Real Estate

Real Estate is a multidisciplinary field, and the real estate major is designed to provide students with an understanding regarding the different disciplines and facets that make up the real estate profession. The real estate curriculum provides students with a solid foundation and helps them develop the specialized skills needed by real estate professionals. The real estate major prepares students for careers in mortgage lending, development, equity investment, brokerage and sales, valuation, consulting, property and asset management, and other specialties.

REAL ESTATE MAJOR

Lower-Division Preparation for the Major (22-23 Units)

ACCT 201   Principles of Financial Accounting
  • Introduction to accounting records, their purpose and use, emphasizing the establishment of a solid conceptual background. Accounting procedures for specific asset, liability, and owner’s equity accounts are also examined from the point of view of users of financial statements. Prerequisite: Sophomore standing.
ACCT 202   Principles of Managerial Accounting
  • Introduction of managerial accounting information for planning, controlling, and making decisions within a firm. Current changes to the business environment and their impact on accounting is also presented. Prerequisites: ACCT 201 and ITMG 100 (or concurrent enrollment).
ECON 101   Principles of Microeconomics
  • An introduction to consumer behavior and the theory of the firm. Topics include the demand behavior of households, the supply behavior of business firms, an introduction to market structure, and the workings of input markets.
ECON 102   Principles of Macroeconomics
  • The study of the operation of the American economy in an international setting, examining the interaction of households, business firms, government, and the rest of the world in resource, product, and financial markets. Topics include national income accounting and analysis, business fluctuations, inflation, unemployment, and monetary and fiscal policy. Prerequisite: ECON 101.
ECON 216   Statistics for Business and Economics
  • A systematic exposure to the issues and problems of applying and interpreting statistical analyses of business situations. Topics include descriptive statistics, probability, random variables and their distributions, statistical inference, multiple regression and residual analysis, correlation, classical time-series models, and forecasting. Extensive computer analysis of data. Prerequisite: MATH 130 or 150.
ITMG 100   Information Systems
  • An introduction to computer-based information systems and their role in business and other organizations. Topics include information technology, information systems and development concepts, and application software. Emphasis on improving student skills as knowledge workers through the effective use of business productivity software and the Internet. Instructional methods include lecture, case study, hands-on projects, and student presentations.
MATH 130   Survey of Calculus
  • A terminal mathematics course giving an introduction to the concepts and techniques of elementary differential and integral calculus. Note 1: This course is not equivalent to MATH 150, and will not serve as a prerequisite to MATH 151. Prerequisite: MATH 114 with a grade of C– or better, MATH 115 with a grade of C– or better, or pass Level 2 mathematics placement exam within the previous year. (every semester)
or MATH 150   Calculus I
  • Fundamental notions of analytic geometry, differential and integral calculus with elementary applications; historical references. Prerequisite: MATH 115 with a grade of C– or better, or pass Level 2 mathematics placement exam within the previous year. Students without a solid trigonometry background are strongly recommended to take MATH 118 prior to or concurrently with MATH 150. (every semester)

Note:  Student must have completed 60 units to take upper-division courses.

Upper-Division Business Component for the Major (24 Units)

