Master of Science in International Real EstateCurriculum

 

Core Real Estate Courses

A general survey of the legal, economic, institutional, quantitative and strategic elements of real estate markets, institutions and practices. This course studies the ownership, transfer, and use of real estate. Issues addressed include, but are not limited to, valuation, brokerage, risk management, property management, diversification, investment and sources of capital. The course is both descriptive and analytical in nature with the goal of developing a body of theoretical and applied knowledge. Selected examples are employed to demonstrate traditional U.S. practices and procedure for comparative purposes.

This course is an introduction to the fundamental concepts, principles, and analytical methods of real estate finance. The focus will be on commercial real estate capital markets, while we also discuss different aspects of residential real estate finance. Our perspective is that of "institutional" real estate investors (e.g., pension funds, REITs, commercial banks, life insurance companies) regarding large-scale commercial properties. Students are expected to learn techniques in real estate finance and develop critical understandings on the current issues of the real estate capital markets. A key objective of this course is to help students apply these techniques to analyze real estate financing decisions in the real business world.

This class prepares students for the evaluation of real estate as an investment. The students will be required to evidence knowledge of real estate markets and the tools used in real estate investment decision-making. The course will require students to become proficient in the generation of property cash flows and their evaluation. Emphasis is on the determination of factors impacting real estate investment returns. Students will be required to synthesize property and capital market data to assess direct and portfolio investments in real estate.

This course is the capstone course for the Master of Science in International Real Estate and focuses on the environment surrounding international real estate. Topics include, but not limited to, diversification benefits through international holdings, cultural attitudes towards ownership, value implications from varying title systems, securitized and un-securitized real estate holdings, legal constraints on land use, global strategic planning, country risk, foreign exchange risk, global financing, and a review of the basic fundamentals of real estate valuation.

This course takes a creative interactive approach and provides lessons applicable all over the world about practical ways that real estate law impacts everyday life, from understanding what it means to sign a real estate contract like a residential lease or purchase contract, to understanding the process to buy real estate, to obtaining financing to purchase real estate and to growing wealth by managing your own real estate.

Through this course you will learn directly from various professionals involved in real estate such as attorneys, property appraisers, investors, property managers, city, county, state and federal government officials, owners and bankers. The conduct and activities of these practitioners is governed by real estate rules, laws and regulations made by federal, state, county and local governments as well as the private law of contracts.

Through this course, you will learn that knowing the law of real estate will help you understand real estate documents and better understand transactions that you may enter into and/or sell in the future. You will also gain insight into real estate career opportunities and what real estate professionals really do on a day to day basis.

This course will provide an overview of the principles of real estate development; allow the student to obtain a foundation of knowledge in real estate development; review the primary development product types, including land, residential, multi-family, industrial, office and mixed use property types. Private sector and public sector constraints to development will also be evaluated. Students will be required to apply financial evaluation tools and models to real estate projects. This will require computer skills and the use of basic financial concepts including TVM, NPV, and IRR to create decision-making frameworks. Also, sources of debt and equity for real estate development will examined. Public/private structures and other forms of co-operative structures that foster development will be assessed. The primary focus of the course remains the business decision-making processes related to successful real estate development.

This course provides an overview of basic theories and principles related to real estate market analysis. It gives a hands-on introduction to the industry-standard cash flow software (ARGUS) to assess risks and returns for income-producing real estate assets. Students will also learn how to use relevant data to conduct market research. The course can be divided into three parts. The first part is an introduction of basic theories and principles in real estate market analysis, urban growth patterns and real estate market dynamics. We will then discuss various public and proprietary data sources as well as the fundamental concepts related to commercial leases. The third part focuses on different types of real estate assets and how to use ARGUS to value these properties. A combination of lectures, case studies and guest speeches will be used to help students learn the techniques in market research and enhance their understanding on current market conditions. Students are expected to conduct market research projects using ARGUS and relevant databases, and present their work in both oral and written form.

This course introduces students to the space end-user perspective of companies whose core business is not real estate. Corporate real estate management (CREM) aspects such as strategy alignment, workplace design, relocation, outsourcing and the service provider industry, procurement and financing of corporate facilities, asset management, internationality and sustainability are discussed with a particular focus on the latest issues and trends in CREM.

Core Finance Courses

This class focuses on financial decision-making and its impact on the economic value of the firm. The course provides practical applications and is based on modern financial theory, with an emphasis on valuation and risk management. The course examines valuation concepts, capital budgeting, risk analysis, and capital structure decisions in depth. It covers the ethical and financial implications of business decisions and their impact on the value of the firm.

This course covers aspects of strategic financial environment and management of firms that operate in a global arena; to include recent developments in financial strategy, international trade and economic decision making.

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