REAE 5392.531: SEMINAR in REAL ESTATE MARKET ANALYSIS
SPRING 2002
SYLLABUS
Wednesday, 7:00-9:50 PM
236 Business Building
Instructor J. Andrew Hansz Ph.D., CFA
Office 619 Business Building
Office Hours Tuesday, 10:00 to 11:30 AM, Wednesday, 10:00 to 10:45 PM and by appointment.
Phone (817) 272-5843
E-mail hansz@uta.edu
Course Description
Examines the traditional topics of location and land use theory with emphasis on economic analysis to determine and forecast demand and supply in real estate markets. Market analysis techniques and tools are presented that can be used to increase the reliability of real estate valuation, development, and investment models.
Prerequisites
- Prerequisite: FINA 5311 or REAE 5311 or equivalent. See graduate bulletin.
Course Format
- Discussion/Seminar – Specific text readings and cases will be assigned for each class period. Class will be conducted in a seminar format and it is expected that each assignment will be read prior to class and you will be ready to discuss the materials.
- Lectures and Assignments – Some lecturing will be necessary.
- Problems, problems, problems! In-class problems, homework, and quizzes.
- Final Exam, Quizzes, and Cases
- Group Market Analysis Project/Paper/Presentation – Students are responsible for writing a market analysis report.
- Attendance and participation is required. Due to the seminar format of this course, class discussion and contribution is critical. Attendance will be taken.
Required Textbooks
- Real Estate Market Analysis: A Case Study Approach, Adrienne Schmitz and Deborah L. Brett, Urban Land Institute, 2001. (ULI telephone number: 1 (800) 321-5011)
- Also, assigned articles and handouts (TBA).
Calculators and Spreadsheet
A financial calculator (HP 10-B or equivalent) and a spreadsheet (Excel or equivalent) are required. The calculator must be able to calculate Internal Rate of Return (IRR) and Net Present Value (NPV). This means that the calculator must be able to deal with entry of uneven cash flows. Check the manual before you buy a calculator. You are responsible for learning the keystrokes. Please, do not use any electronic devises with memory during quizzes or exams. I also assume that you have basic spreadsheet skills.
Grading
| Percent | |
|---|---|
| Quizzes (quizzes and case quizzes) | 30% |
| Final Exam | 30 |
| Market Analysis Paper/Presentation | 30 |
| Class Grade (homework, preparation, presentation, attitude & class contribution) | 10 |
| Total | 100% |
Generally, the grading scale used by the Instructor can be:
| 90 – 100% | A |
| 80 – 89% | B |
| 70 – 79% | C |
| 60 – 69% | D |
| Below 60% | F |
The instructor can apply a “curve” which could lower these ranges.
Make-up Examination Policy
The instructor reserves the rights to change the style, format, and content of a make-up examination. A make-up exam will be given if the student has a reasonable, verifiable excuse. However, students should not expect to take more than one make-up exam. The make-up exam must be completed before the end of the week in which the original exam was scheduled. Once a student has taken an exam, a make-up exam cannot be given.
Policy on Attendance
Students are expected to attend each class and students are expected to come to each classwiththeir assignments completed.Students who must miss a class are responsible for obtaining all assignments, lecture notes, handouts, and announcements discussed in class from a classmate. You should get to know at least one student in class.
Policy on Handing in Assignments Late
Several homework assignments will be made during the quarter. A penalty per class period will be assessed for all assignments turned in late. Absence from class is not a valid excuse for handing in homework assignments late.
Policy on Disruptive Classroom Behavior
This course will be conducted in a professional manner. Unprofessional behavior of any form in the classroom will not be tolerated. Students can be withdrawn at the discretion of the instructor for unacceptable behavior. Additionally, a portion of the final grade is attributed to class attitude/contribution. This grade, made at the instructor discretion, is based on attendance and attitude during class. Please disable all cell phones and pagers during class time.
Academic Honesty
It is the philosophy of UTA that academic dishonesty is a completely unacceptable mode of conduct and will not be tolerated in any form. All persons involved in academic dishonesty will be disciplined in accordance with University regulations and procedures. Discipline may include suspension form the University. You are responsible to maintain the standards of Academic Honesty included in the current UTA catalog.
