The request to create MSRE 6238 and revise the M.S. in Real Estate Program
Date: June 1, 2015
To: Belk College of Business
From: Office of Academic Affairs
Approved On: May 7, 2015
Approved by: Graduate Council
Implementation Date: Spring 2016
Note: Deletions are strikethroughs. Insertions are underlined.
Catalog Copy
Real Estate and Development
- M.S. in Real Estate (MSRE)
- MBA with a Concentration in Real Estate Finance and Development (see Business Administration section)
- MBA Plus with a Concentration in Real Estate Finance and Development (see Business Administration section)
- MSRE/JD Dual Degree (in conjunction with the Charlotte School of Law)
- Graduate Certificate in Real Estate and Development
Graduate Program
realestate.uncc.edu
M.S. Program Coordinator
Ms. Alyson Metcalfe
Graduate Certificate Program Coordinator
Mr. Jeremiah Nelson
Graduate Faculty
Dr. Steve Billings, Associate Professor, Economics
Dr. William Graves, Associate Professor, Geography
Dr. Kiplan Womack, Assistant Professor, Finance
MASTER OF SCIENCE IN REAL ESTATE
The Master of Science degree in Real Estate (MSRE) is designed to provide students with the skills necessary to analyze, evaluate and execute complex real estate investment and development transactions. The curriculum draws from academic disciplines such as architecture, engineering, finance, and geography to emphasize the multidisciplinary nature of the real estate industry and the diverse skill set required for success. Students graduating from the program will have the skills necessary to qualify for positions such as development associates, underwriters, brokers, asset and property managers, acquisition specialists, and financial analysts.
MSRE courses are scheduled to accommodate both full-time and part-time students. The program is structured to allow full-time students to complete the curriculum within one calendar year. Full-time students may enroll in up to thirteen (13) credit hours each semester and are expected to complete a capstone course and international study tour in the summer following the first academic year in the program. Part-time students may enroll in four (4) to seven (7) credit hours each semester and are expected to complete the capstone course and international study tour in the summer following the completion of all other program requirements. All courses required to complete the curriculum are offered in the evening at UNC Charlotte’s Center City Campus.
Additional Admission Requirements
In addition to the general requirements for admission to the Graduate School, the following are required for graduate study in Real Estate:
1) A general satisfactory undergraduate record from an accredited college or university and an undergraduate GPA of at least 3.0
2) A satisfactory score on the Graduate Management Admission Test (GMAT) or the Graduate Record Examination (GRE)
3) A satisfactory score on the Test of English as a Foreign Language (TOEFL) or the International English Language Testing System (IELTS) for applicants from non-English speaking countries
4) A full resume or a description of significant work experience
Degree Requirements
The MSRE degree requires the completion of a functional component including thirty-two (32) graduate hours. Necessary preparatory work will be determined during the admissions process and courses to meet the specific need will be available in the MSRE program’s Preparatory Component. All students in the program must meet the Graduate School’s requirements for a Master’s Degree.
Preparatory Component Courses (6 hours)
Prerequisites: All requirements for admission to the program. Courses included in the Preparatory Component may be taken after admission to the MSRE program. The courses must, however, be completed before enrolling in 6000-level courses except by permission of the Director of the MSRE program.
MSRE 5110 Foundations in Economics (3)
MSRE 5131 Fundamentals of Financial Accounting & Financial Management (3)
Functional Component Courses (32 hours)
Prerequisites: All requirements for admission to the program and completion of the Preparatory Component, except as approved by the Director of the MSRE program.
MSRE 6101 Real Estate Seminar (1) (must be taken twice for credit)*
MSRE 6102 International Real Estate Study Tour (3)**
MSRE 6120 Real Estate Law and Land Use Policy (3)****
MSRE 6130 Site Planning, Building Design and Construction Fundamentals (3)
MSRE 6152 Financial Management (3)
MSRE 6158 Real Estate Finance and Investment (3)
MSRE 6159 Real Estate Development (3)
MSRE 6160 Real Estate Capital Markets (3)
MSRE 6220 Financial Analysis of Development Real Estate Investments (3)***
MSRE 6230 Construction Management (3) ***
MSRE 6238 Real Estate and Urban Economics (3)****
MSRE 6258 Site Feasibility Analysis (3)****
MSRE 6999 Real Estate Capstone (3)
*MSRE 6101 is a one credit hour course that students must take twice for credit before graduation. Students enrolled in the course will be required to participate in real estate trade organization meetings, engage in leadership and negotiation training, attend guest lecturers covering emerging trends in real estate and ethical business practices, and complete professional development seminars.
