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The University of Texas at Arlington
Vol LXXXVII - July 2004
Graduate Catalog 2004-2006
 
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     Note: This Catalog is superseded by the 2005-2006 Catalog.

Department of Finance and Real Estate

department web page: www2.uta.edu/finance/
department contact: www2.uta.edu/finance/Finance_pages/fin_contactinfo.htm
graduate web page:
graduate contact:

Chair

J. David Diltz
434 Business
817.272.3705

College of Business Administration Overview
M.S. in Real Estate - Admissions Requirements | Degree Requirements
Graduate Certificate in Real Estate Development - Admission | Course Requirements
Courses: FINA, REAE

Areas of Study and Degrees

Real Estate
M.S.
Graduate Certificate in Real Estate Development

Business Administration
M.B.A., Ph.D.
(See Program in Business Administration)

Master's Degree Plans

Thesis and Non-Thesis

Graduate Advisors

M.S. Real Estate
Graduate Certificate in Real Estate Development

Matthew L. Cypher
434 Business, 817.272.3705

MBA - Finance
MBA - Real Estate

Mike West
107 Business, 817.272.3005

Ph.D. Coordinator

Salil K. Sarkar
434 Business, 817.272.3705

Graduate Faculty

Professors

Apilado, Diltz, Panton, Swanson

Associate Professor

Sarkar

Assistant Professors

Gallo, Hansz, Sabherwal

M.S. in Real Estate

Objective

The Department of Finance and Real Estate participates in several graduate degree programs including the Ph.D. in Business Administration, the Master of Business Administration and the Master of Science in Real Estate. In the Ph.D. in Business Administration courses in finance and real estate prepare students for careers in teaching, research, business, and government. Concentrations in both finance and real estate are offered in the M.B.A. program (see Interdepartmental and Intercampus Programs for degree requirements). The M.S. in Real Estate provides students in-depth training in real estate decision making.

The purpose of the Master of Science in Real Estate degree program is to provide students an opportunity to obtain a better understanding of the mechanics of real estate decision making in modern society and a greater depth of training in the discipline of real estate decision making than is possible at the baccalaureate level. The specific objectives of the program are to prepare students for careers in business, government, research, and teaching and for further graduate study. In this program, students are exposed to the theory, research, and practical applications of numerous real estate content areas, including investment analysis, appraisal, real estate development, primary and secondary mortgage markets, and mortgage backed securities. The Master of Science in Real Estate degree program is a specialized degree program designed to build upon the candidate's prior background.

Accreditation

The Master of Science in Real Estate is accredited by the AACSB–The International Association for Management Education.

Admission

Admission to the M.S. in Real Estate (MSRE) program is based upon the completion of the general admission requirements of the Graduate School. For MSRE program admission a score on the Graduate Management Admission Test (GMAT) and record of one's undergraduate academic performance are required. Students for whom English is not their native language must also achieve a TOEFL score of at least 550. International applicants that score below minimum acceptable levels on the verbal portion of entrance examinations may be admitted under the condition that they pass an English proficiency exam or complete U.T. Arlington's Graduate English Skills Program prior to beginning graduate coursework. Applicants are encouraged to submit with their application a resume that highlights professional and personal accomplishments, linguistic abilities, computer expertise and leadership experience. A standardized test score (GMAT) will not be used as the sole criterion for denying an applicant's admission to the MSRE program.

Specifically, multiple criteria are used to make admission decisions. Quantitative measures include an applicant's GMAT score and grade point average as calculated by the Graduate School. These measures are integrated into a formula, or index, that multiplies the grade point average by 200 and adds the total GMAT score. Index factors are weighed equally at the outset of applicant evaluation. A graduate grade point average is used in the index when it is 3.0 or above and is based on at least 24 semester hours.

