 days for a 15-credit module studied over 8 weeks of the 6 month programme. Thus the majority of module activities; such as reading around the subject, preparing for face to face session; preparing for, and completing, module assessments and revision for, and sitting, examinations; preparing for presentations; will take place outside of these scheduled activities, but are an essential part of a student’s learning journey. Students attempting to short-cut their learning activities may find themselves experiencing difficulties as each module progresses, and as the level of assumed understanding increases. Thus it is vitally important that new students establish an effective routine for their studies as soon as possible. Maintaining a balanced workload from the start of the programme will help to avoid intense periods of activity, and ensure knowledge and understanding gradually develop throughout the programme in readiness for any end-of-module examinations. The Professional Adaptation award in Real Estate consists of a six month part-time short course which comprises the three following study modules. Mod Code Module Leader Module Credits Level Pre01

Bill Seabrooke Real Estate as an Asset Class

15 7

Pre02 Iain Butler / Nigel Walker

Real Estate Management

15 7

Pre03 Robert Couchman

Investment/Development Project

15 7

For the award, a total of 45 credits must be accumulated at levels 6 and 7 equating to a total of 450 study hours. The Case Study Approach: The 3 modules seek to develop the ability of the students to research and critically evaluate a broad range of material, and apply it to particular scenario. The initial virtual/distance learning module gives a firm foundation for students coming from a range of built environment related disciplines. This introductory knowledge feeds into the two following case study modules which seek to introduce the student to the dynamic and complex systems and institutions that encompass the management of real estate, within the context of the real estate market. Each module is supported by a series of tutorials and workshops. The short course, through these modules, aims to equip students with the skills, ability and flexibility to apply the knowledge and understanding gained.

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To enable them to critically evaluate and solve potentially complex problems, and operate in their local real estate market but with comparative knowledge of international markets, as appropriate. The modules cover a wide spectrum of real estate management systems, starting with simple land use and development scenarios, which look to introduce students to the principles and institutions underpinning the management of real estate. The case studies progress through management valuation and investment, ending with a scenario, which considers a major residential or commercial investment/development project encouraging a strategic approach to real estate management. APC Competencies The short course will enable students to follow the following pathways:

• Commercial property practice (Commercial) • Housing management and development (Residential) • Management consultancy • Planning and development • Property finance and investment • Residential property practice (Residential) • Residential survey and valuation (Residential) • Valuation

The following table shows quite clearly the development of the modules, and how the main core subject areas are incorporated and developed. In addition the core subject areas are linked to the RICS APC pathways which students are likely to take once they have completed the short course, outlined above. In each module, students are able to contact both the module leader and the tutorial tutor for further guidance.

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Module Content and Inter-relationship

Topic Areas APC Competency Pathway Module 1 Module 2 Module 3

Economics and Land Use

Land use Val / Com / MC / FI / PD / Res * * * Real Estate Sector Analysis Val / Com / MC / FI / PD / Res * * * Macro and micro economics Val / Com / MC / FI / PD / Res * * * Market appraisal Val / Com / MC / FI / PD / Res * * * Agency Val / Com / MC / FI / PD / Res * *

Law

Land Law Val / Com / MC / FI / PD / Res * * * Agency Val / Com / MC / FI / PD / Res * * Landlord and Tenant Val / Com / MC / FI / PD / Res * * *

Valuation and Investment

5 basic methods Val / Com / MC / FI / PD / Res * * * Professional standards (red/white/blue book)

Val / Com / MC / FI / PD / Res * *

Local and National Taxation Val / Com / MC / FI / PD / Res * * Expropriation Val / Com / MC / FI / PD / Res * Investment / Development Appraisal Val / Com / MC / FI / PD / Res * *

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Real Estate Management

Operational Val / Com / MC / FI / PD / Res * Strategic Val / Com / MC / FI / PD / Res *

Planning and Environment

Development Control Val / Com / MC / FI / PD / Res * * * National, Regional and Local policy, strategy and law.

