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Master of Business Administration in Real Estate Development

The MBA in Real Estate Development emphasizes a multi-disciplinary, integrated approach to the study of real estate. The program's comprehensive curriculum includes the study of cash flow analysis, financing, negotiations, operations, development law, planning and design, entitlements and environmental remediation, and public policy.

The program's curriculum emphasizes a multi-disciplinary, integrated approach to the study of real estate. It has the rigor of a traditional MBA program while focusing specifically on the real estate development industry. The curriculum is designed so that students can achieve a comprehensive understanding of all aspects of real estate development. This program will provide students with the necessary skills to succeed in the business world, while having a broad perspective on the issues involved in the real estate development process.

The MBA in Real Estate Development program requires that all students join ULI - the Urban Land Institute. Once enrolled in the program, an instructor will provide further information regarding student involvement in the ULI Southeast Florida/Caribbean District Council and the various benefits associated with this membership.

For an outline of this program, please see the Curriculum Guide.

J. Wayne Falbey, D.B.A. - Professor of Management and Real Estate; D.B.A., Nova Southeastern University, 2001. Real estate development process, real estate finance, land use, and project and construction management.

Curriculum Guide  top

Curriculum - M.B.A. in Real Estate Development

Total degree requirements: 43 credits

Each of the following M.B.A. courses are required (18 total credits):

Each of the following Real Estate courses are required (21 total credits):

Capstone Course Requirement (4 total credits):

For a description of these courses, including prerequisite requirements, see the Course Descriptions - M.B.A. in Real Estate Development page.

Course Descriptions  top

M.B.A. in Real Estate Development

Full-Time professionals are available to discuss course content in greater detail with you. Simply contact your Admissions Manager at 800.672.7223 Ext. 25168 or use the Contact Us link.

M.B.A. Courses (18 total credits)

MGT 5012     21st Century Management Practices  (3 cr.)

Students will gain an understanding of leading state-of-the-art business theories and will be able to apply them to real-world situations. They will learn to understand and challenge the ideas of 20th century management thinkers, and to practice developing and challenging their own theoretical and applied models and paradigms.

MGT 5020     Managing Organizational Behavior  (3 cr.)

Students will gain a working knowledge of how to manage personal, interpersonal, and group processes by having the interpersonal skills to assume responsibility for leading and promoting teamwork among diverse stakeholders. Students will learn to manage individual and group behaviors in improving organizational productivity and performance. Through experiential learning, students will learn to integrate home, work, and educational observations and experiences and to convert them into proactive practical applications for growth and renewal.

QNT 5040     Business Modeling  (3 cr.)

This course covers the techniques of problem solving, optimization and business modeling using the concepts of statistics and management science in a spreadsheet environment. The course focuses on that practical application of quantitative analytical techniques. Prerequisites: FINP 5008 and QNTP 5002 or equivalents.

ECN 5050     Economic Thinking  (3 cr.)

Students will learn how to use economic thinking in making managerial decisions and motivating others to make decisions that increase the value of organizations. Prerequisites: ECNP 5003 (or equivalent) and QNT 5040.

ACT 5060     Accounting for Decision Makers  (3 cr.)

Students will learn to reconsider accounting information for managerial decision making, and will then take this information and transform it into financial guidelines for deciding among capital ventures, product and service offerings, funding options, and budgets. Prerequisite: ACTP 5001 or equivalent, FINP 5008, and QNT 5040.

MKT 5070     Managerial Marketing  (3 cr.)

Students will gain a working knowledge of marketing management by learning to think strategically and to develop marketing plans aligning marketing initiatives with market opportunities. Students will be able to implement the functional strategies and marketing plans to optimize customer and organizational value. Prerequisite: MKTP 5005 or equivalent.

Real Estate Courses (21 total credits)

REE 5878     Real Estate Development Process  (3 cr.)

This course will be taken upon entry into the program and will be followed by REE 5879 in order to provide the student with an understanding of the overall operation of the real estate development process and the industry. Together these courses will serve as an introduction to the remaining courses in the program, each of which will build in-depth upon one or more aspects of this course and REE 5879. This course focuses on the initial stages of the real estate development process. Course materials, lectures, and cases provide a comprehensive examination of the nature and current state of the development process including market analysis, acquisitions, discounted cash flow analysis, financial feasibility, pro forma building, the use of debt and equity, site selection, due diligence, and interrelationships of the functional components of the process to each other. Deal-making aspects such as negotiation, structuring, and acquisition strategies also will be included. The course consists of lectures, reading assignments, a group project, and a mid-term test and final exam. Invited lecturers include leading practitioners from the industry.

REE 5879     Real Estate Development Process: Part II  (3 cr.)

This course will be taken immediately after successful completion of REE 5878 in order to provide the student with an understanding of the overall operation of the real estate development process and the industry. Together these courses will serve as an introduction to the remaining courses in the program, each of which will build in-depth upon one or more aspects of this course and REE 5879. This course focuses on to the remaining stages of the real estate development process. Course materials, lectures, and cases provide a comprehensive examination of the nature and current state of the development process including advanced pro forma analysis, land development, land use regulation, dealing with the public sector and the community interests, planning and design, construction management, and the life cycle of projects. The course consists of lectures, reading assignments, a group project, and a mid-term test and final exam. Invited lecturers include leading practitioners from the industry. Prerequisite: REE 5878 - The Real Estate Development Process: Part I.

FIN 5880     Real Estate Finance  (3 cr.)

