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Syllabus for Jamie Lee, Real Estate Principles course...

Description

Georgia State University | J. Mack Robinson College of Business

Real Estate Principles (RE 3010.006) Fall 2017 Updated August 21th, 2017 This course syllabus provides a general plan for the course; deviations may be necessary.

Instructor

Tuesdays and Thursdays, 9:30 – 10:45 a.m. Aderhold Learning Center, Room 213 Jeonghyun “Jamie” Lee

Email

[email protected]

Office location

Robinson College of Business, 35 Broad Street, 14th Floor, Suite 1410

Office hours

Tuesdays & Thursdays, 11 a.m. – 12:00 p.m., and by appointment

Textbook

Real Estate Principles: A Value Approach by David C. Ling and Wayne R. Archer 5th Edition. New York, NY: McGraw-Hill/Irwin, 2013 ISBN: 978-0-07-783636-8. 5th or 4th edition

Class schedule

Welcome to the Class I look forward to helping you build a foundation of knowledge and skills as you develop your understanding of real estate principles and analysis. Having a good class is a combination of both of our contributions. You are expected to: 1. 2. 3. 4.

Attend class; Ask questions when you don’t understand the material; Participate and contribute to the class discussion (treating everyone with respect); and Complete the required assignments.

This will make the class much more interesting and give you the opportunity to learn more. The latter two ideas are especially important in mastering the material. I will: 1. Come prepared to every class; 2. Plan classes so we can accomplish the learning objectives listed in the syllabus; and 3. Create a respectful classroom environment that encourages you to ask questions and participate.

Required Materials First, you will need a copy of the textbook listed above. The fifth (or fourth) edition will suffice. You will also need a financial calculator for assignments in this class. I highly recommend the 1

BAII Plus by Texas Instruments. It is great for executing the calculations we will perform in this class and can be used in other business courses. The price ranges between $20 (if you purchase it online) to $40 (if you purchase it in a store). Finally, you will need access to spreadsheet and word processing software. These resources are available throughout the libraries located at GSU as well as the Real Estate Computer Lab located in RCB 1400.

General Course Guide Course Description: This course is a prerequisite for all senior courses in real estate. It introduces students to the nature of real estate and the principles of real estate analysis and utilization. Subjects include real estate commodities and real property; the legal instruments involved in real property transactions; market analysis and the determinants of real estate values; the appraisal process and valuation techniques; investment and financial analysis; and public aspects of real estate planning and land utilization. Objectives of the Course: This course is designed to introduce students to a broad spectrum of real estate terms, concepts, activities, and issues. It synthesizes the functioning of real estate markets, legal foundations to value, and the influence of government controls in the market place. Students develop analytical skills in market research, valuation, risk, and investment analysis. In addition, students are introduced to multiple sectors in the market for real estate services, including brokerage, mortgages, development and property management. Upon successful completion of the course, the student should have developed an understanding of these major functions of real estate markets and gain exposure to tools used in real estate business decisions.

Assignments, Tests and Grading Homework: There will be two homework assignments this semester. Instructions for these homework assignments will be posted on iCollege in the “Dropbox” tab (located under the “Assessments” dropdown) at least two weeks before the due date. Completed assignments should be submitted on iCollege before the start of class on the date they are due. Late assignments will NOT be accepted.  When will the assignments be assigned? Students are encouraged to work with one other student on any homework assignment. If you work with a partner, please only make one submission on iCollege, but make sure both students’ names are on it. Exams: There will be a total of 3 exams. Those exams will be closed book, administered inclass, and announced in class at least a week in advance. You must bring a green Scantron Form No. 882-E, a pencil and a financial calculator. Laptops, cell phones, graphing calculators or any 2

other outside materials should not be visible during the exam. All headwear should be removed during the exam. Final Project: The Final Project will be distributed by early November. It will take the place of a final exam and be due on Friday, December 8, 2017 by 5:00 p.m. Students may work with one other student on the final project. Please let the instructor know if you will work with another student in advance of the due date, and turn in one project for the team. A situation in which the instructor believes that students copied/shared their answers with others outside of their team may lead to penalty. Late final projects will NOT be accepted.  Early or late November the assignment will be assigned. Grading: The final grade for the class will be a weighted average from the following categories: HW Projects (2) Exams (3) Final Project Participation

30% 45% 25% 5% (Bonus)

Please note that the grading scheme is tentative and may change during the semester This weighted average translates into the final letter grade of the semester according to: 98.0 ≤ average, 88.0 ≤ average < 90.0, 78.0 ≤ average < 80.0, 60.0 ≤ average < 70.0,

A+ B+ C+ D

92.0 ≤ average < 98.0, 82.0 ≤ average < 88.0, 72.0 ≤ average < 78.0, Average < 60.0,

