Briefing Note of Valuation Essay

Briefing Note of Valuation Essay

Property Valuation

1.      Purpose

This briefing notes aims to assist the Chartered Surveyors to assist Green Goods Ltd (client) in determining the (rental) value of 650 Hope Street. Therefore, Chartered Surveyors will utilize this briefing note to share their ideas, investigate issues, provide solutions, identify areas of concern, and request action. This document is essential since all official actions must be documented in writing for the sake of openness and public scrutiny (Lindgren and van Veenstra, 2018: 1-3). The Department Director at Chartered Surveyors should notice this communication about the ongoing project. To ensure Green Goods Ltd. has solid documentation before moving into 650 Hope Street, we have performed the steps detailed in this briefing paper. Consequently, this document may be considered capable of offering a straightforward method for determining the property’s worth and choosing the most effective leasing plan.

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2.      Background

Kadi  et al. (2020: 20-22) argues that a common method in the real estate investing and homeownership sectors are comparing many properties. For comparisons to be accurate and reliable, physical measurements of each property must be performed equally. A widely used unit of measurement is required for property valuations to be as accurate and reliable as feasible (Binoy et al., 2021). The sixth edition of the Code of Measurement Practice has three fundamental measuring bases: gross external area (GEA), gross internal area (GIA), and net internal area (RICS 2018a). Here is a summary of the Code of Measuring Practice (NIA). The second edition of RICS Property Measurement still accepts these definitions for property measurement (RICS 2018b). The new IPMS Office Buildings, IPMS Industrial Buildings, and IPMS Residential Buildings standards are all recognized globally and are used to measure office, industrial, and residential buildings, respectively. The revised definition is found in RICS 2018a.

The standardized indicators above suggest that valuation is Green Products, Inc.’s primary decision-making method. Valuation is determining the fair market worth of a building or other asset used in several activities, such as leasing, buying, selling, auditing, government acquisition, and determining taxes owed on the asset (French and Sloane, 2018). Furthermore, it is important to consider the values’ underlying assumptions and actions. Numerous worldwide organizations have been established to regulate and control values to achieve this. Being a significant global organization, Chattered Surveyors help clients in the valuation of properties around the globe. The organization consists of the whole range of surveying professions on a global scale. Additionally, it acts as a forum for experts from all around the globe to discuss and spread ideas that would improve their respective fields.

The examined characteristics provide a crucial foundation for appraising the analyzed property. A 10-year FRI (Full Repairing and Insuring) term with a 5-year rent review will be used to lease 650 Hope Street. A local businessman’s closed clothes shop is the building’s current tenant. The building is an excellent site for a specialized business since it is situated inside a well-established retail industry. The property is located in a secondary town center area on the bottom of a 1960s structure with residential buildings on the upper levels. The ground floor frontage and depth of 650 Hope Street are 22 feet (6.71 meters) on the ground floor and 74 feet (22.56 meters) on the basement level, respectively. The basement is not accessible to the general public and is utilized for storage. A staircase measuring 4 feet (1.22 meters) by 21 feet may be built down to the store’s basement since there is space on both floors (6.40 meters). The restrooms are located on the ground floor and are 15 feet by 15 feet (4.57 meters).

3.      Action firm need to undertake prior to accepting instructions Importance of adhering to PS2

Before negotiating a lease, Green Goods Ltd. will be able to discover the real value of 650 Hope Street via an appraisal. In addition, the evaluation may be valuable for tax calculation, ROI analysis, revenue potential evaluations, and loan problems.

3.1. Repairing and Insuring Lease

Soon, 650 Hope Street will be offered for 10 years of FRI (Full Repairing and Insuring) lease terms. Under a “full repairing and insuring” lease, the tenant is in charge of all maintenance and insurance costs (Williams, 2019: 26-28) You make repairs, even if the house is in bad shape when you move in. It is a common misconception that a tenant should return the item in “as-new” condition. This is regrettably not the case. Whether or not they were accountable for the property’s state at the time the lease was signed, the tenant under an FRI lease is liable for any required repairs.

Based on this legal definition, Green Goods Ltd. Will have to organize an independent evaluation of 650 Hope Street. A tenant should schedule an unbiased inspection if they have any concerns regarding the condition of the rental. As a bargaining tool for the tenant throughout the lease writing process and as proof of the property’s state and status at the beginning of the lease term, the findings of such a report may be used in the establishment of the bargaining cost. A “Schedule of Conditions” may then be added to the lease. The schedule could be used as a defense against any potential landlord dilapidation claims if it is adequately detailed.

