Cornell University Baker Program in Real Estate

PRogRam HandBook2015 - 2017

aBoUt tHis HandBook

the 2015-2017 Cornell University Baker Program in Real Estate student handbook is designed as a resource to assist you as you get to know the Baker Program in Real Estate and its academic programs and requirements. in addition to listing the academic and curricular requirements for students in the program, this handbook also contains or refers to important policies affecting students matriculating into the program during fall 2015. Please note that some policies are included in their entirety, whereas others are summarized, with references to the full policy on the web or the relevant Cornell office.

it is your responsibility to know and comply with the policies, procedures, guidelines, and information found in this handbook and posted on Cornell’s official websites. the program (and Cornell University) reserves the right to change its policies and procedures, the courses it offers, its tuition and fees, and the requirements for graduation from time to time without notice. this handbook is not intended to nor does it create any contractual rights for students or other members of the program or university. it does, however, establish the graduation requirements for students entering the program in Fall 2015.

it is the policy of Cornell University to actively support equality of educational and employment opportunity. no person shall be denied admission to any educational program or activity or be denied employment on the basis of any legally prohibited discrimination involving, but not limited to, such factors as race, color, creed, religion, national or ethnic origin, sex, sexual orientation, gender identity/expression, age, or handicap. the university is committed tothe maintenance of affirmative-action programs that will assure the continuation of such equality of opportunity. sexual harassment is an act of discrimination and, as such, will not be tolerated.

Baker Program in Real EstateCornell University489 statler Hallithaca, nY 14853-6701(607) 255-7110 mainreal_estate@cornell.edu

Produced by the Cornell University Baker Program in Real Estate Copyright © July 2015

all rights are reserved

Please visit the Cornell Baker Program in Real Estate website at baker.realestate.cornell.edu for additional program information.

Table of ConTenTsWelcome Page 4

academic Program: overview 6 • AAP/SHACollaboration 5• ProgramRequirements 6• Prerequisites 6• MPS/RESequenceofCourses 7• LeadershipandManagementDistribution 8• ConcentrationDistribution 9• FreeElectives 16• CoursePolicy 16• ProfessionalDevelopmentandAppliedLearningOpportunities 17

academic standards 18• MinimumStandards 18• AcademicDeficiency 19• AcademicIntegrity 19

Program Policies and Procedures 20• TeachingAssistants 20• AssistantshipsandStudentFinancialAid 20• Advising 21• CareerManagement 21

student services 21• TutorialServices 21• InformationTechnologyResources 21• InternationalStudents 21

Registration and Enrollment information 22

attire/Calendar of Events 23

general Program information 24 • BakerPrograminRealEstateStaff 24• OtherImportantStaffandDepartments 26

welCome To The program

CongRatUlations and WElComE to Cornell University and to the Baker Program in Real Estate.

ThishandbookhasbeencreatedasyourguidetotheBakerPrograminRealEstateandtohelpyoumakethemostofyourgraduateeducationexperiencehereatCornell.Italsostatesimportantuniversitypoliciesanddelineatesyourgraduationrequirements.Itisyourresponsibilitytounderstandandcomplywiththepoliciesandproceduressetforthhereandtoensurethatyouhavemetallrequirementstoreceiveyourdegree.

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Pleasevisitourwebsiteatbaker.realestate.cornell.edu formoreinformation.

Dear Students,Welcome to the Cornell Baker Program in RealEstate, where our mission is to educate andprepare you to become the next generation ofreal estate industry leaders. Through a facultyrich with practical experience and academicexpertise, a multidisciplinary curriculum,customized concentrations, experiential learning,andopportunitiestonetworkwithindustryleaders,Baker Program graduates will develop the skillsthey need to move into the next phase of theirprofessionalcareers.MostBaker Program students enter the programearlyintheircareers,havingalreadyaccruedafewyears of professional experience. Building uponthis foundation, they further hone their talents asgraduatestudentsintheprogramandleavewithahostofemploymentopportunities.BakerProgramgraduates have typically secured positions withinvestment groups, insurance companies, realestatedevelopers,andultra-highnetworthfamilyofficesinprimary,secondary,andtertiarymarkets,globally.

Again, welcome to theCornell Baker Program inRealEstate,thepremiereducationalopportunityofitskindworldwide.

kEnt klEinman

gale and ira drukier dean of architecture, art, and Planning

miCHaEl d. JoHnson

the Bradley H. stone dean of the school of Hotel administration and E. m. statler Professor

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aap/sha CollaboraTion

In keeping with the multi-disciplinary academic structure of theBakerPrograminRealEstate,theSchoolofHotelAdministration(SHA) and the College of Architecture, Art and Planning (AAP)provide academic oversight for the Baker Program. Additionally,the School of Hotel Administration provides all administrativesupportandoversightfortheBakerProgram.Together,SHAandAAPensure that students in theBakerProgramhavea richandvariedacademicexperienceatCornell.

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aCademiC program: overview

ThishandbookcontainsthepoliciesandpracticescurrentlyauthorizedbyCornell’s real estate field faculty for the conduct of graduate studyfortheMasterofProfessionalStudiesinRealEstate(MPS/RE)for2015– 2017. This handbook, received at entry, constitutes the graduationrequirementsineffectforthedurationofyourprogram.

ThishandbookshouldbereadasasupplementtothecodeoflegislationofthegraduatefacultyofCornellUniversity,whichcanbefoundonthegraduateschoolwebsite.

to complete the mPs/Real Estate degree, a student must:

•Complete62credithours,whichincludes:°41.5credithoursofcorecourserequirements(seepage7);°4.5credithoursofleadershipandmanagementdistribution (seepage8);°10credithours(minimumof4courses)inanapprovedconcentration (seepage9);°6credithoursoffreeelectivessubjecttoapprovalbystudent’s advisor(seepage16).