This course will examine macroeconomic effects on the cost and availability of money, investor rates of return, and underwriters' ratios. It will discuss the financial benefits and liabilities of investment in real estate, including cash flows, appreciation, and tax shelter. Financing strategies will be reviewed for both public and private companies and involve traditional sources of capital such as commercial banks, insurance companies, and venture capitalists, as well as relatively new sources such as RElTs, TIF financing, CMBSs, CDDs, MSTUs, and other forms of real estate securitization. The risk/return aspects will be explored with a view toward avoiding the effects of future "credit crunches." Discounted cash flow analysis, development phasing, budgeting, value engineering and enhancement, the impact of leveraging, and the analysis of financial instruments, as well as financial and proforma statements will be included. Prerequisite: REE 5878 must be taken before or concurrently with this course.

MGT 5881     Real Estate Law and Ethics  (3 cr.)

Legal aspects of Real Estate Development including real and personal property, land, air, and water rights, forms or ownership of land, leases and landlord-tenant relationships, business organizations, purchase agreements and closing transactions, mortgages and other liens, transfer of title, legal instruments, and governmental regulation of real estate development with case studies, and a term project. Additionally, this course will examine ethical ramifications of Real Estate Development within the Value Driven Management model.

REE 5882     Land Use Planning and Project Design  (3 cr.)

This course examines the role of planning and design in the development process as the key stage between acquisition and permitting, and its importance in the overall real estate development process. This course is designed to facilitate an understanding of the importance of site planning and product design. Project planning and design combines art and science for arranging uses of parcels of land to achieve their highest and best operational character and profitability. These disciplines involve the efforts of architects, planners, designers, landscape architects, and others in a coordinated effort. Site visits and guest lecturers from the industry will plan major roles in this course. Prerequisite: REE 5879.

REE 5884     Land Use Regulation: Entitlements and Permitting in a Growth-Managed Environment  (3 cr.)

Entitlements and Permitting in a Growth-Managed Environment: This course discusses the legal and regulatory requirements of the entitlement and development approval or permitting process. This includes discussion of laws pertaining to wetlands, endangered species, historical and archaeological sites, air and water quality, hazardous wastes and toxic substances, as well as the purpose, content, and use of environmental impact statements. Issues of Smart Growth and sustainable development are covered. Also covered is the impact on private property rights of land use regulation and growth management through developments of regional impact, comprehensive planning laws, adequate public facilities requirements, concurrency requirements, zoning, and impact fees and other exactions. The course emphasizes strategic thinking and creative approaches to navigating the labyrinth of federal, state, and local laws, rules, and regulations. Primary attention will be focused on growth management and development controls in Florida, but not to the exclusion of other states. Prerequisite: REE 5878.

REE 5886     Managing the Construction Process  (3 cr.)

This course focuses specifically on the stage in the development process that follows entitlements and development permitting and integrates the knowledge learned in previous courses. It is designed especially for real estate development professionals, in both the public and private sectors, who do not work in construction but who need to understand the construction process from excavation to final landscaping. This course will provide the student with a broad foundation in all the essential elements in the life cycle of any construction project, including the basics of contracts and documents, contract pricing, building functions, components, materials and building systems delivery methods, construction sequencing, and types of construction, and considerations in hiring construction professionals, control of cash flow, procurement, management of subcontractors, job records, contract changes and payment procedures. Developing and applying policies and procedures, risk management in the building phase of development project start up and close out techniques, and bid, performance, and payment bonding will be included. Prerequisites: REE 5880 (or FIN 5880) and REE 5885.

Capstone Course Requirements (4 total credits)

REE 5888     Real Estate Development Capstone  (4 cr.)

Upon completing the classroom requirements, the students will be required to attend the ULI Fall Meeting for the four days of discussions, panel sessions, project tours, and meetings. A fifth day will be added onsite for a comprehensive examination, and possible additional presentations by industry spokepersons. Prerequisites: REE 5878, REE 5879, REE 5880, REE 5882, REE 5884, and REE 5886. This class is pass/fail and does not calculate into the student's GPA. This course is not financial aid eligible when taken by itself.

Prerequisite Course Descriptions  top

ACTP 5001     Introductory Accounting  (3 cr.)

An accelerated introductory course stressing the essential elements of accounting skills that will be used in the master's degree program. Managerial uses of accounting data and preparation of financial statements will be covered in this course. Course satisfies program prerequisite of financial accounting for master's degree programs.

QNTP 5002     Introductory Statistics  (3 cr.)

This course satisfies the prerequisite of statistics for master's degree programs. The concepts of statistical notation, probability are covered as well as the principles of estimation using the central limit theorem.

ECNP 5003     Introductory Economics  (3 cr.)

This course is designed to acquaint the student with economic issues of the day (e.g., inflation and recession as they affect family and national income). Students will recognize relationships among prices, wages, profits, and supply and demand as they influence daily lives. Course satisfies program prerequisite of economics for master's degree programs.

MKTP 5005     Introductory Marketing  (3 cr.)

This is a survey of the essentials of marketing. Covers the nature of marketing and its environment, selecting target markets, marketing research, customer behavior, and forecasting sales. Emphasis on marketing strategy planning. Course satisfies the program prerequisite of marketing for master's degree programs.

FINP 5008     Business Finance  (3 cr.)

A survey of the essentials of finance and its environment. Financial management as it applies to organizations, ratio analysis, leverage, working capital management, capital budgeting, capital structure, and other concepts as they apply to business organizations. Course satisfies program prerequisite of finance for master's degree programs.