The breadth of the property for which a tenant is responsible is often determined by the definition of “the property” in the lease. It is crucial to determine whether or not the tenant is responsible for the whole building, or is the lease only for internal use. If the latter is the case, several components, like the roof, need to be carefully examined. This is a crucial factor to consider when negotiating a lease for a dying plant. In the long term, the tenant may save money if they can convince the landlord to exclude the roof from the scope of the lease’s maintenance responsibilities.

3.2. Qualifications and expertise

An expert in real estate who assists in determining the value of a house or other real estate asset is known as a property valuer. Clients who want to refinance their mortgages often consult a property valuer to save money. Before deciding to sell, property and land owners who are curious about the market value of their holdings will occasionally seek their advice. They could also advise customers on what components should be covered and how much a prospective property is expected to be worth.

Commercial real estate leases may range in length from a few months to many years. The likelihood that the landlord will wish to include a rent review provision that gives them the authority to raise the rate increases with the length of the lease (Whitehead and Williams, 2018). A lease rent review clause’s main objective is to provide the landlord the option of raising the rate at some time throughout the agreement term. Without a rent review clause, the landlord would be subleasing the building to Green Goods Ltd at below-market rents since the market may have changed dramatically over the ten-year contract, and rents could have increased significantly. Hope Street is predicted to draw a specialty business due to its closeness to other well-known retail locations and its advantageous trade position. The landlord can evaluate the rent under a lease clause at certain times.

The lease must specify what will happen if a certain index ceases to be published if it is to be used (Kilroy 2021: 91-93) Although it is doubtful that this would be assessed, the bulk of leases specify that price increases will be proportional to what they would have been under the Index. The Index is then used to calculate the rent increase. Extreme vigilance is required to prevent any increase from becoming worse. The result of summing the Index growth for each year is this. To avoid this, the rent may only be raised on any given anniversary of the Lease Term by the percentage increase in the Index between the Index value in the month before the Lease Term’s start and the Index value in the month before the anniversary in question.

3.3.Conflict of Interest

When an appraiser is put in a position where their objectivity could be questioned, there is an appraisal conflict of interest. Although perhaps skilled, the appraiser’s view lacks objectivity. There are two different types of conflicts of interest: obligations conflicts, where the appraiser cannot fulfill one obligation without endangering another, and conflicts of conflicting interests, where the appraiser cannot perform either their interests or the interests of another party to whom they are obligated without endangering the client’s interests.

For the given case, obligation conflict is the most likely conflict of interest to be encountered. From the information provided regarding the property, it is clear that Green Goods Ltd could open new opportunities of trading when leased the 650nHope Street. However, the legal requirement on insurance, repair and review of rent after five years presents investors with a risk on the return on their investment. Under obligation, the valuer will consider the prevailing markets to determine the value of the property without deeper evaluation of the risk.

To establish the property Market value for 650 Hope street, the Sales Comparison Approach will be adopted. The sales comparison technique may be used to evaluate numerous business asset types, while it is most often employed to determine the worth of residential buildings. Using this approach, the value of the property is established by assessing recent nearby comparable transactions. The term “sales comparison approach” describes the procedure of contrasting comparable features.

The related property is modified to match the subject property closely. The final price then accounts for value variations brought on by the many factors covered in the section before. A set monetary amount or a percentage of the total may be changed. It is easier to quantify the intangible elements of a property’s value, such as ownership interests, non-real estate components, and financial equivalents. A more realistic way to assess the influence of other factors, including market conditions, geography, economics, and physical characteristics, is to evaluate value changes as a percentage. Before calculating percentage changes, consider adding or removing a certain sum of money.

  • Terms of Engagement

Area of 650 Hope street is 6.71×22.56=151.3776 sqms. Comparing with 680 Hope Street, whose area is given by 6.10×18.29=111.569 sqms. Difference in rea will be given by 151.3776-111.569=39.8086. However, given the same properties, there are no adjustments on the price per square meter.

625 Hope Street is 50 years old while 650 Hope street is 62 years old. The difference between their age is 12 years begging a 2% adjustment for every 10 years. The adjustments based on age of the two properties would be 2/100 ×12/10 ×586.63=14.07912. Based on this adjustments, 650 Hope street should be less in price by 14.07912 per square unit.  However, 625 Hope street is in a slightly poor location. This would lead to an adjustment of at least 1% of the total price; 1/100 ×586.63=5.8663. The adjustment should therefore be 14.07912-5.8663=8.21282.

