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D 9242-9247



DOCUMENTS OF THE GENERAL FACULTY

REQUEST TO ADD A REAL ESTATE CERTIFICATE PROGRAM TO THE MCCOMBS SCHOOL OF BUSINESS CHAPTER IN THE UNDERGRADUATE CATALOG, 2012-2014 AND/OR REQUEST FOR RECOGNITION ON THE UNIVERSITY TRANSCRIPTS

Dean Thomas Gilligan of the McCombs School of Business has filed with the secretary of the Faculty Council the following changes to the McCombs School of Business Chapter in the Undergraduate Catalog, 2012-2014. The faculty and the dean of the college approved the changes on April 29, 2011. The secretary has classified this proposal as legislation of general interest to more than one college or school.

The Committee on Undergraduate Degree Program Review recommended approval of the change on October 12, 2011, and forwarded the proposed changes to the Office of the General Faculty. The Faculty Council has the authority to approve this legislation on behalf of the General Faculty. The authority to grant final approval on this legislation resides with UT System with notification to the Texas Higher Education Coordinating Board.

If no objection is filed with the Office of the General Faculty by the date specified below, the legislation will be held to have been approved by the Faculty Council. If an objection is filed within the prescribed period, the legislation will be presented to the Faculty Council at its next meeting. The objection, with reasons, must be signed by a member of the Faculty Council.

To be counted, a protest must be received in the Office of the General Faculty by December 12, 2011.


Greninger Signature

Sue Alexander Greninger, Secretary
General Faculty and Faculty Council


This legislation was posted on the Faculty Council website http://www.utexas.edu/faculty/council/ on December 1, 2011.



REQUEST TO ADD A REAL ESTATE CERTIFICATE PROGRAM TO THE MCCOMBS SCHOOL OF BUSINESS CHAPTER IN THE UNDERGRADUATE CATALOG, 2012-2014 AND/OR REQUEST FOR RECOGNITION ON THE UNIVERSITY TRANSCRIPTS

If the administrative unit requesting to recognize the certificate on the University transcript, please see the Minimum Criteria for Certificate Recognition on the Transcript section. The criteria in that section must be incorporated into the catalog language and included in the proposal.

1. Type of Proposal: add a new certificate program

2. Official Certificate Name: Real Estate Certificate Program

3 Proposed Implementation date: Fall 2012

4. Administrative Unit Awarding the Certificate: Department of Finance in the McCombs School of Business

5. Statement of Objective (Include pages in undergraduate catalog where changes will be made):

The change will be made on page 51.

The Real Estate Certificate Program within the McCombs School of Business provides undergraduate students both within and outside the McCombs School the opportunity to earn an officially recognized concentration in the study of real estate. While housed within the McCombs School, the certificate will be truly multidisciplinary in nature by drawing upon coursework from across the University that is real estate related.
6. Number of students expected to receive the certificate each semester: 30

7. Number of hours required for completion (Please note if there is a minimum or maximum number of hours):

Eighteen hours are required. Prerequisite courses add three hours for McCombs students and six hours for non-business students.

8. List faculty who are on the certificate program faculty committee. (For inclusion on transcripts, the faculty committee must have a minimum of five members and at least 2/3 of the committee must be tenured or tenure-track.) Note with an asterisk those faculty who are tenured or tenure track. Please also note the program chair, who will be responsible for authorizing the students’ certificates. Specify changes to the committee membership by noting those no longer on the committee and those added to the committee.
Name of Faculty Member College/Department Title at UT Austin Highest Degree and Awarding Institution
*Jay Hartzell McCombs/Finance

Program Chair/ Professor/ Finance Dept. Chair/REFIC Director/

Ph.D., University of Texas at Austin
*Paula Murray McCombs Professor/Associate Undergraduate Dean J.D., University of Texas at Austin
Joseph Cahoon McCombs/Finance Lecturer/REFIC Associate Director M.B.A., University of Texas at Austin
*Terry Kahn Architecture Professor/Associate Dean of Graduate Studies Ph.D., University of California, Berkeley
*Paul Adams Liberal Arts/Geography Associate Professor/Director, Urban Studies Program Ph.D., University of Wisconsin-Madison


9. Academic course requirements: Use this table to identify the courses that qualify for this certificate program: Note with an asterisk (*) courses that would be added to current course inventory if the certificate program is approved. Specify changes to the qualifying courses by noting those no longer qualifying and those now qualifying. (Add and delete rows as needed.)
Course Abbreviation and Number
Course Title
SCH
  Prerequisite for McCombs students  
FIN 357 Business Finance 3
  Prerequisites for non-business students  
ACC 310F Foundations of Accounting 3
FIN 320F Foundations of Finance 3
  Required courses for all:  
R E 358 Intro to Real Estate and Urban Land 3
R E 378K Real Estate Finance & Syndication 3
  Additional for McCombs finance majors: one of the following:  
ACC 326 Intermediate Financial Accounting OR 3
ACC 378 Topics in Real Estate Accounting

