The University of Texas at Arlington: Graduate Catalog 2008-2009 Graduate Catalog 2008-2009 The University of Texas at Arlington: Graduate Catalog 2008-2009
Note: This Catalog was published in July 2008 and supersedes the 2007-2008 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 Quantitative Finance - Admissions Requirements | Degree Requirements
M.S. in Real Estate - Admissions Requirements | Degree Requirements
Graduate Certificate in Real Estate Development - Admission | Course Requirements
Courses: FINA, REAE, BLAW

Areas of Study and Degrees

Quantitative Finance
M.S.

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. Quantitative Finance

David Diltz
434 Business, 817.272.3705

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

J Andrew Hansz
434 Business, 817.272.3705

Ph.D. Coordinator

Salil K. Sarkar
434 Business, 817.272.3705

Graduate Faculty

Professors

Apilado, Diltz, Swanson

Associate Professor

Hansz, Sarkar

Assistant Professors

Gallo, Hayunga, Lung, Sabherwal, Shi, Yong

M.S. in Quantitative Finance

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, the Master of Science in Quantitative Finance 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 Quantitative Finance provides an in-depth exposure to the quantitative aspects of finance. The M.S. in Real Estate provides students in-depth training in real estate decision making.

The Master of Science in Quantitative Finance degree program is designed to meet the growing demand for financial professionals equipped to implement state-of-the-art analytical techniques in support of financial decision-making. Students complete a rigorous seven-course sequence that includes: finance theory, mathematical finance, financial modeling, economic theory, and econometrics. Students then complete a five-course elective program designed jointly by the student and the program advisor. The Master of Science in Quantitative Finance degree program is a specialized degree program designed to build upon the candidate's prior background.

Accreditation

The Master of Science in Quantitative Finance is accredited by the AACSB-The International Association for Management Education.

Admission

Admission to the M.S. in Quantitative Finance (MSQF) program is based upon the completion of the general admission requirements of the Graduate School. A record of one's undergraduate academic performance and a score on the Graduate Management Admission Test (GMAT) are required for consideration for admission into the MSQF program. Preference is given to individuals having extensive mathematics or computer science backgrounds. Students whose native language is not English must document a TOEFL score of at least 550. International applicants scoring below acceptable levels on verbal portions of entrance examinations may be admitted conditional upon passing an English proficiency exam or upon completing the University's Graduate English Skills Program prior to beginning graduate coursework. Applicants should submit a current professional resume that highlights professional accomplishments, language skills, computer skills, and leadership (and other interpersonal) skills. The GMAT score shall not be used as the sole criterion for denying an applicant's admission into the MSQF program.

Multiple criteria are used in the admissions decision. Unconditional acceptance is based on the factors listed below. Denial of admission is not based on any single factor.

  1. An undergraduate GPA of at least 3.0 on a 4.0 scale as calculated by the Graduate School.
  2. An acceptable score on the GMAT. Successful applicants generally have a GMAT minimum score of 600.
  3. Mathematics coursework through multivariate calculus (calculus III).
  4. A satisfactory one-page essay outlining the role that the MSQF degree is intended to play in the applicant's career objectives.
  5. Positive letters of recommendation from three persons familiar with the applicant's academic background and/or work experience.
  6. Grades in advanced undergraduate coursework.
  7. Professional work experience.

Unconditional Admission

For unconditional admission, items 1 through 6 above should indicate strongly the potential for successful academic performance at the Master's level. 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

An applicant deemed deficient in one or more of the above criteria may be considered for probationary admission upon careful review of his/her materials. An applicant admitted under this provision shall be expected to complete his/her first 12 hours of coursework with a grade of B or better.

Provisional, Deferred and Denied Admission

Provisional admission may be granted if an applicant is unable to supply all required documentation prior to the admission deadline but who otherwise appears to meet admission requirements. A deferred decision may be granted when a file is incomplete or when denial is inappropriate.

An applicant will likely be denied admission when three or more of items one through six above indicate lack of potential for success in the program. All applicant data will be evaluated carefully before a denial is issued.

Degree Requirements

The M.S. in Quantitative Finance is designed to provide a specialized, highly analytical graduate education to financial managers, financial analysts, and technical personnel. The program consists of 36 credit hours of coursework in finance, economics, mathematics, statistics, and computer science. All students will complete a twenty-one-hour set of foundation classes consisting of:

ECON 5310 Microeconomic Theory
FINA 5323 Investments
FINA 5327 Financial Derivatives
FINA 5330 Real Options
FINA 5350 Mathematical Finance
FINA 5351 Financial Modeling
FINA 5392 Financial Econometrics

The remaining fifteen-hours of coursework are selected by the student, subject to the approval of the program advisor. Courses will be chosen from a list that includes: (1) finance elective classes (international finance, financial institutions, capital markets, real options, and capital budgeting), (2) economics (macroeconomic theory, econometrics, time series analysis), (3) mathematics (advanced calculus, real analysis, differential equations, stochastic processes, and numerical methods), (4) statistics (probability theory, mathematical statistics), and (5) computer science (programming languages, numerical methods, parallel processing, software engineering).

