module descriptors bsc. in property studies · the cross-elasticity of demand for housing and...

Module Descriptors BSc. in Property Studies

YEAR 1

Valuations I Pre-Requisite Modules code(s)

Co-Requisite Modules code(s)

ECTS Credits

Module Code

NQAI Level

Module Title

None None 10 RECE 1061

8 VALUATIONS 1

Module Author: Antoinette Byrne Module Description: This module lays down the theoretical basis for later advanced valuation modules of the programme. Particular emphasis is placed on the student grasping fundamental property valuation principles and techniques. The syllabus is broad in scope providing the student with an understanding of the valuation of various legal property interests using basic valuation methodologies. The student is also introduced to the concept of property as an investment medium. Module Aim: The aim of this module is to: • Introduce the student to valuation terminology. • Introduce the student to the concept of ‘value’ and the theory and practice of property

valuation. • Provide the student with an intuitive understanding of the nature and characteristics

of the property market at a micro and macro level. • Facilitate the student in gaining a thorough understanding of fundamental property

valuation principles and techniques. • Adopt an incremental style that builds knowledge in a series of learning steps. • Present new and difficult concepts in a clear, comprehensive and relevant way. • Show relevance of the module material by incorporating the analysis of actual (real

world) property market transactions and the use of comparable evidence in market valuation techniques.

Learning Outcomes: On successful completion of this module the student will: • Be familiar with valuation terminology; • Understand the fundamentals of valuation theory as a foundation for subsequent

applied valuation programme study; • Have developed an appreciation and knowledge of local and national property market

values for residential and commercial property;

• Have developed an ability to analyse property market transaction evidence and utilise this evidence in the application of various valuation techniques;

• Be able to understand the time value of money and comprehend the calculation and application of valuation formulae;

• Be able to understand and utilise developer equations; • Appreciate the function of property in the wider investment spectrum. Learning and Teaching Methods: • Lecture: PowerPoint presentations with related Excel spreadsheets showing

examples of property valuation calculation methodologies. Group discussion and question and answer sessions as required.

• Tutorial problem sets using real world examples in the latter part of the module.

• Newspaper vignettes and web sites. Module Content: • Introduction to legal interests in property. • Concepts of value and valuation terminology. • Property in the wider investment spectrum. • Understanding the time value of money. • Comparable analysis of commercial property market transactions to determine

rental value and All Risk Yield (ARY). • Calculation and application of valuation formulae. • The comparative method of valuation. • The investment method of valuation (use and construction of the principal

valuation formulae and the concept of ‘years purchase’). • The residual method of valuation (developer equations). • The profits method of valuation. • The contractors and reinstatement methods of valuation. • Retail zoning analysis. • Leasehold valuations. • Introduction to premiums and surrender & renewal calculations.

Module Assessment: Formal end of module written examination: 3 Hours (80 marks) This examination will constitute a conventional unseen time-constrained test. The exam will test the student’s ability to demonstrate a critical understanding of the material covered in the module. Individual project: See Project Descriptor (40 marks) Further Details: Contact hours: 25 plus 7 tutorial sessions

Economics for Property & Construction

Pre-Requisite Modules code(s)


ECTS Credits

Module Code

NQAI Level

Module Title

None None 10

RECE 1064

8 ECONOMICS FOR PROPERTY and CONSTRUCTION

Module author: Thomas Power Module Description: This module provides a programme that gives an essential and usable level of economics that must be learned in order to prepare for a career as a specialist in the property industry. It covers the key principles of economics and how they relate to the property and construction markets. The level of knowledge learned from the module enables the student to tackle more advanced economic concepts and assists in the general understanding of related subjects. The role of the module is to ensure that students learn and understand how markets work. Module Aim The aim of the module is to: • Raise as many questions as it answers and to impart the idea that economics is about

critical thinking, writing skills, analysis, and interpretation of data and communication skills.

• Examine economic principles and how they relate to property markets. The module examines these principles in the context of wider ideological debates and their related philosophies.

• Expand the students’ understanding of these principles and ensure that students understand how economics provides the basis of their understanding of other programme subject matter.

• Expand the psychological principles, both cognitive and affective, of learning and knowledge acquisition using a variety of teaching tools to maximise the quality of the learning outcomes.

• Enable students to approach what are deemed to be the major economic and financial debates and discuss these with an ‘informed’ understanding of economic principles.

• Enable students to develop a critical, reflexive, interdisciplinary and integrative approach to the key concepts and principles of economics.

Learning Outcomes: On completion of this module, students will be able to • Explain, interpret and analyse economic data and events according to the terms and

definitions they have learned. • Use this knowledge to interpret, understand and explain the construction and property

markets. • Use their skills and knowledge to reappraise their beliefs, value judgements and

concerns in the context of the property market and the wider economic environment.

• Communicate effectively and in an appropriate way the various skills and knowledge they have developed. The aim is for the students’ listening, speaking, reading and numeric skills to be enhanced.

• Collect, analyse and in a minor way evaluate information. Students will have learned to think like an economist and in doing so have developed some problem solving and research skills.

• Exchange and relate ideas through team work. • Students will have learned how to study independently and consequently have

enhanced their time management skills. • Comprehend that there are different social and civic economic units in the world and

detect how economics can help explain and interpret how they function. • Comprehend that the property and construction markets are just a subset of the wider

investment markets and to be able to understand these markets and to be able to understand further modules, e.g. financial management.

• Analyse, illustrate, and identify economic information. Students will be expected to use current general software (MS Word, Excel, PowerPoint and Explorer/Netscape in the production of projects, coursework and presentations in order to enhance and display their knowledge and skill in the use of Information Technology. Learning and Teaching Methods: • Lecture • Tutorial • Tutorial problem sets • Multiple choice questions • Crosswords • Case studies • Newspaper vignettes • Additional web links for each learning outcome • A ‘news’ section providing up to date reports and data on property market • Comprehensive reading lists • Project work assessment • Tutorial discussion

Module content: • Economics and the economy: Economics defined; scarcity; the role of the market;

normative and positive economics; micro and macro; the ten principles of economics and how they relate to the property and construction market.

• The tools of economic analysis: economic data; nominal and real variables; measuring changes in economic variables; economic models; diagrams; lines and equations; measuring housing demand and supply.

• Demand, Supply and the Market: demand, supply and equilibrium; demand and supply curves; shifts in demand and supply curves; free markets and price controls; rent controls; the allocation of scarce resources; housing and the economic measures to allocate it.

• Government in the mixed economy: the role of government; market failure and the role of government; market failure – housing and the role of government; what do governments do?; externalities and housing; the free rider problem; public goods; private goods; how do governments decide?

• The effect of price and incomes on demand quantities: How responsive is demand to changes in price and income? Price, quantity demanded and total expenditure; the price elasticity of demand for housing; the income elasticity of demand for housing;

the cross-elasticity of demand for housing and rented accommodation; normal goods and inferior goods; housing as a normal and inferior good.

