REE 4043 - University of North Florida



REE 4043, SECTION 50158

REAL ESTATE ANALYSIS

SUMMER, 2011

(REVISED MAY 23, 2011)

Catalog Description and Prerequisites: Prerequisite to all other courses in real estate and regional development. Decision-making process for development, financing, marketing, and management of real estate within the framework of our government, economic, legal, and social systems. Does meet course content requirements of Florida Real Estate Commission for obtaining a real estate license.

Instructor: Michael Morris

Department of Accounting and Finance

Coggin College of Business Administration

Office: 42/3233 (Coggin College of Business)

Office Hours: Monday through Thursday, 5:00 p.m. – 6:00 p.m., and following class hours; other hours by appointment

Phone: Cellular, (904) 422-4446

E-Mail: Michael.Morris@unf.edu

Course Website:

Required Text: David C. Ling and Wayne R. Archer:

Real Estate Principles: A Value Approach, Third Edition; McGraw-Hill Irwin, 2010.

Class Hours: Monday through Thursday, 6:10 p.m. – 7:50 p.m.; 51/1205

Course Objectives: Become familiar with the roles, activities, and issues that constitute the functions and structures of real estate

Be able to make sound decisions regarding real estate uses and investments

Course Content:

Real Estate Terms and Legal Environs Valuation and Management of Real Estate

Real Estate Finance Investment and Development Decisions

Market Feasibility Analysis

Grading:

2 Exams at 35% Each: 70%

1 Homework Assignment 30%

100%

The grading scale for this course is as follows:

90% – 100% = A

80% – 89.9% = B

70% – 79.9% = C

60% – 69.9% = D

Less than 60% = F

Homework Assignment

You will choose from one of the following two homework options. Assignment is due June 16, 2011. NO LATE ASSIGNMENTS WILL BE ACCEPTED. Grading will be based on accuracy of your analysis, relativity of topic, sufficiency of information to support your topic, and use of bibliographic sources.

Option One:

Search local newspapers, The Wall Street Journal, other newspapers, and economic or real estate periodicals for an article concerning current events that potentially impact real estate values. The article can concern either a local-level event (i.e. zoning changes, major new development projects, changes in millage rates, etc.) or a regional or national event (i.e. Federal income tax law changes, mortgage interest rates, value of the dollar against other currencies, etc.).

Summarize the article, and then evaluate the event in terms of how local real estate values may be impacted by the event being reported. Your assignment should be one typed page, and must include a works-cited page.

Option Two:

Submit a research paper concerning a focused real estate topic or study. Your topic should not be an analysis or summary on items discussed in class, but rather a particular real estate topic or problem. A few examples would include the following:

• Eminent Domain (can use law cases)

• Valuing waterfront real estate vs. water-access real estate

• Valuation of golf courses

• Effects of environmental contamination on real estate

• Difficulties of land development from new restrictive laws

You may select research sources from the Internet, real estate/business journals and periodicals available in the library, etc. The more information you have to support your research topic, the stronger the paper you will produce. Your assignment should be two to three typed pages, and may include necessary pictures and graphs. Please attach a copy of your sources to the paper, along with a works-cited page.

Attendance: Students should make every effort to attend class and participate in class discussions. While attendance does not directly enter into a student’s grade determination, examination questions will be based on class lectures and presentations.

Written and Oral Communication: Written and oral communication skills will be enhanced through required homework assignments. Oral communications skills will be demonstrated through class discussions.

Reading Assignments: Students are highly encouraged to read the assigned text before class hours to be able to grasp a full understanding of presented lectures, in addition to being well informed to participate in class forums.

Computer Applications: Students are highly encouraged to use on-line data sources for homework assignments.

International Coverage: Occasional discussions of international real estate markets and issues.

Environmental Issues Covered: Issues which effect real estate values and decision-making efforts to real estate.

Ethical Issues Covered: Issues covered in the legal aspects of real estate.

Academic Integrity: Violation of the Academic Integrity Code of the University of North Florida will result in penalties, which result in the minimum of a grade of “F” for the course, with possible dismissal from the University. Details of the Academic Integrity Code are in the University of North Florida Student Handbook.