Students who do not have the appropriate background may have to take additional foundation coursework. Quantitative background appropriate to begin the MSQF program consists of a minimum of 6 credit hours of calculus and 3 credit hours each in linear algebra, statistics, and computer programming. Other foundation coursework would include at least 3 credit hours each of microeconomics and finance.

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 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 on the paper-based test, a score of at least 213 on the computer-based test, a minimum score of 40 on the TSE, or a minimum score of 79 on the iBT. 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 UT 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 primary 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. 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 two 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

Due to the specialized nature of the MSRE, provisional and probationary admission decisions are infrequent options. Furthermore, please note that these are admission decision criteria and not application options (i.e., no one applies for provisional or probationary admissions).

Unconditional Admission

For unconditional admission, the applicant's composite total form the index must be 1120 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 primary criterion for determining fellowship and/or scholarship eligibility.

Probationary Admission

For an applicant with an index score below 1120, 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 1100 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 decision 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, evening hours, and Saturdays, 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 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 6 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.

The required foundation courses include:
FINA 5311 Business Financial Management
REAE 5311 Real Estate Analysis

The required advanced courses include:
REAE 5321 Real Estate Investment
REAE 5334 Real Estate Appraisal
REAE 5319 Real Estate Finance (integrated project course)
REAE 5314 Real Estate Development
REAE 5392 Selected Topics in Real Estate
REAE 5327 Advanced Real Estate Market Analysis
REAE 5350 Quantitative Methods for Real Estate
REAE 5337 Real Estate Law

Six semester hours of advanced elective courses are required. Examples of advanced elective courses:
FINA 5330 Real Options
FINA 5334 Financial Institutions and Markets
FINA 5323 Investments
FINA 5329 Portfolio and Security Analysis
FINA 5327 Financial Derivatives
FINA 5331 International Finance
FINA 5340 Financial Applications
FINA 5351 Financial Modeling

A minimum of 36 semester hours including six hours of thesis (REAE 5698 Thesis) is required if the student chooses to write a thesis. The thesis hours 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 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 I) cannot be given in a course that is graded R, nor can the grade of R be given in a course that is graded I. To receive credit for a course in which the student earned an I, the student must complete the course requirements. Enrolling again in the course in which an I was earned cannot change a grade of I. 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 dissertation courses and nine-hour thesis 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 2.9 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 2.9 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, five graduate real estate courses. 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
REAE 5319 Real Estate Finance
REAE 5334 Real Estate Appraisal


Use of Courses toward Degree Program

Students that initially enroll in the Graduate Certificate in Real Estate Development may later use up to 15 hours of coursework from the Certificate program toward the Master of Science in Real Estate degree.

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Courses in Finance (FINA)

FINA5182 - INDEPENDENT STUDIES IN FINANCE (1 - 0)
Extensive analysis of a finance topic. Prerequisite: consent of instructor and department chair.

FINA5199 - GRADUATE FINANCE INTERNSHIP (1 - 0)
Practical training in finance. Analysis of theory applied to real life situations. Course counts as an elective and has a pass/fail grade. No credit will be given for previous experience or activities. Prerequisite: Minimum nine graduate semester hours completed.

FINA5299 - GRADUATE FINANCE INTERNSHIP (2 - 0)
Practical training in finance. Analysis of theory applied to real life situations. Course counts as an elective and has a pass/fail grade. No credit will be given for previous experience or activities. Prerequisite: Minimum nine graduate semester hours completed.

FINA5311 - BUSINESS FINANCIAL MANAGEMENT (3 - 0)
Study of providing the organization with funds necessary for its operation and of achieving effective utilization of funds. Primary emphasis on financial decision-making within organizations, and techniques of financial analysis and forecasting. Prerequisite: ACCT 5301 or departmental permission.

FINA5315 - HEALTH CARE FINANCIAL MANAGEMENT (3 - 0)
Analysis of financial problems with an emphasis on the application of financial management principles and concepts to health care organizations.

FINA5323 - INVESTMENTS (3 - 0)
Application of principles and techniques of investment management in solving investment problems of individuals and financial institutions. Considers apportionment of investment funds among alternatives, analysis of risk, valuation timing of security acquisitions. Prerequisite: FINA 5311

FINA5327 - FINANCIAL DERIVATIVES (3 - 0)
Nature and functions of the various futures and options markets; hedging for risk reduction, speculative trading for profit; the role of futures and options in overall portfolio strategy, along with fundamental concepts such as basis, spreading, normal and inverted markets and money management. Prerequisite: FINA 5311 and 5323.

