ARCHITECTURE
artofinequality_150917_web
artofinequality_150917_web
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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