Real Estate Major

Finding the perfect location is as important to a growing business as hiring the employees to run it. Will a new coffee shop thrive in this neighborhood? What about a condominium or apartment complex? Could this be the right spot for a commercial plant? Businesses might range from tiny storefronts to sprawling industrial complexes, but the importance of commercial real estate — and those who understand it — is the same.

  • Real Estate Major
  • Real Estate Courses
  • Learning Outcomes

Required Courses:

REAL 4002 Commercial Real Estate Finance 3
REAL 4061 Real Estate Modeling 3
REAL 4120 Cases in Commercial Real Estate 3
REAL 4130 Commercial Real Estate Development 3
One of the following: 3
Commercial Real Estate Valuation  
Advanced Real Estate Analysis  
Topics in Real Estate  
Seminar in Real Estate  
Advanced Financial Management  
Investment Analysis  
Urban and Regional Economics  
Analysis of Corporate Financial Statements  
Introduction to Construction Management  
Four Business electives 12
Total Credit Hours 27

REAL 3001. Introduction to Commercial Real Estate. 3 cr. hrs.

Provides the students with an understanding of the principles of property economics and finance, land use regulations and laws and contractual agreements (including for purchase and use of property) that govern commercial real estate. The acquisition, valuation and use of debt on commercial real estate is about the purchase of the site and improvements and the “bundle of rights” to do certain things with them. Prereq: ECON 1103, ACCO 1030.

REAL 3986. Internship Work Period. 0 cr. hrs.

SNC/UNC grade assessment. Prereq: REAL 3001; cons. of prog. dir. and cons. of Business Career Center.

REAL 4002. Commercial Real Estate Finance. 3 cr. hrs.

Provides the student with an in-depth knowledge of real estate finance, real estate investment, and the operation of the real estate capital markets. The objective of the course is to understand the many sources and uses of capital in the commercial real estate industry. The course begins with the mechanics of mortgage finance, followed by a detailed presentation of mortgage underwriting, lender ratios, and discounted cash flow analysis. Prereq: FINA 3001.

REAL 4061. Real Estate Modeling. 3 cr. hrs.

Real estate valuation and financial analysis is fundamental to the real estate industry and to other disciplines dealing with real estate including banking, accounting and law. Provides an understanding of the skills and tools used to value real estate with particular emphasis on commercial income property and discounted cash flow modeling. This skill is developed through classroom sessions, and reinforced by practical case studies completed individually. The intent is to expose the student to valuation both as its own end and as a tool in the commercial real estate decision making process. Prereq: REAL 3001; REAL 4002 or FINA 4002.

REAL 4110. Commercial Real Estate Valuation. 3 cr. hrs.

This course uses the "three approaches" to value process to estimate the fair market value a commercial building in the Milwaukee metropolitan area. The primary focus of this course is on an applied market analysis and the lease-by-lease modeling of tenant income for a commercial property as part of the income approach to value. The sales comparison and cost approaches to value are included in the course and are part of a narrative appraisal. Prereq: REAL 3001 or concurrent enrollment.

REAL 4120. Cases in Commercial Real Estate. 3 cr. hrs.

Focuses on the applied analysis of commercial real estate. Emphasizes the analysis of real estate for purchase, development or financing across the major real estate investment sub-areas (apartments, office, retail and warehouse/distribution). The objective is to take conceptual real estate knowledge and apply it to Harvard Business School and Milwaukee Area cases. Knowledge from the many required finance, marketing, real estate, accounting and other business and economics courses is used to analyze the cases. Prereq: REAL 3001, REAL 4002, REAL 4061.

REAL 4130. Commercial Real Estate Development. 3 cr. hrs.

Provides students with an in depth examination of the real estate development process. Focuses on the physical and analytical tools necessary in the real estate development process including: finding the development opportunity, land acquisition/site analysis, building design and public approvals, legal, market analysis, project management, construction, leasing and financing Prereq: REAL 3001, REAL 4002, REAL 4061.

REAL 4330. Advanced Real Estate Analysis. 3 cr. hrs.

Prepares students for two case competitions in which Marquette University participates. Students prepare to analyze, write a report and present a development/redevelopment proposal for a track of land or existing building. Students also prepare by reviewing the previous year’s Eisenberg and NAIOP cases and completing additional assignments. Each team meets twice per week to work with case advisers and team members. Prereq: Cons. of instr.

REAL 4931. Topics in Real Estate. 1-3 cr. hrs.

Topics vary. Prereq: REAL 3001.

REAL 4953. Seminar in Real Estate. 3 cr. hrs.

Prereq: REAL 3001.

REAL 4986. Real Estate Internship - Grading Period. 3 cr. hrs.

S/U grade assessment. Prereq: Jr. stndg., cons. of prog. dir. and cons. of Business Career Center. REAL 3986 or concurrent enrollment.

REAL 4995. Independent Study in Real Estate. 1-4 cr. hrs.

Prereq: Cons. of dept. ch.

As one of many methods of assuring that the goals of our educational mission are successfully met, the college regularly and systematically engages in the assessment of a variety of competencies. As part of this assurance of learning, each program defines and collects data on learning goals; statements of the knowledge, skills and attitudes that we want our graduates to possess. We use them for continuous improvement and they are the criteria on which organizations such as AACSB evaluate our accreditation. The following is the current Learning Goal for the Real Estate Major along with the goals for the Undergraduate Business Core.

  • Perform an applied real estate analysis in a business situation

Below are the specific learning outcomes assessed to help determine if students meet the above outcome.

Learning Outcomes

  • Apply concept of real estate development feasibility.
  • Apply mortgage finance evaluation tools.
  • Apply the concept of property valuation and appraisal.
  • Apply concept of real estate analysis to case study.

Undergraduate Business Core Learning Goals

  1. Apply effective written and oral communication skills to business situations.
  2. Analyze the global business environment.
  3. Analyze the local business environment.
  4. Use critical thinking skills in business situations.
  5. Apply an ethical understanding and perspective to business situations.

Additional business & non-business course requirements

In addition to the requirements for the major, all students in the College of Business Administration complete business core courses, the Marquette University core of common studies, and non-business electives.