**MSRE 6102 is a study abroad experience that requires students to travel to an emerging international real estate market and examine local real estate development practices over the course of one week.
***MSRE 6230 Construction Management is not part of the required courses in the curriculum and when offered may substitute for another course at the discretion of the Director of the Master of Science in Real Estate Program.
****MSRE students may elect to take MSRE 6250 (Advanced Urban and Regional Economics) in lieu of MSRE 6120 (Real Estate Law and Land Use Policy). Students may also elect to take MSRE 6160 (Real Estate Capital Markets) in lieu of MSRE 6220 (Financial Analysis of Development). Students may elect to take MSRE 6258 Site Feasibility Analysis in lieu of MSRE 6238 Real Estate and Urban Economics. All other courses included in the functional component of the curriculum must be completed by MSRE students unless otherwise noted above.
Admission to Candidacy
Application for Admission to Candidacy form listing graduate-level courses that apply to the degree must be submitted to the Director of the MSRE program four weeks prior to the start of the semester in which the student plans to complete the course work for the degree.
Application for Degree
An Application for Degree form must be submitted to the Graduate School by the published deadline.
Assistantships
A limited number of assistantships are available each year. In order to be competitive, applications should be submitted by March 15. Additional information is available in the office of the Center for Real Estate and on the Graduate School website.
Advising
Advising is provided by the Graduate Coordinator of the MSRE program.
Transfer Credit
Up to six hours of appropriate graduate credit may be accepted for transfer from another AACSB-accredited (or equivalent) graduate program. Only courses where grades of B or above have been earned will be considered. Approval of the Program Director and the Graduate School is also required. All other Graduate School policies regarding transfer credit apply.
Program Certifications/Accreditation
The MSRE Program and all degree and certificate programs offered by the Belk College of Business are accredited by the Association to Advance Collegiate Schools of Business (AACSB-International).
MSRE/JD DUAL DEGREE
This Dual Degree Program allows students to earn a Master of Science in Real Estate (MSRE) degree from the Belk College of Business at UNC Charlotte and a Juris Doctor (JD) degree from the Charlotte School of Law in eight semesters of study.
Prospective dual-degree program students must apply separately to both UNC Charlotte and the Charlotte School of Law. Full-time students spend the first full year of study at either UNC Charlotte or the Charlotte School of Law. They then spend their entire second or third year at the other institution. For the remainder of the program, students take classes at both UNC Charlotte and the Charlotte School of Law. Each school grants nine (9) units of credit for courses taken at the other school.
Visit realestate.uncc.edu and charlottelaw.edu for additional information.
GRADUATE CERTIFICATE IN REAL ESTATE AND DEVELOPMENT
The Graduate Certificate in Real Estate and Development requires completion of 15 semester hours (one core and four elective courses) of 6000 level courses in real estate finance and development. Transfer credits are not accepted into the Graduate Certificate in Real Estate Finance and Development program. Students must earn a grade of B or above in all five courses that make up the certificate program.
Certificate Requirements
This 15-credit certificate program consists of:
Core Requirement (3 credit hours):
MBAD 6152 Financial Management (3)
Plus 4 of the following 6 courses (12 credit hours):
MBAD 6158 Real Estate Finance and Investment (3)
MBAD 6159 Real Estate Development (3)
MBAD 6160 Real Estate Capital Markets (3)
MBAD 6258 Site Feasibility Analysis (3)
MBAD 6259 Applied Real Estate Development (3)
ECON 6250 Advanced Urban and Regional Economics (3)
Admissions Requirements
In addition to the general requirements for admission to the Graduate School, the following are required for graduate study in Real Estate and Development:
- A generally satisfactory undergraduate record from an accredited college of university
- Basic proficiency in using spreadsheet computer software
- Completion of MBAD 5131 (Fundamentals of Financial Accounting and Financial Management) or its equivalent
- A minimum of six years of business experience is strongly preferred.
