Real Estate Valuation: Model Choice & Equity Returns

Real Estate Valuation: Impact of Valuation Model Choice on Equity Holder Returns

Write a proposal of no more than 500 words, The proposal should include the following:

A summary of the key issues that you will discuss, including the specific topics and how you will approach them. (e.g. as a case study based on applied work - trade journals, based on academic/scholarly writings). A list of reference sources that you will use for your final project.

Although this can change before submitting your final project, try to make it as comprehensive as possible. While journal articles should be your primary sources for reference materials, you may come across web resources that you may also want to include.

If you include web resources, they must be credible A brief summary of the key challenges you have identified in the topic area and how you plan to address them in order to complete the research paper.

Each item will count for one third of your mark for the proposal.Also review the Rubric for Written Assignments and consider how your proposal will help you succeed based on that rubric.

Research Paper:

To complete the research paper for this assignment you are asked to respond to the following:

How does valuation model choice impact the returns to equity holders in real estate projects?

What are some of the challenges associated with real estate valuation?

Write a 1200-1500 word discussion paper covering the above topics. Using one of the articles from the Assignment Reference List below and at least three other related articles written in academic or commercial journals.

Discuss one of the following topics:

Smoothing on real estate valuations.

The challenges of using a real options model.

The rationale for integrating sustainability issues into property valuation theory.

Assignment Reference List

The journals listed in the references are good places to start your research. Smoothing in Commercial Property Valuations:

Evidence from Individual Appraisals.

Challenges to the practical implementation of modeling and valuing real options.

Rubric for Written Assignments You will be graded based on the following rubric:

Rubric for Written Assignments:

Outcome Assessed	Outstanding	Accomplished	Competent	Below Expectations
	17–20	14–16	11-13	0–10
Demonstrates ability to analyze	Provides rich, thoughtful, insightful analysis. Makes appropriate inferences based on information provided	Provides substantial analysis. Makes good inferences based on information provided	Provides good analysis. Makes appropriate inferences based on information provided	Provides superficial or no analysis.
Makes connections	Makes many insightful connections between course content, reference material and questions asked	Makes very good connections between course content, reference material and questions asked	Makes some connections to course content, reference material and questions asked but may lack depth	Makes few connections between to content, reference material and questions asked
Demonstrates ability to research	Brings in a range of excellent resources to respond to the question Properly references sources for ideas and words Demonstrates an ability to seek out additional information to deepen understanding of question	Brings in a very good range of appropriate resources to respond to question Properly references sources for ideas and words	Demonstrates an ability to research the question with a good or fair range of resources Properly references sources	Demonstrates little ability to research the question or uses questionable sources Does not properly reference contributions from other sources

Outcome Assessed	Outstanding	Accomplished	Competent	Below Expectations
	17–20	14-16	11-13	0–10
Demonstrates critical thinking	Asks probing questions and explores assumptions rigourously	Asks thoughtful questions and explores assumptions	Demonstrates ability to question assumptions	Demonstrates tendency to accept the status quo or accept other ideas without question
Expresses views clearly	Writes in a way that is elegant, organized, clear, and concise Makes no errors in grammar or spelling Stays within required word limits	Writes in a way that is well organized and clear Makes few errors in grammar and spelling Stays within required word limits	Writes clearly May have some errors in grammar or spelling May be slightly over word limit	Writes in a way that is difficult to understand Makes obvious errors in grammar or spelling May be significantly over word limit
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