• The theory of consumer choice: adjustments to changes in prices and incomes; indifference curves; welfare and budget lines; using the theory of consumer choice, indifference curves, budget lines in analysing how governments can improve the welfare of low income families via rent subsidies, mortgage relief, affordable accommodation and cash transfers.

• Market structures: Outputs and inputs; costs and decision making; marginal costs and marginal benefits, profit maximisation; optimum output decisions; diminishing marginal returns; the concept of competition; perfect competition, pure monopoly, imperfect competition.

• The analysis of factor markets: the demand for factors of production in the long run; the demand for labour in the short run; the supply of labour; labour market equilibrium; transfer earnings and economic rent; trade unions; discrimination; capital and land; rents, interest rates; the price of land and rents; allocation of the supply of land between competing uses

• Introduction to macroeconomics- determination of national income; the framework; national income accounting and the property and construction industry’s contribution; GNP and GDP; the circular flow and the role of the property and construction markets; equilibrium output; the multiplier; Keynes v the Classical economists

• Aggregate demand, fiscal policy: the government and the circular flow; the role of the Public Capital Programme; the Irish macro economy within the euro zone.

Module Assessment

• Project 40 marks

• End of term Examination 60 marks

Contact hours: 25

Estate Agency, Marketing & Management



ECTS Credits

Module Code

NQAI Level

Module Title

None None 10

RECE 1063

8 ESTATE AGENCY, MARKETING AND MANAGEMENT

Module author: Declan mcKeown Module Description: This module provides a practical understanding of the principles of marketing and management as applied to Estate Agency and Property Management business. A comprehensive understanding of marketing is essential for Auctioneers and Estate Agents. The student needs to understand marketing techniques used in the full range of property transactions. These techniques include: identifying clients’ needs and wants, adopting innovative marketing approaches in relation to clients’ properties and their own firms; increasing students’ awareness of the business environment and the impact it can have on their own firms; and the ability to diagnose and prescribe actions for uncertainties they may encounter. Module Aim: The aim of this module is to enable students to participate fully in the management and marketing functions of an Estate Agency firm. It aims to give students: • An understanding of the principles of marketing as applied to property • An understanding of the principles of property management • An understanding of the function of a property manager Learning Outcomes: On completion of this module the student will: • Understand the nature of marketing and the various elements of the marketing mix • Understand the concept of marketing and its changing roles and the philosophy that

underpins it • Understand the forces which affect both the business environment and the clients’

decision making process • Be able to demonstrate a comprehensive knowledge of services offered by

Auctioneers and Estate Agents with particular emphasis on property and management.

Learning and Teaching Methods: This module is delivered through the medium of lectures and supporting tutorials. Assignments are given and feedback provided to enhance the students’ learning. Students are

required to prepare and submit assignments using the knowledge they have gained from lectures and also from workplace learning. Module Content Estate Agency & Marketing • Marketing of services and property • Marketing of new and second – hand property • Various methods of sale • Confirming instructions • Definitions of agency • Termination of Agency • Booking deposits • Codes of Conduct • Renewal of licences • Measuring practice guidance notes • Stimulating an awareness in Estate Agency Law and the Family Home Protection Act • Money laundering legislation Property Management • Landlord and Tenant relationship • Rent reviews • Service charges • Insurance of buildings • Lease terms • Repairs and improvements • Tenant selection

Module Assessment

Formal end of session written examination: 3 Hours (70 marks) Students will be expected to use current general software (MS Word, Excel and PowerPoint and Explorer-Netscape) in the production of projects, coursework and presentations in order to enhance and display their knowledge and skill in the use of Information Technology. Individual project: See Project Descriptor (30 marks) Contact Hours: 25

Law I



ECTS Credits

Module Code

NQAI Level

Module Title

None None 10

RECE 1062

8 LAW I

Module Author: Adrienne Cawley Module Description: The property profession is inter-linked with the legal system, especially in relation to property law. The module provides an introduction to the legal system and the essential features of property law. Module Aim: The aim of the module is to enable the student to understand the importance of the law of landlord and tenant and the issues affecting property law including the Family Home Protection Act, 1976, the Statute of Frauds, 1735 and the Law of Agency. The module also aims to give the student some knowledge of how to research case law and legislation. Learning Outcomes: On successful completion of this module the student will be able to demonstrate their understanding of the importance of the law, particularly in relation to landlord and tenant issues, the Family Home Protection Act, 1976, the Statute of Frauds, 1735 and the Law of Agency. Students will also be able to demonstrate their appreciation of the centrality of judicial decisions in the law-making process and the relevance of those decisions to the property profession. Learning and Teaching Methods: Lectures, tutorials and a project. The project asks the students to advise a client in a case using elements of the law that they have studied. Module Content: • The Law of Landlord & Tenant. Introduction: the creation of a lease; the termination

of a lease – forfeiture and notice; covenants; the right to a new tenancy; the purchase of fee simple; private rented dwellings; licenses.

• The Statute of Frauds 1965 and 1735 • The Family Home Protection Act 1976 • The Law of Agency; forms of agencies; duties of an agent; the relationship of agent

to principal; the relationship of agent to third parties; legislation governing estate agents and auctioneers.

Module Assessment

Formal end of session written examination: 3 hours 70 marks

Individual Project 30 marks Contact Hours: 25

Work Based Learning I



ECTS Credits

Module Code

NQAI Level

Module Title

None Vals I, Law, Eco., Est. Agency

20 RECE 1065

8 Work Based Learning I

Module Author: Paul Kelly Module Description: Work based learning is fundamental to this degree. Students must be working in approved property related employment for the duration of the Programme. Before starting the Programme, students must provide evidence of this employment. Approval is by the Chair of the Programme Committee and the Chair of the SCSI Education Committee acting jointly. Students must keep a weekly analytical log of their work and write a structured end of year report. The log must be checked and ‘signed off’ each week by the student’s manager or principal of the firm. Students receive a lecture and written material on how to keep their weekly analytical log. The log should be kept on a ‘case study’ basis and not as a chronological record of events. The log must describe the way in which the knowledge that a student has learned from the academic part of the Programme is applied to a case which has been dealt with at work. The level of detailed knowledge required in Year 1 will be less than in years 2 and 3. In Year 1 it is expected is that a student will be able to display and integrate knowledge of Valuations, Law, Estate Agency Practice and Marketing and Economics. A typical log book entry would be expected to read like “this week we dealt with an interesting case where a property was to be sold which had a right of way passing over the back garden. This involved explaining to the vendor xxx and xxx and applying knowledge of the law xxx. This affected the value of the property because of xxx.” Another entry might discuss the effect on the market of a change in interest rates and would apply knowledge learned in lectures. Issues arising from the application of Estate Agency Practice, Marketing and Management would be dealt with in a similar way. Module Aim: The aim of this module is to make the workplace experience of the student’s part of the structured learning process. Learning Outcomes: On completion of this module the student will have demonstrated how to use the knowledge gained from the academic part of the Programme in the analysis and solution of problems that they encounter in their professional practice. Each year the student will demonstrate an increased breadth (more subjects), depth (use of more analysis) and level of description. This will demonstrate increased professional competence and improved communication skills, especially in written English. Learning & Teaching Methods

Learning is by: • By the workplace activity and the recording and analysis of this in the weekly

analytical log • By the analysis and summary of the integration of the academic and workplace

learning elements in an End of Year Report • By the provision of a list of major and minor specialisms and the checking of these by

the workplace visitor to ensure that a broad range of topics are covered. Teaching is by the input of the manager or principal and the guidance of the work place visitor.

