22:223:520 Aggregate Economic Analysis
Introduces theory and empirical estimation of aggregate economic
relationships, including the general price level, income, output, employment,
and wages. Covers national income accounting and other economic data sources,
consumption, investment, the banking system, and the supply of and demand for
money, interest rates, prices, wages and employment, business fluctuations, and
international economics.
Prerequisite: Managerial Economic Analysis (22:223:521 (FT) /
22:223:581 (PT))
22:390:695 Real Estate Finance*
The central objective of this course is to provide you with the background
and tools necessary to analyze value, risk, and return in property markets.The
initial emphasis of the course is on mortgage finance and applications and is
dedicated to providing an understanding of mortgage structure and mechanics in
both residential and commercial markets. The focus then shifts to the
evaluation of investment in property markets from the perspective of an
institutional investor. This is accomplished by developing projections of
future cash flows from a given property and using them to construct measures of
value, risk and return and consider their sensitivity to changes in base
assumptions. Extensions include tax issues, the relationship between value,
returns and leverage, structuring the distribution of cash flows in partnership
agreements and/or real options. The course also provides extensive
training and certification in ARGUS, a real estate industry-standard software
package used for entering and compiling lease information.
22:851:650 Real Estate Law
This course provides an overview of the legal issues which confront the
real estate executive from the commencement of a real estate transaction and
throughout the relationship between the parties to such transactions. While
many traditional real property law concepts will be covered, the course is
intended as an introduction to the transactional aspects of the real estate
business, including acquisition, disposition, development, investment,
management, leasing, tax implications and negotiations. At the conclusion of
the course, students will have the ability to function with respect to these
matters in many of the various aspects of real estate business.
22:851:632 Real Estate Development
This course provides an introduction and overview of real estate development
of urban places, including the many challenges of the development process such
as analyzing market sectors and development opportunities, comprehending the
development context of regulation, public policy and politics, raising
investment capital, assembling land, program formulation, building types,
construction management, marketing, and sales. Examples of development projects
will be presented, each focusing on particular aspects of the overall process.
22:390:673 Real Estate Capital Markets
Real Estate Capital Markets focuses on debt and equity issues in secondary
markets that derive their value from real assets. The course includes an
overview of the US mortgage finance system, agency and non-agency residential
mortgage-backed securities, structured mortgage products such as collateralized
mortgage obligations, collateralized debt obligations and stripped securities,
commercial mortgage-backed securities, real estate investment trusts and
limited partnerships. Coursework involves basic fixed-income mathematics and
cash flow modeling in Excel.
22:851:630 Market Analysis and Valuation*
This course surveys the principles and tools of appraising various types of
real estate, as well as an analysis of value, price, property, and legal
rights. Topics include principles of valuation; the real estate market; the
relationship between real estate values and economic, social, and government
trends; economics of urbanization, including location, value, and highest and
best use; neighborhood analysis and approaches to cost, market data, and income
valuation.
22:851:660 Property Management and Real Estate
Investment Management
The course will take students through world of real estate investment
management, management company organization, and the role and responsibilities
of the property and asset managers. Topics include real estate operations,
types of ownership, property leasing & governance, financial and risk
management, property accounting, financial reporting, tax treatment,
acquisitions & sales, and strategic planning.
Prerequisites: Real Estate Finance (22:390:695) and Real Estate Law
(22:851:650)
22:390:605 Advanced Financial Management*
22:620:617 Negotiations
Examines the problems faced by the corporate financial manager on the
theoretical, analytical, and applied levels. The impact of the financing
decision upon the value of the firm is analyzed. Theoretical and analytical
aspects of the capital budgeting decision are examined in detail with emphasis
on methods of incorporating risk into the capital budgeting decision. An
analytical framework is presented to evaluate leasing, bond refunding, and
mergers and acquisitions. Theories of corporate governance are discussed.
Prerequisite: Aggregate Economic Analysis (22:223:520 (FT) /
22:223:591 (PT)), Financial Management (22:390:522 (FT) / 22:390:587
(PT))
This course is designed for students who exhibit high degrees of
self-direction and significant interest in urban issues, entrepreneurship,
and/or economic development. Students will be challenged to work individually
and in teams on projects, reports, and research at the intersection of
business, community development, new venture creation, urban policy, and
economic development.
The course will explore the many dimensions of urban entrepreneurship and
economic development through an exploration of the business and policy issues,
the use of action research methods and the development and completion of
consulting projects. The location of the course in Newark provides a unique
opportunity to have the city become a laboratory for student education in the
areas of urban entrepreneurship and economic development. Students in this
course will be directly involved in the economic development initiatives of
Rutgers-Newark and The Center for Urban Entrepreneurship & Economic
Development.
See the Course List and Descriptions section of this catalog.
Concentrations 