Note: MBA students concentrating in real estate finance and development are ineligible to enroll in the Graduate Certificate in Real Estate and Development program.
Applications are reviewed on a continuous basis. Participants may enroll for the first time in Fall, Spring, or Summer terms.
COURSES IN REAL ESTATE (MSRE)
MSRE 5110. Foundations of Economics. (3) Cross-listed as MBAD 5110. Focuses on topics related to the scope and methodology of economics as a social science, the analysis of markets, the development of market structure, the characteristics of market failure, problems of economic concentration, the theory of income distribution, the measurement of national income, the theory of national income determination, money and banking, monetary and fiscal policy, and international economics. (Fall, Spring)
MSRE 5131. Fundamentals of Financial Accounting and Financial Management. (3) Cross-listed as MBAD 5131. Accelerated and in-depth study of conceptual foundations and applications of financial accounting and financial management with emphasis placed on building accounting and finance information bases for external decision making. (Fall, Spring)
MSRE 6101. Real Estate Seminar. (1) Designed to provide students with exposure to emerging trends in the real estate industry. Students are required to participate in real estate trade organization meetings, engage in leadership and negotiation training, attend guest lecturers covering real estate trends and ethical business practices, and complete professional development seminars. May be repeated for credit with change of topic. (Fall, Spring)
MSRE 6102. International Real Estate Study Tour. (3)
Students travel to an international city to study real estate development. Opportunities and challenges in the regional real estate market will be explored through the completion of a series of study tours, presentations, reading assignments and short essays. Emphasis will be placed on issues such as urban planning, sustainable growth, economic development and global market integration. (Yearly)
MSRE 6120. Real Estate Law and Land Use Policy. (3)
Prerequisites: MSRE 5110 and MSRE 5131. Provides an overview of common legal issues involved in the acquisition, development, financing, ownership and operation of real estate assets. Emphasis is placed on legal forms of ownership, real estate sale and lease transactions, and government regulation and taxation of land. (Yearly)
MSRE 6130. Site Planning, Building Design, and Construction Fundamentals. (3) Introduces essential principles of site planning, design and construction. Special emphasis is placed on programming and sustainability issues for different project types. The nature and characteristics of construction materials, equipment, and systems used in modern buildings will be presented and how they affect function and feasibility. (Yearly)
MSRE 6152. Financial Management. (3) Cross-listed as MBAD 6152 and FINN 6152. Prerequisites: MSRE 5110 and MSRE 5131. Theory and practice of corporate finance including asset management, cost of capital and capital budgeting, optimization programs and socio-economic aspects of financial management. Computer technology may be employed when applicable. (Fall, Spring)
MSRE 6158. Real Estate Finance and Investment. (3) Cross-listed as MBAD 6158. Prerequisite: MSRE 5110 and MSRE 5131. Focuses on the techniques used to analyze, finance and structure real estate transactions. Topics include: an overview of the real estate space and capital markets; the techniques of financial analysis and valuation; project ownership structures, taxation and financial structure; real estate in an investment portfolio; and determining the financial feasibility of real estate development. (Yearly)
MSRE 6159. Real Estate Development. (3) Cross-listed as ARCH 5068, GEOG 6103, and MBAD 6159. Prerequisites: MSRE 5110 and MSRE 5131. An introduction to the real estate development process. Focuses on the identification and evaluation of the critical assumptions and issues related to market and site feasibility, financial feasibility, planning, acquisition, and operation of economically viable commercial real estate projects. Students work in groups on a semester project to select a site and prepare an appropriate development plan that emphasizes the market and financial feasibility of the real estate development. (Yearly)
MSRE 6160. Real Estate Capital Markets. (3) Cross-listed as MBAD 6160. Prerequisite: MSRE 6152. Focuses on techniques used to analyze, finance and structure real estate transactions, and emphasizes the role of the capital markets in facilitating development and investment in commercial real estate. Topics include: real estate in an investment portfolio; valuation and investment for direct (private) real estate equity investment including coverage of valuation using real options methodology; primary and secondary commercial mortgage markets (CMBS); and, analysis of publicly trade equity real estate investment trusts (REITs). (Yearly)
MSRE 6220. Financial Analysis of Development Real Estate Investments. (3) Prerequisite: MSRE 6159 Real Estate Development, MSRE 6158 Real Estate Finance, or permission of instructor(s). This course provides students with the analytical and computer skills necessary to evaluate the financial feasibility of real estate investment opportunities, including acquisition and development opportunities for land, commercial, industrial, or multi-family deals. Accounting and taxation issues influencing the financial viability of real estate investment opportunities will also be considered (Yearly). Provides students with the analytical and computer skills necessary to evaluate the financial feasibility of complex value added real estate development projects, including land development, commercial and housing development. Accounting and taxation issues influencing the financial viability of real estate development projects will also be considered.
