The Master of Science in Real Estate (M.S.R.E.)
The M.S.R.E. degree offers a curriculum that develops the specialized skills needed by real estate professionals. Through an interactive approach, the program provides students with the leadership, communication and interpersonal skills necessary to compete for real estate careers at the middle-to upper-management levels or become real estate entrepreneurs.
Through the use of personalized teaching methods, including numerous “live” project-based courses, students gain a full appreciation and comprehension of the many different facets of the real estate profession. Specifically, the M.S.R.E. program produces graduates who have:
- Decision-making skills, including financial and quantitative analysis
- Negotiating skills and an understanding of the ethical conduct issues in the real estate profession
- Business writing, critical thinking, and problem solving skills
- Oral communication and interpersonal skills
- Technology-related skills, including ARGUSTM, CoStar®, and other real estate databases
Real estate is a multi-disciplinary field and the M.S.R.E. focuses on providing students with a solid foundation comprised of the many different disciplines and components that comprise the real estate profession. Discussion of the political and social implications of real estate decisions, as well as their ethical dimensions, is incorporated throughout the curriculum. The program is built on the reputation and strengths of the USD School of Business Administration and its Burnham-Moores Center for Real Estate, emphasizing leadership skills, negotiations, ethical decision-making and professional competencies.
Qualifications for Admission
- College or university degree transcripts (officially sealed) with minimum 3.0 GPA
- GMAT score with a minimum of 550
- Three (3) recommendation forms: one academic preferred
- Statement of interest in a real estate career (no longer than 2 pages, double spaced, 11 pt. font)
- Complete application form with signature
- Interview (in person or by phone) with Center staff
- Résumé Application fee of $45
- International students are required to take the TOEFL test
- Application filing date is early March (see www.usdrealestate.com for exact date)
- Notification date is early April
Those who are interested in this program should request an application form from the M.S.R.E. office at (619) 260-4150 or e-mail realestate@sandiego.edu.
Requirements for the M.S.R.E. Degree
Courses (all required; open only to M.S.R.E. students)
MSRE 500 – The Real Estate Process (2)
MSRE 501 – Residential Finance and Housing Policy (3)
MSRE 502 – Real Estate Law, Ethics, and Public Policy (3)
MSRE 503 – Commercial Real Estate Finance and Investment (3)
MSRE 504 – Urban Land Economics (2)
MSRE 505 – Negotiations and Ethical Issues in Real Estate (3)
MSRE 506 – Strategic Management of Real Estate Assets (2)
MSRE 507 – Urban and Suburban Development Process (3)
MSRE 508 – Commercial Real Estate Valuation (3)
MSRE 509 – Commercial Real Estate Capital Markets (2)
MSRE 510 – Real Estate Feasibility Analysis (3)
MSRE 511 A, B, C – Real Estate Seminar Series (3)
Total: 32 units
Course Descriptions
Please Note: Course descriptions list the course number, the course title and the number of semester-units in parentheses.
MSRE 500 The Real Estate Process (2)
An intensive week-long first course introduces basic real estate fundamentals to provide an overall foundation. Highlights the crucial role of being a socially responsible, ethical real estate professional in shaping communities for future generations. Provides training in the different technology-related tools used throughout the program (financial modeling with Excel, etc.) as well as beginning team building and networking within the student cohort. Key real estate professionals serve as guest speakers and highlight the many different disciplines comprising the real estate process.
MSRE 501 Residential Finance and Housing Policy (3)
Provides an overview of real estate markets, financing mechanisms, and the funding institutions. Emphasis is on residential markets with attention to land use and planning issues as well as housing policy issues (especially for San Diego County). This course will include a brief introduction to commercial financing. It will also provide opportunities to interact with real estate professionals through outside speakers, field trips and conferences or meetings involving real estate executives.
MSRE 502 Real Estate Law, Ethics and Public Policy (3)
Provides historical foundation and fundamental legal principles affecting real estate. Uses case studies and current events in real estate law and ethics to explore critical issues in the real estate marketplace. Special emphasis is given to transactions, investments, and development of real estate as related to contracts, ownership, transfer, land use and environmental issues. Required readings, document reviews, class discussions, applied research, presentations and outside speakers enable a practical understanding of ethical principles and legal implications that impact real estate involving residential and commercial real properties, environmental concerns, and risk management matters.
