"REAL ESTATE AND URBAN LAND ECONOMICS"
Doctor of Philosophy Real Estate and Urban Land Economics School of Business The doctoral program in real estate prepares individuals for careers in research and teaching at the university level. The program is highly quantitative and provides a strong foundation in financial and economic theory as well as mathematical statistical techniques. Through a program, students specialize in particular areas of real estate economics and finance. MPhil An MPhil degree will demonstrate possession of the skills necessary to carry out supervised research by the analysis of existing data or small original data sets, while a PhD will demonstrate the ability of the student to conduct original research and will be an independent and original study, using new and larger data sets, which advances the frontiers of knowledge in the subject area. Students has to complete the first 5 courses and a dissertation for the MPhil degree (50 credits) Course Description (10 x 4 = 40 Credits) BAP 4441 - The Real Estate Process. Introductory survey course. Decision-making processes for the manufacture, marketing, management and financing of real estate space. Survey of institutional context, economics of urbanization, historical pattern and structure of city growth, and public policy issues regarding urban environment and business management. BAP 4442 - Real Estate Law The basic principles of real estate law related to ownership rights, negotiations, brokering, transfers, condominium law, financing, income tax law, real estate property taxation, bankruptcy law, construction and development contracts, and residential and commercial leases, including both office and retail leases, and an overview of international legal systems. BAP 4443 - Real Estate Finance Fundamentals of real estate finance; sources of funds, alternative financing instruments, and mortgage securitization; analysis emphasizing cash flow projections, yield and risk for residential and commercial real estate; pricing of mortgage securities. BAP 4444 - Valuation of Real Estate Techniques of real estate valuation. Market analysis, legal and political analysis, and highest and best use analysis; in-depth exposure to the three approaches to valuation; market comparison, income, and cost; the role of valuation in real estate investment; government regulation of appraisers. BAP 4445 - Urban and Regional Economics Nature and structure of urban economies; location of economic activity; economic analysis in an urban framework; principles of urban economic development, housing, transportation, poverty and unemployment and municipal finance. Forecasting of economic activity using census and socioeconomic data. BAP 4446 - International Real Estate. Analysis of international real estate and related transaction issues, especially in foreign countries which are visited as part of the course; survey of land use patterns and regulations, ownership rights, types of leases, transfer procedures, mortgage system, tax matters, currency risks, and geographical diversification issues. BAP 4447 - Residential Property Development In-depth exposure to the world of the residential builder/developer/subdivider and the necessary tools of analysis—market analysis, zoning/environmental and other entitlements, site planning and design, infrastructure/construction cost analysis, financing, feasibility analysis, deal structuring, renovation/rehabilitation, special needs housing. BAP 4448 - Computer Applications in Real Estate Analysis Computer methods for real estate investment/feasibility analysis, evaluation of mortgage design and mortgage pricing models; computer analysis of option models in real estate, use of sales comparison adjustment grid methods; implementation of capital asset pricing and portfolio models in real estate. BAP 4449 - Housing Economics and Policy The economic principles underlying the dynamics of the housing market; filtering, neighborhood decline and abandonment gentrification, tenure choice, mortgage choice, prepayment, mobility, mortgage defaults, sub market identification, racial discrimination and segregation. Examination of governmental programs affecting the housing market and their objectives and impacts; public and subsidized housing, zoning and land use regulation, rent and price controls, property and income tax policy. BAP 4450 - Real Estate Investments This course is designed to provide the student with an understanding of modern real estate investment. The first half of the course extends the basic principles and methods of real estate valuation to address investment analysis at the owner-level, yet while still retaining an individual property focus. The course emphasis then turns to investment analysis at the aggregate property level. Specific topics addressed in the latter half of the course include portfolio theory, asset pricing theory and issues related to real estate investment management. Dissertation (30 credits) The student is required to demonstrate the ability to design and conduct independent research by submitting and defending a thesis, which constitutes a significant contribution to knowledge in the field of studies. The thesis must embody the results of original investigation, conducted by the student, on an approved topic from the major subject area. Total Credits: 70 Post Doctoral Fellow The Fellowship appointee should conduct an independent research on a specific topic approved by the university and submit a dissertation on the topic of research to the university for evaluation. After evaluation of the dissertation university will award a certificate of completion for fellowship.