FINA5329 - PORTFOLIO AND SECURITY ANALYSIS (3 - 0)
The use of economic and accounting data in the selection of securities. Examination of current and traditional techniques used by investment practitioners. Prerequisite: FINA 5311 and 5323.

FINA5330 - REAL OPTIONS (3 - 0)
Option approaches to evaluating firm capital budgeting decisions. Techniques for making investment decisions involving physical assets of nonfinancial firms. Prerequisite: FINA 5311.

FINA5331 - INTERNATIONAL FINANCE (3 - 0)
Examines ways in which financial decision-making processes are altered by operation in a multinational environment. Includes the effects of devaluation expectations, foreign exchange and investment controls. Also, case study materials related to actual decisions by multinational firms. Prerequisite: FINA 5311.

FINA5334 - FINANCIAL INSTITUTIONS AND MARKETS (3 - 0)
An examination of major financial institutions and markets with emphasis on trends affecting the current operations, competitive position, and overall future of the primary financial intermediaries and the financial markets. Prerequisite: FINA 5311.

FINA5340 - FINANCIAL APPLICATIONS (3 - 0)
Analysis of financial problems of business concerns, presented in case materials. Considers determination of capital needs, choosing among alternative capital investments, planning methods of financing new capital expenditures, and planning recapitalizations, mergers, and reorganizations. Prerequisite: FINA 5311.

FINA5350 - MATHEMATICAL FINANCE (3 - 0)
Intensive review of the mathematics necessary for graduate work in finance, with application to selected areas of business finance, investment analysis and financial markets. Prerequisite: FINA 5311.

FINA5351 - SEMINAR IN FINANCIAL MODELING (3 - 0)
Study of common financial modeling techniques are explored in this course. The primary focus is on portfolio optimization models and models used for pricing and analyzing derivative stock options, although most of these techniques have other applications. Students are provided with the opportunity to develop the skills needed to build financial models of their own. Prerequisite: FINA 5311.

FINA5382 - INDEPENDENT STUDIES IN FINANCE (3 - 0)
Extensive analysis of a finance topic. Prerequisite: departmental permission.

FINA5392 - SELECTED TOPICS IN FINANCE (3 - 0)
In depth study of selected topics in finance. May be repeated when topics vary. Prerequisite: departmental permission.

FINA5398 - THESIS (3 - 0)
Thesis. 5398 graded R (Research) or F only. Prerequisite: STAT 5325 and approval of Graduate Advisor.

FINA5399 - GRADUATE FINANCE INTERNSHIP (3 - 0)
Practical training in finance. Analysis of theory applied to real life situations. Course counts as an elective and has a pass/fail grade. No credit will be given for previous experience or activities. Prerequisite: Minimum nine graduate semester hours completed.

FINA5698 - THESIS (6 - 0)
Thesis. Prerequisite: STAT 5325 and approval of Graduate Advisor.

FINA6192 - RESEARCH IN FINANCE (1 - 0)
Independent study of advanced topics in finance under the direction of graduate faculty. May be repeated for credit when topics vary. Prerequisite: FINA 5311.

FINA6292 - RESEARCH IN FINANCE (2 - 0)
Independent study of advanced topics in finance under the direction of graduate faculty. May be repeated for credit when topics vary. Prerequisite: FINA 5311.

FINA6301 - SEMINAR IN THE THEORY OF FINANCE (3 - 0)
Development of the fundamental theories of modern finance from their microeconomic origins. Topics include: investment under uncertainty, asset pricing models, market equilibrium, market efficiency, and expected utility theory. Prerequisite: FINA 5311.

FINA6311 - SEMINAR IN THE THEORY OF CORPORATE FINANCE (3 - 0)
Advanced theory of corporate finance. Capital budgeting, dividend policy, and capital structure. Prerequisite: FINA 5311

FINA6312 - SEMINAR IN THE THEORY OF INVESTMENTS (3 - 0)
Advanced theory of investments. Modern portfolio theory and the efficiency of capital markets. Prerequisite: FINA 5311.

FINA6313 - ADVANCED RESEARCH IN FINANCE (3 - 0)
Analytical methods commonly applied in the academic finance literature. Topics such as factor analysis in arbitrage pricing models and techniques for identification of nonstationarities in risk. Prerequisite: FINA 5311 and STAT 5301.

FINA6314 - ADVANCED RESEARCH IN FINANCE II (3 - 0)
Specialized and evolving techniques in financial research; topics such as identification of efficient markets, linear programming in capital budgeting, and multiple discriminant analysis in bankruptcy prediction and bond rating models. Prerequisite: FINA 5311 and STAT 5301.