MSRE 503 Commercial Real Estate Finance and Investment (3)
Introduces core concepts, principles, analytical methods, and tools useful for making finance and investment decisions regarding commercial real estate assets. Uses a multi-disciplinary approach to vigorously study the financial, spatial and social economics of commercial real estate. Builds a cohesive framework to analyze complex real estate finance and investment decisions emphasizing fundamentals of property markets and financial markets (primary emphasis on “Main Street” deals rather than Wall Street).
MSRE 504 Urban Land Economics (2)
Real estate can be viewed as a consumption good, an investment good, or an input in the production process, and thus plays an important role in defining urban land use and the resulting development of real estate within a community. Examines physical constraints placed on land use within the framework of physical and biological limitations, technological and economic limitations, and political and institutional limitations. Studies economic considerations associated with acquisition, development, management and use of real estate, concluding with institutional roles.
MSRE 505 Negotiations and Ethical Issues in Real Estate (3)
Negotiations are central to most decisions made about a real estate asset starting from the original acquisition agreement to the lease agreement, operations and management, as well as disposition; and these often confront the parties involved in ethical dilemmas. This course explores the science and art of negotiation with “science” learned largely through readings and discussions, and “art” learned through experience gained in simulated real estate negotiations where students examine the ethical dilemmas facing various parties to a transaction.
MSRE 506 Strategic Management of Real Estate Assets (2)
Examines strategic and tactical risk management strategies for real estate assets involving ownership entities including: individuals, institutional investors, and businesses. Emphasizes how asset management can directly affect cash flows and therefore the underlying value of a single asset or a portfolio of assets. Topics include financing and refinancing opportunities and techniques, designing a tenant mix, marketing strategies for leasing the asset, creating and implementing repositioning strategies, planning capital expenditures, budget and management reporting, cost control and operations strategies. Considers role of real estate in a corporation including its relationship to the strategic plan and balance sheet; its place in corporate mergers; and its programming, procurement, investment, management and disposal.
MSRE 507 Urban and Suburban Development Process (3)
Provides a step-by-step analysis of phases involved in the real estate development process including original product conceptualization based on market research, site acquisition, entitlement process, construction process, financing, and marketing (lease-up), of the property. Leadership, management and control of the development teams will be highlighted. Land use theory, traditional and contemporary metropolitan development patterns, transportation and environmental issues also discussed. Consideration given to impact of decision choices, investment objectives, changing technology, telecommunication, and socioeconomic and market activities on the development process and the success of a real estate project.
MSRE 508 Commercial Real Estate Valuation (3)
Focuses on the theory and practice of real property valuation beginning with fundamental concepts of real estate appraisal, then gaining practical experience by completing an appraisal and analysis of an investment property in San Diego. Teams are assigned an industry mentor who provides the appraisal project and coaches the data gathering process. Concludes with team presentations of their appraisal projects to a panel of judges. Employs the ARGUSTM financial software and various real estate market databases such as CoStar® properties to complete the valuation.
MSRE 509 Commercial Real Estate Capital Markets (2)
Examines the major players, investment criteria and deal structures available within the capital markets (both debt and equity) for the real estate investor. Analyzes roles of traditional sources of real estate capital, as well as the proliferation of newer financial products, with a focus on the risk or return parameters for the various sources of capital.
MSRE 510 Real Estate Feasibility Analysis (3)
Teams work on a live feasibility-consulting project in the San Diego region providing the “client” with a professional presentation and a report at the end of the term. Projects will vary so that the entire class will be exposed to several different kinds of real estate challenges. The unique attributes of alternative real estate assets will be explored. Helps develop problem-solving and consulting skills essential for success in determining real estate feasibility.
MSRE 511 A, B, C Real Estate Seminar Series (Three 1-unit sessions)
A series of three courses designed to bridge the academic or practitioner gap by providing student interaction with regional, national and international real estate experts. These courses are structured as a weekend seminar format that will be held three times per year. Topics vary depending on the speakers, but the focus is on large-scale real estate development or investment cases where critical players are the presenters or moderators of the sessions.