340 Hope Street is 15 years, while 650 Hope Street is 62 years. The difference in age is 47 years. The adjustment would be 2/100×47/10 × 565.11=53.12034. Being in a superior location, 1/100×565.11=5.6511. Total adjustment is 53.12034+5.6511= £ 58.77144

120 Hope Street was leased for 15 years and is in a place with easy access to transport. The adjustment of at least 3% will be mad on the agreed rent; 3/100× 731.95=21.9585

Adjustments in response to 440 Hope Street based on superior location will be 1/100× 694.27=6.9427. The age difference between 640 Hope Street and 440 Hope Street is 62-25=37 years. Based on age difference, the adjustments will be 2/100×37/10×694.27=51.37598. Lastly, the property is leased on IRI terms making a 5% adjustment; 5/100×694.27=34.7135. The total adjustments therefore would be 6.9427+51.37598+34.7135=93.03218

 

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Comp Properties Agreed Rent Adjusted Rent Rent per sqm.
580 Hope Street Area £635.07 per sqm. No adjustments £635.07
625 Hope Street Slightly Poorer Location and 50 years Old £586.63 per sqm. £ 8.21282 £ 578.41718
340 Hope Street 15 years old and a superior location £565.11 per sqm £ 58.77144 £ 506.33856
120 Hope Street 15 years lease and easy access to transport £731.95 per sqm. £ 21.9585 £ 709.9915
440 Hope Street Superior location, 25 year Old and IRI lease term £694.27 per sqm. £ 93.03218 £ 601.23782

 

  • ESG

A set of criteria based on a company’s environmental, social, and governance standards is used by socially conscious investors to evaluate possible investments. These ecological criteria consider a company’s stance on climate change and other relevant topics and its general approach to environmental preservation (Halbritter & Dorfleitner, 2015). Utilizing social standards, the management of the company’s relationships with its workers, suppliers, consumers, and local communities is assessed. Aspects of governance include executive compensation, internal controls, audits, and shareholder rights. In recent years, investors have shown a greater readiness to make investments that align with their beliefs.

Many brokerage and mutual fund companies have developed exchange-traded funds (ETFs) and other financial instruments that follow ESG investing principles in response to this demand. Younger individuals have been encouraged to invest in ESG-focused assets. ESG considerations are becoming increasingly important to institutional investors, including public pension funds. Investors will own $17.1 trillion in ESG-selected assets in 2020, up from $12 trillion in 2018, according to US Social Investment Forum research (Matos, 2020).

Assets under management (AUM) for ESG-focused mutual funds and exchange-traded funds (ETFs) will reach a record $400 billion in 2021, up 33% from the previous year. Future years are expected to follow this trend; it is forecast.

Sustainable investment, responsible investing, impact investing, and socially responsible investing are synonyms for ESG investing. Investors evaluate a company’s ESG performance by considering a broad variety of practices and procedures..

 

List of References

Binoy, B. V., Naseer, M. A., Kumar, P. A., and Lazar, N. (2021). A bibliometric analysis of property valuation research. International Journal of Housing Markets and Analysis.

Dahmene, M., Boughrara, A., and Slim, S. (2021). Nonlinearity in stock returns: Do risk aversion, investor sentiment and, monetary policy shocks matter?. International Review of Economics & Finance71, 676-699.

French, N., and Sloane, N. (2018). Property valuation in the UK: Implicit versus explicit models–the baby and the bathwater. Journal of Property Investment & Finance.

Gu, S., Kelly, B., and Xiu, D. (2021). Autoencoder asset pricing models. Journal of Econometrics222(1), 429-450.

Halbritter, G., & Dorfleitner, G. (2015). The wages of social responsibility—where are they? A critical review of ESG investing. Review of Financial Economics26, 25-35.

Kadi, J., Hochstenbach, C., and Lennartz, C. (2020). Multiple property ownership in times of late homeownership: A new conceptual vocabulary. International Journal of Housing Policy20(1), 6-24.

Kilroy, B. (2021). The financial and economic implications of council house sales. In The Future of Council Housing (pp. 52-96). Routledge.

Lindgren, I., and van Veenstra, A. F. (2018, May). Digital government transformation: a case illustrating public e-service development as part of public sector transformation. In Proceedings of the 19th Annual International Conference on Digital Government Research: Governance in the Data Age (pp. 1-6).