Val / Com / MC / FI / PD / Res * * *

Professional Practice

Finance Val / Com / MC / FI / PD / Res * * Marketing Val / Com / MC / FI / PD / Res * * Human Resources Val / Com / MC / FI / PD / Res * Ethics Val / Com / MC / FI / PD / Res * * *

Key: Val – Valuation Com – Commercial MC – Management Consultancy FI – Finance and Investment PD – Planning and Development Res – Residential

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Problem-based learning

Each case study module is developed around a particular problem-based scenario. Students’ work together to identify what information they need to learn, and what skills they need to gain in order to manage the scenario effectively. Students will be initially directed, through face-to-face tutorials and directed reading, to consider key topic areas. The students’ are then expected to, on analysis of the scenario, apply that knowledge and understanding, developing a range of possible solutions to the problem. Progression: Students must achieve a mark of 50% in each module of the short course to be awarded the Professional Adaptation Award. Students will have the opportunity to re-sit any module once. This will be in accordance with RAU regulations. Once a student has completed the Award, there may be an opportunity to progress on to the MSc in International Real Estate, using the Award as Accredited Prior Learning (APL) for the first two modules of the MSc., though each application to do so will be judged on the individual students’ performance in the Award and their ability to undertake an MSc. Assessment Schedule Module Assignment (50%) Assignment /

Examination (50%) Real Estate as an Asset Class

1 x Assignments (2,000 words)

1 x multiple choice test

Real Estate Management Case study report (3500 words)

Individual oral presentation and written paper based on case study

Investment / Development Project

Case study report (3500 words)

Individual oral presentation and written paper based on case study

13. Student support services

All students will be allocated two personal tutors, one from the Short Course Team and one from the third party institution. The former is likely to give academic support, whereas the latter is to give pastoral support. The RAU Student Handbook gives further support advice. Students can communicate with their personal tutors through the usual channels: face to face; emails; telephone, etc. There is further detailed

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guidance on the role of personal tutors contained within the student handbook. Students will have the opportunity to use the Library Facilities and IT facilities of the accredited local partner within their home location In addition, your learning will be supported by: a two day induction programme when you join the short course in your

home location which will introduce your programme of study and the study skills you need to complete it successfully;

the RAU Student Handbook; module handbooks, describing in detail the teaching programme for

each module you study; extensive library and other learning resources, including study

skills packages; a personal tutor, whose role is to assist you with the progress of

your academic studies as well as advise on pastoral care issues; student email and open and personal access to academic staff,

including the Short Course Manager; access to a Disability Officer, who provides assistance and guidance

on teaching and learning support for students with dyslexia (or other forms of specific learning difficulties) and other disabilities, including a dyslexia specialist to help you develop your learning skills.

14. Criteria for admissions You will need to satisfy the general admissions requirements of the Royal Agricultural University. The standard entry requirement is the minimum of 5 years relevant practical experience within the field of the built environment. The student will also be required to be a member of a professional body approved by the RICS (see Appendix 2) or hold an approved non-accredited degree. Students are also required to take up student membership of the RICS on commencement of the short course. English Language The English requirement would be a minimum IELTS level 6.0 or equivalent unless the student can demonstrate that previous tertiary education has been taught in English. Students must provide written evidence of this level prior to an offer being made, together with verification of previous qualifications and experience gained. Students will also be interviewed where possible. Employers Students are encouraged, where possible to liaise with their employers (if appropriate) and to obtain consent and recognition that they are undertaking the short course, to ensure that enough time is granted to allow for the short course and the assessments to be completed on time.

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15. Teaching, learning and assessment

This programme is inclusive of disabled people with particular regard to teaching, learning and assessment, in accordance with Part 10: Inclusive Practice of the University's Teaching Quality Handbook and the Disability Discrimination Act 2005. However, due to the particular requirements of this programme, students who are vision impaired are advised to contact the University’s Disability Officer to explore whether appropriate support or alternative assessment can be provided to enable successful completion of the programme. All students are encouraged to disclose any impairment to the Disability Officer so that the appropriate support may be provided. Students have the right to request that the nature of their impairment be treated as confidential.

• Teaching, learning and assessment are guided by explicit learning outcomes within the case studies.

• Student workloads are challenging but manageable, and students engage in a range of learning activities from lectures to independent study.

• Assessment is addressed as an integral part of the short course design process. The case studies in the short course use a range of assessment methods, which are consistent with the learning outcomes. The appropriate balance of method and teaching approach will be determined and regularly reviewed by each short course team.