• Be in residence in the Cornell Baker Program in Real Estate forfour semesters of full-time study (except for those students meetingrequirementsofselectedemployeeanddual-degreeprograms).

• Remain in good academic standing by adhering to all academicstandardsrequirements(seepage18).

program requiremenTs

prerequisiTes

Allstudentsarerequiredtocompletecoursesineconomicsandfinancialormanagerialaccountingpriortobeginningtheprogram.Thesecoursesmay have been completed as part of an undergraduate curriculumor during other studies. Students who have not taken these coursesmustcomplete themprior toarrivingatCornell.SomemaybeofferedatCornell’ssummersession.Pleaseconsultwiththeassistantprogramdirectorformoreinformation.

Thefollowingscheduleisasuggestedsequenceofcoursesforcompletionofthemaster’sdegreeinrealestate.

summer Prerequisites (and if necessary)First Year CreditsFall 2015 15.5 CREdits CEE5950 ConstructionPlanningandOperations 3CreditsCRP5320 RealEstateDevelopment 1.5CreditsCRP5321 RealEstateDevelopmentII 1.5CreditsCRP5370 RealEstateSeminarSeries0.5CreditsHADM6200 PrinciplesofRealEstate3CreditsHADM6205 IntrotoRealEstateFinanceModeling 1.5CreditsHADM6230 StatisticalAnalysisofRealEstateData1.5CreditsNCC5560 ManagerialFinance3Credits

sPRing 2016 16.5 CREdits CRP5370 RealEstateSeminarSeries#2 0.5CreditsBPRE6290 CommunicationinRealEstate 1.5CreditsCRP6580 Commercial&ResidentialDevelopment 4CreditsHADM6231 UrbanEcon&MarketAnalysis 1.5CreditsHADM6280 RealEstateFinanceandInvestments 3CreditsNBA5240 Macroeconomics&InternationalTrade 3CreditsConcentrationElectiveCourse#1 3Credits

sUmmER 2016 PRoFEssional intERnsHiPsecond YearFall 2016 15.5 CreditsCRP5330 RealEstateOperations 1.5CreditsCRP5370 RealEstateSeminarSeries#3 0.5CreditsCRP5560 CreatingtheBuiltEnvironment 1.5CreditsCRP6565 InternationalCasesandContracting 2CreditsHADM6870 RealEstateLaw 3CreditsConcentrationElective Course#2 3CreditsManagementandLeadership Course#13Credits

sPRing 2016 15.5/16 CREdits CRP5370 RealEstateSeminarSeries#4(opt) 0.5CreditsCRP5590 LegalAspectsofLandUsePlanning 4CreditsConcentrationElective Course#3 3CreditsConcentrationElective Course#4 1CreditsFreeElective Course#1 3CreditsFreeElective Course#2 3CreditsManagementandLeadership Course#2 1.5CreditsBPRE=BakerPrograminRealEstateCEE=CivilandEnvironmentalEngineeringCRP=CityandRegionalPlanningHADM=HotelAdministrationNCCandNBA=JohnsonGraduateSchoolofManagement

mps/re sequenCe of Courses

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leadership and managemenT disTribuTion

The leadership and management distribution requirement developsknowledgeandskillsthatwillservegraduatesintheircareersasrealestateprofessionals. The purpose of this requirement is to expose students toimportantprinciplesofmanagement,leadership,decisionmaking,conflictresolution, negotiations, human relations, and communication,which arevitaltosuccessasarealestatebusinessleader.

Atleast4.5creditsintheareaofleadershipandmanagementarerequired.Courses taken to satisfy this requirement may not also be counted asconcentrationcourses.Coursestakenfortheleadershipandmanagementdistribution must be graduate level courses, taken for a letter grade ifoffered,andshouldfocusonatleastoneofthefollowingtopics:

• ConflictResolution/Negotiation• HumanRelations/Interpersonal/Communication• Leadership• ManagementandDecisionMaking

Thefollowingisalistofsuggestedcoursesthatsatisfytheleadershipandmanagementdistribution.Please note that courses are subject to spaceavailability.Othercoursesmaybeapprovedbythestudent’sadvisoranddirectorofgraduatestudies.

CEE5900 ProjectManagement 4HADM7110 OrganizationalBehavior 3ILRLR6011 Negotiation:TheoryandPractice 4ILROB5790 NegotiationandConflictResolution (FallSevenWeek-2nd) 3NBA5140 EthicsandCorporateCulture 1.5 (SpringSevenWeek-2nd) NBA5150 LeadershipTheoryandPractice 3NBA5880 CriticalThinkingforBusinessLeaders 1.5 (SpringSevenWeek-1st) NBA6630 ManagerialDecisionMaking 3NBA6710 BusinessEthics 1.5 (SpringSevenWeek-2nd) NBA6820 NegotiationEssentials (SpringSevenWeek-2nd) 1.5NCC5540 ManagementandLeadinginOrganizations 3NCC5580 ManagingOperations 3

Note: Please work with your academic advisor to identify courses that would be of most benefit to you.

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ConCenTraTion disTribuTion

A minimum of four courses (atleast ten credits) must be takentowardfulfillmentofanapprovedconcentration. A concentrationfocuses on a specific aspectof the real estate field. It maytake any of several forms andshould be developed accordingto the interests and employmentobjectives of the student. Withthe assistance and approvalof his or her advisor, a studentmust develop and declare aconcentrationareaby theendofthesecondsemester.

Thefiveconcentrationssuggestedon the following pages includerecommended courses thatmightbe taken todevelop theseconcentrations. You are notlimited to the concentrationslistedhere;andyoumayelectanindependent concentration (seepage 15). You must meet withyour advisor during the secondsemester to discuss and gainapprovalofaconcentrationplan.