(Yearly)
MSRE 6230. Construction Management. (3)
Addresses the various roles and responsibilities of the contractor and construction manager in the development process including discussion of the owner/designer/constructor relationship. Emphasis is placed on sustainable design and other public policy objectives advanced by specific types of development, as well as the role the public sector may play in the success of real estate projects. (Yearly On Demand)
MSRE 6238 Real Estate and Urban Economics (3). Prerequisite: ECON2102. Cross-listed as ECON 6238 and MBAD 6238. The course focuses on the fundamental economic forces that create urban areas with a special emphasis on land markets. This class integrates economic theory to better understand the market forces that impact applied real estate development projects. Topics include: urban growth and development; land valuation; the modelling and estimation of agglomeration economies; the costs of cities and their internal structure with emphasis on land use regulations and transportation; amenities and the local supply of labor; the sizes and functions of cities; affordable housing; and local public finance. (Yearly)
ECON 6238 Real Estate and Urban Economics (3). Prerequisite: ECON2102. Cross-listed as MSRE 6238 and MBAD 6238. The course focuses on the fundamental economic forces that create urban areas with a special emphasis on land markets. This class integrates economic theory to better understand the market forces that impact applied real estate development projects. Topics include: urban growth and development; land valuation; the modelling and estimation of agglomeration economies; the costs of cities and their internal structure with emphasis on land use regulations and transportation; amenities and the local supply of labor; the sizes and functions of cities; affordable housing; and local public finance.
MBAD 6238 Real Estate and Urban Economics (3). Prerequisite: ECON2102. Cross-listed as ECON 6238 and MSRE 6238. The course focuses on the fundamental economic forces that create urban areas with a special emphasis on land markets. This class integrates economic theory to better understand the market forces that impact applied real estate development projects. Topics include: urban growth and development; land valuation; the modelling and estimation of agglomeration economies; the costs of cities and their internal structure with emphasis on land use regulations and transportation; amenities and the local supply of labor; the sizes and functions of cities; affordable housing; and local public finance.
MSRE 6250. Advanced Urban and Regional Economics. (3) Cross-listed as ECON 6250. Prerequisites: MSRE 5110 and MSRE 5131. Applications of microeconomic theory to problems of cities, metropolitan areas and regions, methods in regional analysis, location theory, land-use planning, measurement of economic activity; transportation, housing, poverty and growth issues. (Yearly)
MSRE 6258. Site Feasibility Analysis. (3) Cross-listed as MBAD 6258 and GEOG 6102. Prerequisites: MSRE 5110 and MSRE 5131. Examination of factors affecting the feasibility of land parcels for commercial and residential development with emphasis on the physical evaluation of a given site, the market support for its intended use and the financial support for the proposed development. (Yearly)
MSRE 6999. Real Estate Capstone. (3) Prerequisite: All required courses in the preparatory and functional components of the MSRE curriculum must be completed before taking MSRE 6999. Designed to bring together the topics covered in the MSRE program and examine how they relate to each other. Students will complete applied group projects, as well as conduct independent research, to explore issues of interest to the real estate industry. All of these projects will encourage students to develop their leadership and negotiation skills, as well as consider ethical issues commonly faced by real estate professionals. (Yearly Fall, Spring, Summer)