Course Outline 2015
PROPERTY 102: INTRODUCTION TO PROPERTY
(15 POINTS)
Semester 2 (1155)
Course Prescription
Knowledge of how property markets work and how properties are valued, managed
and financed are critical for property professionals in understanding modern life.
Key terms and definitions surrounding the property profession as well as
introductory analyses of supply and demand characteristics unique to property
markets are key learning outcomes. Students will also learn key concepts
surrounding residential property valuation.
Programme and Course Advice
There are no prerequisites for this course. However, ACCOUNTING 101 and
ECONOMICS 101 are recommended prerequisites.
Goals of the Course
This course is designed to provide a basic understanding of property markets and
the multi-disciplinary nature of the property profession. This course is also
designed to provide a strong theoretical base from which students can build on
their understanding of real estate in specialized property subjects. Within this
context, analytical skills for assessing property investment decisions will be
developed.
Learning Outcomes
At the end of the course, it is expected that students will be able to:
1.
2.
3.
4.
5.
6.
7.
understand the role of property in the wider economy;
understand principles surrounding property finance, leasing, ownership,
investment, management, and development;
analyse supply and demand issues within a property context;
use valuation concepts such as the principle of substitution and contributory
value, including the use of financial mathematics;
discuss broad issues such as transfer of ownership, title, and Maori Land;
Perform simple residential property investment analyses;
understand the multi-disciplinary nature of the property profession, identify
general concepts from each discipline as they relate to the industry, and define
specific terms relevant for property professionals.
Content Outline (subject to change)
Week 1
Introduction, Property and the wider economy, Property Terms and
Definitions
Week 2
Land Transfer Systems, Title and Property Ownership, Maori Land
Issues, Property Economics – Supply and Demand
Week 3
Investment and the Time Value of Money – Risk and Return, Present /
Future Value, Mortgage Concepts and Principles
Week 4
Real Estate Valuation Concepts and Principles, Residential Valuation
Week 5
Residential Valuation Reporting and Practice, Residential Investment
Analysis
Week 6
Residential Investment Analysis
Week 7
Introduction to Commercial Property Valuation, Basics of Commercial
Investment
Week 8
Residential Tenancies Act, Mortgage Markets, Market Analysis
Week 9
Land Use Regulations,
Development
Week 10
Commercial Property Management, Public Sector Real Estate, Corporate
Real Estate
Week 11
Property Marketing – Buying and Selling, Segmentation and Targeting
Week 12
Meet the Professionals: RICS, VRB, PINZ, Revision and Review
Resource
Management
Learning and Teaching
You are required to:
 Attend Lectures
 Read material in this course book
 Submit two Case Study Assignments
 Complete a 50 minute test
 Sit a 2-hour Final Examination at the end of the semester
Teaching Staff
James Young, Senior Lecturer
OGG Building, room 532
Tel. 373-7599 extension 84819
Office Hours: Fridays: 10 am – 11 am (must make appointment)
Other times are available by appointment
Email: james.young@auckland.ac.nz
Act,
Property
Learning Resources
Students will also need a Hewlett Packard 10B or 10BII calculator (or HP10B
variant) available from the bookstore and online. This calculator is used in future
classes in the business school and property department. This calculator is
REQUIRED for this course and references will be made to keystrokes that need to
be made to perform financial calculations in the course book. There will be
resources made available during the term to assist in students learning to use the
HP 10B or 10BII calculator. However, it should be noted that manuals are included
when purchasing this calculator and that the manual provides detailed instructions
for its use. It is the final responsibility of the student to be familiar with the
workings of this calculator and not to rely solely on any additional resources
provided, as this calculator will be REQUIRED for tests and examinations. There
will not be a calculator provided in test or examinations if you forget to bring it or
do not have one available. Other calculators will not be allowed in the examination
or the test. It is up to individual students to ensure that the appropriate calculator
(HP10B or HP10BII) is available for use when required.
Students are strongly encouraged to read relevant periodicals such as the New
Zealand Property Journal, business and property sections of the New Zealand
Herald, and other property publications. The library has a good selection of books
and journals available that are relevant to this course. Also, there are many web
sites that have relevant information to the course. Students are encouraged to
seek these resources and use them to add to their knowledge of the course
materials provided.
Assessment
The following assessments will be conducted throughout the term to determine the
grade for the course:
Assessment Method
Percentage of
Grade for
Course
10%
10%
30%
50%
Case Study Assignment 1
Case Study Assignment 2
Mid-Term Test
Final Examination
Assignment /
Examination Date
TBA
TBA
TBA – End of Week 6
TBA
Assessment and Learning Outcomes
Learning Outcome
1
2
3
4
5
6
7
Case
Study
One
Case
Study
Two
MidTerm
Test
X
X
X
X
X
X
Final
Examination
X
X
X
X
X
X
X
(Note: The details set out in this outline are subject to change. Any changes will
be notified in lectures.)