Course Gaps at University of Delta, Agbor

Statutory valuation. Effect of legislation on property value. Current legislation in Nigeria. Valuation of property assets of a company. Role of value in the property market. Trends in value. Mortgage valuation, insurance valuation, going concern valuation. Principles and methods involved in the valuation of company assets. Companies and partnerships. Valuation of goodwill. Valuation of plant and machinery. Statutory valuations: property income/withholding tax, capital gains tax, capital transfer tax, estate duty/probate, stamp duty, property rating. A review of procedure, legislation issues and administration. Asset valuation: principles involved in establishing the value to a partnership, company, government and government agencies of its fixed assets: chattels, land/buildings, roads and other infrastructural facilities. Valuations for way-leave, easement and royalty. Land residual valuation issues; site analysis and valuation. Valuation for loan facility: mortgage and trading stock valuations. Going concern value, and market value valuations of a business. Applications of statistical and computer techniques in valuation. Definition and basic characteristics of common minerals. The legal, political, economic and physical bases of mineral ownership. Exploitation, processing and marketing of minerals and their impacts on mineral values. Methods of valuation of different minerals for different purposes.

Site analysis and site valuation. Capitalization of income from freehold interests in property including DCF approach. Capitalization of income from leasehold property. Dual rate adjusted for tax. Single rate valuation of leasehold interests in property. Categories of leasehold investment and valuation approaches. Valuation of leasehold investment; variable profit rents. Calculation of premiums. Renewal and extension of lease. Cost-in-the market area analysis. Effect of planning, current economic conditions and legislation on value of property. Developmental valuation. Mineral valuations; capital, budgeting, cash flow. Residual techniques of valuation. Valuation of specialized properties including petrol filling stations, hotels. Contemporary methods of valuation: capital asset pricing model (CAPM), real value approach, natural model, modified national model. Valuation of special properties: filling stations, hotels, recreational properties like stadia, privately owned schools, hospitals, and other property equipped for business to earn profit. Issues in mineral, plant and machinery valuations. Insurance valuations. Contemporary methods of income property valuation: historical background, real value approach, equated yield approach, real value/equated yield hybrid approach, capital asset pricing model (CAPM) approach, Arbitrage valuation model, Hedonic Valuation model. Environmental valuations. Compulsory land acquisition and compensation valuation: The Land Use Act and pre-land use Act legislations, severance and injurious affection, disturbance. Agricultural and cultural artefacts valuations. The Estate Surveyor and Valuer as an expert witness. Identifications and definitions of plant, machinery, equipment and industrial buildings/premises in their categories. Survey, inspection and determination of functional and economic lives and efficiency of plant, machinery and equipment. Theories of depreciation and methods of ascertaining accrued depreciation. Various purposes for which plant machinery, equipment and industrial premises may be valued. Different methods of valuing plants, machinery and equipment

Development and re-development process. Property management in relation to social, political, economic, physical and location aspects. Property management process – strategy of estate owners and choice of alternative to achieve owner’s objectives. Estate-cycle and problems of obsolescence. Principles of estate management applicable to management of public and private estate, new towns, expanding towns, local authority redevelopment area. Implications for estate management of legislation pertinent to relationship between the landlord and tenant. Marketing and agency: legal positions of principal and agent; methods of sale promotion, selling market segmentation; market research, market planning, total project management. Parties involved in property development. Data and information for property development. Sources of finance and funding arrangements for development. Feasibility Studies – residential/commercial properties. Effect of government policy in development process with emphasis on land policy implications. Management of institutional housing and commercial estates: principles, procedures, and problems. Rule of thumb in real estate practice. Common scheduling tools, including critical path method and bar charts as an aid in project planning, budgeting, and cost control. Also introduces the gathering, processing, and evaluation of project information for effective project control.

Brief history of computer development. Hard ware components of computer. Microsoft Word applications. Microsoft Excel applications. Microsoft Power Point applications. Internet usage; estate management related website guide.

Nature of investment projects: identification and preparation. Application of modern appraisal techniques – discounted cash flow, internal rate of return and net present value, sensitivity analysis, cost-benefit analysis. Principles and techniques of investment appraisal and application to property. Pick and uncertainty in valuation. Effects of taxation and inflation. Estate surveyor as an adviser on investments, property development scheme, property investment markets. Procedure and methods of assessing economic demand for a particular project. Principal sources of finance for funding development, including techniques of direct property financing. Investment decision process. Examination of projects from investment point of view. Sources of information: financial plans, feasibility studies. Project supervision and management, monitoring and evaluation. Examination of techniques of site evaluation. Relationship between capital return and development yields. Alternative cash flow methods of calculating development costs including the incorporation of building cost inflation and rental growth. Risk in financial appraisals: simple sensitivity and probability analysis, simulation.