• Assessment criteria are designed to be clear and explicit for both students and staff.

• Learning and teaching is relevant for the assessment. • Assessment methods within case studies are based on the preferred

approach of module leaders, subject to short course committees determining the overall balance and with confirmation of the RAU’s Academic Quality and Standards Committee.

• The range of teaching methods adopted aligns with the nature and level of the case studies. The range includes tutorials, seminars, projects, site visits, visiting speakers with international experience and block periods of study.

• The modules are focused on problem-based learning. The second and third modules are organised around problem scenarios or case studies, and students are expected to work in teams or individually to solve or manage these situations.

• Students are encouraged to actively engage in and take responsibility for their own learning.

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• Assessment is student-focused and appropriate to enable students to demonstrate achievement of the relevant learning outcomes in the Short course.

• Students are encouraged to work with their employers (if appropriate) to release such time as to complete the short course.

The teaching is organised into three modules, two of which are based on case studies. All the modules are designed to deliver both level 6 and 7 outcomes. Each module progresses through this material quickly, and student achievement as measured by the summative assessment in each module. Students are expected to understand the knowledge obtained and be critically aware of the theoretical and practical implications of the material. At the beginning of each module, members of staff of RAU/CILI will undertake a face to face induction with the students to introduce the scope and detail of each element of the short course and to set the learning programme for that module. Only RAU/CILI staff will undertake the teaching in all the modules, and oversee the student learning process providing appropriate pastoral support. At the end of each module, members of staff of RAU/CILI will assess the case studies and oversee the examinations for each student. 16. Quality Assurance Procedures The framework of policies and structures of the University, which form the basis for the assurance of quality standards for academic programmes, are set out in the Teaching Quality Handbook. The function of the Short course Management Group is to ensure that the short course provision aligns with the QAA Framework for Higher Education Qualifications (FHEQ) and recognises and adheres to the expectations of the QAA Codes of Practice in terms of academic quality and standards. Methods for evaluating and improving the quality and standards of teaching and learning The Short Course Management Group undertakes a range of activities to ensure the quality and standards relating to the teaching, learning, and assessment are met. The short course and module outcomes are continually reviewed and improved. Mechanisms for review and evaluation of the short course include: Preparation of annual module reviews by module leaders to identify

areas of good practice and consider further development of each module in the short course.

Regular Short Course Management Group meetings. Submission of annual reports by External Examiners, commenting on

the quality and standards of the short course. There will be two External Examiners, following the normal procedures for RICS accredited programmes.

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Preparation of an annual short course report by the Short Course Manager, which is approved by the Dean of the School of RELM and considered by the University’s Academic Quality and Standards Committee (AQSC).

Periodic review of the short course. Regular partnership meetings with the RICS.

Committees with responsibility for monitoring and evaluating quality and standards: Short Course Committee (including student representation). This will

meet on a regular basis, and will give students, through their chosen student representative, the opportunity to review the short course so far. It will look to address both academic and support issues.

University Academic Quality and Standards Committee (AQSC). University Examination Boards (to consider marks, progression and

awards). Mechanisms for gaining student feedback on the quality of teaching and their learning experience: Student representation at the Short Course Committee Evaluation of modules and short course (based on questionnaires:

Student Perception About Modules (SPAM) and Student Satisfaction Survey.

Stakeholder feedback Feedback from existing and past students, employers, External Examiners and the School of RELM Advisory Council is regularly received and considered in the annual and periodic review process. 17. Marking Guides and Assessment Regulations The marking criteria for coursework and examinations and the regulations for assessment and progression are available on the Royal Agricultural University intranet under Student Resources. 18. Ownership of short course specification The short course is the responsibility of the School of Real Estate and Land Management (RELM), Royal Agricultural University.

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19. Curriculum Map

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Knowledge and Understanding of: A1 The complex and dynamic legal,

economic, financial, governmental, business, management, technological, sustainable and environmental principles and practices governing real estate and real estate markets

X X X

A2 Discipline specific principles relating to the work of the surveyor

X X X

A3 The roles performed by surveyors and other professional advisors in a variety of real estate markets

X X X

Intellectual Skills Outcomes B1 Apply the skills needed for

academic study and enquiry, and be able to adapt and apply these skills to a continually changing professional real estate environment.

