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1980<br />

1983<br />

1985<br />

the necessary image as part of their task of providing<br />

leadership in real estate education.” 26<br />

Jerome Dasso, University of Oregon: “Today’s real<br />

estate problems are multidisciplinary. No one program,<br />

whether at the community college, the trade<br />

organization, or university level, can satisfy all the<br />

needs for real estate education in our society. Further,<br />

even at the university level, consistency or alignment<br />

of courses in real estate (introduction, finance investment,<br />

appraisal, law, housing, marketing and administration)<br />

with other related and respected disciplines is<br />

extremely difficult if not impossible.”<br />

Lynn Woodward, Wichita State University: “Two<br />

new directions have been noted in the recent literature<br />

on real estate education. A multidisciplinary approach<br />

is advocated by James Graaskamp (Wisconsin) while<br />

a second approach, advocated by Jerome Dasso (Oregon)<br />

is an extension of the financial management<br />

framework and the land economics or administrative<br />

approaches stressed by the authors in the past. More<br />

than anything the two approaches appear to represent<br />

close academic relationships with other specialized<br />

disciplines. At Wisconsin the relationship is with landscape<br />

architecture and civil and environmental engineering.<br />

At Oregon, a strong finance department relationship<br />

exists. Thus, as with the land economics and<br />

administrative approaches, the real estate educational<br />

emphasis stressed depends on the lead professor’s orientation,<br />

the strengths of the institution, and the organizational<br />

placement of the real estate program. These<br />

two approaches therefore illustrate once again that<br />

specialized areas, including economics, urban affairs,<br />

regional science, and the physical design disciplines,<br />

have joined important areas of business administration<br />

to provide differing definitions of real estate.” 27<br />

developments in the field<br />

MIT begins offering the MRED through its architecture<br />

school.<br />

Founding of the American Real Estate Society<br />

(ARES). 28 Journals sponsored by the ARES include<br />

Journal of Real Estate Research, Journal of Real Es-<br />

1990s<br />

1993<br />

1996<br />

tate Portfolio Management, Journal of Real Estate<br />

Literature, Journal of Real Estate Practice and Education,<br />

Journal of Real Estate Strategy.<br />

Columbia University establishes Mater of Science<br />

in Real Estate Development at its Graduate School<br />

of Architecture, Planning, and Preservation.<br />

More REIT papers appear. Over 100 REITs make<br />

their initial public offerings (IPOs). 29<br />

University of San Diego establishes the Masters of<br />

Science in Real Estate (MSRE) program in its School<br />

of Business Administration.<br />

real estate education<br />

Joseph D. Albert, James Madison University: “Real<br />

estate academics are in many ways unique in the scholarly<br />

community. Probably more so than any other discipline,<br />

real estate is populated with individuals who,<br />

were it not for the lure of the academy, would have<br />

engaged in entrepreneurial activities. Many of [these<br />

individuals] have practiced what we have preached<br />

on some scale even if it were only a small investment<br />

property. We have, it seems, a need to be involved in a<br />

practical way in the discipline. It is precisely this entrepreneurial<br />

propensity and practical inclination that<br />

shapes the research interests of most of us towards a<br />

problem-solving, project-based orientation rather than<br />

broad policy issues. . . . Most real estate academics [in<br />

the 1980s] were housed in departments of finance, not<br />

economics departments, and had an academic background<br />

more grounded in finance than in urban economics.<br />

Indeed, the most uniquely real estate course<br />

taught by most of us was the appraisal of real property,<br />

a course the content of which is drawn primarily from<br />

the fundamentals of valuation theory that are found in<br />

the financial management and investment areas of the<br />

finance discipline. . . . While we did not deny or ignore<br />

the importance of spatial economics in our discipline,<br />

we did not view ourselves as urban or housing economists.<br />

But neither did we see ourselves as ‘traditional<br />

finance’ faculty. We were a group in search of an intellectual<br />

home that would represent the reality of what<br />

we taught and what we were.” 30<br />

172 173

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