Note that foreign languagecourses typically do not counttowardfulfillmentofconcentrationrequirements. An exception maybe approved if the language iscriticaltosuccessinarealestateniche area of specialization. Insuch circumstances, no morethan3creditsofforeignlanguagemaycounttowardsconcentrationrequirements. Foreign languagesmay be taken as electivescourses as long as they are 400level or above. Foreign languagecourses below 400 level can beapplied toprogram requirementsonlywithapprovalofthedirectorofgraduatestudies.

concentrations to choose from:

international Real Estate

Real Estate Consulting and market analysis

Property, asset, and Portfolio management

development and sustainability

Real Estate Finance and investments

independent

For a complete list of courseofferings consult the courses ofstudywhichcanbefoundontheweb at cornell.edu/academics/courses.cfm.

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inTernaTional real esTaTe

Realestateopportunitiesexistaroundtheworldforthosewithadvancedknowledge of real estate, of the unique economic, political, financialand managerial environments impacting real estate transactions, and awillingnesstoworkacrossborders.

key areas of interest: Internationalfinance,internationalmarketing,cross-culturalmanagement,andinternationaleconomics.

RequiredCourses(minimumof3)

CRP6504 ComparativeUrbanDevelopmentOrNBA5841 GlobalBusinessStrategy

Selectaminimumof7credithoursfromthefollowinglist.Additionalcoursesmaybeaccepted,ifapprovedbystudent’sadvisoranddirectorofgraduatestudies.NBA5540 InternationalFinanceHADM4620 InterculturalCommunicationinGlobalBusinessHADM6160 InternationalManagementHADM6405 InternationalMarketingCRP5076 InternationalPlanningandDevelopmentWorkshopCRP6710 SeminarinInternationalPlanningAEM4420 EmergingMarketsNBA5510 EmergingMarketsFinanceNBA5840 InternationalCompetitiveStrategyNBA5870 InternationalMergersandAcquisitionsNBA5930 InternationalEntrepreneurshipNBA6030 SustainableGlobalEnterpriseNBA6310 TheGlobalEnterpriseILRHR6616 GlobalizationandHumanResourceStrategies

“Sound real estate practice and an understanding of different markets and business environments applied globally”

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real esTaTe ConsulTing and markeT analysis

Consulting, advisory services, and real estate market analysis rely onquantitative and analytical skills. The services span a wide diversity ofactivitieswithinrealestate,rangingfrombrokerageservicestoacquisitionsandvaluationservicestofinancialadvising.Thegrowthofadvisoryservices,notablythroughlargecompaniessuchasJonesLangLaSalleandothers,illustratesthetrendtowardoutsourcingactivitiesintheincreasinglycomplexrealestateindustry.Advisoryservicesdemandacommitmenttoworkinginavarietyofcontexts,and theability tocollaboratesimultaneouslywithalargenumberofgroups,andprovidesadiversityofopportunities.

key areas of interest: Statistics, econometrics, databasemanagement,financialanalysis,marketing,GIS,andgraphicalandpresentationskills.

RequiredCourse(3ormorecredithours)

HADM6010DataDrivenAnalytics

Select7-9credithoursfromthefollowinglist.Additionalcoursesmaybeaccepted,ifapprovedbystudent’sadvisoranddirectorofgraduatestudies.AEM6120 AppliedEconometricsILRST6100 StatisticalMethodsICRP5080 IntroductiontoGeographicInformationSystemsECON6190 EconometricsIECON6200 EconometricsIICRP4040 UrbanEconomicsNBA5060 FinancialStatementAnalysisNBA5090 AdvancedFinancialStatementAnalysisNBA5420 InvestmentPortfolioManagementNBA6390 DataDrivenMarketingNBA6590 ManagementofFinancialInstitutionsNBA6760 OrganizingforStrategicAdvantageNBA6780 AdvancedPrivateEquity:Negotiationsand StructuringNBA6200 MarketingResearchNBA6950 GameTheoryandBusinessStrategy

“Scouting opportunities, connecting buyers and sellers, furthering the real estate enterprise, making real property transactions happen…”

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properTy, asseT managemenT, and porTfolio managemenT

Property,asset,andportfoliomanagershavetheresponsibilityofmaximizingthe performance and value of both individual assets and the behaviorof these assets in a portfolio. They are responsible for formulating andimplementing a long-rangeportfolio strategy fromwhich individual assetmanagementstrategiesdevolve.Whileassetmanagerstypicallyfocusonsingle properties within the real estate portfolio, portfolio managers areresponsibleforthefundasawholeortherealestatefundwithinalargermixedassetportfolio.Propertymanagersnarrowtheir focustooperationandmanagementofspecificassets.

key areas of interest: Asset management, facility management,negotiations, unit-level property finance, human resource management,andleadership.

RequiredCourse(3ormorecredithours)

HADM6220 HospitalityAssetManagement

Select7-9credithoursfromthefollowinglist.Additionalcoursesmaybeacceptedifapprovedbystudent’sadvisorordirectorofgraduatestudies.NBA5420 InvestmentandPortfolioManagement (highlyrecommended)DEA2040 IntroductiontoBuildingTechnologyDEA6500 ProgrammingMethodsinDesignDEA6540 FacilityPlanningandManagementHADM3510 HospitalityFacilitiesDesignHADM4080 IntroductiontoCasinoOperationsHADM6000 AdvancedRevenueManagementHADM6020 SpaandSpaHotelandResortDevelopment andManagementHADM6033 OperationsandPlanningofSeniorLiving andRelatedFacilitiesNBA5450 TheSearchforAlphaNBA5470 TheShortEndofAlphaNBA5530 AccountingandFinancialDecisionMaking

“Looking after and being responsible for real estate portfolios…Property management is like being the mayor of a small city…”

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developmenT and susTainabiliTy

Theroleofthedeveloperistoorchestratetheentiredevelopmentprocessfromstart tofinish.Developerscanbeone individualoutsourcingall thework to third parties, or a large firmwhich handles everything in house.Eitherway, thedevelopermusthaveknowledgeofnearlyeveryprocess,phase and service involved, including site selection, market analysis,finance,construction,leasing,andsales–anditdoesn’thurttohavelegalandtransactionalskillstohandlethecontractsandliabilityconcernspresentindevelopmentprojects.Development isadynamicbusinessfieldwithasteeplearningcurve.Thedeveloperisoftenrequiredtobethefirstoneinwithequityandthelasttogetpaid,butiftheprocessismanagedcorrectly,thepayoutscanbewellworththetimeandeffort.