Matos, P. (2020). ESG and responsible institutional investing around the world: A critical review.

Whitehead, C., and Williams, P. (2018). Assessing the evidence on Rent Control from an International Perspective. Housing Supply & Rents, Occasional Reports, Regulation & Enforcement Reports.

Wilhelmsson, M., and Zhao, J. (2018). Risk assessment of housing market segments: The Lender’s perspective. Journal of Risk and Financial Management11(4), 69.

Williams, P. (2019). Leases offering. Property Journal, 26-28.

 

 

 

Module name Valuation and Ethics
Module code VAL7VAE
Level 7
 
Module pass mark 50
Assignment 1
 
Word count (see section below for info) 2,000
Assignment weighting 40%
Module learning outcomes assessed LO1, LO2, LO3, LO4

(see module ‘Assessment tab’ for details)

 

 

If you have any questions about this assessment, please contact your Module Team using the Assignment forum in the relevant ‘Assessment preparation’ week on the VLE.

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1

 

Scenario

As a trainee surveyor in a leading firm of Chartered Surveyors, you have been asked to prepare an internal briefing note for your Department Director. This note will inform the Directors advice to the client, Green Goods Ltd, on a potential new store in England.

 

You were involved in a recent meeting where the client asked the firm to act on their behalf in the (rental) valuation of the property. The property under discussion is a retail unit in the periphery of the town centre at 650 Hope Street. The details of the property are:

 

  • 650 Hope Street is coming onto the market for rent and will be offered for let on a 10-year lease with FRI (Full Repairing and Insuring) terms and 5-yearly rent
  • The present occupier is a local fashion retailer who has ceased
  • 650 Hope Street is in an ideal trading position for a specialist retailer and is located within an area with established retail properties. The location is a secondary town centre location and is the ground floor of a 1960s building with residential properties on the upper
  • 650 Hope Street measures 22 feet (6.71 metres) frontage by 74 feet (22.56 metres) depth on the ground floor with a basement floor of the same dimensions. The basement is used for storage and is not suitable for retail use.
    • An access staircase at the back of the retail store to the basement takes up a space of 4 feet (1.22 metres) by 21 feet (6.40 metres) on both
    • Toilet facilities are in the basement floor and take up a space measuring 15 feet (4.57 metres) by 15 feet (4.57 metres).

 

Task 1

Within the briefing note, explain the actions you will take to ensure that you:

 

  • have fully considered all the necessary requirements of the RICS (Royal Institution of Chartered Surveyors) before accepting the instruction to undertake the rental valuation;
  • avoid conflicts of interest;
  • always provide a high standard of service;
  • demonstrate that your firm meets the high Environmental Social Governance (ESG) standards expected by your client and the profession.

(approximately 1,000 words)

Task 2

As part of the briefing note, prepare a Rental Value Grid and show all workings, adjustment factors and assumptions based on the comparables outlined below, in the grid and supporting narrative.

Use this analysis to establish the Market Rental Value (MRV) for the property at 650 Hope Street.

 

  1. Outline and justify appropriate assumptions and adjustment factors, where necessary, for the comparable properties to determine an adjusted rental rate per square feet (or rate per square metre) for each comparable property. State the source of any assumptions that you make or adjustment factors that you apply, using in-text
  2. Provide full details of your analysis of the rental rates for all the comparable retail stores rental rates
  3. Based on the findings of your analysis and the data on the subject property, determine the ITZA (in Terms of Zone A) area and then calculate the market rental value for 650 Hope

(approximately 1,000 words)

 

The comparables

Market research in the area has provided the following comparable evidence:

580 Hope Street

A ground floor retail unit in a similar building to the subject property. This property measures 20 feet (6.10 metres) frontage by 60 feet (18.29 metres) depth.

The location is similar to that of 650 Hope Street.

A new 10-year lease was agreed two years ago and the agreed rent was at a rent of £59.00 per square foot (£635.07 per square metre) per annum in Terms of Zone A (ITZA). The lease was granted on full repairing and insuring (FRI) lease terms.

625 Hope Street

Located on Hope Street – in a slightly poorer location on the other side of Hope Street, this 50- year-old building measures 22 feet (6.71 metres) width by 84 feet (25.60 metres) depth.

The specification of the property is similar to 650 Hope Street.

The rent was agreed at a recent rent review at a rent equating to £54.50 per square foot (£586.63 per square metre) per annum in Terms of Zone A (ITZA). The lease is on full repairing and insuring (FRI) lease terms.