X X X

B2 Critically evaluate current research and information relating to a variety of real estate scenarios

X X

B3 Evaluate critically information from a number of sources in order to gain a coherent understanding of theory and practice

X X X

B4 Demonstrate self-direction and originality in tackling and solving problems

X X X

B5 Seek to advance their knowledge and understanding, and develop these new skills to a high level.

X X X

Professional Skills Outcomes:

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C1 Offer advice, make decisions and implement them in relation to the purchase, sale, letting, management, investment, planning and development of commercial or residential real estate at strategic, operational and tactical levels, and in doing so, be able to critically appraise and value real estate for operational, investment, development and statutory purposes within the context of the workings of those land administration institutions involved in real estate markets, with comparisons where appropriate of international markets

X X

C2 Interpret and analyse complex and dynamic real estate markets and its services and be able to understand the physical, legal, business and socio-economic and sustainability contexts in which the real estate market exists, and how the institutions involved within a real estate market function

X X X

C3 Be able to survey, analyse and report on the financial, management, natural, aesthetic and sustainable aspects of sites and buildings.

X X X

C4 Demonstrate knowledge and understanding of the needs, perspectives and character of individuals and organisations that currently occupy real estate, and be able to assist in identifying and articulating their future real estate requirements

X X

Transferable Skills Outcomes: D1 Problem solving, analytical and

creative skills allowing for decisions to be made in complex and unpredictable situations

X X X

D2 Skills of reasoning and argument through effective communication and teamwork

X X X

D3 Numeracy and information technology skills

X X X

D4 Independent learning skills X X X D5 Skills in investigation and

research using initiative and personal responsibility

X X X

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20. Further information More detailed information can be found on both the short course website and in the student handbook. This information will include links to timetables, notices, module web pages, RAU assessment regulations, marking criteria, personal tutor guidance, etc. 21. Module Reference Sheets Module reference sheets can be found on the University intranet and are included in appendix 1 of this short course specification: Module 1 Real Estate as an Asset Class; Module 2 Real Estate Management; Module 3 Investment / Development Project. .

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Appendix 1

Module Reference Sheets

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ROYAL AGRICULTURAL UNIVERSITY MODULAR SCHEME

Sheet updated: April 2012 Module Code PRE01

Module Title Real Estate as an Asset Class

Module Leaders Prof. Bill Seabroke

School which owns module

RELM

Programme(s) to which module

belongs

RAU/CILI Short Course (RICS approved Adaptation Route)

Module Level 7

Module Credits 15

Pre-Requisites None

Minimum Study Time 150 hours

Contact Hours within Study Time 2 days

Teaching Period 6 weeks

Module Content This module introduces and asks students to critically reflect on the concept of real estate as an asset class and critically examines features of real estate as an investment. The module will introduce students to real property, and how it relates to the institutions that operate in a real estate market. It will consider the principles of valuation of these real estate assets, and introduce students to concepts behind investment decisions, accounting procedures, taxation implications and the use of statistical analysis to help real estate managers make well informed investment decisions. It also considers business management, including business planning, corporate recovery and insolvency and managing resources. The module will be delivered through a face-to-face introductory session and, for the duration of the module, through online e-learning activities.

Module Outcomes To achieve credit for this module, students must be able to:

1. Critically evaluate the key aspects of real estate with the context of a real estate market; A1 B2 C1 C2 D5

2. Understand and apply the basic methods of valuation to a real estate asset; A2 B4 D3

3. Understand and critically evaluate the complex nature of real estate as an investment; and A3 B1 B5 C3 D2 D4

4. Interpret and apply accounting regulations, taxation frameworks and property finance to real estate assets. B3 C4 D1

Assessment Description Weighting

Coursework Multiple choice test 50% 2000 word assignment 50%

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Key Text: Students should be familiar with the content of at least one of the following: Baum A., Crosby N (2007) Property Investment Appraisal (3rd edition), International Thompson Business Press, London (chapters 1, 2, 5, 6) Baum A., (2009) Commercial Real Estate Investment: a strategic approach, (2nd edition) Estates Gazette Lawson F.H., Rudden B., (2002) The Law of Property (3rd Edition), Oxford University Press Lumby S., Investment Appraisal and Financial Decisions (latest edition), Chapman & Hall, London. Other supporting information: On line material published on Gateway RICS ISURV and other publications.

