FNAN 454: Real Estate Development and Investment Fund Master Syllabus
The syllabus will likely be updated throughout the semester and in response to any weather-related or other events that affect the course.
Course Instructor:
Office Number:
Office Hours:
Email:
Course Meeting Times:
Course Website: Canvas
This course will be delivered on-line, primarily synchronously, which means both professor and students will be attending the class live-streamed through a Zoom meeting. Information and class materials will be emailed to students and/or posted on the Canvas site for the course.
School of Business Standards of Behavior
The mission of the School of Business at George Mason University is to create and deliver high quality educational programs and research. Students, faculty, staff, and alumni that participate in these educational programs contribute to the well-being of society. High quality educational programs require an environment of trust and mutual respect, free expression and inquiry, and a commitment to truth, excellence, and lifelong learning. Students, program participants, faculty, staff, and alumni accept these principles when they join the School of Business community. In doing so, they agree to abide by the following Community Standards of Behavior:
- Respect for the rights, differences, and dignity of others
- Honesty and integrity in dealing with all members of the community
- Accountability for personal behavior
Integrity is an essential ingredient of a successful learning community. Ethical standards of behavior help promote a safe and productive community environment and ensure every member the opportunity to pursue excellence.
The School of Business can and should be a living model of these behavioral standards. To this end, community members have a personal responsibility to integrate these standards into every aspect of their experience at the School of Business. Through our personal commitment to these Community Standards of Behavior, we can create an environment in which all can achieve their full potential.
Honor Code Statement
Students are expected to know and adhere to the George Mason University Honor Code, which deals with actual and attempted acts of cheating, plagiarism, lying, and stealing. Suspected, possible, or potential violations of the Honor Code will be reported to the Honor Committee.
In this class, students are frequently (but not always, so read the instructions for each assignment and project) allowed and encouraged to work with each other to better learn and understand the material. In assessments like assignments, where collaboration is allowed, each member of a team must actively participate and contribute to the joint effort. Students cannot simply copy or receive (or provide) answers. Students are responsible for knowing what constitutes cheating or a different Honor Code violation and are encouraged to talk with the professor if they are doing any type of collaborative work to make sure it is not a violation of the Honor Code.
It is an Honor Code violation to use unauthorized materials in any way in an assignment, exam, etc. that is submitted for credit. Unauthorized materials include any work by another person at any time or work by oneself for any other class at any other time, which includes work done in a previous semester of this course.
All University other policies apply including:
University Catalog
University Policies
School of Business Recommendations for Honor Code Violations can be found in Appendix B to this syllabus. More information on “Good” and “Bad” Classroom Behavior, the Academic Integrity and Honor Code Statement, the George Mason University Diversity Statement, and the School of Business undergraduate learning goals can be found in Appendix C to this syllabus.
Course Description, Goals and Objectives
Real Estate Development examines commercial real estate development process and principles plus actual residential, office, retail, and industrial projects. Includes financial analytical techniques to investigate project feasibility, density, financing viability, cash flows, and valuation. Emphasis is placed on real-world, entrepreneurial, decision-making skills for developing commercial real estate. It is a required course for the Real Estate Development Minor.
The course objectives are for students to:
- Objective 1: Understand the role and history of real estate development in the social, economic, and political systems of a community
- Objective 2: Learn about the complex real estate development process and the multidisciplinary skills needed to successfully plan, execute, and deliver a real estate development project
- Objective 3: Apply concepts of risk-adjusted return to establish the financial feasibility of real estate projects
- Objective 4: Learn to evaluate different risks applicable to real estate development projects
- Objective 5: Apply concepts learned in class to case studies and site visits to development projects
- Objective 6: Explore roles and careers in the real estate development industry and related industries
Required Item for Class (that must be purchased)
textbook – “Real Estate Development: Principles and Process” (fifth edition) by Mike Miles, Laurence Netherton, and Adrienne Schmitz. Published by the Urban Land Institute, 2015. If there are issues in acquiring the book, please see me.
Other Required Items
- Access to a computer that meets the School of Business Minimum Computing Requirements. The key tools and software packages that you will need are Microsoft Excel, Word, and PowerPoint; the ability to access the Internet; and a functioning video camera and microphone that feed or stream audio and video in real time to or through the Internet.
- Canvas: Students must have access to Canvas, an on-line course management system that enables students to receive messages, observe grades, submit assignments, and access course material such as overheads, videos, and other relevant material. Students should not use the email feature associated with Canvas.
- George Mason University Email Account: Students are expected to have their George Mason email accounts activated, regularly check their inboxes, and keep adequate space available so that they can receive (and, of course, read) emails. Note that to help ensure privacy, faculty and students need to use their George Mason email accounts when corresponding with each other.