Module Content: The contents of the module are derived from the work place experience of the student. Module Assessment The module assessment is based on the results of the work-place visit (two for year 1), the mark awarded for the analytical log and the mark awarded for the summary End of Year Report. The work place visit with the student includes an interview with the student, an interview with the principal or manager and an assessment of the weekly log. The work place visitors are issued with comprehensive written instructions and new assessors are personally briefed by the Academic Director to ensure a low level of ‘assessor bias’, which will undoubtedly be present. Module Assessment The assessment criteria are: • The integration of the academic part of the programme, with the knowledge, skill and

competencies that the student learns at work • The depth and breadth of analytical capacity displayed in the log. It is expected that

this will increase with each year of the programme. For example the level that would be accepted in year 1 may not be sufficient in year 2 and so on.

• The clarity of written and verbal communication by the student. This is expected to ` prove (if necessary) with each year of the programme The overall mark of 100 is obtained by the summation of the marks for each workplace visit, (two in year 1) and the mark for the End of Year report and dividing by three (in year 1) or two (in years two and three).

YEAR 2 Valuations II



ECTS Credits

Module Code

NQAI Level

Module Title

RECE 1061 None 10

RECE 2061

8 VALUATIONS 2

Module Author: Aoife Brennan Module Description: This challenging module guides the student beyond the use of fundamental property valuation principles and techniques (studied in module one) and encourages a more detailed application of valuation methodologies within the applied framework of landlord and tenant legislation, the property investment market and the planning and development sector. This integrative module is designed to encourage the student to draw on expertise gained from other related modules on the programme, such as, economics, law, planning and building construction. The module deals with statutory valuations and places great emphasis on valuation practice and procedure in the context of applied land law (involving interpretation of legislation and resulting case law). Module Aim: The aim of this module is to: • Introduce the student to landlord and tenant legislative practice in the Republic of

Ireland. • Encourage the evolution of advanced property valuation skills and provide the student

with a deeper intuitive knowledge of the real property market, current valuation practices and likely future trends.

• Facilitate the student to gain a thorough understanding of the application of quantitative property valuation techniques within the framework of legislation relating to the built environment and related case law interpretation.

• Direct the student in relation to providing advanced statutory valuation advice to clients regarding landlord and tenant legislation; compulsory purchase procedures and assessment of compensation; and rating practice and procedures.

• Adopt an incremental style that builds knowledge in a series of learning steps. • Present new and difficult concepts in a clear, comprehensive and relevant way. • Show relevance of the module material by incorporating the analysis of actual (real

world) property market transactions and the use of comparable evidence in valuation techniques.

Learning Outcomes: On successful completion of the module the student will: • Have developed a deeper appreciation and knowledge of local and national property

market values and investment yields for commercial property. • Be able to demonstrate a sound understanding of the application of advanced

statutory valuation techniques, practices and procedures.

• Be able to provide advice regarding built environment legislation and related case law interpretation in the context of landlord and tenant legislation; compulsory purchase procedures and compensation assessment; and rating practice and procedures.

• Develop an ability to analyse property market transaction evidence and utilise this evidence in the application of various valuation techniques

Learning and Teaching Methods: • Lecture: PowerPoint presentations. Analysis and valuation of real world case study

material to highlight statutory valuation techniques and practices. Group discussion and question and answer sessions as required.

• Newspaper vignettes and web sites. Module Content • Introduction to legislation and case law relating to the building environment. Landlord and Tenant Acts Planning and Development Acts (2000-2002) Local Government (Planning and Development) Acts (1963-1998) Valuation Acts (1852-2001) Residential Tenancies Act 2004 Housing (Private Rented Dwellings) Acts (1982-1983) Housing Miscellaneous Provisions Act 1992

The Rent Restrictions Acts (1960-1981) The Housing Act 1966 Acquisition of Land (Assessment of Compensation) Act 1919 The Land Clauses (Consolidation) Act 1845

• Landlord and Tenant Legislation

Occupational leases; Rights of lease renewal; Re-possession and compensation for disturbance. Rent review procedures; Rent review clauses; Service of notices; Dealing with tenant improvements; Analysis of rental evidence involving inducements and incentives. Ground rents; Entitlement to reversionary leases; Rights of lessee to acquire the fee simple; Determination of Fee Simple Purchase Price. Sporting leases. Residential Tenancies

• Compulsory Purchase Procedures and Assessment of Compensation

Disturbance, severance and injurious affection (commercial, industrial, residential and agricultural property). Compulsory acquisition of cable and pipeline way-leaves and other easements.

• Rating Valuation, Practice and Procedures • Dispute Resolution Through Arbitration • Merger/Marriage Values

Module Assessment: Formal end of session written examination: 3½ Hours 80 marks This examination will constitute a conventional unseen time-constrained test. The exam will test the student’s ability to demonstrate a critical understanding of the material covered in the module. Individual project: See list of Project Descriptors 40 marks Further Details: Contact Hours: 25

Building Construction I



ECTS Credits

Module Code

NQAI Level

Module Title

None None 10

RECE 2063

8 BUILDING CONSTRUCTION I

Module author: Myles Keaveney Module Description: This module introduces the student to domestic construction technology, and to the range of principles and functional and performance requirements of constructional elements. It examines the practical means of achieving those requirements in the context of low-rise domestic construction. The module also provides the student with a sound grasp of the basic science and technology required to understand the construction process. Module aim: The aim of this module is to introduce the student to the terminology and functional requirements of the elements that comprise the structure and fabric of single and two-storey domestic buildings. Learning Outcomes: On successful completion of the module, students will be able to: • Analyse principles of construction, particularly in the context of domestic

construction. • Identify the symptoms of common defects in domestic buildings, provide a reasoned

opinion of the likely causes of the defects and specify the available remedial measures which may be used.

• valuate the environmental principles and practices underlying the construction of buildings in relation to the transfer of heat, humidity and condensation, among others.

Learning and Teaching Methods: Instruction is by means of lectures and classroom discussion. Coursework is set to assist the student in furthering their knowledge and understanding. Audio-visual aids in the form of photographic slides and video presentations are used to elaborate on lecture content and stimulate discussion.

