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

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. You can also find more research sources on the TRU library website.
Clayton, J., Geltner, D., & Hamilton, S.W. (2001). Smoothing in Commercial Property Valuations: Evidence from Individual Appraisals. Real Estate Economics, 29, 337–360. doi: 10.1111/1080-8620.00014
(This article is available through the TRU Library)
Lander, D.M., & Pinches, G.E. (1998). Challenges to the practical implementation of modeling and valuing real options. Quarterly Review of Economics and Finance, 38(4), 537–567. doi: 10.1016/S1062-9769(99)80089-1
(This article is available through the TRU Library)
Lorenz, D., & Lützkendorf T. (2008) Sustainability in property valuation: theory and practice. Journal of Property Investment and Finance, 26(6), 482-521. https://doi.org/10.1108/14635780810908361

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