Course Schedule
The course schedule may be changed during the semester, depending on our progress and decisions by the University or School of Business regarding the academic calendar. If changes are made, I will notify the class via email and a revised schedule on Blackboard. The current schedule for the course is presented in Appendix A.
Evaluation and Grading
| Tests and Homework | 30% | The tests will consist primarily of essay questions, some short analytical problems and several short answer questions to measure breadth of knowledge and make sure the readings have been completed. |
| Mid-Term Exam | 30% | Students will be given essay-type exam. |
| Final Exam Case Study | 30% | Students will be given a case study on a real estate development feasibility decision one week before finals. |
| Class Participation | 10% | Attendance, Preparation, creativity, solution viability and presentation in answering questions on the required reading and case studies will be considered. |
Students are expected to attend all classes and are responsible for keeping themselves updated on any changes on the course website. In case of absence, it is the student’s responsibility to catch up with the material covered. Other than in exceptional circumstances, late assignments will not be accepted. Students should be prepared to discuss the assigned homework readings and current events in class.
The grading scale is as follows:
| Course Grade | Course Average | |
|---|---|---|
| A | 96-100% | Satisfactory/Passing |
| A- | 91-95% | Satisfactory/Passing |
| B+ | 86-90% | Satisfactory/Passing |
| B | 81-85% | Satisfactory/Passing |
| B- | 75-80% | Satisfactory1/Passing |
| C | 70-74% | Unsatisfactory/Passing |
| F | below 70% | Unsatisfactory/Failing |
Incompletes
A grade of incomplete may be given to students who are passing the course (with a C or higher) but who may be unable to complete scheduled coursework for a cause beyond reasonable control. An incomplete can only be given if a student is passing the course and has a documented excusable reason such as a serious illness or unanticipated family emergency for being unable to complete the remainder of the work as scheduled. Poor time management or failure to deal with a situation earlier in the semester would not be accepted as a reason for an incomplete.
An incomplete may not be appropriate for a student who misses a significant portion of the semester due to an extended illness or other situation. In these cases, the student should talk to a School of Business academic advisor about a possible non-academic withdrawal.
Office of Disability Services
If you have a disability and you need academic accommodations, please see me, and contact the Office of Disability Services (ODS) at (703) 993-2474. All academic accommodations must be arranged through the ODS. Please take care of this during the first two weeks of the semester. More information about ODS is available at http://www.gmu.edu/student/drc .
Religion
Students who will miss class for religious reasons should inform me of their anticipated absences as soon as possible.
Counseling Center
George Mason University has a counseling center that can help if you find yourself overwhelmed by life, want training in academic or life skills, or the like.
Inclement Weather and Campus Emergencies
Information regarding weather-related changes in the University’s schedule (e.g., closing or late opening) will be provided on the George Mason University website and via MasonAlert. Students sign up for the Mason Alert system to provide emergency information of various sorts.
Appendix A: Initial Course Schedule (Sample)
(subject to change; test and homework assignments to be provided)
| 1/25 | Class Introductions Lecture: What is Real Estate? (Part I) Case Study Presentation: Scout on the Circle Development |
| 1/27 | Lecture: What is Real Estate? (Part ii) Reading Assignment: Chapter 1 (Introduction to the Real Estate Development Process) |
| 2/1 | Lecture: Demographic Shifts in Real Estate (TBD for Feb. 2 webinar) Reading Assignment: Chapter 2 (Raw Material: Land and Demographics in the United States) |
| 2/3 | Lecture: The Development Team Reading Assignment: Chapter 3 (Developers and Their Partners) Case Study Presentation: The District Wharf |
| 2/8 | Lecture: History of Real Estate Development I Reading Assignment: Chapter 4 (The Colonial Period to the Late 1800s) View Video: “A History of Segregation and Housing in Virginia” |
| 2/10 | Lecture: A History of Real Estate Development 2 Reading Assignment: Chapter 5 and 6 (The Late 1800s to the Modern Era) View Video: “A Region Rising: A Development History of Northern Virginia” |
| 2/15 | Lecture: Government Impact on Real Estate Development 1 Reading Assignment: Chapter 7 (The Role of the Regulatory Sector) Case Study Presentation: The Wayfair in Ballston |
| 2/17 | Lecture: Government Impact on Real Estate Development 2 Reading Assignment: Chapter 8 (Decision Makers and Stakeholders) |
| 2/22 | Mid-Term Examination Week |
| 2/24 | Mid-Term Examination Week |
| 3/1 | Lecture: The Real Estate Pro-Forma Reading Assignment: Chapter 9 (Stage One of the Development Process) |