A B C F

90.0 ≤ average < 92.0, A80.0 ≤ average < 82.0, B70.0 ≤ average < 72.0, C-

Academic Integrity: Academic dishonesty will not be tolerated. The penalty for academic dishonesty ranges from an "F" in the course to dismissal from the University. All instances of academic dishonesty will be reported. Official statement: “As members of the academic community, students are expected to recognize and uphold standards of intellectual and academic integrity. The university assumes as a basic and minimum standard of conduct in academic matters that students be honest and that they submit for credit only the products of their own efforts. Both the ideals of scholarship and the need for fairness require that all dishonest work be rejected as a basis for academic credit. They also require that students refrain from any and all forms of dishonorable or unethical conduct related to their academic work. The university's policy on academic honesty is published in the Faculty Affairs Handbook and the On Campus: The Undergraduate Co-Curricular Affairs Handbook and is available to all members of the university community. The policy represents a core value of the university and all members of the university community are responsible for abiding by its tenets. Lack of knowledge of this policy is not an acceptable defense to any charge of academic dishonesty. All members of the academic community -- students, faculty, and staff -- are expected to report 3

violations of these standards of academic conduct to the appropriate authorities. The procedures for such reporting are on file in the offices of the deans of each college, the office of the dean of students, and the office of the provost. In an effort to foster an environment of academic integrity and to prevent academic dishonesty, students are expected to discuss with faculty the expectations regarding course assignments and standards of conduct. Students are encouraged to discuss freely with faculty, academic advisors, and other members of the university community any questions pertaining to the provisions of this policy. In addition, students are encouraged to avail themselves of programs in establishing personal standards and ethics offered through the university's Counseling Center.” Additional information on University policies can be found at: www2.gsu.edu/~wwwfhb/sec409.html Further, plagiarism in any form is not acceptable. Evidence of plagiarism in any course including projects, exams, and homework assignments will automatically result in punishment according to GSU statute which potentially includes expulsion from the university. You are strongly advised to read the GSU honor codes and definitions of plagiarism. Missing Exams: No makeup exams will be given. You will be given advance notice for each exam. If a student has a legitimate excuse for missing a exam the missing grade will be replaced with the average from the other two exams. Legitimate excuses:   

Due to illness Death in family Other -

note from doctor copy of obituary on a case by case basis

Please read carefully: I must be informed before/during the exam period for it to count as an excused absence. If you cannot see me in person, send me an email. Notifying me after the exam will result in a grade of zero for that exam. Your documentation must be submitted to me by the semester’s end and it must contain a telephone number so the absence can be verified. Failure to follow the guidelines will mean that you forfeit the excused absence option. Attendance: The class is scheduled for Tuesdays and Thursdays, 9:30 a.m. – 10:45 a.m. Class attendance is expected and will help you learn the required material. Also, attendance is one of the easiest ways that you can get 5% bonus points. Students with four or more absences are subject to removal from the course.

Some key registration dates: Classes Begin……………………………………………..………………………………….………….Mon, Aug. 21 Student Late Add/Drop ……………………………………..……………………...……...……Mon.-Fri., Aug. 21-25 Last Day to Withdraw…………..…………...………………………………………………...………..…Tues., Oct. 10

4

Course Topics & Projected Calendar – Fall 2017 (subject to change)

Week

Date

Chap.

1

Aug. 22, 24

1

2

Aug. 29, Aug 31

2, 4

Content Course Introduction & The Nature of Real Estate Home Buying Process & Legal Foundations

3

Sept. 5, 7

3, 13

Conveying Property Rights

4

Sept. 12, 14

12

Home Selling Process & Brokerage

5

Sept. 19, 21

14

6

Sept. 26, 28

7

Time Value of Money Valuation: Sales Comparison & Cost Approach

7

Oct. 3, 5

8

Valuation: Income Approach

8

Oct. 10, 12

9

Real Estate Finance: Laws and Contracts

9

Oct. 17, 19

10

Residential Mortgage Types

10

Oct. 24, 26

15

Mortgage Calculations

11

Oct 31, Nov 2

18

Investment Decisions: Ratios

12

Nov. 7, 9

19

Investment Decisions: NPV and IRR

13

Nov. 14, 16

22

Leases

14

Nov. 21, 23

15

Nov. 28, 30

16

Dec. 8 (5 p.m.)

Due

Exam 1 (Sept. 21)

HW 1 (Oct. 12)

Exam 2 (Oct. 24)

HW 2 (Nov. 9)

THANKSGIVING BREAK 21

Property & Asset Management

Exam 3 (Nov. 30)

FINAL PROJECT DUE

5...