Course objectives
Required text and materials
Prerequisites
Grading
Contacting me
Plagiarism and academic honesty
Course schedule and lecture notes

Course Objectives

Real Estate Appraisal provides an overview of the methods used to estimate the value of real estate assets, with a particular emphasis on income properties.

Lusht, Kenneth M.  Real Estate Valuation: Principles and Applications.  KML Publishing, 2001.

Plan on completing the assigned reading before you come to class.  I will ask pointed questions about the reading and your interpretation of it.  Because our class is fairly small, you should expect to be put on the spot regularly.    

You will also need a good financial calculator for this course.  I recommend the TI BA II Plus, the HP 10B II, or the TI-83.  I am familiar with each of these calculators and can help you use them solve problems in class.  Furthermore, each of these calculators is able to do anything you’ll need for any of your other business courses.  But any good financial calculator that can calculate NPVs and IRRs with irregular cash flows will be fine.  Learn how to use your calculator!!!  During the exams, I cannot show you how to use it or adjust its settings. 

Finally, we will be doing regression analysis using Microsoft Excel in this class.  If you do not have your own computer with Excel, you can use one of the computer labs on campus.  If you are not familiar with Excel, you may want to buy a book or find some other reference source.   

Real Estate 310 and advanced standing, or instructor's consent.  In addition, you should have a basic familiarity with time value of money calculations (Finance 340) and regression analysis using Excel (Economics 231 & 232). 

Grades for this course will be calculated using the following weights:

Three equally-weighted exams	60%
Homework assignments	10%
Regression analysis project	20%
Class participation	10%

I expect all homework assignments to be turned in at or before the beginning of class on the day they are due.  Late homework assignments will not be accepted.  In the professional real estate world if you miss a deadline, you likely lose out on a commission. 

Because we have a small class, I will rely heavily on class discussion.  This means that it is absolutely essential for you to complete your assigned reading in advance.  Expect to be called upon during class to discuss the topic for the day.  I will have a mechanism to recognize and reward those who contribute to class discussions in a productive manner. 

I encourage you to contact me at any time if you have questions or concerns about any aspect of this course.  I am also happy to answer questions about homework assignments as well, although you should first attempt to resolve any questions through discussions with your classmates. 

The best way to reach me is via e-mail (stan.longhofer@wichita.edu).  In addition, I will often conduct class correspondence using your official WSU e-mail addresses.  Thus, each of you should configure your WSU account so that you can access your e-mail several times a week, preferably daily.  You can do this on MyWSU where I also encourage you to update your official phone listing so that I can reach by phone if necessary.

I will usually respond to my e-mail immediately when I am in the office, and within a day in any event (unless I am out of town).  Finally, you may always send me anonymous comments using the course feedback form on the class web site.

You are responsible for any material I distribute to the class via e-mail or on the class web site. 

Plagiarism and Academic Honesty

It should not come as a surprise to you that I expect each of you to do your own work.  I will prosecute violations of academic honesty vigorously.  Anyone caught cheating or turning in work that is not his or her own will be subject to punishment ranging from a zero on the exam/assignment to failing the course to expulsion from the University.  Expect a severe punishment if I catch you cheating in this class. 

NOTE WELL:  You may NOT use cell phones or personal digital assistants during quizzes and exams.  I understand that these devices often have good financial calculator emulators.  Nevertheless their potential for misuse is great.  Any student caught using a cell phone, personal digital assistant or similar device during an exam or quiz will automatically receive a zero on that exam/quiz. 

Required University ADA Statement

If you have a physical, psychiatric/emotional, or learning disability that may impact on your ability to carry out assigned course work, I encourage you to contact the Office of Disability Services (DS). The office is located in Grace Wilkie Annex, 978-3309 (voice/tty). DS will review your concerns and determine, with you, what academic accommodations are necessary and appropriate for you. All information and documentation of your disability is confidential and will not be released by DS without your written permission.

Course Topics

See the schedule section of the web site.  

Center for Real Estate home page.