3

  Choose one of the following:  
R E 376G Real Estate Investments 3
LEB 363 Real Estate Law 3
  Non-business majors and McCombs non-finance majors choose three of the following; finance majors choose two:  
ACC 378 Topics in Real Estate Accounting 3
ARC 308 Architecture & Society 3
ARC 318K World Architecture: Origins to 1750 3
ARC 318L World Architecture: Industrial Revolution to Present 3
ARC 350R Alternative Real Estate Action 3
ARC 350R Housing America 3
ARC 350R Garden City to New Community 3
ARC 350R Case Studies: Concept to Construction 3
ARC 350R Global Housing Challenge 3
ARC 350R Sustainable Architecture 3
ARC 350R Urban Design History/Theory/Criticism 3
ARC 350R Urban Landscapes & Place Making 3
ARC 350R City as Form and Idea 3
ARC 368R History/Theory of Landscape Architecture I 3
ARC 368R History/Theory of Landscape Architecture II 3
CRP 369K Principles of Physical Planning 3
ECO 330T Topics in Urban & Regional Economics (may be repeated for credit as topics change) 3
ECO 334K Urban Economics 3
ECO 334L Regional Economics 3
URB 301 Introduction to Urban Studies (open only to Urban Studies majors) 3
URB 305 Experiencing the City 3
GRG 310C Spatial Data & Analysis Environmental 3
GRG 360G Geographic Information Systems 3
GRG 337 Modern American City 3
GRG 356T The Culture of Cities 3
ARE 323K Project Management & Economics 3
ARE 358 Cost Estimating in Construction 3
ARE 366 Contracts, Liabilities and Ethics 3
R E 376G Real Estate Investments 3
LEB 363 Real Estate Law 3
  Restricted to McCombs finance majors  
FIN 377.3 REIT Fund FAP (requires selection to fund – separate application process) 3


10.

Other certificate requirements:

Upper-division standing; application by April 1 or November 1 for the following semester.

11. Give a detailed rationale for change(s):

The University of Texas at Austin Real Estate Certificate Program within the McCombs School of Business will provide both McCombs and non-McCombs undergraduate students with the opportunity to have an officially recognized concentration in the study of real estate. While housed within the McCombs School, the certificate will be truly multidisciplinary in nature by drawing upon the best resources across the University. The combination of the rigor of the certificate’s proposed prerequisites with the requirement for certificate students to venture beyond their primary major to see real estate from a different perspective will not only improve the learning experience of our current students, but will also allow the University to attract more top talent into the real estate industry. Our due diligence has led us to believe that there is significant demand from students both from within and outside of McCombs to enter and fulfill the requirements of this program. Equally, employers have indicated their desire to hire students who approach the industry from a well-rounded, interdisciplinary perspective. The certificate would be the first true program of its kind among McCombs’ competitive set and will further distinguish the school as one the nation’s leading business schools.


SCOPE OF PROPOSED CHANGE
Does this proposal impact other colleges/schools? If yes, then how?
Yes.
A key component of the program is to enable program students to take real estate related courses in various departments across campus. Those departments with relevant coursework have agreed in term to open seats in certain courses to program students.

If yes, impacted schools must be contacted and their response(s) included:

Person communicated with: School of Architecture – Dean Fritz Steiner, Professor Terry Kahn, and Associate Undergraduate Dean Nichole Wiedemann.
Date of communication: 11/17/10 meeting; various emails from November 2010 through August 2011.
Response: The School of Architecture is very enthusiastic about being a partner in this program. They provided a provisional list of 15 courses that they would be open to allowing program students to enroll in based on seating availability. Additionally, they felt that between 15-20 students/year may desire to enter the program from the School of Architecture. Lastly, Professor Terry Kahn has agreed to serve on the faculty committee for the program.

Person communicated with: Geography Department, Urban Studies Program – Professor Kenneth Young (Department Chair), Professor Paul Adams (Urban Studies Program Director), and Professor Ipsita Chatterjee.
Date of communication: 1/11/11 meeting; various emails from December 2010 through August 2011.
Response: The Urban Studies Program within the Department of Geography is very enthusiastic about being a partner in the program. They provided a provisional list of 6 Urban Studies and Geography courses that they would be open to allowing program students to enroll in based on seating availability. Additionally, they felt that likely 20 students/year may desire to enter the program from the Department. Lastly, Professor Paul Adams has agreed to serve on the faculty committee for the program.

Person communicated with: Economics Department – Professor Dale Stahl (then Department Chair) and Valerie Bencivenga (Senior Lecturer and Director of Undergraduate Studies).
Date of communication: 11/17/11 meeting.
Response: The department met the proposed program with strong approval and encouragement. The department currently does not have an urban economist and is not currently offering any urban economics courses due to budget constraints. That said, they would like to see the course re-introduced, which is a goal of the program’s fundraising efforts. They felt that between 10-15 students may desire to enter the program from the department.

Person communicated with: Civil, Architectural and Environmental Engineering Department – Department Chair Sharon Wood, Professor Jim O’Connor.
Date of communication: 4/21/11 meeting, 8/30/11 e-mail; 9/13/11 follow-up meeting.
Response: The department met the proposed program with encouragement and believes there will be interest among its students. Concerning the three proposed ARE courses, non-engineering students will have good access to ARE 323K, Project Management and Economics, and some access to the others, ARE 358, Cost Estimating in Construction, and ARE 366, Contracts, Liabilities and Ethics, when they are offered. At a future point, more ARE classes may be added to the list of classes to facilitate greater participation among ARE majors.

College/School Approval Process:
Approver: Approver: Beverly Hadaway, Chair, UPC
Date: March 21, 2011
Approver: Faculty of the Red McCombs School of Business
Date: April 29, 2011
Approver: Tom Gilligan, Dean, McCombs School of Business
Date: April 29, 2011

To view the edited version of the catalog changes click the PDF link at the beginning of this document.