The NYU Schack Institute of Real Estate curriculum is broken down into three tiers. According to the schools website, Tier I courses lay the groundwork for understanding the legal and accounting environment in which transactions take place, as well as the macro forces underlying current and future demand for the various forms of real estate.
In Tier II courses, you learn to analyze demand for a particular property type at a specific location and the various options for financing that property. The Development Process course brings real estate and construction management students together to examine every phase, from concept through the harvest of the property. You also learn to develop your own negotiating style and explore the range of options within the arena of alternative dispute resolution, including mediation and arbitration.
In Tier III, you acquire a solid grounding in the broader public equity and debt markets, and learn the financial analysis and cost of capital metrics that are employed on Wall Street. You examine the world of securitized real estate and the global capital markets.
Lastly, each student is required to major in one of three disciplines, Development, Finance and Investment, or Strategic Real Estate Management. A concentration consists of two courses plus one elective course. Each concentration also includes a capstone course.
A Capstone course in each concentration encompasses and applies all prior coursework, engaging you in the production of a professional-quality project or proposal.
I feel the program is presented in an intuitive and logical format. It’s imperative that each student gain a level of expertise in the tier I courses, as the information will be expanded upon in the later courses. You have to know how to walk before you can run.
In the spring semester I will be taking three of the four tier I courses;
Principals of Real Estate Accounting and Taxation – This course provides students with an understanding of the uses of accounting in the real estate and construction industries. It reviews concepts, principles, rules, regulations, and reporting requirements and the accounting and tax procedures needed to understand financial statements related to management, operations and investments, including income tax analysis. As such it provides a first introduction to the Time Value of Money concept and to Appraisal.
Legal Principals and Practices – This course teaches students the principles and instruments of real property and construction law, as well as when and how to utilize the legal system. It reviews the contracts and issues that arise in the course of construction, development, ownership and operations and examines the roles, rights, obligations and liabilities of the major parties involved in transactions including the owner, architect, engineer, contractor and allied professionals.
Required Text – Real Estate Principals by Charles J. Jacobus
Although these first two courses will undoubtedly be very mundane and technical, it’s vital that I have a firm grasp on the underlying principals, as the information will be expanded upon in other courses and into the professional world. As an undergrad I hated my accounting course and did just enough work to pass the class. I came out with an average grade and little knowledge of accounting principals. I will not make the same mistake twice, I believe these are two of the most important concepts in real estate and by the completion of the course I’ll know them like the back of my hand.
My third Tier I course is Real Estate Finance – This course covers the debt and equity financing of real estate with particular emphasis on income-producing property. It identifies and explains the legal instruments involved in mortgage underwriting and lending; the role of government in the financing of commercial and residential real estate; sources of both private and public debt and equity capital, and the financing of real estate construction and development activity. The course analyzes income property cash flows, the valuation of property, the measurement of investment returns and the impact of debt leverage and income taxes.
Required Text – Real Estate Finance & Investments by William B. Brueggeman
In addition to these three courses I am also taking a graduate writing workshop – Students will gain knowledge on brainstorming strategies, an essay’s focus or purpose and coherent organization. As well as techniques for research and how to incorporate research evidence and reasoned warrants into their work, while studying proper documentation and avoidance of plagiarism. Writing literature reviews and thesis proposals.
In any business the ability to write and convey your thoughts clearly is a coveted skill. In real estate, whether it’s trying to attract investors, dealing with local government, or simply selling a property, the ability to write and speak well is extremely important. Admittedly, I am a lousy writer. However, through this class and continued writings in this blog I am determined to improve. I don’t care whether you are the next Shakespeare, you can always get better.
I am excited to begin the semester and become a true student of the game.
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