As an object of valuation, the nature of real estate determines the value of a bundle of interests therein. Beside the valuation process, valuers need to understand what is value, purposes of valuation, the valuation profession, object of valuation, valuation report and factors affecting property values. Verily, students need to understand the way in which property characteristics affect its values through the 5 methodologies. The course will demonstrate the basic elements of the 5 valuation methods, its applicability, issues and shortcomings and related property reports.