Sample Course Outlines
Professors may elect to start advanced elective courses with corresponding PF chapter to provide summarized overview of the material covered in greater detail in the course. Selectively, professors might employ other chapters and sections to provide the necessary background and supplementation for their advanced courses.
Content structure designed to accommodate academic quarter system.
Place choice is one of the three most important decisions individuals make in their lives. Property decisions have a direct link to one’s quality of life. This is a course for every student. Introduction to real estate: principles and practices provides an overview and initial exposure to the important role of places, the property process, place making, property use, the many players involved in the property markets, how properties are bought, sold, evaluated and financed. Also covered are the significant role of property in the economy, business property strategies, property investing, entrepreneurism and deal making, and the future of property.
Prerequisites: None. No prior background in economics, business or finance is required or expected. For many students, this will be the one essential course that will be invaluable for them throughout their lives. For other students, it is the first of a series of courses as they proceed to pursue a minor, major or graduate study.
The most important decisions people make are their place choices, according to a substantial body of research. This is true not only of individuals, but also businesses. Collectively, these decisions drive the property business. How will students’ place choices either widen their work, life and relationship opportunities, or constrict them? How have the place strategies of companies like Starbucks and Walmart influenced their success? How does an individual or enterprise begin to define a place strategy? Topics probed include why place choice matters, property decision-making, the place choice process, the rent or buy calculation and what is involved in evaluating properties — all from both an individual and business perspective.
How much should you pay for a property? How much of the property’s value might be obtained as mortgage? Is a new development project justified? How much might be charged in taxes on a property, and what revenue might local governments realize? Property valuation is the key to answering all of these questions. This course considers valuation methodologies for both residential and investment properties, along with the implications of technology-automated valuation models. Students will learn how to project revenues and expenses, especially in terms of how they influence return analysis. Property valuation analysis is directly linked to investment objectives and investment analysis process.
Property embraces many markets, including those for direct and indirect securitized property interests, places, suppliers of property goods and services, business models and more. This course builds on a student’s understanding the of fundamentals of place choice and making the right place choice, then proceeds to consider elements of the property process, including the property value chain, technology impacts the important role of land. Students will also gain an understanding of property decisions at the level of place, how capital flows impact property markets, market cycles and market inefficiencies. This broad view of the property markets will give students a distinct advantage over colleagues who have focus primarily on transactions.
Everybody lives somewhere. The Residential Real Estate Focus course recognizes the significant influence of the residential property sector on property inventory, transaction activity, transaction incidents, business activity and employment. Before delving into the transactional side of residential real estate, this appropriately begins with place choice fundamentals, primacy topics of why place choice matters, comprehending the property discipline, understanding significant property decisions and classifying places. From there, students will explore the importance of choosing your right place, examine the producers of supplies or property goods and services, and consider the impacts on residential real estate of innovation, entrepreneurs and deal making.
Every property is a business. And all significant business enterprises are built upon and concerned with property. This course addresses the role of enterprises engaged in the property process, including supplying property goods and services, innovation, entrepreneurism and transactions. Students will delve into the property value chain, how technology advances transform place experience, the origin and need for property laws, property litigation and infrastructure elements. Of particular note is the comparison of property to other major sectors of the economy, compensation expectations for the variety of roles in property, transaction agent topics, deal making and new business model innovations.
All property dealings swim in a sea of law. In good times, this fact is less apparent. But when markets go south, it becomes extremely clear. Everyone involved with property needs to have some understanding of the legal environment that governs every single property transaction, use, development and investment. This course explores the strategic, institutional, criminal, procedural, societal, policy and behavioral aspects of the interaction between law and property. Students will consider the origin and need for property laws, as well as litigation concerning property, environmental factors, professional standards, property use, property rights, legal ownership form, the role of agents, taxation, lease elements and securitization.
To be successful in the entrepreneurial business of property, you have to know how to negotiate, how to make a deal. A good deal. Building on prior courses, Property Deal Making explores the building blocks of deal making — elements of transactions, motives and consequences, exchange process, role of agents and leases. Students will be challenge to overcome any reluctance towards negotiation by unpacking what it is and how it works. This course will also aid them in deal making by providing an overview of compensation practices in various real estate roles. Often the most fascinating deal making occurs behind the scenes, which this course explores through the lens of litigation.
Real estate finance is concerned with the process of mortgages and borrowing money; real estate investment is concerned with acquiring the equity interest and investing in a property to own that property. This course examines both: how properties are financed and where the capital comes from, as well as the motives and procedures that drive real estate investment. Financing topics include leverage, mortgage mechanics, types of mortgages, property securitization, accessing capital, and advanced financing applications. Students will also consider the consequences of capital flows, property cycles and market efficiency/inefficiency, as well as entrepreneurialism and the fundamentals of property investment, investment strategy concepts and deal making principles.
Because property is so expensive, most people could not buy property if they did not have access to other people’s money, or OPM. This course walks students through the essentials of real estate finance, borrowing and using capital, as well as valuation and property knowledge. Financing topics considered include the role of leverage, mortgage mechanics and types of mortgage loans, property securitization, and accessing capital, along with advanced financing applications and calculating damages in property litigation, which often ensues when deals go bad. The course also addresses how the larger capital markets influence the pricing, availability and terms of such financing arrangements.
