Outline: AIC400


RESIDENTIAL PROPERTY ANALYSIS


Prerequisites

None

Recommend

This subject is intended to complement the other subjects in the AIC program, such as those on real property valuation. There are no formal prerequisites, although a working knowledge of appraisal and economics would be beneficial to help students fully understand the value implications of building design, construction, condition, and quality.

Topic Outline

The book is divided into four main sections:

Chapter 1 sets the ground work for the chapters to come by explaining the “language” of design and construction: the symbols, abbreviations, and drawings which will be used throughout the book. This chapter also outlines the building codes which govern construction practices in Canada.

The next seven chapters describe the design and construction of residential housing, starting with site features (Chapter 2) and house design (Chapter 3), and carrying on to building the foundation (Chapter 4), the house structure (Chapter 5), and the “envelope system” (Chapter 6). Chapter 7 then describes the “mechanical systems” of a house, such as electricity, heating, and plumbing. Finally, Chapter 8 outlines the permanent fixtures and furniture which are built into a house.

Chapters 9, 10 and 11 then advance these descriptions one step further towards a practical application for the real estate professional. In these chapters, the reader is walked through the inspection of a house, following the logical progression of an analysis of the exterior (Chapter 9), the basement (Chapter 10), and finally the upper levels and the attic (Chapter 11). Each of these chapters first outlines the common features which might be expected to be found in a residential inspection and explains how to identify the construction and mechanical components that these features represent. Next, each of these components is described in terms of the observable symptoms of problems which the inspector should look for, together with possible causes of these problems and the repairs which may be needed to resolve them.

Chapter 12 brings this discussion to a conclusion, exploring how the type and condition of a property’s physical attributes are linked to value. This chapter outlines the tools and techniques which real estate professionals can use when they need to inspect residential properties. Finally, there is a set of checklists presented which practitioners may find to be a useful supplement when they are carrying out residential property inspections for appraisals or other purposes.

Modes of Instruction

Students learn through classroom lectures and hands-on assignments during classroom hours. There are homework assignments. Students must have ready access to a computer with Word for Windows in order to complete project work.  Students have access to computers through the Microcomputer Centre or micro labs where applicable.

Prescribed Texts

  • Residential Property Analysis, University of British Columbia.
  • Residential Property Analysis, Course Workbook, University of British Columbia.
  • Residential Property Analysis, Course DVD, University of British Columbia.
Note:  Photocopied texts are not permitted.

Required Supplies / Technical

There are no financial calculations in this subject, so a business calculator is unnecessary – a simple mathematical calculator will suffice.

Mode of Evaluation

Since this is a professional credit subject, marking standards reinforce professional practice by demanding legible, neat documents. Material should be grammatically correct as a result of accurate proofreading, proper spelling and punctuation. Late assignments are penalized at the discretion of the instructor. 

Students should be aware that absenteeism will impact on their ability to achieve satisfactory grades. There is no formal provision for make-up tests to replace tests missed due to absenteeism. 

Students must pass final examination to pass the subject. 

Students who are absent for more than three classes may be asked to withdraw, at the discretion of a Promotion Committee.

Grading Policy:

GPA
A+ 90% - 100% 4.0
A 80% -
89% 4.0
B+
75%
-
79%
3.5
B
70%
-
74%
3.0
C+
65%
-
69%
2.5
C
60%
-
64%
2.0
D
55%
-
59%
1.0
F
0%
-
54%
0

Note: The required pass mark for all subjects in the Appraisal Institute of Canada Program is
60%.  This is also the required pass mark for the University of British Columbia. 

Grading is based on the following marking scheme: 

Assignments (multiple choice) 10%
Project No. 1 15%
Project No. 2 25%
Final Exam 50%

Project 1: Residential construction exercise: 15% of final grade.

This project requires the student to review a video and answer a series of questions, while applying course concepts and interpreting basic construction principles.


Project 2: An inspection of a residential property: 25% of final grade.

This project requires the student to carry out an inspection of a residential property and submit a detailed report. Students are expected to contact industry participants and visit the subject property to acquire the necessary data to complete their analysis.

Final exam: Multiple choice and short-answer written questions: 50% of final grade.

Approved by: 

__________________________________________            _____________________
Susan Horne, Chair, Legal & Public Administration                                 Date


Please keep this document for future reference.  It will be required if you apply to another educational institution and seek advanced standing.


Last Revised: Fall 2012