Module content: • Elementary drafting and communication media of the industry • Site and soil investigation • Foundations • Floors • Walls

• Roofs • Fireplaces and Chimneys • Staircases • Windows and Doors • Damage to timber from fungal and insect attack • Rising damp and condensation • Timber frame construction • Energy efficiency • The Building Regulations

Module Assessment One 3 hour end of year examination 70 marks One Project (see list of Project Descriptors) 30 marks

Contact Hours: 25

Law II



ECTS Credits

Module Code

NQAI Level

Module Title

RECE 1062

None 10

RECE 2062

8 LAW II

Module Author: Adrienne Cawley Module Description: This module is a continuation of Law I which introduced the student to some important aspects of the law in relation to property. It gives a broader insight by covering further cases of property law not covered in Law I. Module Aim: The module aim is to give the student an understanding of the importance of law in the history and development of property in the Republic of Ireland. Learning Outcomes: On successful completion of this module, the student will be able to demonstrate an understanding of how property is held and the effect that legislation has had on the ownership of property. The student will be able to demonstrate a reasonable knowledge of the rules which intend to facilitate the acquisition, exploration and disposal of land. Students will be able to demonstrate an understanding of the rationale, structure and operation of those sectors of property law which normally impinge upon their daily work. Learning and Teaching Methods: Lectures, tutorials and a project Module Content: Property Law including: tenure, the doctrine of estates; co-ownership; adverse possession; easements; restrictive covenants; succession and mortgages. The Law of Planning: Planning and Development Act 2000; Planning and Development (Amendment) Act 2002

Module Assessment: End of Module 3 hour examination 70 marks Project 30 marks

Contact Hours: 25

Urban & Rural Planning



ECTS Credits

Module Code

NQAI Level

Module Title

None None 10 RECE 2064

8 URBAN AND RURAL PLANNING

Module Author: Susanne Keating Module Description: This module is an introductory course in town planning. The syllabus is broad in scope and practical in nature. It provides students with an understanding of the Irish planning system and its implications for the use and development of land. Module Aim: The aim of the module is to: • Give students an understanding of the theory and concepts of town planning • Introduce town planning practice and procedures as applicable to the operation of the

Irish planning system Learning Outcomes: On successful completion of the Programme the student will have a basic knowledge of planning theory and practice. The student will understand the legislative framework which controls the development of land and be familiar with the potential impact which planning policies and standards may have on the development potential and value of land. Learning and Teaching Methods: • Lecture and tutorial; using specially written programme handbooks and visual aids to

illustrate practical examples • Project; practical work designed to introduce students to the operation of the planning

system at local authority level Module Content: • Planning Principles

Urban structure. Garden City and neighbourhood unit concept as theoretical basis for large scale urban and suburban planning.

Residential Development; layout design principles and standards. National Residential Density Guidelines.

Commercial Development; Retail planning policies and standards. National Retail Planning Guidelines. Office and industrial development.

Rural Planning; Residential development in rural areas. Rural housing design and sitting principles and standards. National rural Housing Policy Guidelines.

• Planning Law and Procedures Overview of planning legislation The planning authority

Development plans and local area plans. Definition of development and exempted development. Planning applications and appeals Planning enforcement Module Assessment Three hour end of module examination 70 marks Project 30 marks Contact Hours: 25

Work Based Learning II



ECTS Credits

Module Code

NQAI Level

Module Title

RECE 1065 RECE 2061, 2062, 2063,

2064

20 RECE 2065

8 Work Based Learning II

Module Author: Paul Kelly Module Description: Work based learning is fundamental to this degree. The student’s tasks for Work Based Learning II are the same as for Work Based Learning Module I and are described in that module descriptor. The level of detailed knowledge that is required to perform the analytical log in Year 2 is greater than in year 1. The subjects that a student is expected to display a knowledge of and integrate in their analysis are Valuation (I and II), Law (I and II), Estate Agency Practice, Marketing and Management, Economics, Building Construction and Urban and Rural Planning. If the level of written English was not particularly good in Year 1 it will be expected to show an improvement in Year 2. The student will also be expected to show an awareness and knowledge of the importance of professional ethics. Module Aim: The aim of this module is to make the workplace experience of the students’ part of the structured learning process. Learning Outcomes: On completion of this module the students will have demonstrated how to use the knowledge gained from the academic part of the Programme in the analysis and solution of problems encountered in professional practice. The student will be able to demonstrate knowledge of a broad range of subjects and to apply more detailed analysis than in the module ‘Work Based Learning I’. The student will be able to demonstrate appropriate judgement in technical functions, (e.g. Valuation) and use their diagnostic and analytical skills in a variety of contexts. The range will be set by the student’s choice of major and minor specialisms. Learning and Teaching Methods Learning is: By the workplace activity and the recording and analysis of this activity in the weekly analytical log.

By the analysis and summary of the integration of the academic and workplace learning elements in an End of Year Report. The provision of a list of major and minor specialisms and the checking of these by the workplace visitor to ensure that a broad range of topics are considered. Teaching is by the input of the manager or principal and their guidance of the student in the course of their work and by the advice of the work place visitor. Module Content: The contents of this module are derived from the work place experience of the student. Module Assessment The module assessment is based on the results of the work place visit, the mark awarded for the analytical log and the mark awarded for the summary End of Year Report. The work place visit includes an interview with the principal or manager and an assessment of the weekly log. The assessment criteria are: • The integration of the academic part of the programme with work based learning • The analytical capability displayed in the log • The clarity of verbal and written communication by the student. The overall maximum mark of 100 is obtained by the summation of the marks for each workplace visit and the mark for the End of Year Report and dividing by two. The pass mark of 40% must be obtained for both the visit and the End of Year Report.

YEAR 3 Law III



ECTS Credits

Module Code

NQAI Level

Module Title

RECE 1062, 2062

None 10

RECE 3062

8 LAW III

Module Author: Aine Shannon Module Description: This module builds on the area covered in earlier law modules. It covers Local Government Law including acquisition of property by compulsory purchase order. The importance of legislation and case law in Local Government law is stressed. The module concludes with an introduction to the law of conveyancing. Module Aim: The aim of the module is to make the student aware of those aspects of Local Government Law that impinge on his or her work. The module aims to give the student a level of knowledge that will enable him or her to discuss freely with a client, on site, the basic legal framework of compulsory purchase acquisitions, a rating appeal, planning requirements and related matters. The module aims to give the students a sufficient depth of knowledge, including the major precedents and an understanding of the procedures and an understanding of the procedures to be in a position to answer basic questions put to them, if they find themselves in Court or in Arbitration. Finally, the module aims to give the students a basic knowledge of the law of conveyancing. Learning Outcomes: On successful completion of the module the students will be able to demonstrate an understanding of those aspects of Local Government Law that impinge on the work of a property professional. The student will be able to discuss with a client and give advice on the basic legal framework of compulsory purchase acquisitions, a rating appeal and planning requirements. The student will also be able to answer basic questions on those matters that may be put to them in Court or in Arbitration. The student will be able to demonstrate an understanding of the relevance of the Local Government Act, 2001 to Local Government Law. Finally, the student will be able to demonstrate a basic knowledge of the Law of Conveyancing. Learning and Teaching Methods: Lectures, tutorials and project. Module Content: Compulsory acquisition of property, including: an introduction; the procedure for acquisition of property and compensation

