VALUE THAT

1
VALUE THAT!
A learning outcomes approach to The Income
Method of Property Valuation John Paul Sheehan
BSc (Est. Mgt. Surv.) MIPAV Lecturer of Property
Valuation Cork Institute of Technology
This valuation technique module is offered by the
Cork Institute of Technology in conjunction with,
the Institute of Professional Auctioneers and
Valuers, leading to the degree of BSc in Real
Estate awarded by the University of the West of
England, Bristol, UK.
The Income Method of Property Valuation is based
on the idea that, the value of a property can be
appraised by reference to its present and future
income from the property.

• The module is taught using traditional chalk and
  talk, class participation, discussion and
  groupwork
• Question asked - What do I want the students to
  know at the end of the module?
• Learning Outcomes -
• To understand commercial property techniques.
• To determine how these techniques work and the
  effects of same.
• To be able to demonstrate and be familiar in
  comparing and analysing these techniques through
  reading and practice.
• To show a level of individuality and be more self
  reliant when working independently and as part of
  a group.

From a learners point of view - Step 1
Find out the information Step 2
Understand and comprehend it Step 3
Make use of it Step 4 Take it apart
and bisect it Step 5 Compose and
combine it in other ways Step 6 Judge
the end result.
In the redesigning I have kept in mind that
I do not want to limit what the students
can do.

• Changes made using a learning outcomes approach
  -
• Alter the timing of assignments/assessments which
  will encourage reading and practice as the module
  progresses.
• Increase the use of trial and error technique as
  this will encourage good performance through
  getting the students to practice.
• Increase the level of problem solving which will
  boost the students confidence and help them in
  examinations.
• Try to create activities or environments in
  lectures which will encourage the students to
  think more deeply and critically about what they
  are studying. This will allow them opportunities
  to engage in higher order thinking.
• To encourage more discussion in lectures which
  will combat students being afraid to use their
  own knowledge as it can display uncertainty.

• Therefore a module needs to be designed so that
  it
• will link the following -
• Needs
• Aims
• Resources Learning
  Outcomes
• Assessment
• Evaluation

In the redesign I have concentrated on
Blooms Taxonomy of learning domains and linked it
directly to what I expect the students to learn.
Bloom divides learning into 3 categories
- Cognitive Affective
Psychomotor
Conclusion Blooms Taxonomy is very important in
the design, delivery and evaluation of this
module. When using the three domains (cognitive,
affective and psychomotor) the risk of
overlooking some vital aspect of the module is
reduced. The detailed elements and categories in
each of the domains are useful reference points
in setting out the learning outcomes. The
taxonomy has been a great aid to me in the
delivery of the module and it has helped me to
open up possibilities in aspects of the subject,
where up to now I may have overlooked or
ignored. In summary, successful students will be
able to identify and critically evaluate the
variables attached to appraising property values.
Along with this, we as teachers will need to be
able to get the students to demonstrate their
level of understanding and this needs to taken
into account in the means of assessment with
action verbs like discuss, analyse, describe and
evaluate. From this we can assess the level of
understanding achieved on an individual basis.
Location Condition Title Interest Rates
Comparables Alternative Investment
Opportunities Infrastructure Lease Covenant
Rent Review Cycle Rental Growth