FINA6390 - SEMINAR IN SPECIAL TOPICS IN FINANCE (3 - 0)
Doctoral level coverage of advanced topics in finance. May be repeated for credit when topics vary. Prerequisite: FINA 5311.

FINA6392 - RESEARCH IN FINANCE (3 - 0)
Independent study of advanced topics in finance under the direction of graduate faculty. May be repeated for credit when topics vary. Prerequisite: FINA 5311.

Courses in Real Estate (REAE)

REAE5182 - INDEPENDENT STUDIES IN REAL ESTATE (1 - 0)
Extensive analysis of a real estate topic. Prerequisite: departmental permission.

REAE5199 - GRAD REAL ESTATE INTERNSHIP (1 - 0)
Practical training in real estate. Analysis of theory applied to real life situations. Course counts as an elective and has a pass/fail grade. No credit will be given for previous experience or activities. Prerequisite: Minimum nine graduate semester house completed.

REAE5299 - GRAD REAL ESTATE INTERNSHIP (2 - 0)
Practical training in real estate. Analysis of theory applied to real life situations. Course counts as an elective and has a pass/fail grade. No credit will be given for previous experience or activities. Prerequisite: Minimum nine graduate semester house completed.

REAE5311 - REAL ESTATE ANALYSIS (3 - 0)
Survey of real estate investment, appraisal and valuation, finance, market analysis, and other phases of the real estate development/management process.

REAE5314 - SEMINAR IN REAL ESTATE DEVELOPMENT (3 - 0)
Topics relating to site selection, design, market analysis, financial feasibility, and management in the real estate development process. Prerequisite: FINA 5311 or REAE 5311.

REAE5319 - SEMINAR IN REAL ESTATE FINANCE (3 - 0)
Study of real property financing methods; analysis of cost of borrowing, sources of funds, and mortgage terms; emphasis on construction and permanent financing of commercial and industrial properties. Prerequisite: FINA 5311 or REAE 5311.

REAE5321 - SEMINAR IN REAL ESTATE INVESTMENT (3 - 0)
Introduction to analytical techniques, sources of financing, and other factors related to real estate investment. Stresses current developments and topics. Prerequisite: FINA 5311 or REAE 5311.

REAE5327 - ADVANCED REAL ESTATE MARKET ANALYSIS (3 - 0)
Study of advanced market analysis techniques and methods, including trend analysis and demand forecasting. Emphasis is on the application of these methods to commercial property markets.

REAE5334 - SEMINAR IN REAL ESTATE APPRAISAL (3 - 0)
Market, cost, and income approaches with stress on income forecasting and capitalization. Prerequisite: FINA 5311 or REAE 5311.

REAE5337 - REAL PROPERTY LAW (3 - 0)
Legal property theory underlying real estate transactions and relationships including estates and interests in land, conveyances, and mortgages.

REAE5350 - QUANTITATIVE METHODS FOR REAL ESTATE (3 - 0)
Study of advanced statistical, modeling, and econometric techniques as applied to real estate markets. Emphasis on the integration of these techniques with traditional real estate analysis.

REAE5382 - INDEPENDENT STUDIES IN REAL ESTATE (3 - 0)
Extensive analysis of a real estate topic. Prerequisite: departmental permission.

REAE5392 - SELECTED TOPICS IN REAL ESTATE (3 - 0)
In-depth study of selected topics in real estate. May be repeated when topics vary. Prerequisite: REAE 5311.

REAE5398 - THESIS (3 - 0)
Prerequisite: departmental permission.

REAE5399 - GRAD REAL ESTATE INTERNSHIP (3 - 0)
Practical training in real estate. Analysis of theory applied to real life situations. Course counts as an elective and has a pass/fail grade. No credit will be given for previous experience or activities. Prerequisite: Minimum nine graduate semester house completed.

REAE5698 - THESIS (6 - 0)
Prerequisite: departmental permission.

REAE6390 - SEMINAR IN SPECIAL TOPICS IN REAL ESTATE (3 - 0)
Doctoral level coverage of advanced topics in real estate. May be repeated for credit when topics vary. Prerequisite: REAE 5311.

REAE6392 - RESEARCH IN REAL ESTATE (3 - 0)
Independent study of advanced topics in real estate under the direction of graduate faculty. May be repeated for credit when topics vary. Prerequisite: REAE 5311.

Courses in Business Law (BLAW)

BLAW5330 - LEGAL ENVIRONMENT OF BUSINESS (3 - 0)
Study, in a conceptual framework, of the ideas and social and political forces that have led to changes in the business legal environment and legal institutions including current and historical developments affecting the business corporation. Legal framework and ethical problems of managers in serving diverse interests studied in connection with modern social legislation affecting business.

BLAW5331 - LAW OF INTERNATIONAL BUSINESS (3 - 0)
General principles of law applicable to international business including case law, statutory law, treaties, administrative law, and international agreements.

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