Local Government Law, including: an introduction; a description and discussion of Executive Functions and reserved Functions; the functions of Local Authorities; the role of the County and City Manager. Rating, including: an introduction; rateable occupation; exemptions; appeals; the Valuation Tribunal. The Management Company Auctions Commercial Leases An Introduction to the Law of Conveyancing. Module Assessment 3 hour end of module examination 70 marks Project 30 marks Contact Hours: 25

Valuations III Pre-Requisite

Modules code(s)


ECTS Credits

Module Code

NQAI Level

Module Title

RECE 1061, 2061

None 10

RECE 3061

8 VALUATIONS III

Module Authors: Aoife Brennan Module Description: This module is broken up into four parts. The first section begins by considering valuation reports. As part of their assignment work, students will complete a valuation and valuation report of a commercial property. This will involve inspecting and measuring a property of their choice. Following this the module moves on to look at investment valuations, to include equivalent yield, DCF and IRR analysis. The third part of the module will consider property development including joint venture partnerships. Finally, the valuation of going concerns (the profits and accounts method) is examined with particular emphasis on hotels, public houses, petrol filling stations and leisure properties. Module aim: The aim of this module is to: • Enhance the student’s intuitive knowledge and understanding of the real property

market, current valuation practices and likely future valuation techniques in property investment and development appraisal.

• Facilitate the evolution of property valuation skills by assisting the student to explore the theory and application of traditional and discounted cash flow (DCF) quantitative valuation techniques to investment and development projects. The positive and negative aspects of alternative valuation methodologies will be examined in the context of identifying the risk of property investment and development appraisal error.

• Adopt an incremental style that builds knowledge in a series of learning steps. • Present new and difficult concepts in a clear, comprehensive and relevant way. • Show relevance of the module material by incorporating the analysis of actual (real

world) property market transactions and the use of comparable evidence in market valuation techniques.

• Introduce the student to computer applications to aid valuation appraisal. • Enlighten the student on valuation techniques employed in practice to assess the

market value of freehold and leasehold going concerns (the profits and accounts method of valuation) with regard to trading potential and goodwill.

Learning Outcomes: Completion of this module will enable the student to: • Critically assess the factors that encourage property investment and development

activity in the market place.

• Understand the role of various stakeholders (property owners, developers, investors, government agencies and financiers) in the property investment and development process.

• Understand the function of property investment and development activity within the wider investment spectrum.

• Demonstrate both traditional and discounted cash flow (DCF) valuation techniques. Learning and Teaching Methods: • Lecture: PowerPoint presentations with related Excel spreadsheets showing examples

of property valuation calculation methodologies. Group discussion and question and answer sessions as required.

• Tutorial problem sets using real world examples. Module Content: • The relationship between traditional and discounted cash flow (DCF) investment

valuation techniques. • Analysis of property investment returns: Net present Value and Internal Rate of

Return calculations. • Calculation of implied annual rental growth rate. • The valuation of rack-rented, reversionary and over rented property using traditional

valuation methods; short-cut DCF and full DCF methodologies. • The property development process, development criteria, pre-letting arrangements,

planning and funding issues. • Residual development appraisal, developers’ equations, sensitivity analysis, scenario

testing, taxation issues. • Discounted cash flow development appraisal. • Application of computer software to analyse and value investment and development

properties. • The profits and accounts method of valuation incorporating the analysis of

comparable evidence and the valuation of freehold and leasehold going concerns (such a hotels, public houses, petrol filling stations and leisure properties) with reference to trading potential and goodwill.

Module Assessment

Formal end of session written examination: 80 marks

This examination will constitute a conventional unseen time-constrained test. The exam will test the student’s ability to demonstrate a critical understanding of the material covered in the module.

Individual project: See list of project descriptors 40 marks Contact Hours: 25 plus tutorials

Financial Management for Property and Construction



ECTS Credits

Module Code

NQAI Level

Module Title

None None 10

RECE 3064

8 FINANCIAL MANAGEMENT FOR PROPERTY AND CONSTRUCTION

Module author: Thomas Power Module Description: This module includes the most-up-to date developments in the discipline and highlights the importance of finance to real estate and property students. It is designed to show the relevance of finance. Each topic fits together. With this in mind, the module concentrates on ‘company valuations’. The organisation of the module helps in the learning process. It covers the areas of management, valuations and investment. The most important indicator both in finance and in business is NPV. This concept is emphasised throughout the module. The emphasis is on ‘value creation’ which will enhance understanding of other subject material. In addition, the standard, time-honoured, basic principles of financial management are covered. Module aims The aims of this module are to: • Introduce the student to the theory and practice of finance and how it relates to the

real estate and property market. • Provide the key elements needed by students who go into business management and

the valuations profession. • Provide an intuitive understanding of the subject matter before studying specifics. • Treat net present value (NPV) as the most important concept in finance and valuation

(as shown in video and newspaper vignettes) • Encourage students to appreciate that comprehension of the subject matter is more

important than computation, (while computation is important it should not be done at the expense of comprehension).

• Remind students that financial management is about management, which needs input and judgement.

• Present difficult topics in a clear, comprehensive and relevant way. • Adopt an incremental style which builds knowledge in a series of learning steps. • Show the relevance of the material by incorporating real world examples (see

learning tools). • Focus on Irish and international and global markets in order to avoid a parochial

perspective of the module. (Example: see comprehensive global website). Learning Outcomes: • On successful completion of this module the student will be able to… • Describe the goals of a corporation or organisation, the form of the organisation, the

agency problem and very briefly, financial markets. • Evaluate the distinction between cash flow and accounting profit. Argue that the

valuation of any asset should be carried out in terms of cash flow and that profit

valuations should be taken with a degree of scepticism. Critically appraise the notion that ‘free cash flow’ is the most scientific method in valuing an asset.

• Fully understand financial planning and forecasting and realise the importance of forecasting and planning to company value.

• Use modern techniques in calculating asset values including calculating intrinsic valuations using free cash flow approaches.