RequiredCourse(3ormorecredithours)

HADM6255 RealEstateDevelopment

key areas of interest: Negotiations, finance, leadership, land-use law,project-orientedcourses,projectmanagement,affordablehousing,urbanandphysicalplanning.

CRP5072 LandUse,EnvironmentalPlanning,andUrban DesignWorkshopCRP6430 AffordableHousingPolicyandProgramsCRP6591 SpecialTopics:CommercialDevelopmentinRealEstate (highlyrecommended)CRP6592 SpecialTopics:RetailDevelopmentinRealEstate (highlyrecommended)CRP6593 GreenRealEstateLA6180 SiteConstruction(highlyrecommended)LA7010 UrbanDesignandPlanningNBA5190 EntrepreneurshipintheEmergingSustainable Economy

“Development requires the ability to envision new projects and the perseverance and aptitude to actually get them built”

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real esTaTe finanCe and invesTmenT

Real estate investment involves a variety of analytical and transactionalactivities.Transaction-orientedpositionsfocusonacquiringorrelinquishingcontrol of real property and assets, and may also apply to real estatecorporateM&AandREITpublic-privatetransactions.Investmentspecialistsmayberesponsibleforsiteselection,financialmodeling,valuation,andtheexecution of the transaction, whether it is an acquisition or disposition.Acquisitionresponsibilitiesmayalsoincludestrategicplanning,identifyingand analyzing acquisition opportunities, negotiating transactions, andpackagingdealsforclients,thecompany,orthebusinessunit.

Therealestatefinancefieldisextremelydiverseandcomplex.Employersrangefrompensionfunds,insurancecompanies,andprivate-equityfirms,tocommercialbanks,privatebanks,andcreditunions.Jobtitlesrangefrominvestment banker, tomortgage bankers and brokers, and underwriters.Major commercial loanbusiness isdonewith refinancingold loans, newconstruction loans, permanent financing on leased projects, mezzaninedebt,andacquisitionloans.

key areas of interest: Securities,financialanalysis,valuation,advancedproperty courses, unit-level property finance, portfolio-level propertyfinance,negotiations.

RequiredCourse(3ormorecredithours)

HADM6210 HospitalityRealEstateFinance

Select7-9credithoursfromthefollowinglist.Additionalcoursesmaybeaccepted, if approved by the student’s advisor or director of graduatestudies.HADM6271 InvestmentinRealEstateSecuritiesHADM6240 AnalysisofFinancialStatementsHADM6250 SecuritizationandStructuredFinancialProductsHADM6270 FixedIncomeAnalysisHADM6290 InvestmentAnalysisandPortfolioManagementNBA5540 InternationalFinanceNBA6560 ValuationPrinciplesNBA5320 DueDiligenceinPrivateEquityInvestments (highlyrecommended)NBA5640 Entrepreneurship(highlyrecommended)

“The masterminds behind real estate transactions and the fuel that keeps the industry running…”

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independenT ConCenTraTion

The Baker Program in Real Estate curriculum is designed to provideunmatched breadth of commercial real estate knowledge within therequiredcorecombinedwiththeopportunityforeachstudenttodefineaniche specialization through selecting a concentration. The independentconcentrationexistsforthosestudentswhowishtodevelopanevenmoredefined, narrowed concentration, or wish to focus on an area outsideexistingconcentrations.Theindependentconcentrationistypicallypursuedbystudentswhohaveaveryclear,definedrealestatecareerobjectiveandwishtousetheconcentrationtofurtherestablishtheirnichespecialization.Recent independent concentrations include senior living and historicpreservation.

PRoCEdURE FoR tHE indEPEndEnt ConCEntRation:

Yourfirststepistocontactthedirectorofgraduatestudiesforrealestateandsubmitaone-pageproposalthatsetsforth

(1)Nameofproposedconcentration(2)Rationaleforyourproposedconcentration(think elevatorspeech,whereyouexplainyourconcentration)(3)Proposedcourses(min.4coursesand10credits)

Requiredcoursesandothercoursesneededto fulfill the requirementsofindependent study concentrations come from the deliberations betweenthestudentandadvisorordirectorofgraduatestudies.

“The commercial real estate industry is a complex, multi-faceted environment wherein numerous niches exist where an individual can establish expertise and provide value.”

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In addition to the courses you select to create a concentration, youwillchooseaminimumof6credithoursoffreeelectives.YoucanchooseanyofCornell’supper-levelcourses(4000levelorabove.)Nophysicaleducation(PE)courseswillbecountedtowardfreeelectives.Naturally,allthecourseslistedunderanyconcentrationcanalsobetakenasfreeelectivesbutdon’toverlookmanyothercourseofferingsavailabletoyouthatcanbefoundinthe“CoursesofStudy2015–2016”whichcanbefoundonlineatcourses.cornell.edu. The list below includes some of the more popular electivecoursesthatBakerPrograminRealEstatestudentshaveselected inthepast:

Varies InternationalExposureTrips(China,India,LatinAmerica)Languages Eg.SPAN1210ElementarySpanishICRP5080 IntroductiontoGISCRP6430 AffordableHousingPolicy&ProgramsCRP6591 CommercialDevelopmentinRealEstateCRP6592 RetailDevelopmentinRealEstateCRP6593 IntroductiontoGreenRealEstateHADM4770 AdvancedBusinessModelingHADM6210 HospitalityRealEstateFinanceHADM6220 HospitalityAssetManagementHADM6250 Securitization&StructuredFinancialProductsHADM6271 InvestmentinRealEstateSecuritiesandFundsHADM6770 AdvancedBusinessModelingNBA5060 FinancialStatementAnalysis

transfer CreditTransfer credit may be recognized towards fulfilling Baker Program inReal Estate program requirements. Students seeking to transfer creditmaypetitionthegraduaterealestatefieldfacultybywayofthedirectorofgraduatestudies.

