2024-2025 Academic Catalog

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Real Estate (REAL)

REAL 1004 - Discovering Real Estate (2 credits) 

First year experience for the Program in Real Estate. Academic planning, career exploration, and resources for academic success. Leadership, team building, communication and problem solving in the real estate industry. Role of ethics in the profession. Introduction to peer and professional mentors.

Instructional Contact Hours: (2 Lec, 2 Crd) 
REAL 1014 - Careers in Real Estate (1 credit) 

Provides an overview of multiple facets of the industry and highlights potential real estate careers. Examines academic training and specific skills needed to integrate knowledge from different real estate disciplines Provides an understanding of ethical leadership and pathways to achieve professional success through utilizing professional skills. Pre: First year or sophomore standing.

Corequisite(s): 2004 or UAP 2004. 
Instructional Contact Hours: (1 Lec, 1 Crd) 
REAL 1024 - Real Estate: The REAL Deal! (3 credits) 

Explore the dynamic world of real estate with a multifaceted understanding of the field. Delve into the history of real estate and compare the fundamentals of real estate across real estate product types. Investigate zoning and design a spatial real estate zoning plan. Differentiate strategies for financial success in real estate, while examining the influence of government on the industry. Engage in discussions that use real estate to solve complex social problems while analyzing issues of identity and equity. Debate diverse outcomes and potential future developments within the ever-evolving landscape of real estate.

Pathway Concept Area(s): 6D Critique & Prac in Design, 7 Identity & Equity in U.S., 10 Ethical Reasoning 
Instructional Contact Hours: (3 Lec, 3 Crd) 
REAL 2004 - Principles of Real Estate (3 credits) 

Introduction to real estate, including markets, land use planning and zoning, development, finance, construction, sales, marketing, management and property valuation. Examines the key actors and processes in each of these areas. Explores major public policies impacting real estate

Instructional Contact Hours: (3 Lec, 3 Crd) 
Course Crosslist: UAP 2004 
REAL 2024 - Principles of Real Estate Sales (1 credit) 

Preparation for the Virginia Salesperson License Exam. Residential real estate sales, mortgages and deeds of trust, types of mortgages, liens, real property management, land use controls, deed restrictions, real estate laws, mandated disclosure, property tax and Real Estate Board Regulations. Pass/Fail only.

Prerequisite(s): REAL 2004 or UAP 2004 
Instructional Contact Hours: (1 Lec, 1 Crd) 
REAL 2034 - Real Estate Data Analysis (3 credits) 

Overview of statistical analysis for use in the real estate market. Introduction of statistical tools and skills needed to draw conclusions from the data. Understanding data, coding and preparing the data, probability and inference, and special topics in inference including insights to inform ethical management and investment decisions.

Prerequisite(s): (UAP 2004 and REAL 1014) or (UAP 2004 and FIN 2164) or (REAL 2004 and REAL 1014) or (REAL 2004 and FIN 2164) or CEE 2834 
Pathway Concept Area(s): 5F Quant & Comp Thnk Found., 10 Ethical Reasoning 
Instructional Contact Hours: (3 Lec, 3 Crd) 
REAL 2044 - Professional Development in Real Estate (3 credits) 

Professionalism in the real estate industry including professional demeanor, interpersonal and intrapersonal skills, lifelong learning and ethics. Exposure to topics related to personal and professional development such as mentoring, networking, leadership, influencing, negotiating, personal improvement, and utilizing technology in a professional manner.

Prerequisite(s): (REAL 2004 or UAP 2004) and (REAL 1014 or FIN 2164) 
Instructional Contact Hours: (3 Lec, 3 Crd) 
REAL 2984 - Special Study (1-19 credits) 
Instructional Contact Hours: Variable credit course 
REAL 3024 - Applied Real Estate Development (3 credits) 

Evaluate zoning and entitlements to understand the feasibility of a real estate development. Recognize the process, stakeholders, and challenges associated with developing diverse types of real estate. Use due diligence research to construct a conceptual site plan. Assess constraints and requirements to select appropriate building design elements. Recognize and implement principles of sustainability in real estate development projects. Describe fundamental principles of the construction phase of development using industry-standard terminology.

Prerequisite(s): (REAL 2004 or UAP 2004) and (REAL 2034 or BIT 2405) and (ECON 2005 or AAEC 1005) 
Instructional Contact Hours: (3 Lec, 3 Crd) 
REAL 3034 - Real Estate Market Analysis (3 credits) 

Identification of real estate market areas and reconciling market supply and demand for investments and developments. Applications of market analyses to product types such as residential, retail, office, industrial, hotels and resorts, and mixed-use real estate projects.

Prerequisite(s): (REAL 2004 or UAP 2004) and (REAL 2034 or BIT 2405) and (ECON 2005 or AAEC 1005) 
Instructional Contact Hours: (3 Lec, 3 Crd) 
REAL 3044 - Financing Real Estate Projects (3 credits) 

Methods and tools for analyzing financial performance of real estate from initial investment to disposition. Sources and uses of both debt and equity capital. Utilizing proformas to assess risks and feasibility. Budgeting for stabilized properties.