• Identify the various ways of raising capital on the capital markets, including IPOs. • Categorise various forms of short-term finance. • Understand the time value of money. • Understand the concept of the ‘cost of capital’. • Analyse extensively NPV and why NPV is the most important principle in finance

and valuations. • To comprehend the theories of distribution policy and their importance in measuring

company value. • Understand that the basic principle in two companies coming together is to enhance

the value of shareholders. Students will be expected to use current general software (MS Word, Excel, PowerPoint and Explorer/Netscape, in the production of projects, coursework and presentations in order to enhance and display their knowledge and skill in the use of Information Technology. Learning and Teaching Methods • Lecture – PowerPoint presentation systems. Applicable slides will have links to

websites and/or specific internet links and/or spreadsheet links to show examples on Excel.

• Real world examples. Actual events are integrated through the programme linking learning concepts to real life situations.

• Problem sets (review and self-test questions and problems attached to each learning outcome). These allow students to test their understanding and their ability to answer problems. A comprehensive set of multiple-choice questions with feedback is provided.

• ‘End of learning’ summary and conclusions. Every learning session ends with a concise, but thorough, summary of the important ideas. This helps students review the key points and therefore provides closure to the learning outcome.

• Newspaper vignettes – that can be linked to the ‘news’ section on the webct. • Videos: 10-minute case studies on various topics linked to each of the learning

outcomes. . • News section (dealing with specific issues on finance, property and construction. On

webct. • Discussion groups based on problem sets. Module content: • The corporation and the role of the financial manager: maximising shareholder value;

what maximises share price? What does and doesn’t maximise the value of an asset? What doesn’t maximise the value of an asset? forms of business organisation; ethics in business

• Financial statements and cash flow: the balance sheet; the profit and loss account; statements of cash flows; importance of the statement of cash flows; operating performance and net operating profit after tax; calculating free cash flows.

• Financial statement analysis: solvency; profitability; gearing; pyramid ratios; market valuations; trend analysis; horizontal analysis; limitations of accounting ratios

• The time value of money: a review of the time value of money

• Company valuations: share value and cash flow; growth models; P/E ratios; valuations using accounting data; asset ‘bubbles’.

• Investment appraisal: Accounting rate of return; payback; IRR. • The cost of capital: cost of different sources of finance; equity; debt; wacc; capital

structure; • Long-term financial planning and forecasting: financial forecasting and its

importance to real estate corporations in enhancing value; pro-forma statements; AFN; maximum internal growth rates; weaknesses of accounting based management in asset valuation; why economic values are more relevant

• Raising equity finance: ordinary shares and shareholder rights; capital markets; IPOs; auctions and the winners curse; trading systems; stock market ratios; listing on more than one exchange.

• Dividend Policy: theories of dividend policy and effect on company value; alternatives to dividend policy; share buybacks

• Working capital and cash management: the cashflow cycle; working capital definitions; zero working capital cash management; shortening the cash cycle; reasons for holding cash

• Short-term Sources of Finance: financing permanent and temporary current assets; features of short-term finance; the cost of bank loans; sources of short term finance

• Mergers and acquisitions: Types of mergers; rationale for mergers; market value and book value; questionable motives for mergers; DCF analysis in valuations; MBOs.

Module Assessment End of module examination: 70 marks Project: 30 marks Contact Hours: 25

Building Construction II



ECTS Credits

Module Code

NQAI Level

Module Title

RECE 2063 None 10

RECE 3063

8 BUILDING CONSTRUCTION II

Module author: Myles Keaveney Module Description: This module is divided into two different components: (i) Construction Technology and (ii) Building Services. Construction Technology covers common defects in period properties and their associated remedies as well as introducing the student to the principles underlying multi-storey framed and industrial buildings. Building services deals with the main services necessary to support a built environment that is comfortable and safe. Module aim: The main aim of this module is to introduce the student to the technology underlying multi-storey and industrial buildings and to provide an insight into the issues arising from the increasing prefabrication of the entire building process. Learning Outcomes: On successful completion of the module, students will be able to: • Identify the main issues involved in the design and construction of multi-storey

structures • Analyse and evaluate the performance of various building options • Analyse the main services necessary to provide a comfortable and safe built

environment • Identify the symptoms of common defects in period properties and specify the

available remedial measures which may be used. Learning and Teaching Methods: Instruction is by means of lectures, classroom discussion and site visits wherever possible. Coursework is set to assist students to further their knowledge and understanding. Audio-visual aids in the form of photographic slides and video presentations are used to elaborate on lecture content and stimulate discussion. • Site and soil investigations • Foundations • Basements • Shoring and temporary works to existing buildings • Framed buildings • Floors

• Roof construction • Cladding systems • Portal frames • Underpinning • Hot and cold water services, heating services, ventilation, drainage and waste

disposal • Electrical installations • Lifts • Fire safety • Defects in period properties and remedies • Sustainable construction • The management of refurbishment work

Module Assessment One 3 hour end-of-year examination 70 marks

One coursework project (see list of project descriptors) 30 marks

Work Based Learning III



ECTS Credits

Module Code

NQAI Level

Module Title

RECE 2065 RECE 3061, 3062, 3063,

3064

20 RECE 3065

8 Work Based Learning III

Module Author: Paul Kelly Module Description: Work based learning is fundamental to this degree. The student’s tasks for Work Based Learning III are the same as for Work Based Learning Modules I and II and are described in the module descriptor for Work Based Learning I. The level of detailed knowledge and insight required to inform the analytical log in Year 3 is greater than in Year 2. The subjects that a student is expected to display a knowledge of and integrate into their analysis of problems are Valuations (I, II and III), Law (I,II, and III),Estate Agency Practice, Marketing and Management, Economics, Building Construction (I and II), Urban and Rural Planning and Financial Management). The level of written English is expected to be of a level appropriate to Level 8 on the National Framework of Qualifications. The student is expected to have developed a definable view of the importance of professional ethics. Module Aim: The aim of this module is to make the workplace experience of the students part of the structured learning process. Learning Outcomes: On completion of this module the students will have demonstrated how to use the knowledge gained from the academic part of the Programme in the analysis and solution of problems encountered in professional practice. The student will be able to demonstrate knowledge of a broader range of subjects and will be able to apply more detailed analysis than in the module ‘Work Based Learning II’. The student will be able to demonstrate appropriate judgement in technical functions, (e.g. Valuation, Law, Building Construction) and use their diagnostic and analytical skills in a variety of contexts. The range will be set by the student’s choice of major and minor specialisms. Learning and Teaching Methods: Learning is:

By the workplace activity and the recording and analysis of this activity in the weekly analytical log. By the analysis and summary of the integration of the academic and workplace learning elements in an End of Year Report. The provision of a list of major and minor specialisms and the checking of these by the workplace visitor to ensure that a broad range of topics are considered. Teaching is by the input of the manager or principal and their guidance of the student in the course of their work and by the advice of the work place visitor Module Content: The contents of the module are derived from the work place experience of the student. Module Assessment The module assessment is based on the results of the work place visit, the mark awarded for the analytical log and the mark awarded for the summary End of Year Report. The work place visit includes an interview with the principal or manager and an assessment of the weekly log. The assessment criteria are: • The integration of the academic part of the programme with work based learning. By

year 3 this is expected to have become more holistic than in years 1 and 2. • The analytical capability displayed in the log. This is expected to have taken into

account of a wide rage of factors than in year 1 and year 2 • The clarity of verbal and written communication by the student. The standard of

written English is expected to improve over year 1 and 2 if this had been previously indicated.

