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This coursework comprises of 2 Questions. Please answer both. Both questions carry equal marks.

“..should appraisal bias be a surprise when real estate appraisals intrinsically are subject to an element of subjectivity and uncertainty, when appraisers are to some degree economically dependent on their clients and when their clients can have incentives, power and knowledge to bias appraisals?”
Crosby, N., Devaney, S., Lizieri, C. and McAllister, P., 2015. Can Institutional Investors Bias Real Estate Portfolio Appraisals? Evidence from the Market Downturn. Journal of Business Ethics, pp.1-17.

Consider this question in the light of valuation accuracy, market conditions and in particular the extent to which professional regulation acts as a safeguard of valuation independence and accuracy.

Word limit: 1,000 words

Assessment Criteria

In answering this question students will be judged on how well they:

Criterion Marks attributed
Familiarity with the arguments regarding bias and influence 30
Knowledge of the factors that can lead to more/less subjectivity and uncertainty in valuations apart from client influence 30
Cogency and coherence of argument 10
Quality of written English and general presentation 10
Quality/extent and useage of literature correctly referenced 20
Total 100
Suggested reading:

To support this assignement students here are some suggested references:
Agarwal, S., He, J., Sing, T.F. and Song, C., 2015. Why Do Real Estate Agents Buy Houses at Lower Prices? Cherry Picking or Bargaining Power. Cherry Picking or Bargaining Power (March 31, 2015).
Baum, A, Crosby, N, Gallimore, P, McAllister, P and Gray, A. (2003) Appraiser behaviour and appraisal smoothing: some qualitative and quantitative evidence, Journal of Property Research, 20 (3), 261-280
Bucchianeri, G.W. and Minson, J.A., 2013. A homeowner’s dilemma: Anchoring in residential real estate transactions. Journal of Economic Behavior & Organization, 89, pp.76-92.
Crosby, N., Devaney, S., Lizieri, C. and McAllister, P., 2015. Can Institutional Investors Bias Real Estate Portfolio Appraisals? Evidence from the Market Downturn. Journal of Business
French, N. (2007) Valuation Uncertainty: Common Professional Standards and Methods (No. eres2007_391). European Real Estate Society (ERES).
French, N. (2011) Valuing in the downturn: understanding uncertainty. Journal of Property Investment & Finance, 29(3), 312-322.
French, N.( 2011) Professional standards: RICS Valuer Registration Scheme. Journal of Property Investment & Finance, 29(4/5), pp.582-587.
Levy, D., & Schuck, E. (2005). The influence of clients on valuations: the clients’ perspective. Journal of Property Investment & Finance, 23(2), 182-201.
Montague, J. (2014). Fair Market Value and Uncertainty Regarding Highest and Best Use.
RICS (2014) RICS Valuation- Professional Standards January 2014 incorporating the ISVC International Valuation Standards RICS: London www.rics.org
RICS (2014) VPGA 9: Valuation in markets susceptible to change: certainty and uncertainty in RICS (2014) RICS Valuation –Professional Standards
Titan Europe 2006-3 PLC v Colliers International UK PLC (in liquidation)

Able Investors are the freeholders of an office block (Delta Court) situated in mid- town in London. The property, which was constructed in the mid 1980s is rather ‘tired’ and in need of ‘deep’ refurbishment as all services are coming towards the end of their useful life and the layout does not meet current office occupier desired specification. It is a steel framed building constructed over ground and 5 upper floors and has the following net floor areas (NIA). The building has a current EPC of E which was obtained voluntarily by the freeholders in 2010.
Ground floor : 300 square metres
All upper floors: 350 square metres per floor.
The whole is let to Bounty Properties Limited on a building lease originally granted for 99 years in 1988 with at a ground rent with rent reviews every 20 years to 15% of the full rental value. The rent on the headlease was last reviewed in 2008 to a figure of £115,000.

Bounty Properties Limited have has sub-let the whole property to Chancer and Co, solicitors, on a 10 year lease and the current rent is £850,000. The lease is due to come to an end on 31st December 2017; it is not known whether Chancer and Co wish to renew their lease, which falls within the Landlord and Tenant Act 1954.

On the assumption that you are acting for Bounty Properties Ltd and that they wish to purchase the freehold, obtain possession and carry out a scheme of refurbishment, advise them as to the figure that might represent ‘fair value’ as defined.

In order to do so you must make enquiries as to the likely current rental value of the property and you will need to make well grounded assumptions regarding the possibility of gaining possession. You should produce a table of comparable evidence in an Appendix to your report.

Word limit: 1,000 words

Assessment Criteria
In answering this question students will be judged on how well they:

Criterion Marks attributed
Use the comparable evidence to arrive at a well-reasoned appropriate estimate of rental value of Delta Court 20
Use the comparable evidence to arrive at a well reasoned appropriate yield with which to value Albion House. 20
Prepare an annotated and accurate valuation of the freehold interest using an appropriate methodology laid out in conventional format 30
Part b) undertake initial and reversionary yield calculations 20
Demonstrate that they have undertaken extension reading 10
Total 100


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