Prerequisite(s): (REAL 2004 or UAP 2004) and (REAL 2034 or BIT 2405) and (ECON 2005 or AAEC 1005) 
Instructional Contact Hours: (3 Lec, 3 Crd) 
REAL 3954 - Study Abroad (1-19 credits) 
Instructional Contact Hours: Variable credit course 
REAL 3984 - Special Study (1-19 credits) 
Instructional Contact Hours: Variable credit course 
REAL 4024 - Sustainable Real Estate Development (3 credits) 

Discuss principles of sustainability related to real estate development. Explore industry recognized sustainable rating systems for buildings and infrastructure. Practice project management strategies for scheduling and cost estimating a successful construction project. Identify key building systems and discuss the process for building renovation and construction. Determine the redevelopment potential of an existing site or building. Relate redevelopment principles to sustainable development. Evaluate the advantages and disadvantages of redevelopment projects based on existing conditions. Recognize the long-term economic, environmental, and social impacts of project decision making.

Prerequisite(s): REAL 3024 
Instructional Contact Hours: (3 Lec, 3 Crd) 
REAL 4034 - Real Estate Analytical Methods (1 credit) 

Analytical approaches to contemporary topics and issues in real estate decision making. Content varies. Pass/Fail only.

Instructional Contact Hours: (1 Lec, 1 Crd) 
REAL 4044 - Applied Real Estate Investments (3 credits) 

Advanced concepts and practices in real estate investing with topics including but not limited to advanced real estate financial modeling, investment risk and return analyses, securitization, sources of funding, portfolio management, and risk management strategies.

Prerequisite(s): REAL 3024 and REAL 3034 and (REAL 3044 or FIN 4154) 
Instructional Contact Hours: (3 Lec, 3 Crd) 
REAL 4054 - Real Estate Investment Analysis (1 credit) 

Analyze supply and demand to predict and model future real estate cash flows. Evaluate real estate investments using financial ratios and conduct financial risk sensitivity analysis to inform a real estate development decision. Generate formal real estate developmental reports. Participate in external real estate case competitions to further comprehension of a real estate analysis and report drafting. Restricted to REAL majors.

Corequisite(s): 3034 or 3044. Pass/Fail only. 
Instructional Contact Hours: (1 Lec, 1 Crd) 
REAL 4064 - Real Estate Appraisal (3 credits) 

Application of economic principles to the valuation and appraisal of property including statistical analysis. Cost approach, sales comparison approach and income capitalization approach to conducting appraisal. Appraisal report for evaluating rural property, commercial, residential and transitional. Ethical and professional requirements. Pre: Senior standing.

Prerequisite(s): REAL 3044 or FIN 4154 
Instructional Contact Hours: (3 Lec, 3 Crd) 
REAL 4074 - Residential Real Estate Studio (3 credits) 

Course provides mock, real-world learning in a student-led environment. Design, analyze site and financial feasibility, formulate construction plans, and execute leasing and sale of a residential real estate project. Select a project in consultation with faculty and industry advisors. Work on all elements of the life cycle of a residential real estate project from preliminary design through sale of the developed project.

Prerequisite(s): REAL 3024 and (REAL 3034 or MKTG 4734) and (REAL 3044 or FIN 4154) 
Instructional Contact Hours: (1 Lec, 3 Lab, 3 Crd) 
REAL 4075 - Commercial Real Estate Studio (3 credits) 

Couse provides mock, real-world learning in a student-led, team environment. Teams utilize knowledge from prerequisite courses. Teams undertake year-long projects where they design, analyze site and financial feasibility, formulate construction plans, and execute leasing and sale of complex commercial real estate developments. Teams select projects in consultation with faculty and industry advisors. Work focuses on life cycle of real estate projects from design through sale of development. 4075: topics covered include team building, site/project selection, due diligence, initial site design and market analysis. 4076: topics covered include final site design, financing, construction, leasing and property management, and sale. For majors only, senior standing. Design/Lab Studio.

Prerequisite(s): REAL 3024 and REAL 3034 
Instructional Contact Hours: (1 Lec, 2 Lab, 3 Crd) 
REAL 4076 - Commercial Real Estate Studio (3 credits) 

Couse provides mock, real-world learning in a student-led, team environment. Teams utilize knowledge from prerequisite courses. Teams undertake year-long projects where they design, analyze site and financial feasibility, formulate construction plans, and execute leasing and sale of complex commercial real estate developments. Teams select projects in consultation with faculty and industry advisors. Work focuses on life cycle of real estate projects from design through sale of development. 4075: topics covered include team building, site/project selection, due diligence, initial site design and market analysis. 4076: topics covered include final site design, financing, construction, leasing and property management, and sale. For majors only, senior standing. Design/Lab Studio.

Prerequisite(s): (REAL 3044 or FIN 4154) and REAL 4075 
Instructional Contact Hours: (1 Lec, 2 Lab, 3 Crd) 
REAL 4754 - Real Estate Law (3 credits) 

Fundamentals of law as it applies to real estate ownership. Rules, rights, and duties of owners of real estate. Elements of contract law and legal documents, including acquisition and disposal of property, leases, and agreements with third-party service providers. Implications for real estate taxation. Pre: Junior standing.

Instructional Contact Hours: (3 Lec, 3 Crd) 
REAL 4964 - Field Study (1-19 credits) 
Instructional Contact Hours: Variable credit course 
REAL 4974 - Independent Study (1-19 credits) 
Instructional Contact Hours: Variable credit course 
REAL 4984 - Special Study (1-19 credits) 
Instructional Contact Hours: Variable credit course