The overall maximum mark of 100 is obtained by the summation of the marks for each workplace visit and the mark for the End of Year Report and dividing by two.

YEAR 4 Urban Land Development



ECTS Credits

Module Code

NQAI Level

Module Title

RECE 1064, 2064

None 10 RECE 4063

8 Urban Land Development

Module author: Patrick Shiels Module Description: The study of Urban Land Development assimilates, in an applied manner, the main themes of property market analysis such as urban economics, planning and development issues. At final year in the Programme, stress is laid on the integration of various core elements of the programme and this subject consolidates participants’ awareness of the impact of the various elements of the Programme on the urban development process. Module aim: To ensure that students understand urban development decision making from both public and private sector perspectives and by such knowledge enhance their understanding of property markets enabling them to consider trends in urban development experience, nationally and internationally. Learning Outcomes: Students who complete this programme are expected to: • Understand current and emerging urban development trends and their land use and

property development implications • Demonstrate a synoptic view of land development incorporating a range of subject

areas studied in the programme • Be able to demonstrate the effect of such trends in a case study setting Module Content • Economic restructuring, technological change, the information and leisure society. • Uneven development and its spatial manifestations, urban growth and rural decline,

urban economies and dis-economies, private affluence and social exclusion, EU spatial policies, e.g., URBAN, ESDP.

• Comparative urban development. • National and regional economic and land use trends and policies and their

implications for property development. • The role of infrastructure in land development, its provision and funding, including

the use of public-private partnerships. • Urban policy & regeneration. • Sustainable development – A New Paradigm. • The planning process and urban development policies. • Community participation, strategic action area and small area planning.

• Development appraisal models, case studies and project decisions. • The development process and project management. • Funding development schemes. Debt and equity, finance partnerships and joint

ventures. • Application of economic and land use appraisal techniques to land development Learning and Teaching Methods: The Programme will consist of a dedicated lecture programme augmented by the use of specialist visiting lecturers and case study analysis. Selected illustrative reading material is used in the programme

Module Assessment:

Written coursework assignment 20 marks End of year written examination 80 marks

Contact Hours: 25

Valuations IV



ECTS Credits

Module Code

NQAI Level

Module Title

RECE 1061, 2061, 3061

None 10

RECE 4061

8 Valuations IV

Module Authors: Stephen Walsh, Martin O’Donnell, Caroline Connell, Aoife Brennan & Guest Lecturers Module Description: This module, builds on the three previous valuation modules by spanning a broad range of practical valuation methodologies that students will encounter in their professional working life. The module encourages students to consider topical theoretical and practical issues that impact on the valuation profession (such as global valuation standards and professional ethics; property finance and taxation; investment analysis; advanced statutory valuations; architectural heritage valuations and changing national and international property markets) and to formulate informed opinions in response to the challenges identified. Students will be required to consider the current and likely future role of individual valuation surveyors in the context of broad ranging valuation activities undertaken by the valuation profession. Module Aim: The aim of this module is to: • Stimulate the students’ ability to interpret and critically assess current and likely

future property valuation practices in the context of wider legislative, economic, social and land-use issues.

• Encourage students to analyse the role of the property profession and the impact of accepted professional valuation practices on real estate markets.

• Enhance greater depth of knowledge and practical interpretation of broad ranging advanced market and statutory valuation techniques and demonstrate relevance of the module content by incorporating real world case study analysis.

• To ensure that students are cognisant of the importance of investment, funding and taxation decisions and analysis techniques used in the real estate sector.

Learning Outcomes: Completion of this module will enable the student to: • Demonstrate a deeper appreciation and practical knowledge of a broad range of

valuation issues and techniques encountered by the valuation profession. • Critically assess the factors that encourage property investment and development

activity in the market place. • Evaluate the financial merits and risks associated with property investment, funding

& taxation strategy decision making. • Formulate innovative and practical recommendations regarding the role of the

valuation profession in evolving global real estate markets taking legislative, economic, social and land-use issues into consideration.

• Engage in cycles of enquiry, reflection and question generation regarding valuation of the built environment.

Learning and Teaching Methods: The module includes a series of lectures from widely experienced property professionals engaged in broad ranging professional practice. Student learning will be achieved through attendance and participation in the lecture programme and supplemented by reading current professional and academic journal articles and reports. Module Content: ADVANCED STATUTORY VALUATIONS (Martin O’Donnell): • The development of Compulsory Purchase Order (CPO) legislation in Ireland with

reference to case law precedent • Formalities involved in the making and completion of a CPO • Drafting of claims relating to agricultural and commercial property (using actual

examples of properties currently the subject of CPO) VALUATION STANDARDS (Michael Foody): • RICS/SCS Appraisal & Valuation Standards (The Red Book) • Process to establish terms of engagement; Property inspection and preparation of

valuation report; Different bases of valuation • Recommendations relating to valuation accuracy, independence & objectivity of

valuation advice, standardisation of reporting, quality assurance & monitoring • Professional ethics and rules of conduct: Integrity in practice & conflict of interest

issues • Global valuation standards PROPERTY TAXATION (Caroline Cullen) • Rental computations • Badges of trade • Property development • Capital gains tax • Stamp duty • Capital allowances and deductions for capital expenditure (industrial buildings; wear

& tear; designated areas) PROPERTY FINANCE (Stephen Walsh) • Real estate funding techniques • Impact of gearing on investment/development returns • Lending criteria applied by financial institutions • Risk analysis in real estate investment/development lending • Inter-relationship between the real estate and banking sectors – Irish and international

evidence FORESTRY VALUATIONS (Henry Phillips) INTERNATIONAL PROPERTY INVESTMENT (Paul Scales)

• Consideration of appropriate valuation methodologies for historic structures with reference to relevant national legislation and international guidance

INVESTMENT VALUATIONS (Aoife Brennan) • Analysis of comparable evidence and valuation of commercial property investments • Investment trend analysis and alternative investment media Module Assessment Formal end of session written examination: 100 marks

The valuation examination constitutes a conventional unseen time-constrained test consisting of two separate exam papers (Valuations Part 1 & Valuations Part 2). All examinations will test the student’s ability to demonstrate a critical understanding of the material covered in the module. The examinations will require students to focus on evaluation and application of the above material, rather than simple recall of facts, and will necessitate students considering issues within the context of current Irish and international economic conditions and the Irish property market. Contact Hours: 21 plus tutorials