  • DSCI 300   Prescriptive Business Analytics
  • An introduction to model formulation and solution techniques emphasizing their applications in decision making. Topics may include linear programming, transportation and assignment models, Markov analysis, network analysis, PERT/CPM methods, queuing models, and decision analysis. Prerequisite: ECON 216.
  • DSCI 303  Operations Management
  • An introductory analysis of operations, planning, control, and improvement in services and manufacturing industries. Topics may include forecasting, process design, scheduling, inventories, JIT, productivity measurement, quality management, and learning curves. Prerequisite: ECON 216 and DSCI 300.
  • ETLW 302 Business and Society
  • This course examines principles of social responsibility, ethics, law, and stakeholder theory as they apply to organizations domestically and abroad. Coverage includes business ethics; individual versus societal interests; labor and employment issues; consumer protection; discrimination and diversity; the natural environment; politics, public policy, and government regulation of business. Particular attention is given to developing moral reasoning skills. Meets the requirements for the Environmental Studies minor. Prerequisite: MGMT 300.
  • ETLW 311 Business Law I 
  • Covers the fundamentals of United States law and legal system, relationship of law to ethics, criminal law, torts, contracts, agency, risk management, insurance, and hiring and managing an attorney. Special emphasis is given to preventing legal problems and resolving conflicts in business for business practitioners. Systems and methods of dispute resolution are considered, including negotiation, mediation, arbitration, and the U.S. judicial system, including small claims court.
  • FINA 300  Financial Management
  • This course is an introduction to the fundamental principles that guide the financial manager in making asset management, valuation and financing decisions. Topics include ratio analysis, time value of money, stock and bond valuation, risk and return (CAPM), capital budgeting, financial planning, cost of capital and options. Pre-requisites: ACCT 201, ECON 102, ECON 216
  • MGMT 300 Organizational Behavior
  • The study of human behavior in organizational settings. Examines the interface between human behavior and the organizational context, and presents frameworks for managing people in the organization. Topics addressed include perceptual processes, personality, learning, motivation, attitudes, stress, group dynamics, intergroup behavior, conflict, power, politics, leadership, and cross-cultural implications. Behavioral science concepts are applied through self-assessment, case studies, and experiential exercises.
  • MGMT 490 Strategic Management
  • This course develops skills in problem analysis and decision making in areas of corporate strategy and business policy. It is the integrating course of the undergraduate program and will concentrate on the application of concepts through case studies. Open only to last-semester graduating seniors.
  • MKTG 300 Fundamentals of Marketing
  • The objective of this course is to introduce students to the important issues undertaken by marketers within a socially responsible and ethical framework. The students will learn the marketing vocabulary and basic elements of a marketing analysis. Upon completion of the course they will have developed the knowledge necessary to prepare a well-thought-out marketing plans. Prerequisites: ECON 101.
  • Real Estate Component for the Major (15 Units)

    Upper Division Required Courses* (9 units):

    REAL 320 Principles of Real Estate
  • The study of principles and practices surrounding real estate assets within the U.S. financial markets. Includes an investigation of urban economic forces on financing, investment, and valuation decisions, and legal effects on market efficiency. The ethical implications of real estate principles and practices will be emphasized. This course fulfills one of the requirements for both the Sales Agent and the Broker's License issued by the California Department of Real Estate.
  • REAL 327 Legal Aspects of Real Estate
  • The study of the historical, foundational, and fundamental legal principles involving both commercial and residential real estate. An exploration of issues, case studies, and current events in the area of real estate law and ethics in the real estate marketplace. Special emphasis is given to transactions, investments, and the development of real estate, as such relates to contracts, land use requirements, environmental concerns, and risk management matters. This course fulfills one of the requirements for the California Department of Real Estate Broker examination.
  • And ONE of the following:

    REAL 325 Financing Residential Real Estate or
  • An overview course that explains with real-world examples how America's residential real estate finance markets operate and interact with one another. Provides an understanding of how technology is rapidly changing borrowers' ability to "shop" for mortgages and how lenders offer their products and services. Covers the entire array of mortgages available to consumers, where loans can be obtained, and what happens to loans after they are made. Places U.S. mortgage markets into a global context. The ethical dimensions of financing real estate will be brought to the forefront of classroom discussion. Prerequisite: FINA 300.
  • REAL 326 Commercial Real Estate Finance and Investment
  • An introduction to the core principles and analytical tools useful for making investment and financing decisions regarding commercial real estate. The course reviews the fundamental financial concepts that are critical to real estate decision making; compares and contrasts different types of commercial real estate; discusses the techniques that are commonly used to determine the value of a commercial property; and introduces the various ways to finance real estate acquisitions.It also describes the roles of traditional sources of commercial real estate capital, as well as the proliferation of newer financial products.Prerequisite: FINA 300
  • It is strongly recommended that a real estate major take REAL 320 before taking other upper-division required or elective courses.
  • Upper Division Elective Courses (6 units):