Policy on Late Assignments: Late assignments are not accepted unless prior arrangements are made with the instructor. Assignments are always due at the beginning of class based on due dates shown on this syllabus or otherwise announced.

Policy on Make-Up Exams: Make-up exams are not allowed unless unforeseen circumstances exist, and arrangements have been made between instructor and student.

Policy on Late Withdrawals: The University policy for dropping the course after June 10, 2011, is as follows:

UNF Students are not allowed to withdraw from a course after the official withdrawal date unless there are unusual circumstances which are clearly beyond the student’s control. When such cases exist, the student should file a petition with attached documentation. The instructor does not approve or disapprove but assigns a grade of WP or WF. The instructor may also recommend an action to be taken or attach a note explaining unusual circumstances connected with the course. This policy means that the student does not have the right to drop a course after the official University deadline simply because he or she has a passing grade at the time.

“One Repeat” Rule: The Department of Accounting and Finance enforces the “one repeat” rule for all upper-division courses taught in the department except for FIN 3403 and FIN 4604. This currently includes any courses with a prefix of ACG, FIN, REE, RMI, or TAX. Students who do not successfully complete a course on the first attempt (i.e. earn a grade of D, F, W, WP or WF) will be granted one chance to repeat the course. Students who do not successfully complete a course within two attempts will not be permitted to register for the course in future semesters.

Americans With Disabilities Act

Students with disabilities who seek reasonable accommodations in the classroom or other aspects of performing their coursework must first register with the UNF Disability Resource Center (DRC) located in Building 10, Room 1201.  DRC staff members work with students to obtain required documentation of disability and to identify appropriate accommodations as required by applicable disability laws including the Americans with Disabilities Act (ADA). After receiving all necessary documentation, the DRC staff determines whether a student qualifies for services with the DRC and if so, the accommodations the student will be provided.  DRC staff then prepares a letter for the student to provide faculty advising them of approved accommodations. For further information, contact the DRC by phone (904) 620-2769, email (kwebb@unf.edu), or visit the DRC website ().

CCB is a Wall Street Journal Partner School

Each student enrolling in one or more Coggin College of Business (CCB) courses numbered 3000 or higher is assessed a $13 fee during each fall and spring semester. The fee is just $13, regardless of how many CCB courses the student takes. The fee is assessed at the same time and in the same manner as all other UNF fees, and the student pays this fee when he/she pays his other tuition and fees. In return, each student is able to pick up a copy of The Wall Street Journal (WSJ) from locations within the College. Moreover, each student will receive access to all of the WSJ's on-line editions (e.g., European, Asian) through the UNF MyWings portal. Access to these publications is free during summer terms for students enrolled in these courses. Students who already have personal subscriptions can have the WSJ refund those dues. For information on that process, as well as more about Coggin’s partnership with the WSJ, please visit .

COURSE SCHEDULE: MODIFIED MAY 23, 2011

Date Topic Lecture_

05/16 Introduction and Course Overview

05/17 Driving Forces of Real Estate Markets 1

05/18 Central Cities and Regional Market Analysis 2

05/23 Urban Land Values and Urban Form 3

05/24 Residential Property Analysis 4

05/25 Office and Industrial Property Analysis 5

05/26 Real Estate Property Rights 6

05/30 UNIVERSITY HOLIDAY

05/31 Contracts, Deeds, and Leases 7

06/01 Land Use Controls 8

06/02 Valuation Theory 9

06/06 Valuation Theory Case Study 10

Review for Exam One

06/07 EXAM ONE

06/08 Introduction to Investing 11

Cash Flow Analysis 12

Risk Analysis and Due Diligence 12

06/09 In-Class Case Study, Office Building 12

06/13 Introduction to Real Estate Finance 13

Real Estate Finance Tools 13

06/14 Residential Real Estate Finance 14

Commercial Real Estate Finance 15

06/15 Brokerage and Leasing 17

Real Estate Development and Trends 18

Review for Final Exam/Catch-Up

06/16 FINAL EXAM

HOMEWORK ASSIGNMENT DUE

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