Along with grade point average and GMAT total score, admission criteria include the following:

  1. GMAT sub scores (verbal and quantitative)
  2. GMAT writing sample
  3. Grades in specified undergraduate business and non-business courses (math, accounting, economics, statistics, for example)
  4. Educational objectives and quality of written expression of the application essay
  5. Letters of recommendation from three persons familiar with the applicant's academic background and/or work experience
  6. Undergraduate major
  7. General and specific program accreditation status of degree granting institution
  8. Professional work experience
  9. Professional certification or licensure

Unconditional Admission

For unconditional admission, the applicant's composite total form the index must be 1080 or higher and items 1 through 5 above should strongly indicate potential for successful academic performance as a graduate real estate student.

Students who are unconditionally admitted, have a minimum undergraduate grade point average of 3.0 as calculated by the Graduate School (or 3.0 at the graduate level), and enroll for a minimum of six semester credit hours will be eligible for available fellowship and/or scholarship support. A standardized test score (GMAT) will not be used as the sole criterion for determining fellowship and/or scholarship eligibility.

Probationary Admission

For an applicant with an index score below 1080, probationary admission may be available when at least three items of 1 through 5 above strongly indicate potential for successful academic performance as a graduate real estate student. Items 6 through 9 will also be used to identify positive indicators for admission. Students who are admitted on probation will have one or more conditions specified, such as no grade less than 'B' for the first 12 hours of graduate study.

Provisional, Deferred and Denied Admission

A provisional decision to admit may be granted when the applicant meets criteria for unconditional or probationary status but one or more applicant credentials are incomplete. A deferred decision may be made when an applicant's file is not sufficiently complete to make a final admission decision.

For an applicant with an index score less than 1040 and at least three items of 1 through 5 indicate lack of potential for academic success as a graduate real estate student, admission will likely be denied. However, all applicant data will be carefully reviewed before an admission denial is made.

Waiver of GMAT Score for Graduate Certificate in Real Estate Development Students

Students who successfully complete the Graduate Certificate in Real Estate Development with a GPA of 3.5 or higher will, upon the recommendation of the Graduate Advisor and the Dean of Graduate Studies, be granted a waiver of the GMAT requirement for their application to the Master of Science in Real Estate program.

Degree Requirements

The program, which can be completed by part-time students who attend classes during the late afternoon and evening hours, is designed to accommodate students with divergent educational backgrounds and career interests. Each student's program of work must be approved by the Real Estate Graduate Advisor and it must contain a minimum of 15 semester hours in approved advanced graduate real estate courses taken at The University of Texas at Arlington.

A minimum of 30 semester hours is required if the student chooses to write a thesis. If the student chooses not to write a thesis, a minimum of 36 semester hours is required. All classes must be approved by the Graduate Advisor in Real Estate. Students who do not have a bachelor's degree in business administration may have to take additional coursework (up to 9 semester hours) to acquire a sufficient general business foundation. Students may have foundation courses waived by the Graduate Advisor if they have completed equivalent courses.

For the students who choose to write a thesis, the six hours of thesis will involve working closely with one or more members of the graduate faculty from the Department of Finance and Real Estate on a research project in a specialized area of interest in real estate.

The required foundation courses include:
ACCT 5301 Accounting Analysis I
ECON 5311 Economic Analysis
FINA 5311 Business Financial Management

The required advanced courses include:
REAE 5311 Real Estate Analysis
REAE 5321 Seminar in Real Estate Investment
REAE 5334 Seminar in Real Estate Appraisal
REAE 5319 Seminar in Real Estate Finance (integrated project course)

Thesis Option
REAE 5698 Thesis


Non-Thesis Option (Three of the following courses)
REAE 5314 Seminar in Real Estate Development
REAE 5392 Selected Topics in Real Estate
REAE 5327 Advanced Real Estate Market Analysis
REAE 5350 Quantitative Methods for Real Estate

Examples of advanced elective courses:
(Nine semester hours are required for the thesis option and 15 semester hours are required for the non-thesis option.)
FINA 5330 Corporate Finance
FINA 5334 Financial Institutions and Markets
FINA 5323 Investments
FINA 5329 Portfolio and Security Analysis
BUSA 5334 Real Property Law
INSY 5335 Applied Database Management