    REAL 325 Financing Residential Real Estate
  • An overview course that explains with real-world examples how America's residential real estate finance markets operate and interact with one another. Provides an understanding of how technology is rapidly changing borrowers' ability to "shop" for mortgages and how lenders offer their products and services. Covers the entire array of mortgages available to consumers, where loans can be obtained, and what happens to loans after they are made. Places U.S. mortgage markets into a global context. The ethical dimensions of financing real estate will be brought to the forefront of classroom discussion. Prerequisite: FINA 300.
  • REAL 326 Commercial Real Estate Finance and Investment
  • An introduction to the core principles and analytical tools useful for making investment and financing decisions regarding commercial real estate.  The course reviews the fundamental financial concepts that are critical to real estate decision making; compares and contrasts different types of commercial real estate; discusses the techniques that are commonly used to determine the value of a commercial property; and introduces the various ways to finance real estate acquisitions.  It also describes the roles of traditional sources of commercial real estate capital, as well as the proliferation of newer financial products.  Prerequisite: FINA 300
  • REAL 328 Commercial Real Estate Valuation
  • An overview of real estate valuation techniques. The fundamentals of income capitalization, sales comparison and cost approaches to appraisal theory are discussed using practical examples. Through the use of commercial real estate software valuation tools (ARGUS Financial Analysis), participants will gain the understanding of appraisal procedures used to analyze data and derive value estimates for every category of income-producing property. The importance of ethical judgment and industry standards will be emphasized along with the reconciliation process and preparation of the final appraisal report. Prerequisite: FINA 300.
  • REAL 329 Real Estate Development
  • This course presents an overview of the real estate development process. Emphasis will be placed on how to evaluate and quantify risk, and how to assess it in light of the development opportunity. The course will help students develop the skills necessary for successful involvement in development at the entry, corporate and entrepreneurial level. Specific topics include land acquisition, due diligence, market analysis, the entitlement process, building design, construction, financing, leasing, management, and disposition. Cases will be used to reinforce and explain the various and often politically sensitive aspects of the real estate development process. Prerequisite: two of the upper division required courses. *
  • REAL 494 Real Estate Market Analysis
  • This course deals with the role, importance and the process of market analysis in real estate. The course is divided into two sections. The first section deals with market analysis as a tool for decision makers to examine the economic environment of their potential real estate investment, the current market trends and future outlook for real estate. The second section covers in a detailed way how the feasibility of a real estate project is determined across different property types. The course uses the highest and best use analysis to determine any project's feasibility. All aspects of feasibility are discussed in detail including physical, legal and financial. The course focuses on using research methodologies to define the scope of analysis; identify data needs; collect information from various sources, including on-line resources; and interpret the results. Applications to different property types are discussed. The learning from this course is integral to all stake holders in real estate.
  • REAL 494 Management of Real Estate Assets
  • This course provides an overview of the management of real estate assets, from multifamily and specialized housing to office, industrial and retail properties. It covers owner, tenant and vendor relations, marketing and leasing, operations, risk management and "green" issues. The course also discusses long-term strategies that may influence a property's financial and physical structure. It highlights how effective and efficient management increases the value of a real estate investment.
  • BUSN 498 Pre-Approved Real Estate related Internship
    • Experiential learning working in a business, government, or nonprofit organization. Placements provide the opportunity for practical application of business, economics, and accounting principles. See schedule of classes for special meeting times. This course may not be repeated for credit. Prerequisite: senior business, accounting, or economics majors only; junior business administration, business economics, accounting, or economics majors with 75 units; and senior business administration, accounting, or economics minors with consent of instructor. Prerequisite: two of the upper division required courses.*
    • Any pre-approved elective. See pre-approved upper-division elective list below.

    * A course taken to satisfy the major's upper division required course component may not be counted toward the major's upper division elective component.

    Pre-Approved Upper-Division Elective Courses (you may take up to 3 units)

    Current pre-approved upper-division electives in the School of Business Administration that are complementary to real estate are listed below.

    • ECON 310 Money and Banking
    • A study of the structure, regulation, and performance of the banking industry in the United States, focusing on the strategy and procedures of the Federal Reserve System. Examines the problems encountered by the Federal Reserve System in trying to achieve its goals. Prerequisite: ECON 102.
    • ECON 329 Real Estate Economics
    • An analysis of the economic principles that underlie the market for real estate. Topics include an evaluation of land resource requirements, input-output analysis in land use, economic foundations of valuation of land and improvements, taxation issues in real estate, and land use policy. Prerequisite: ECON 101.

    Real Estate Minor

    Residency Requirements

    The real estate major requires that a minimum of 24 upper-division units in the major be completed at USD.

    Successful completion of the Professional Development Passport Program is also a requirement for graduation for all Business majors.