Core Course ExemptionA studentmay petition for exemption from a core course requirement ifproficiencyinthesubjectareacanbedemonstrated.Ingeneral,completionofasimilarcourseattheundergraduatelevelisnotsufficienttoexemptacorecourse.PetitionformscanbefoundontheBakerProgramwebsite.Petitionsmust first be approved by the core course instructor and thenbyboth thestudent’sadvisorand thedirectorofgraduatestudies.Notethatatranscript,and, insomecases,asyllabusmustbeattachedtothepetitionformifexemptionisbasedonpreviouscoursework.Aresumemustbeattachedifseekingexemptionbasedonexperienceofsubjectmatter.Approval of exemption from a core coursewill not reduce the 62 credithoursrequiredforgraduation.

free eleCTives

Course poliCy

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ComPEtitions

Baker Program in Real Estatestudents are encouraged toparticipate in established realestate student competitionsagainst teams from prominentU.S.andinternationaluniversities.These competitions provideopportunitiestoapplyknowledgeacquired on campus to real-worldproblems.Thefollowinglistincludes competitions that inviteteams of graduate real estatestudents:

• University of Texas – AustinRealEstateFinanceChallenge• Urban Land Institute – HinesUrbanDesignCompetition•MITCaseCompetition

Participation inoneof theabovecompetitions may count fora maximum of 1 credit to beused as a free elective credit. Ifstudentsdesiretoenteranyothercompetition as representativesof Cornell University, permissionmust be obtained from theprogram director and directorof graduate studies in advanceof registration. Studentscontemplating competing in anycompetition must gain approvalin advance for anymissed classtime.

CoRnEll REal EstatE REviEW

Students may earn a maximumof 1 credit for submission of anarticle of publishable quality tothe Cornell Real Estate Review.Please speak with the assistantdirectorformoreinformation.

PRoFEssional dEvEloPmEnt

TheBakerPrograminRealEstateoffers a variety of professionaldevelopment opportunitiesduring the academic year. Theworkshops or courses, oftenofferedduringweekends,providethe opportunity to update skills,explorecuttingedgeissuesintheindustry, or study a topic criticaltoyourprofessionaldevelopmentin an intensive format. Theworkshops tend to featuresmall classes of peers aimed atadvancedspecificskillsetskeytotherealestateindustry.

indEPEndEnt stUdY

Pleasecontacttheprogramofficetogetinformationabouthowcreditmay be earned for independentstudy. A completed “Applicationfor Independent Study Credit”

ThefollowingprofessionaldevelopmentandappliedlearningopportunitieshaveprovenpopularwithBakerPrograminRealEstatestudentsandshouldbeconsideredwhenplanningyourcourseselections.

professional developmenT and applied learning opporTuniTies

formmustbecompleted, signedby the supervising instructor,approvedbyyourfacultyadvisor,andreturnedtotheBakerProgramoffice before the independentstudymaybegin.

ExtRa-CURRiCUlaR aCtivitiEs

aREC

TheAssociateRealEstateCouncil(AREC) represents CornellUniversity students, staff andfacultyinterestedintherealestateindustry.AREC’sgoalistodevelopand promote Cornell’s contactwith the real estate industryby hosting guest lecturers,promoting student researchand organizing trips to industryseminars,conferenceandcurrentdevelopment projects. Electionsare held each fall for officers inAREC, and a Baker Program inReal Estate student serves asAREC co-president each yearwithastrongpresencebyBakerProgram in Real Estate studentsintheARECleadership.

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minimUm gRadE Point standaRds

•Acumulativegradepointaverageof2.5mustbemaintained.• No grade below C will becounted towards the 62 credithourrequirement.• A passing grade below Cin a required course will stillconstitute completion of thatcourserequirement,butthecredithours for that course will notcount toward the62 required forgraduation. Ifagrade lower thanCisreceivedinarequiredcourse,an additional course must betakenwhichreinforcesthesubjectmatter of the required course.Such additional course(s) will besubjecttoadvisorapproval.•NomorethansixcredithoursofgradesofCorC+willbecountedtowardsmeetingthe62credithourrequirement. Partial credit froma course could be used tomeetthissixcredithourmaximum.Ifastudent has received aC in twofour-credit courses, for example,onlysixoftheseeightcreditscancount toward the 62 credit hourrequirement.

minimUm/maximUm CoURsE load

Theminimumfulltimecourseloadforafallorspringsemesteris12credithours.

TheBakerPrograminRealEstatewill allow a maximum of 18.5credit hours in any semester tocounttowardthedegree.

We strongly encourage studentsto maintain a courseload thatallows them to participate insomeofthemanyextracurricularactivitiesoffered.

inComPlEtE

Coursework must be completedwithin one year from the date oftheendofthecourseinwhichthe“incomplete” grade was given.(After that time the incompletebecomesapermanentpartofthestudent’sacademicrecordwithagrade of “F”.) A student cannotgraduatewithan“INC”onhis/herrecord.

no gRadE RECoRdEd (ngR)

AstudentmaynotgraduatewithanNGRonhis/herrecord.