| 3/3 | Lecture: Finding the Money Reading Assignment: Chapter 10 (Real Estate Finance) |
| 3/8 | Lecture: Measuring Risk and Return Reading Assignment: Chapter 11 (Real Estate Finance: Tools) |
| 3/10 | Lecture: Controlling the Land Reading Assignment: Chapter 12 (Stage Two: Idea Refinement) |
| 3/15 | Spring Break |
| 3/17 | Spring Break |
| 3/22 | Lecture: Is There a Market? Reading Assignment: Chapter 13 (Stage Three: The Feasibility Study) |
| 3/24 | Lecture: Closing the Deal Reading Assignment: Chapter 14 (Stages Four and Five) |
| 3/29 | Lecture: New Trends in Construction Reading Assignment: Chapter 15 (Construction) View Video on Prefab Construction |
| 3/31 | Lecture: Creating the Value Reading Assignment: Chapter 16 (Marketing, Sales and Leasing) |
| 4/5 | Site Visit 1 |
| 4/7 | Lecture: Maintaining the Value Reading Assignment: Chapter 17 (Property, Asset and Portfolio Management) |
| 4/12 | Site Visit 2 |
| 4/14 | Lecture: Affordable Housing Development |
| 4/19 | Affordable Housing Case Study Presentation |
| 4/21 | Lecture: Green Development – Sustainability and Real Estate Case Study: 80 M Street SE |
| 4/26 | Site Visit 3 |
| 4/28 | Lecture: Technology and Real Estate Development Case Study: Autonomous vehicles and the real estate |
| 5/3 | Lecture: Case Studies in the DMV |
| 5/5 | Careers in Real Estate Development |
| 5/10 | Student Consultations |
| 5/12 | Finals Week: Case Study Exam Due |
Appendix B: School of Business Recommendations for Honor Code Violations
Approved May 2016
| UG-Non Freshman Students (including transfer students) | ||
| Type of Violation | First Offense | Second Offense |
|
Plagiarism
|
An F in the class; referral to Writing Center; and Academic Integrity Seminar completion | An F in the class; referral to the Writing Center; Academic Integrity Seminar completion; termination from the School of Business; and at least one semester suspension or expulsion |
|
Cheating
|
An F in the class; and Academic Integrity Seminar completion An F in the class; and Academic Integrity Seminar completion, and at least one semester suspension |
An F in the class, Academic Integrity Seminar completion; termination from the School of Business; and at least one semester suspension or expulsion |
| Lying (e.g., providing fraudulent excuse documents, falsifying data) | An F in the class; and Academic Integrity Seminar completion, and at least one semester suspension | An F in the class; Academic Integrity Seminar completion; termination from the School of Business; and at least one semester suspension or expulsion |
| Egregious Violation (e.g., stealing an exam; submitting coursework from another class as original work across multiple courses; lying to an employer about academic performance, false identification or posing as another, in person or online) | An F in the class, Academic Integrity Seminar completion; termination from the School of Business; and at least one year suspension | An F in the class; Academic Integrity Seminar completion; termination from the School of Business; and expulsion |
Note: The Academic Integrity Seminar used by the Office of Academic Integrity cost $100 as of May 2016.
Appendix C: “Good” and “Bad” Classroom Behavior, Academic Integrity and Honor Code Statement, GMU Diversity Statement, and School of Business undergraduate learning goals
“Good” and “Bad” Classroom Behavior
Some important reminders for “good” behavior include coming to class on time; bringing your laptop to work through problems; reading the syllabus and becoming familiar with the course outline, resources, key dates, policies, etc.; asking questions about material and concepts that are not well understood by raising a hand to be called on; minimizing the distraction of a late arrival by entering quietly and not disrupting fellow students; reading all emails sent out by an instructor; reporting knowledge of any possible or potential Honor Code violations; and adhering to the School of Business Standards of Behavior as described as follows:
The mission of the School of Business at George Mason University is to create and deliver high quality educational programs and research. Students, faculty, staff, and alumni that participate in these educational programs contribute to the well-being of society. High quality educational programs require an environment of trust and mutual respect, free expression and inquiry, and a commitment to truth, excellence, and lifelong learning. Students, program participants, faculty, staff, and alumni accept these principles when they join the School of Business community. In doing so, they agree to abide by the following Community Standards of Behavior:
- Respect for the rights, differences, and dignity of others
- Honesty and integrity in dealing with all members of the community
- Accountability for personal behavior
Integrity is an essential ingredient of a successful learning community. Ethical standards of behavior help promote a safe and productive community environment and ensure every member the opportunity to pursue excellence.
