MS in Real Estate Learning Outcomes
Outcomes may be applicable for ¿Û¿Û´«Ã½ and/or Undergraduate programs
The following student learning outcomes prepare students with the concepts and skills required to actively engage in the professional field of real estate. The learning outcomes provide students with multiple pathways to success that draw on related fields among the University’s variety of schools and programs including Architecture, Planning, Preservation, Law, Business, Engineering, Construction Management, Science, Humanities, Justice Studies, and University College. Students in the real estate program must demonstrate an understanding or ability for each learning outcome as defined below. Student work products, that demonstrate understanding or ability, are evidence that the students achieved the learning outcome.
The learning outcomes encompass two levels of accomplishment[1]:
Understanding – The capacity to classify, compare, summarize, explain, and/or interpret information.
Ability – Proficiency in using specific information to accomplish a task, correctly selecting the appropriate information, and accurately applying it to the solution of a specific problem, while also distinguishing the effects of its implementation.
REALM A: Fundamental Knowledge
Foundational knowledge in the subject matter, systems, and processes that are central to the field of real estate.
REALM B: Specialized Skills and Knowledge
Goal: Skills and knowledge for professional practice in real estate.
REALM C: Integrated Practice
Goal: Knowledge of multidisciplinary subject matter and perspectives of real estate using research skills and implementing integrated solutions in practice.
REALM D: Professional Development
Goal: Developing professional skills for real estate practice.
REALM A: Fundamental Knowledge
Foundational knowledge in the subject matter, systems, and processes that are central to the field of real estate.
A.1 Environment and Climate
A.1.1 Understanding of the environmental indicators of climate change related to the built environment and their mutual impacts.
A.1.2 Ability to evaluate environmental risk to buildings and land and develop solutions.
A.2 People and Community
A.2.1 Understanding of the economic and social factors that contribute to healthy and safe communities with vibrant economies.
A.2.2 Understanding of the various stakeholders in a development process for private and public real estate projects.
A.2.3 Understanding of the theories of community participation and engagement that can be used to create equitable planning outcomes for a real estate project.
A.2.4 Ability to distinguish the economic and social implications of real estate investment and development decisions for multiple stakeholders.
A.3 History and Theory
A.3.1 Understanding of the interdisciplinary nature of real estate and how the field contributes to broader economic, environmental, regulatory, and social systems.
A.3.2 Understanding of the development and land use patterns of communities, cities, and regions and their social, economic, and regulatory determinates.
A.3.3 Understanding of the history of government policies, programs, and institutions that have contributed to or alleviated inequitable patterns of development.
A.3.4 Understanding of regional building traditions and architectural history.
A.4 Regulatory and Legal Issues
A.4.1 Understanding of federal, state, and local policies and programs that shape decision-making in real estate development processes.
A.4.2 Understanding of the legal concepts and contract principles in buying, selling, and leasing buildings, land, and infrastructure.
A.4.3 Understanding of legal concepts of property development including zoning, entitlements, and condemnation.
A.5 Economics
A.5.1 Understanding of the role of the real estate sector in the national and global economies and how real estate impacts individual wealth and opportunity.
A.5.2 Understanding of the practical and theoretical perspectives on real estate markets and their micro- and macro-economic dynamics.
A.5.3 Understanding of market analysis techniques for evaluating residential and/or commercial real estate.
A.5.4 Ability to conduct market analysis with relevant data to measure the supply and demand for residential or commercial real estate.
REALM B: Specialized Skills and Knowledge
Goal: Skills and knowledge for professional practice in real estate.
B.1 Finance
B.1.1 Understanding of real estate investment and finance practices.
B.1.2 Understanding of property valuation techniques including comparison of market value, cost, and income approaches.
B.1.3 Understanding of the financial feasibility of a real estate project.
B.1.4 Understanding of negotiation strategies regarding the financial elements of a real estate transaction.
B.1.5 Understanding of development, finance, and operating proforma statements.
B.1.6 Ability to prepare development, finance, and operating proforma statements.
B.2 Design
B.2.1 Understanding of factors that support design decisions in projects.
B.2.2 Understanding of the processes that architects use to develop a project including schematic design, design development, construction documents, bidding and negotiation, and construction administration.
B.2.3 Understanding of sustainable and resilient building and site design principles.
B.2.4 Understanding of preservation principles and the processes of adaptive reuse in the built and natural environment.
B.2.5 Understanding of urban design principles and the role of the public realm in real estate development projects.
B.3 Construction
B.3.1 Understanding of how to plan the completion of a construction project using new technologies and emerging approaches.
B.3.2 Ability to evaluate construction documents for planning and management of the development process.
B.3.3 Understanding of construction project cost proposals.
REALM C: Integrated Practice
Goal: Knowledge of multidisciplinary subject matter and perspectives of real estate using research skills and implementing integrated solutions in practice.
C.1 Understanding of the social and political issues and contemporary challenges in the real estate development process.
C.2 Understanding of the phases a project including pre-development, construction, operations, and sale.
C.3 Ability to apply tools and techniques to manage and coordinate a real estate project.
C.4 Ability to effectively articulate idea, information, and proposals.
C.5 Ability to conduct a real estate feasibility analysis for a client based on the application of tools and techniques from economic, financial, regulatory, environmental, and community impact research and data.
REALM D: Professional Development
Goal: Developing professional skills for real estate practice.
D.1 Understanding of the multiple professional opportunities in real estate and their required qualifications.
D.2 Understanding of social equity and diversity in real estate practice.
D.3 Understanding of the ethical issues involved in professional practices.
D.4 Ability to effectively provide leadership and interpersonal communication skills in collaborative professional settings.
D.5 Ability to work with professionals engaged in real estate, as demonstrated through practical experience.
[1] Taxonomy for Learning, Teaching and Assessing: A Revision of Bloom’s Taxonomy of Educational Objectives. L.W. Anderson & D.R. Krathwold, Eds. (New York; Longman 2001).