340 Hope Street

A 15-year-old retail unit measuring 25 feet (7.62 metres) frontage by 92 feet (28.04 metres) depth.

Superior location nearer the prime retail area and is the subject of a lease agreement based on full repairing and insuring (FRI) lease.

This lease agreement was finalised three years ago at a rent of £52.50 per square foot (£565.11 per square metre) per annum in Terms of Zone A (ITZA).

120 Hope Street

A modern energy efficient retail unit including high sustainability features, located in the prime retail location.

This property measures 20 feet (6.10 metres) in width and 86 feet (26.21 metres) in depth and benefits from easy access to the main transport hubs and parking.

This store is held on an FRI lease based on a lease renewal which was agreed two years ago with a new term of 15 years at a rent of £68.00 per square foot (£731.95 per square metre) per annum in Terms of Zone A (ITZA).

440 Hope Street

Located on Hope Street – in a marginally superior location, this 25-year-old building has a large frontage and measures 30 feet (9.14 metres) width by 54 feet (16.46 metres) depth.

This property has been recently refitted to include modern display units and shelving and offers a high-quality specification.

440 Hope Street has recently been let on a 10-year Internal Repairing and Insuring (IRI) lease at a rent equating to £64.50 per square foot (£694.27 per square metre) per annum in Terms of Zone A (ITZA).

 

Reference list

You should include a reference list with a minimum of 10 separate relevant and appropriate sources that you have written about and cited within your work.

 

A bibliography of uncited sources is not required.

Additional information

Further information to support you with this assignment is available within the study materials for this module on the UCEM VLE.

 

It is recommended that you engage with the Assignment briefing webinar and Assignment forum, as the module team may signpost relevant learning activities and also answer any questions you may have.

 

Marking guidance for this activity

This guidance is designed to help you to do as well as possible in your assessment by explaining how the person marking your work will be judging it.

 

Your work will be assessed in relation to the requirements set out in the assessment criteria marking guide at the end of this document and the grading guidance section below.

 

It is recommended that you read both of these sections before starting your assessment to learn what will help you to achieve the highest marks. Before submitting your assessment you should review it to check you have produced what is required to achieve the highest marks.

 

When you receive your feedback from your tutor you should be able to see where you gained marks and, where relevant, recommendations about how to improve your performance going forward.

Grading guidance

This grading guidance section explains in more detail what a submission for this assessment

should include in order to achieve a mark at the threshold, good and excellent standards.

 

Threshold

You will have provided a well-structured and referenced report that demonstrates a clear understanding of the regulation of valuation, the rules of conduct and ethical issues, the comparison method of valuation of property. You will provide a satisfactory analysis of the comparable evidence and the determination of rental value. You will have made reference to academic and professional material and will have referenced your sources accurately and thoroughly throughout your report (using in-text citations) and in the reference list.

 

 

Good

You will have met the criteria for Threshold and demonstrated a deep knowledge of the professional practice and topics, provided an enhanced explanation of the adjustments made to the comparable evidence and explained the hierarchy of rental evidence. You will have made reference to source material beyond the module material

 

 

Excellent

You will have met the criteria for Good and will have presented the briefing note in a sophisticated way. You will have demonstrated excellent knowledge of professional practice, related this to the current ESG requirements of the client, and produced a sophisticated analysis of the comparables. You will have made reference to a wide range of source material beyond the module material.

 

Word count and overwriting

Exceeding 10% of the stated word count may limit the marks allocated for communication (see assessment criteria marking guide below).

 

The following table outlines the inclusions and exclusions in the word count of the most common features of assessed pieces of work. Not all these features may be relevant to your assignment; please refer to the assignment task for confirmation of which features are required.

 

Included in wordcount Excluded from wordcount
Introduction Executive summary/abstract
Main body Title page/front cover
Footnotes/endnotes Contents List
In text citations Calculations
Words in tables Drawings/Images
Conclusion List of references
Recommendations Bibliography
Headings and titles, except for those explicitly excluded Appendices

 

The total number of words used must be stated on the first page of your assessment.

 

 

Avoiding academic misconduct (Academic integrity)

Academic misconduct is a serious offence. Types of misconduct include, but are not limited to: plagiarism, self-plagiarism, collusion, or contracting a third party to write your assessment. It is important that your assessment shows academic integrity. You must ensure that you reference sources you have used and check the originality of your work before submission. Please see the ‘Assessment preparation’ week for more information on academic misconduct, including guidance on how to avoid academic misconduct, how to check your work, and how UCEM checks all submitted assessment for academic misconduct.