UndERgRadUatE CoURsEs

Studentsmayearnnomorethanthree credits for undergraduatelevel classes at the 4000 level,and receive no credit towardgraduation requirements forundergraduateclassesbelowthe4000 level—the only exceptionbeing that concentration orlanguage interests which mightrequireadditionalundergraduate-levelclassesmaybeapprovedbypetition to, and approval by thestudent’s faculty advisor and thedirectorofgraduatestudies.Suchpetitionsmustbesubmittedonanindividualbasis.

Pass/Fail gRadE oPtions

All core MPS/RE courses mustbe taken for a letter grade,with the exception of CRP5370: Real Estate SeminarSeries, which must be takenpass/fail. In addition, coursesapplied toward concentrationand management & leadershipdistribution requirements mustbetakenfora lettergrade if thatoptionexists.Freeelectivesmaybetakenpass/fail.Subjecttothe

aboverequirements,anycoursestakeninadditiontothe62creditsneeded for graduation may alsobe taken pass/fail. No auditsallowed.

aPPEals

Allpetitionsforappealorchangefrom curricular requirements aresubject to final approval by thedirectorofgraduatestudies.

aCademiC sTandards

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aCademiC defiCienCy

AGPAbelow2.5inanysemesterwill cause the student to besubjecttoactionbytheacademicstandards committee of the realestatefield.Suchactioncouldbeawarning,finalwarning,mandatoryleaveofabsence,oramandatorywithdrawal. Action with respecttoanystudentwho fails tomeetminimum GPA standards will betakenbytheacademicstandardscommittee and communicatedto the student in writing by thedirector of graduate studies. Acopywillbesenttothestudent’sadvisor.

tHE FolloWing aCtions maY BE takEn:

• Warning: Improvement inacademic performance must beattainedorpossiblefurtheractionwillbenecessary.• Final Warning: Unless theminimum required cumulativeGPA is achieved in the followingsemester, mandatory leave ormandatorywithdrawalisprobable.• MandatoryLeaveofAbsence:AstudentundermandatoryleaveofabsencemaynotreturntotheBakerPrograminRealEstateforaspecifiedperiodoftime.• Mandatory Withdrawal: Astudent who is required towithdraw is not eligible forreadmissiontotheBakerPrograminRealEstate.

aCademiC inTegriTy

Absolute integrity is expectedof every Cornell student in allacademic undertakings. Anyfraudulent act by a student toadvance his or her academicstatus incurs a severe penalty.Suchcasesaregovernedby thecodeofacademicintegrity.

Students are required tofamiliarize themselves with thepolicy notebook for the Cornellcommunity.Inparticular,carefullyreviewthecodeofintegrityofthepolicy notebook, which can befoundatcuinfo.cornell.edu/aic.cfm.

assisTanTships and sTudenT finanCial aid

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gRadUatE tEaCHing and REsEaRCH assistants

TheCornellBakerPrograminRealEstateispleasedtoofferalimitednumber of Graduate Assistants(GA)appointments.AGApositionis considered an opportunityfor Baker students to gainvaluable work experience whilecontributingtothemissionoftheprogram and Cornell University.GA appointments are contingentupon enrollment in the BakerProgram in Real Estate for theacademic year and are typicallyawarded for one semester with

some appointments eligible forrenewalthefollowingsemester.GA appointments may beterminatedatany time, includingpriortotheendoftheappointment,due to performance or conductfailing to meet expectations.Students holding GA positionsareexpectedto:• Adhere toBakerProgramin Real Estate, Graduate Schooland Cornell University policiesand expectations of professionalconduct.• Maintain a 3.25 GPAwhile in the GA position. Thissupercedes the GPA policy onpage25

• Submit weekly progressreportsofGAactivities.• Beenrolled inaminimumof12credithoursandamaximumof17credithourspersemester.• Committo10hoursofin-officeworkperweek.• Exhibit the utmostprofessionalandethicalbehaviorat all times. Each Baker studentserving as aGA is considered astaffprofessionalbythestudents,alumni, council members andthe public that are served. GAswill often work with sensitiveinformationandmustpreservetheconfidentialityofthatinformation.

The Cornell Baker Programin Real Estate has a selectnumber of teaching assistantpositions available to 2nd yearstudentswithinourcorecoursesduring both the fall and springsemesters.Theselectionprocessisadministeredbythefaculty.

Allinternationalgraduatestudentsare required to participate in anInternational Teaching AssistantLanguage Assessment (ILA)before beginning any teachingassistantship. The purpose ofthe 30-minute assessment is todetermineanITA’slevelofEnglishproficiencyand,oncedetermined,informITAsandtheirdepartmentsof required CTE-ITA coursework and appropriate teachingassignments.

For more information on theprocess and to schedule anassessment, visit the followingsite:cte.cornell.edu/programs-services/international-teaching-assistants/language-assessment.html.

TeaChing assisTanTs

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tUtoRial sERviCEs

At times, despite your strengthsand successes in school and atwork, you may have problemswithsomeaspectoftheprogram.Pleasebemindfulofthis,sothatyou can recognize academicdifficulty and take the necessarystepstoresolveit.Thosewhoareexperiencing academic difficultyin courses or other degreerequirements are expected toconsult with the appropriatefaculty member immediatelyand,ifnecessary,seekadditionalassistance through the BakerPrograminRealEstate.

inFoRmation tECHnologY REsoURCEs

Computers–cit.cornell.edu.UseoflaptopsisrequiredbytheBakerPrograminRealEstate.

intERnational stUdEnts

Please utilize the resourcesprovided by the InternationalStudents and Scholars Office(ISSO).NewlyarrivingInternationalStudents MUST check in to theISSOno later than30daysafterthestartdateonyourI-20orDS-2019. If you do not check in attheISSO,youmayloseyourvalidimmigrationstatusintheU.S.

advising

A faculty advisor is assigned toeachstudentprior to thestartofclasses. The advisor’s role is toassist the student in choosing aconcentration,designingacourseof study, and formulating careerplansthatsuitthestudent’sneedsand interests. You may elect tochangetheassignedadvisorafterthe first semester of residenceto achieve a closer match ofinterests. To supplement thesupportofyouradvisor,youmayreceive individualized, attentive,and multi-faceted counsel andsupport from many sourcesincluding alumni mentors,advisory board mentors, andmembers of the Cornell RealEstate Council network – inadditiontothenumerousindustryleadersbroughttocampus.