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Sheet updated: April 2012 Module Code PRE02

Module Title Real Estate Management

Module Leader Iain Butler and Nigel Walker


RELM


belongs


Module Level 7

Module Credits 15

Pre-Requisites Module: PRE01

Minimum Study Time 150

Contact Hours within Study Time 16


Module Content An integrative case study featuring the strategic and operational management of real estate, embracing a study of: Real Estate maintenance; Insurance; Landlord and Tenant relations; leases and licenses; Landlord and Tenant Law; Law of Agency; principles and regulations of real estate agency and marketing; Investment theory and application to real estate; Real estate management strategy; Real estate management practice; Finance and mortgages.


• Critically analyse the relationship between landlord and tenant and apply and adapt it to a range of different real estate management situations. B1 D1

• Develop and evaluate the principles of agency, including legal requirements, and apply and adapt them to disposal and acquisition of real estate. A1 C1

• Give appropriate critical professional advice, allowing for the effective day to day management of real estate, within the context of current law and regulations. A2 B2 B5 C2 D2

• Prepare and apply valuations on a range of real estate interests for different specified statutory and commercial purposes. A3 B3 C3 D3

Assessment Description Weighting

Coursework 1 assignment (3500 words) 50% Examination A 10 minute individual oral

presentation and written paper based on study material

50%

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Key Texts: Students should be familiar with the content of at least one of the following: SCARRETT, D. (1995). Property Asset Management. 2nd ed. E & F N Spon GARNER AND FRITH, (2008) A practical approach to landlord and tenant, 5th ed, Oxford University Press RICS (2004) RICS Manual of Estate Agency Law and Practice (2nd ed.) RICS Books STAPLETON (2005) Real Estate Management Practice / edited by Anthony Banfield, (4th ed.), Estates Gazette, 2005 Other supporting information (if appropriate) RICS Publications through ISURV, web based resources, etc. Journal of Property Investment and Finance Journal of Property Management

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Sheet updated: April 2012 Module Code PREe03

Module Title Investment / Development Project

Module Leader Robert Couchman and Iain Butler


RELM


belongs


Module Level 7

Module Credits 15

Pre-Requisites Modules: PRE01 and PRE02

Minimum Study Time 150

Contact Hours within Study Time 16


Module Content Students choosing either a commercial or residential option will undertake a investment / development orientated project where the students will develop their knowledge and understanding of the areas of land tenure, landlord and tenant relations, land use and development control, letting and conveyancing, real estate investment and funding. Students will be required to develop an investment strategy based on a real development opportunity and give appropriate professional advice.


• Apply their knowledge and understanding of valuation techniques and be able to value different types of real estate in any real estate market. A1 A3 C2 D1

• Critically evaluate the legal requirements for the leasing of real estate in any country, and be able to give advice on the heads of terms for a commercial lease. A2 B3 D2

• Give critical professional advice on the best use of land for development purposes, and advise on the correct procedures for obtaining planning permission. B1 D3

• Evaluate the development worth of a site and apply, with confidence, an appropriate development appraisal technique. B2 B5 C3

• Give critical professional advice to an international investor seeking to invest in an International property market. C4 D4 D5

Assessment Description Weighting Coursework 1 assignments (3500 words) 50%

Examination Individual oral presentation and written paper based on study material

50%

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Key Texts: Students should be familiar with the content of at least one of the following: GUY S, HENNEBERRY (2002) Development and Developers: perspectives on property, Blackwell Publishing SEABROOKE W, KENT P, HEBE HWEE HONG HOW (2004) International Real Estate: an institutional approach, Blackwell Publishing WILKINSON, S. and REED, R. (2008) Property Development. 5th ed. Routledge Other supporting information (if appropriate) On line material published on Gateway RICS ISURV and other publications. Journal of Property Investment and Finance Journal of Property Management

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Appendix 2

RICS approved Professional Bodies

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RICS Approved Professional Bodies for the RAU/CILI Short Course Programme

cambridge international land institute short...

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