Bomb Threats
Effective April 8, 1996, the College of business Administration has adopted a policy to deal with the classroom disruption caused by bomb threats in the building. (A) Section 22.07 of the Texas Criminal Law Statutes states that a Class A misdemeanor is punishable by (1) a fine not to exceed $4,000, (2) a jail term of not more than one year, OR (3) both such a fine and confinement. (B) If anyone is tempted to call in a bomb threat, be aware that UTA has the technology to trace phone calls. (C) Every effort will be made to avoid cancellation of presentation/tests caused by bomb threats to the Business Building. Unannounced alternate sites will be available for these classes. If a student who has a class with a scheduled test or presentation arrives and the building has been closed due to a bomb threat, the student should immediately check for the alternate site notice which will be posted on/near the main doors on the south side of the Business Building. If the bomb threat is received while class is in session, your instructor will ask you to leave the building and reconvene at another location. (D) Students who provide information leading to the successful prosecution of anyone making a bomb threat will receive one semester’s free parking in the Maverick Garage across from the Business Building. UTA’s Crime stoppers will provide a reward to anyone providing information leading to an arrest. To make an anonymous report, call 817-272-5245.
Withdrawing
It is the student’s responsibility to complete the course or withdraw form the course in accordance with University regulations. Students are strongly encouraged to verify their grade status before dropping a course after the first withdrawal date. A student who drops a course after the first withdrawal date may receive an “F” in the course if the student is failing at the time the course is dropped.
Drop for Non-payment
It is the policy of the University of Texas at Arlington that students who have not paid by the census date and are dropped for non-payment cannot, under any circumstances, receive a grade for the course. Therefore, a student dropped for non-payment whom continues to attend the course will not receive a grade for that course. Emergency loans are available to help students pay tuition and fees. Students can apply for emergency loans by going to the Emergency Tuition Loan Distribution Center at E.H. Hereford University Center (near the southwest entrance.).
Student Evaluation of Teaching
The following appears in Administrative Memorandum No. 98-5 dated August 21, 1997, from the President for academic and administrative offices. “ Beginning in Fall 1997, teaching evaluations will be conducted in every class every semester for every instructor of record”.
Important Dates
| » January 14 | First Day of Classes |
| Jan. 14 – 18 | Late Registration |
| January 21 | Martin Luther King, Jr. Day (Holiday) |
| January 30 | Census Date |
| February 22 | End of First Drop Period for Undergraduates |
| March 8 | Midsemester |
| March 15 | Mid-semester grades due |
| March 18 – 24 | Spring Vacation |
| April 1 | Current and Former Student Registration begins for Maymester and Summer |
| April 12 | Last day for Undergraduates to Drop Courses |
| April 25 | Registration begins for Maymester and Summer for All Students |
| May 3 | Last day of classes |
| May 4, 6 – 10 | Final Exams |
| May 10-12 | Commencement Ceremonies |
| May 14 | Grades Due |
| May 15 | Grades available via Sam and web |
Tentative Schedule:
This is a tentative schedule. Adjustments will be necessary during the progression of the semester. It is the student’s responsibility to be aware of any changes announced in-class.
| Week | Topics | Chapters |
|---|---|---|
| 1 | Course Administration; Problems with Market Studies | 1 |
| 2 | Introduction to Market Analysis; Market Data | 2, Appendix A |
| 3 | Demand and Supply Factors | |
| 4 | Chapters 1 and 2 Student Presentations/Quiz | |
| 5 | Market Dynamics and Market Pricing Business Week 2002, February 11-15 | |
| 6 | Site Feasibility | |
| 7 | Retail Analysis/Quiz | 5 |
| 8 | Chapter 5 Retail Student Presentation | |
| 9 | Office & Industrial Analysis/Quiz | 4 |
| 10 | Spring Break (March 18-22), No Class | |
| 11 | Chapter 4 Office & Industrial Student Presentation | |
| 12 | Residential Analysis | 3 |
| 13 | Chapter 3 Residential Student Presentation/Quiz | |
| 14 | Chapter 6 Hotels & Resorts Student Presentation | 6 |
| 15 | Chapter 7 Mixed-Use Development Student Presentation | 7 |
| 16 | Market Analysis Presentations (papers due – May 1, 2002) | |
| 17 | Final Exam (Wednesday, May 8, 2002) |
*If you would like your final grade, before posted by the University, please bring a self-addressed envelope to the final exam. To protect your privacy, I do not give grades over the phone or via e-mail (applies to all quizzes, final exam, and final grade).