Examples of courses in supporting fields (six semester hours):
CIRP 5305 Land Use, Management, and Development
CIRP 5322 Urban and Regional Economic Development
URBA 5330 Urban and Regional Planning
URBA 5331 Urban Design
ARCH 5333 Construction Methods and Estimating
ARCH 5334 Construction Management
MASI 5330 Nonparametric Statistics
MASI 6302 Applied Linear Statistical Models I
ECON 5312 Macroeconomic Theory
ECON 5337 Business and Economic Forecasting

The six hours of thesis work must be conducted under the supervision of one of the members of the Graduate Studies Committee for the Master of Science in Real Estate Program.


The grade of R (research in progress) is a permanent grade; completing course requirements in a later semester cannot change it. To receive credit for an R-graded course, the student must continue to enroll in the course until a passing grade is received.

An incomplete grade (the grade of X) cannot be given in a course that is graded R, nor can the grade of R be given in a course that is graded X. To receive credit for a course in which the student earned an X, the student must complete the course requirements. Enrolling again in the course in which an X was earned cannot change a grade of X. At the discretion of the instructor, a final grade can be assigned through a change of grade form.

Three-hour thesis courses and three- and six-hour dissertation courses are graded R/F/W only (except social work thesis courses). The grade of P (required for degree completion for students enrolled in thesis or dissertation programs) can be earned only in six- or nine-hour thesis courses and nine-hour dissertation courses. In the course listings below, R-graded courses are designated either "Graded P/F/R" or "Graded R." Occasionally, the valid grades for a course change. Students should consult the appropriate Graduate Advisor or instructor for valid grade information for particular courses. (See also the sections titled "R" Grade, Credit for Research, Internship, Thesis or Dissertation Courses and Incomplete Grade in this catalog.)

Graduate Certificate in Real Estate Development

Objective

In keeping with the mission of The University of Texas at Arlington to provide lifelong learning opportunities, the Department of Finance and Real Estate now offers a Graduate Certificate in Real Estate Development. The Graduate Certificate in Real Estate Development is designed to provide qualified real estate professionals advanced instruction in real estate development and allow them to further their professional development. This post-baccalaureate Certificate provides an educational opportunity that is narrower in scope, and shorter in duration, than graduate degree programs. It is ideal for people transitioning from one sector of real estate into real estate development, or those in the process of satisfying education requirements for various professional real estate licenses.

Admission

Admissions to the Graduate Certificate in Real Estate Development is based upon the general admission requirements of the graduate school. Generally applicants must have an undergraduate grade point average of at least 2.6 as calculated by the Graduate School. A graduate grade point average is used when the applicant has attained at least 24 graduate semester hours.

Applicants whose undergraduate GPA was less than a 2.6 may still be admitted to the Graduate Certificate in Real Estate Development program by meeting the admissions requirements for the M.S. Real Estate program.

Course Requirements

The Graduate Certificate in Real Estate Development requires students to take and to complete with a minimum GPA of 3.0, four "Advanced" real estate courses. Those students entering the Certificate Program without having taken the equivalent of three undergraduate real estate courses will also be required to take a "Foundation" course, REAE 5311. The structure of the program is:

Foundation Course

REAE 5311 Real Estate Analysis

Required Courses

REAE 5314 Real Estate Development
REAE 5321 Real Estate Investments

Elective Courses - Students must take two of the following:

REAE 5319 Real Estate Finance
REAE 5334 Real Estate Appraisal
REAE 5392 Special Topics in Real Estate

Use of Courses toward Degree Program

Students that initially enroll in the Graduate Certificate in Real Estate Development may later use up to 12 hours of coursework from the Certificate program toward the Master of Science in Real Estate degree.

Courses in Finance (FINA)

Course fee information is published in the online Student Schedule of Classes. Please refer to www.uta.edu/schedule for a detailed listing of specific course fees.

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