CaREER managEmEnt

Career management providesBaker Program students withthemultiple careerdevelopmentresources they need to assistthem in reaching their individualcareerobjectives.

Phil Greenberg, the AssociateDirector of Real Estate CareerManagement, is a dedicated,real estate career professionalforCornell’srealestatestudents.You can meet with Phil forcustomized advising, as well asguidance on resume and coverletterpreparation,career/industryexploration and developmentof networking, interviewing andnegotiatingskills.

The Baker Program in RealEstate’s career managementresourcesinclude:• IndividualappointmentwithAssociateDirectorforRealEstateCareerManagement• Openadvisinghours(drop-ins)forassistancewithquickquestionsandresumereviews• Handshake–ouronlinerecruitingplatformwhichcontainsjob/internshippostings,employervisitannouncementsandmore• Employershowcasesandinformationsessions• Mockinterviewswithcareerprofessionalsandemployers• On-campusinterviewopportunities• RealEstateCareerDay2015

sTudenT serviCes

Address: B-50 Caldwell Hall,Ithaca,NY14853Phone:607-255-5243Fax:607-255-2778Email:isso@cornell.eduOnthewebat:isso.cornell.edu

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REgistRation

Registering with the University– As you complete the “To-DoList” found on the new studentsportion of the Cornell UniversityGraduate School website,newstudents.cornell.edu/grad/todolist/, you are satisfying theregistration requirements. Pleasebe sure to take care of all theformsandthe“beforeyouarrive”items. The “Check RegistrationStatus” portion will be availableon August 18th and will notifyyou of any holds preventing youfrom registering. If there are anyimpedimentstoyourregistration,youcantakecareofthematthecheck-inevent:

graduate and Professional

student Welcome and Check-in monday, august 24;8:00 a.m. - 12:30 p.m., Barton Hall

International students, pleasecheck in at the InternationalStudents and Scholars Office(ISSO) in Caldwell Hall, RoomB50,whenyouarriveoncampus.

Cornell id cards - You will beissuedyourCornellIDcard.

There is an important differencebetweenregisteringandenrolling.As a student, you register as astudent at Cornell. You enroll inclasses.Eachsemester,youmustbothregisterandenroll.

If,afterthethirdweekofclasses

you are not registered, you willloseaccesstouniversityservicesandbechargeda$350.00latefee,in addition to finance charges. Ifyou register after the sixthweekof classes, you will be chargeda $500 late fee, in addition tofinancecharges.Failuretoregisterwill impact financial aid, loandeferments and health benefitsthatrelyonin-schoolstatus.Thismayalsoaffect theability tousecertainservicesoncampussuchas your Cornell Card, LibraryServices and Gannett HealthServices.

Students can see their classschedulesontheStudentCenterbeforetheyareactuallyregistered.Do not use this as an indicationthatyouareregistered!

regisTraTion and enrollmenT informaTion

EnRollmEnt

Your suggested sequence ofcourses is on page 7 of thehandbook.Youwillbe registeredforyour fall2015coursesby theBaker Program in Real Estate.After your first semester, youwill participate in the regularuniversity-wide enrollmentprocess. To familiarize yourselfwiththisprocess,andtobegintoseethemanycoursesavailabletoyou,gotocornell.edu/academics/courses.cfm. You will also wantto become very familiar withthe Registrar’s enrollment page,registrar.sas.cornell.edu/Student/coursenroll.html,asyouwillneedthe information there to enroll incourses. Some courses requirethatyousubmitanadd/dropformorobtainanenrollmentcodefrom

theinstructor.Ifyouareattemptingto enroll in a course online andcannot, take the form to thefirstclassandmaketherequestoftheinstructortoinitialit,allowingyouto be enrolled by the graduateschool.Theformcanbeturnedinat189StatlerHall.

Pre-enrollment for the springsemesterwilloccurinOctober.Ifyou decide to make changes toyourscheduleatalaterdate,youcandosoduringthefirst3weeksofthespringsemester.

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aTTire

Manyclasses,inparticulartheweeklyDistinguishedSpeakerSeries,require“business”dress.ThisisalsotrueofeventssponsoredbyBakerPrograminRealEstate.“Business”attireconsistsofties,suitsorslacksandsportcoatformenandsuitsorjacketandskirtsorslacksforwomen.“BusinessCasual”wouldbesportcoatsandslacksorkhakis(tiesoptional)formenand skirt or slacks andblouse or sweater forwomen. Footwear optionsshould always take into consideration the changing weather conditionsIthacaexperiences.Whenever you travelwith theprogram foreventsoffcampus,dresscodesshouldbeobserved.

Calendar of evenTs

TheCornellUniversityacademiccalendarcanbefoundatwww.cornell.edu/academics/calendar/index.cfm.

ThecalendarbelowattemptstoidentifytheimportantdatesoveryournexttwoyearsintheProgram.

PleaserefertotheBakerPrograminRealEstatewebsitefordefinitivedatesandtimes.