The School of Business can and should be a living model of these behavioral standards. To this end, community members have a personal responsibility to integrate these standards into every aspect of their experience at the School of Business. Through our personal commitment to these Community Standards of Behavior, we can create an environment in which all can achieve their full potential.
Some important reminders for “bad” behavior include using any phone, laptop, tablet, etc. during class to engage in any activity that is not directly related to the ongoing class; talking with neighbors about anything unrelated to class; leaving early or taking an unnecessary break in the middle of class; and packing up belongings before class is over and the professor has finished.
Students may only use devices for ongoing class-related activities. Students who use a device inappropriately by surfing the Internet, doing homework for any class, etc. may receive a deduction from their course grade.
Students should not cheat or engage in any form of academic dishonesty. Suspected, possible, or potential violations of the Honor Code will be reported to the Honor Committee.
Academic Integrity and Honor Code Statement
Students are expected to know and adhere to the George Mason University Honor Code, which deals with cheating and attempted cheating, plagiarism, lying, and stealing. Suspected, possible, or potential violations of the Honor Code will be reported to the Honor Committee.
Violations of the Honor Code include, but are not limited to, submitting work completed by another person and representing it as one’s own; communicating about an exam with another person other than a proctor during the exam; having or using an impermissible aid such as unauthorized notes or stored information in a calculator on an exam; looking at or copying another student’s exam work or answers; providing another student with assistance with exam questions during an exam; impersonating a student in the class in order to get credit for that student; asking another person for an impersonation of oneself in order to get credit for oneself; removing an exam from the classroom; obtaining or providing access to all or part of an exam prior to the exam time, and sharing information about exams with others, especially students that have not yet taken the exam, before given permission.
On exams (tests and the final exam), the following calculator-related behaviors and actions are among those considered violations of the Honor Code: using programs in a programmable calculator that have not been reviewed or used in class without the knowledge and consent of the course coordinator; using a programmable calculator to store any information related to an exam for one’s own or another’s benefit; and failing to clear the calculator of all displayed and stored information when a calculator is shared with a student in another exam section.
Students should read this entire syllabus to make sure that they understand course policies with regard to the Honor Code. Students are reminded that they are responsible for understanding the provisions of the Honor Code and that they are encouraged to report any violations they observe.
George Mason University Diversity Statement
George Mason University promotes a living and learning environment for outstanding growth and productivity among its students, faculty and staff. Through its curriculum, programs, policies, procedures, services and resources, Mason strives to maintain a quality environment for work, study and personal growth.
An emphasis upon diversity and inclusion throughout the campus community is essential to achieve these goals. Diversity is broadly defined to include such characteristics as, but not limited to, race, ethnicity, gender, religion, age, disability, and sexual orientation. Diversity also entails different viewpoints, philosophies, and perspectives. Attention to these aspects of diversity will help promote a culture of inclusion and belonging, and an environment where diverse opinions, backgrounds and practices have the opportunity to be voiced, heard and respected.
The reflection of Mason’s commitment to diversity and inclusion goes beyond policies and procedures to focus on behavior at the individual, group and organizational level. The implementation of this commitment to diversity and inclusion is found in all settings, including individual work units and groups, student organizations and groups, and classroom settings; it is also found with the delivery of services and activities, including, but not limited to, curriculum, teaching, events, advising, research, service, and community outreach.
Acknowledging that the attainment of diversity and inclusion are dynamic and continuous processes, and that the larger societal setting has an evolving socio-cultural understanding of diversity and inclusion, Mason seeks to continuously improve its environment. To this end, the University promotes continuous monitoring and self-assessment regarding diversity. The aim is to incorporate diversity and inclusion within the philosophies and actions of the individual, group and organization, and to make improvements as needed.
School of Business Undergraduate Learning Goals
- Goal 1: Our students will demonstrate an understanding of the social, global, ethical, and legal contexts of business and will be able to reflect on the role of the individual in business.
- Goal 2: Our students will demonstrate an understanding of and the ability to apply knowledge of professional skills necessary for success in business including effective business writing.
- Goal 3: Our students will demonstrate technical and analytic skills appropriate for success in business.
- Goal 4: Our students will demonstrate an understanding of and the ability to apply knowledge of core business disciplines including accounting, finance, information systems, management, marketing, and operations management.
- Goal 5: Our students will demonstrate knowledge and skills appropriate for specialization in their majors.
- Goal 6: Our students will demonstrate an understanding of how research in the business disciplines contributes to knowledge and how such research is conducted.
To print: Right-click and choose “Print,” then follow your browser’s print settings.
To download: Right-click and choose “Print,” then select “Save as PDF.”