Current Issues in Land Economy



ECTS Credits

Module Code

NQAI Level

Module Title

All stages 1,2 and 3

None 10

RECE 4062

8 Current Issues in Land Economy

Module Author: Paul Kelly Module Description: The module is designed to show students how academic knowledge is used in practice. The module is divided into three themes: • Urban regeneration and renewal • Rural • Economic The Urban Renewal team consists of four lectures by leading academics and practitioners. The rural and economic themes are similarly arranged in groups of five and two lectures. Module Aim: The aim of the module is to bring students into contact with up-to-date analysis and developments in the three thematic areas. The module also ains to stimulate students’ interest in the themes and encourage further enquiry and analysis. Learning Outcomes: On completing this module the student will: • Have knowledge and understanding of some current topics in three major thematic

areas relevant to property studies. • Be able to provide an informed view of the topics covered by the themes. • Be able to present a reasoned argument based on theory and evidence. Learning and Teaching Methods: Lectures, presentations and additional reading Module Content: Urban Regeneration Theme • ‘The theory of urban regeneration and renewal’ – Dr Henk Van der Kamp – DIT • ‘Making better use of our towns and cities’ – Dr Eugene Gribben – Consultant and

formerly of Dublin City Council and Dun Laoghaire Rathdown Co Council • ‘Planning for the move of DIT to Grangegorman’ – Ms Terry Prendergast. Campus

Planning Officer, DIT • ‘The Development of Spencer Dock’ – A case study – Mr John Bruder, Managing

Director, Treasury Holdings, Ireland

Rural Theme • ‘Ireland’s Agriculture and Agricultural Based Industries and their place in the Irish

Economy’. – Mr Donal Power, School of Agriculture, Food Science and Veterinary Medicine UCD

• ‘Forestry Policy and History, Forestry as an Investment’ – Mr Henry Philips, Forestry Consultant

• ‘The Common Agricultural Policy’ – Dr Dermot Ruane, School of Agriculture, Food Science and Veterinary Medicine, UCD

• ‘Rural Development and its future’ – Dr Dermot Ruane, School of Agriculture, Food Science and Veterinary Medicine, UCD

• ‘The situation and outlook for agriculture and the effect on land prices’ – Dr Thia Hennessy, Teagasc, Rural Economy Research Centre

Economic Theme • Blowing Bubbles and Bursting Them – Ireland and Spain’ – Prof John FitzGerald,

ESRI • ssessing the Residential Property Market’ – Dr Kieran McQuinn, Central Bank of

Ireland Module Assessment Assessment is by three items of programmework (essays). Students must demonstrate further reading in addition to a knowledge of the material presented at the lectures. Each essay must achieve the pass mark (40%). The marks are weighted as follows: Urban regeneration and renewal 40 Rural 40 Economic 20 Total 100 Contact Hours: 18

Feasibility Study



ECTS Credits

Module Code

NQAI Level

Module Title

All modules from stages 1,2

and 3

None 10

RECE 4064

8 Feasibility Study

Module author: Declan McKeown Module Description: The final year of the programme incorporates an individual feasibility study project which is assessed as a separate module. The project is based on an integration of all the modules on the programme; in particular, valuations, estate agency, marketing and property management, urban and rural planning, building construction and law. The module matter of the project is selected by the tutor involved, based upon a development appraisal of a commercial or a residential project. Module aim: The aim of this module is to educate the student in the application of the various modules covered in the programme in the preparation of a detailed professional report involving the integration of valuation and market analysis, marketing, planning, property investment and development issues. Learning Outcomes: On completion of this module, the student will have: • Acquired a more detailed knowledge of the practical and academic integration of the

various modules in the Programme. • Attained a deeper understanding of the operation of the commercial or residential

market in a city or town with which the student is familiar. • Gained experience and practice in the research, preparation and writing of a reality

based professional report to a client. • Developed an ability to demonstrate a deep knowledge of the significance and

importance of the various components of a commercial or residential development project, in particular its planning, financial feasibility, property management and marketing considerations.

• An understanding of a real life feasibility study reflecting actual market conditions and criteria.

• Gained an appreciation of the importance of research and of meeting work deadlines. • Improved their written presentation, data analysis, decision-making and critical

thinking skills • Learned to synthesise information, to read and interpret property databases and

statistics and to interpret and extrapolate information from the real estate market. Learning and Teaching Methods:

Tutorials and associated lectures with tutorial staff involved. Module Content: Integration of all module area syllabi relevant to the project

Module Assessment Overall maximum mark of 120 comprised of a maximum mark for the initial site selection of 25 marks and a maximum mark for the feasibility study report of 95 marks. Contact Hours: 6

Dissertation



ECTS Credits

Module Code

NQAI Level

Module Title

All modules from stages 1,2

and 3

None 20

RECE 4065

8 Dissertation

Module Author: Paul Kelly Module Description: At the end of the Programme students are required to submit an independently prepared academically rigorous dissertation. This provides an opportunity for the student to apply and develop skills in research, analysis, synopsising and academic writing. The dissertation is an integrated study relevant to the property sector. Module Aim: The aim of the dissertation, from the educational point of view, is to provide students with the opportunity to integrate some or all of the different domains of knowledge that they have acquired from the Programme. Particular educational aims are: • To expand the knowledge base of the students • To develop students’ research, analytical, critical and writing skills Learning Outcomes On successful completion of the dissertation the student will have: • Developed a scientific method of considering and analysing a topic or a question • A knowledge of how to find, study and interpret the academic literature relevant to

his or her chosen field of enquiry • A reasonable understanding of a particular feature or part of the property sector. • Critical and analytical skills • Developed their skills in academic writing Learning and Teaching Methods: Students receive four lectures about the dissertation process as well as four introductory lectures on the induction day. Each student is also allocated a dissertation supervisor with whom they consult on a one to one basis for at least five one hour sessions. Where possible the dissertation supervisors have some knowledge of the subject mater of the dissertation and have also gained a higher degree by research. A log of all contacts is maintained by the student and supervisor. Module content: The lectures in the module include: • The philosophy of the scientific method

• How to prepare a literature review • How to use the library and academic journals • The assessment process of the dissertation • Dissertation: Nuts and Bolts I • Dissertation: Nuts and Bolts II • Research Methods – Literature Review Module assessment Each student’s dissertation is assessed by two supervisors of dissertations other than the student’s own. Where the difference between the two assessments is ten marks or less the average is awarded. Where there is a greater discrepancy the dissertation is assessed by a third assessor and if there is still a difference of greater than ten marks between any two of the assessments the assessors confer. The Chair of the Programme Committee may award a final mark which lies between the two assessments which are closest to each other. A total of 240 marks are awarded for the dissertation and distributed as follows: Proposal 30 Presentation 20 Research 40 Content 100 Conclusions 50 Contact Hours: 6 hour lectures plus at least 5 one to one supervisory meetings

module descriptors bsc. in property studies · the cross-elasticity of demand for housing and...

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