 

ASSESSMENT CRITERIA MARKING GUIDE

LEVEL 7 Weight- ing %  
1. COMMUNICATION 15 0–2

Inadequate

3–5

Limited

6–7

Below threshold

8

Threshold

9–10

Good

11

Excellent

12–15

Outstanding

Relevance to task

·  The relevance of the information provided to the context of the task

·  The way the needs of the intended audience

have been addressed.

  Irrelevant and addresses neither the task nor the needs of the intended audience. Largely irrelevant and does not effectively address the task or the needs of the intended audience. Partially relevant and attempts to address the task and the needs of the intended audience with significant irrelevance or omissions. Sufficiently relevant to the task and the needs of the intended audience to meet the learning outcomes. Consistently relevant to the task and focussed on the requirements of the intended audience. Highly relevant to the task and precisely focussed on the requirements of the intended audience. Completely relevant to the task and fully focussed on the requirements of the intended audience.
Structure and presentation

·  Organisation and presentation of ideas

  A lack of structure beyond a loosely connected list of points. Largely unstructured and does not have a clear logical flow. Inconsistent structure and logical flow. Adequate Structure and logical flow. Capable structure and logical flow. Advanced structure and logical flow. Proficient structure and logical flow.
·  Format appropriate to the intended audience and/or industry protocols

·  How structure and presentation enable

communication.

Presentation format is inappropriate.

 

Communication is obstructed.

Presentation format is ineffective.

 

Communication is hindered.

Presentation format is confused.

 

Communication is only partially effective.

Presentation format is satisfactory.

 

Communication is sufficient to meet the learning outcomes.

Presentation format is effective.

 

Communication is sound.

Presentation format is sophisticated.

 

Communication is articulate.

Presentation format is innovative.

 

Communication is insightful.

Grammar

·  Selection of words, sentence construction, spelling and punctuation.

  Use of grammar is deficient and meaning is obstructed. Significant grammatical errors and meaning lacks clarity. Several grammatical errors and meaning conveyed insufficiently clearly. Notwithstanding some minor errors and oversights, grammar and clarity of meaning

are sufficient to meet the learning outcomes.

Grammar usage is capable and conveys meaning effectively. Grammar usage is advanced and conveys meaning precisely. Grammar usage is exceptional and conveys meaning eloquently.
2. KNOWLEDGE AND UNDERSTANDING 20 0–3

Inadequate

4–7

Limited

8–9

Below threshold

10–11

Threshold

12–13

Good

14–15

Excellent

16–20

Outstanding

Systematic knowledge and understanding of the key aspects of the field of study   Inadequate systematic knowledge and understanding of the field of study. Limited systematic knowledge and understanding of the field of study. Insufficient systematic knowledge and understanding of the field of study. Sufficient systematic knowledge and understanding of the field of study to meet

the learning outcomes.

Good systematic knowledge and understanding of the field of study to meet

the learning outcomes.

Excellent systematic knowledge and understanding of the field of study to meet

the learning outcomes.

Outstanding systematic knowledge and understanding of the field of study to meet the

learning outcomes.

Critical awareness of current problems and/or new insights at or informed by the forefront of the academic discipline Inadequate level of critical awareness of current problems and/or new insights, very little, if any, of which has been informed by the forefront of the academic discipline. Unsatisfactory level of critical awareness of current problems and/or new insights, little of which has been informed by the forefront of the academic discipline. Basic level of critical awareness of current problems and/or new insights, some of which has been informed by the forefront of the academic discipline. Adequate level of critical awareness of current problems and/or new insights, much of which has been informed by the forefront of the academic discipline. Sound level of critical awareness of current problems and/or new insights, most of which has been informed by the forefront of the academic discipline. Comprehensive level of critical awareness of current problems and/or new insights, nearly all of which has been informed by the forefront of the academic discipline. Exceptional level of critical awareness of current problems and/or new insights, all of which has been informed by the forefront of the academic discipline.

 

3. USE AND

APPLICATION OF SOURCE MATERIAL

20 0–3

Inadequate

4–7

Limited

8–9

Below threshold

10–11

Threshold

12–13

Good

14–15

Excellent

16–20

Outstanding

Application of UCEM Harvard referencing style   A minimal number of

sources have been referenced. The referencing system is applied incoherently.

Referencing is

unsatisfactory due to significant omissions, inaccuracies or inconsistencies in the application of the referencing system.

