IOV Valuer study plan

Define each IOV valuation principle (market value, highest and best use, substitution, anticipation, balance, contribution, external obsolescence) and write a one-sentence working definition for each from memory

Map the valuation standards framework: distinguish mandatory standards, professional codes of conduct, and guidance notes, and identify which apply to IOV assignments

Build a personal ethics decision checklist covering conflicts of interest, confidentiality, competence boundaries, and independence, then apply it to three short hypothetical scenarios

Derive the direct capitalisation formula and the relationship between cap rate, discount rate, and growth, and solve five numeric drills by hand

Construct a full DCF model for a hypothetical income-producing property including rent roll, vacancy, opex, capex reserve, terminal value, and discounting

Calculate and interpret NPV, IRR, equity dividend rate, and cash-on-cash return for the same property under two financing structures

Explain when each income approach method (direct cap, DCF, residual) is preferred and justify the choice in writing for three property types

Identify and correct the five most common DCF errors (double counting growth, mismatched nominal/real rates, terminal cap vs discount rate inconsistency, opex omissions, timing conventions)

Select and adjust comparable sales for a given subject property, applying adjustments for time, location, size, condition, and transaction nature, and state the direction and magnitude rationale for each

Reconcile a sales comparison grid into a single value conclusion and quantify the range of indicated values

Conduct a highest and best use analysis through the four tests (legally permissible, physically possible, financially feasible, maximally productive) for two contrasting sites

Define the relevant market and submarket for a subject property and list the demand and supply indicators you would collect

Outline the legal interests in property (freehold, leasehold, easements, encumbrances, strata/title arrangements) and explain how each affects the valuation basis and assumptions

Identify the regulatory constraints that shape value: planning and zoning, environmental and heritage controls, building codes, and disclosure obligations, and note where to verify each

Apply all three depreciation methods (age-life, modified age-life, breakdown) to the same hypothetical building and reconcile the differences

Calculate replacement cost new, depreciated improvements, and site value, then reconcile into a cost approach value and explain when this approach is most and least reliable

Build a market analysis template covering macroeconomic drivers, local supply pipeline, absorption, vacancy, rents, and capitalisation rate trends

Extract market evidence from at least three data sources and cross-check conflicting figures, documenting which you relied on and why

Re-run the week 3 comparable grid with fresh market data and explain any change in the value conclusion

Draft a highest and best use section suitable for inclusion in a client report, including the interim use test

Classify special-purpose and non-market assets (plant, infrastructure, specialised healthcare, heritage, leasehold-only interests) and state the valuation approach each demands and why

Explain the concept of depreciated replacement cost and its role where no market evidence exists, and apply it to one specialised asset

Identify the inputs and limitations of the cost approach when market comparables are absent, and describe how to disclose those limitations

Analyse how a non-market or thin-market asset changes the treatment of obsolescence and the reliability of the value conclusion

Draft a full valuation report skeleton to recognised report standards, covering scope of work, basis of value, assumptions and special assumptions, sources, and limiting conditions

Write the reconciliation and value conclusion section so that the reasoning from all applied approaches is traceable to the final figure

Explain how sustainability and ESG factors (energy performance, transition risk, physical climate risk, green certification) can be reflected in cash flows, discount rates, and market evidence

Assess how technology (automated valuation models, data platforms, remote inspection, AI-assisted analysis) changes the valuer's role, and state the professional obligations around verification and disclosure

Synthesise all domains into a one-page decision map linking property type and purpose to approach, method, and key assumptions

Complete two full timed mock valuation scenarios end to end, from scope through conclusion, within the exam time allocation

Review every error from the mocks, classify each as knowledge gap, method error, or presentation error, and close each gap with a targeted drill

Rehearse concise written explanations of ethics dilemmas and standards compliance, since these are commonly examined in short-answer form