We will cover a wide array of topics, as listed below which are related to the development of real estate. The fundamental objectives are to introduce students to the basic issues and techniques and practical application of the material.
The process for achieving the learning objectives will follow a routine in which students familiarize themselves with the fundamental rules and concepts of a chapter prior to class and then focus on the application of the rules in class. Class preparation will involve reading assignments and the review of discussion cases for class, as well as supplemental materials.
Classes will be conducted on the assumption that students are prepared. Although the class will include explanations of the rules to supplement readings and to answer student questions, the focus of the class will be on the application of the rules. Application of the rules requires knowledge of the rules as well as analytical reasoning and communication skills. Cases from facts presented at the end of a chapter or by the instructor will be analyzed in class.
Supplemental materials for the class may include legal documents, statutes, cases, articles, and regulations, some of which will be available through e-Campus or through internet websites with links from e-Campus.
Upon establishing the basic underlying forces of the real estate market, we will cover in detail the three traditional valuation methodologies: Sales Comparison, Cost, and Income Approaches. Each of these approaches will be practically applied to various property types in case study problems. Most emphasis, however, will be applied to the Income Approach as it probably best typifies the buyer/seller relationship for the variety of income producing commercial properties we will be analyzing in class.
At least once during the semester the class will host a visiting lecturer of special expertise in market research and/or in sophisticated real estate transactions. Microcomputers will be used in the analysis and valuation of complex income producing properties.