Referencing is

insufficient due to several omissions, inaccuracies or inconsistencies in the application of the referencing system.

Referencing is

sufficiently complete, accurate and consistent in the application of the referencing system to meet the learning

outcomes.

Referencing is

competent with mostly complete, accurate and consistent application of the referencing system.

Referencing is

comprehensive with complete, accurate and consistent application of the referencing system with minimal errors.

Referencing is

comprehensive and applied faultlessly.

Source Materials                
·  Selection of course materials Minimal and incoherent

selection of course materials.

Ineffective selection of

course materials with significant omissions.

Inconsistent and

inaccurate selection of course materials.

Adequate selection of course materials. Competent selection of course materials. Sophisticated selection of course materials. Innovative selection of course materials.
·  Independent research Independent research

is minimal and has not been informed by scholarship at the forefront of the academic discipline.

Independent research

is incomplete and unsatisfactory. It has not been informed by any notable scholarship at the forefront of the academic discipline.

Independent research

is basic and has partially been informed by appropriate scholarship at the forefront of the academic discipline.

Independent research

is sufficient and has been at least partially informed by appropriate scholarship at the forefront of the academic discipline, sufficient to meet the

learning outcomes.

Independent research

is competent and has been informed by a reasonable amount of appropriate scholarship at the forefront of the academic discipline.

Independent research

is advanced and has been informed by a comprehensive range of authoritative scholarship at the forefront of the academic discipline.

Independent research is

proficient and has been informed by the full range of authoritative scholarship at the forefront of the academic discipline.

·  Use of industry practice

and personal experience.

Industry practice and

personal experience omitted or irrelevant.

Limited and incomplete

reference to industry practice and personal

experience.

Simple reference to

industry practice and personal experience.

Satisfactory reference

to industry practice and personal experience.

Clear reference to

industry practice and personal experience.

Perceptive reference to

industry practice and personal experience.

Insightful reference to

industry practice and personal experience.

Originality in the application of knowledge   Originality in the application of knowledge is inadequate and incoherent. The assessed work is not informed or improved by the source materials. Originality in the application of knowledge is ineffective and unsatisfactory. The assessed work is informed and improved in a limited manner by the source materials. Originality in the application of knowledge is inconsistent and partial. The assessed work is informed and improved in a basic manner by the source materials. Originality in the application of knowledge satisfactory and adequate. The assessed work is informed and improved in an adequate manner by the source materials, sufficient to meet the learning outcomes. Originality in the application of knowledge is competent and clear. The assessed work is informed and improved in a reasonable manner by the source materials. Originality in the application of knowledge is perceptive and accurate. The assessed work is informed and improved in a comprehensive manner by the source materials. Originality in the application of knowledge is innovative and insightful. The assessed work is informed and improved in an exceptional manner by the source materials.

 

4. EVIDENCE BASED

CRITICAL ANALYSIS

20 0–3

Inadequate

4–7

Limited

8–9

Below threshold

10–11

Threshold

12–13

Good

14–15

Excellent

16–20

Outstanding

Practical understanding of how established techniques of research and enquiry are used to create and interpret knowledge   Minimal understanding of how established techniques of research and enquiry are used to create and interpret knowledge. Unsatisfactory understanding of how established techniques of research and enquiry are used to

create and interpret knowledge.

Insufficient understanding of how established techniques of research and enquiry are used to

create and interpret knowledge.

Sufficient understanding of how established techniques of research and enquiry are used to

create and interpret knowledge.

Effective understanding of how established techniques of research and enquiry are used to

create and interpret knowledge.

Sophisticated understanding of how established techniques of research and enquiry are used to create and interpret knowledge. Insightful understanding of how established techniques of research and enquiry are used to create and interpret knowledge.
Critical analysis

·  Analysis of source materials

  Analysis of the source materials is superficial, deficient or minimal Analysis of the source materials is shallow ineffective or incomplete. Analysis of the source materials is insubstantial, inaccurate or

inconsistent.

Analysis of the source materials is adequate and of sufficient depth to meet the learning

outcomes.

Analysis of the source materials is substantial clear and competent. Analysis of the source materials is rigorous, accurate and comprehensive. Analysis of the source materials is profound, proficient and very advanced.
·  Application of analysis to the demands of the task Analysis is not applied

to the demands of the task.

Analysis is applied

unsatisfactorily to the demands of the task.

Analysis is partially

applied to the demands of the task.

Analysis is

satisfactorily applied to

the demands of the task.