Property is by far the largest asset category — representing more than half the world’s wealth, the source of many great fortunes and a ripe field of opportunity for entrepreneurialism. Real estate investment is an essential part of an investment portfolio because virtually everyone is involved and connected with real estate investment on some level. This course presents the essential elements of property involvement, valuation, investment analysis and investment strategy, along with how property performance is measured, evaluated, projected, estimated, combining valuation calculation methodology with projecting revenues and expenses. Students will find out how to evaluate opportunities, operate within policy and what to do if investments go bad.
This course takes students deeper into property investing strategy, including policy decisions, strategic market selection, organizing group investments, performance measurement and attribution. Also explored are the property value chain, negotiation, compensation factors, sources of value creation, deal making, specialized entrepreneurism applications, case studies of brilliantly successful innovations and nuances of new venture startup finance. Looking to the future, this course also examines emerging societal spatial patterns and preferences, along with technology consequences, the new property paradigm and business model innovations.
Everyone who aspires to a managerial or professional position needs to understand how business intersects with property. Fully half of the value of companies is represented by their real estate assets. After payroll, real estate is the largest expense for many businesses. With its focus not only on the foundational property concepts at the intersection of real estate and companies, this course will help prepare students to chart corporate real estate strategies given the shifting societal patterns and technology advances. Features illuminating case studies of corporate real estate in action, such as those of Walmart, Starbucks and Sears.
What did Chicago do right? And what happened in Detroit? Why are so many businesses and people moving to Texas? What makes San Francisco so economically resilient? The best property decision process won’t help you if you’re in the wrong place. This course prepares students to recognize the right place. Building on the primacy of place choice, it walks students through the property process, stewardship and place making, and leads to business property and strategy decisions. Students will gain a clear understanding how to approach significant property decisions, how the place choice process works, and what to consider in selecting and evaluating properties.
This course is concerned with large-scale, multi-component development initiatives, embracing the community’s evolution, expansion and revitalization. The built environment as we know it today — most especially, cities — reflects the result of property development initiatives over time. It explores property development of places through the lens of the property process, citizens as stewards and consumers of property, and policy-making institutions and public power. The role of government concerns managing places, and place profiles illustrate how that responsibility has evolved in place making. Other themes include the urban destiny, place appeal, planning that is inclusive and vertical, and trends indicating where place development is headed.
Most public policy decisions have meaningful property consequences, and the decisions concerning substantial property interests often have profound policy implications. The study of property and public policy builds on the fundamental consideration of the role of citizens as both stewards and consumers of property, place choice primacy, why place choice matters, property process and the origins of different property laws and place-making institutions. Students will explore important big-idea topics concerning property use, as well as property in the economy, before delving into more detailed treatment of property use and management, place making, the social aspects of places, as well as major economic policy aspects of property.
Entrepreneurial initiatives determine place position competitiveness. This concentrated study of how initiative creates value, deal making, specialized innovation applications and case studies prepares students for decision making around real estate ventures. Students will gain a broad view by studying the profiles of major places and the relationship of the property interest to the evaluation of other industries, after which they will delve into the nitty-gritty of negotiation, compensation, accessing capital and advanced financing applications, as well as startup and new venture finance. Since new ventures depend on access to capital, understanding capital flows is crucial. That said, miscalculations are rampant, creating both threats and opportunities, leading to and exacerbating marketing inefficiencies.
The striking evolution of tall buildings is a highly visible form of real estate innovation that promises to be even more imaginative and significant in the future. Real estate innovation addresses how initiative leads to value creation and then looks ahead to the future of property, considering societal needs, spatial patterns and preferences; technology for places and property; and the implications of new business model innovations. The study of real estate innovation begins with the primacy of place choice, particularly why place choice matters, and how place preferences inform place strategy, then looks to property decisions and factors that influence valuation and return, including soft and hard infrastructure.
This course emphasizes those real estate decisions in which a strategic perspective is particularly pertinent — choosing your right place, the strategies of property producers and suppliers of property goods and services, business property decisions, innovation, entrepreneurs and deal making, and the future of property. As in Chess you have to understand the parameters to develop strategy, in property you need to understand property attributes and dimensions along with the business practices of property producers and suppliers of property goods and services. Property and investment rationale, investing strategy and policy decisions, strategic market selection are all important elements of the strategic perspective.
This course pursues aspects of property knowledge beyond what is generally encountered in real estate courses. Particular attention is directed to concepts of the primacy of place choice; decisions of place stewards and property consumers; innovation, entrepreneurism, deal making; the future of property. The presentation extends to citizens as both stewards and consumers of property goods, immigration as collective place choice, environmental sustainability and ethics, public policy, social justice activism, and property professional standards. What do today’s societal spatial patterns and technology advances tell us about the built environment tomorrow? What is involved in value creation, deal making, entrepreneurism, startup and new venture finance?
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