Analysis is reasonably

applied to the demands of the task.

Analysis is perceptively

applied to the demands of the task.

Analysis is innovatively

applied to the demands of the task.

Development of arguments

·  Use of analysis to develop and sustain arguments and justifications.

  Arguments and justifications are incoherent and deficient. There is minimal evidence of an attempt to develop or sustain an argument. Arguments and justifications are unsatisfactory and ineffective. The development of arguments is incomplete and not sustained. Arguments and justifications are confused and inaccurate. The development of arguments is inconsistent and

partially sustained with significant omissions.

Arguments and justifications are satisfactory and sufficient to meet the learning outcomes. The development of arguments is basic and sustained adequately. Arguments and justifications are clear and reasonable. The development of arguments is fair and sustained competently. Arguments and justifications are advanced and sophisticated. The development of arguments is sophisticated and

sustained comprehensively.

Arguments and justifications are ambitious and exceptional. The development of arguments is insightful and fully sustained.
Technical ability

(where appropriate)

·Quality of drawings

  Drawings are incorrect or omitted Drawings are incomplete or with significant omissions Drawings are inaccurate and only partially completed Drawings are completed at a basic

level sufficient to meet the learning outcomes.

Drawings are completed at a competent level Drawings are completed accurately Drawings are completed to an exceptionally high standard
·Accuracy of calculations Calculations are

incorrect or omitted

Calculations are

incomplete with significant omissions

Calculations are

inaccurate and only partially completed

Calculations are

completed at a basic level sufficient to meet

the learning outcomes.

Calculations are

completed at a competent level

Calculations are

completed accurately

Calculations are

completed to an exceptionally high

standard

·Appropriate selection and application of

information.

Selection of information

is incorrect or minimal. Information is applied inadequately or incoherently to the task.

Selection of

information is incomplete with significant omissions. Information is applied ineffectively or unsatisfactorily to the task.

Selection of

information is inconsistent and partial. Information is applied inaccurately to the task.

Selection of

information is satisfactory and sufficient to meet the learning outcomes. Information is applied adequately to the task.

Selection of

information is clear and reasonable.

Information is applied competently to the task.

Selection of information

is accurate and comprehensive Information is applied perceptively to the task.

Selection of information is

proficient and insightful Information is applied innovatively to the task.

 

5. INSIGHT,

INTERPRETATION AND EVALUATION

25 0–4

Inadequate

5–9

Limited

10–12

Below threshold

13–14

Threshold

15–17

Good

18–19

Excellent

20–25

Outstanding

Systematic and creative approaches to complex issues   Inadequate self-

direction and originality in tackling and solving problems and in implementing tasks at a professional level.

Ineffective self-

direction and originality in tackling and solving problems and in implementing tasks at a professional level.

Insufficient self-

direction and originality in tackling and solving problems and in implementing tasks at a professional level.

Sufficient self-direction

and originality in tackling and solving problems and in implementing tasks at a professional level to meet the learning

outcomes.

Competent self-

direction and originality in tackling and solving problems and in implementing tasks at a professional level.

Successful self-

direction and originality in tackling and solving problems and in implementing tasks at a professional level.

Exceptional self-direction

and originality in tackling and solving problems and in implementing tasks at a professional level.

Critical evaluation of current research and advanced scholarship in the discipline   Any evaluation of current research and advanced scholarship in the discipline is unsubstantiated and unstructured. Evaluation of current research and advanced scholarship in the discipline is unsatisfactory in its reasoning. Evaluation of current research and advanced scholarship in the discipline is simple in its reasoning. Evaluation of current research and advanced scholarship in the discipline is adequate in its reasoning. Evaluation of current research and advanced scholarship in the discipline is competent in its reasoning. Evaluation of current research and advanced scholarship in the discipline is sophisticated in its reasoning. Evaluation of current research and advanced scholarship in the discipline is ambitious and convincing in its reasoning.
Judgements in the absence of incomplete data   Judgments in the absence of incomplete data and/or conclusions are deficient. Judgments in the absence of incomplete data and/or conclusions are inaccurate. Judgments in the absence of incomplete data and/or conclusions are confused. Judgments in the absence of incomplete data and/or conclusions are satisfactory and sufficient to meet the

learning outcomes.

Judgments in the absence of incomplete data and/or conclusions are clear and appropriate. Judgments in the absence of incomplete data and/or conclusions are perceptive. Judgments in the absence of incomplete data and/or conclusions are insightful.

 

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