2015-2016 Baker Program in Real Estate Events:

October15 33rdAnnualCornellRealEstateConference inNewYorkCityOctober10th-14th FallBreakatCornellUniversityNovember26th–30th ThanksgivingRecessDecember4th LastscheduleddayofclassesDecember17th LastscheduleddayofexamsJanuary27th Spring2016classesbeginMay29th Commencement

mEEt tHE BakER PRogRam in REal EstatE diRECtoRs and staFF

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Jack Corgel, Robert C. Baker Professor of Real Estate and director of graduate studies for the Baker Program in Real Estate - december 31, 2015Address:450StatlerHallEmail:JC81@cornell.eduPhone:(607)255-9949

Jackleadsthefieldfaculty,andoverseesallacademicaspectsoftheprogram.HealsoteachesRealEstateFinanceandInvestments.

michael tomlan, Professor, City & Regional Planning, director of graduate studies - January 1, 2016 - June 30, 2019Address:207W.SibleyHallEmail:mat4@cornell.eduPhone:(607)255-7261

ProfessorTomlandirectsthegraduateprograminhistoricpreservationplanning.

Beth vandine, assistant director Address:180StatlerHallEmail:beth.vandine@cornell.eduPhone:(607)255-8369

Bethcoordinatesadmissionsandstudentservices.

kathy terry, Program assistantAddress:489StatlerHallEmail:kcr2@cornell.eduPhone:(607)255-7110

KathyassistsboththeDirectorandAssistantDirector.

general program informaTion

dustin Jones, associate director Baker Program in Real Estate and senior lecturerAddress:489StatlerHallEmail:dcj53@cornell.eduPhone:(607)255-8962

DustinistheAssociateDirectoroftheBakerProgramandleadstheDistinguishedSpeakerSeries

Phil greenberg, associate director of Real Estate Career managementAddress:180StatlerHallEmail:pjg25@cornell.eduPhone:(607)255-6319

Philhandlescareermanagementandadvisement.

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Warren Bailey Professor,FinanceAddress:489StatlerHallEmail:wbb1@cornell.eduPhone:(607)255-4627

Richard BoothProfessor,City&RegionalPlanningAddress:117W.SibleyHallEmail:rsb6@cornell.eduPhone:(607)255-4025

Walter Boudry AssistantProfessor,RealEstate Address:465AStatlerHallEmail:wb242@cornell.eduPhone:(607)255-9003

nancy BrooksVisitingAssociateProfessor,City&RegionalPlanningAddress:212W.SibleyHallEmail:nb275@cornell.eduPhone:(607)255-2186

BakER PRogRam in REal EstatE FiEld FaCUltY

thomas J. Campanella AssociateProfessor,DirectorofUndergraduateStudiesAddress:105W.SibleyHallEmail:tomcamp@cornell.eduPhone:(607)254-8934

Paul Carr AdjunctAssociateProfessor,Civil&EnvironmentalEngineeringAddress:315HollisterHallEmail:pgc3@cornell.eduPhone:(607)254-8978

Jeffrey Chusid AssociateProfessor,City&RegionalPlanningAddress:210W.SibleyHallEmail:jmc286@cornell.eduPhone:(607)254-8579

kieran donaghyProfessorCity&RegionalPlanningAddress:315W.SibleyHallEmail:kpd23@cornell.eduPhone:(607)255-4613

Jan deRoosAssociateProfessorandHVSProfessorofHotelFinance&RealEstateAddress:435StatlerHallEmail:jad10@cornell.eduPhone:(607)255-8716

kenneth HoverProfessor,Civil&EnvironmentalEngineeringAddress:302AHollisterHallEmail:kch7@cornell.eduPhone:(607)255-3406

antonio BentoProfessor,DysonSchoolofAppliedEconomics&ManagementAddress:403WarrenHallEmail:amb396@cornell.eduPhone:(607)255-0626

suzanne CharlesAssistantProfessor,City&RegionalPlanningAddress:107WSibleyHallEmail:scharles@cornell.edu

Ying Hua AssociateProfessor,Design&EnvironmentalAnalysisAddress:489StatlerHallEmail:YH294@cornell.eduPhone:(607)254-6415

adam klausner SeniorLecturer,EmploymentRelations,HumanResources&LawAddress:489StatlerHallEmail:aak12@cornell.eduPhone:(607)255-8375

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nBakER PRogRam in REal EstatE FiEld FaCUltY

Big Red Barn graduate and Professional student CenterDiningandmeetingfacilitiesforgraduatestudents.Hours:Monday-Thursday:8am-10pm,Friday:8am-7:30pmWeekendsbyreservationonly

Binenkorb Computer CenterAddress:365StatlerHallPhone:(607)255-8872Hours:Monday-Thursday:8am-11:30pm,Friday:8am-6:30pmSaturday:Noon-6pm,Sunday:Noon-11:30pm

University Bursar and Registrar – day HallBursar–Firstfloor,255-2336Registrar–basementlevel

graduate schoolgradschool.cornell.eduLocation:CaldwellHall

gannett Health servicesAddress:LocatedonHoPlazajustwestofWillardStraightHallPhone:(607)255-5155

Peter liuAssociateProfessorRealEstate Address:465BStatlerHallEmail:pl333@cornell.eduPhone:(607)254-2960

michael manville AssistantProfessor,City&RegionalPlanningAddress:311W.SibleyHallEmail:mkm253@cornell.eduPhone:(607)255-2957

daniel QuanProfessor,Finance,Accounting&RealEstate Address:442StatlerHallEmail:DQ22@cornell.eduPhone:(607)255-6404

Henry RichardsonProfessor,ArchitectureAddress:123RandHallEmail:hwr1@cornell.eduPhone:(607)255-3547

Peter trowbridgeProfessor,LandscapeArchitecture Address:440KennedyHallEmail:pjt4@cornell.eduPhone:(607)255-12738

Crocker H. liuRobertA.BeckProfessorofHospitalityFinancialManagementRealEstateAddress:440StatlerHallEmail:chl62@cornell.eduPhone:(607)255-3739

oTher imporTanT sTaff and deparTmenTs

stephan schmidtAssociateProfessor,City&RegionalPlanningAddress:313SibleyHallEmail:sjs96@cornell.eduPhone:(607)254-4846

Cornell University Baker Program in Real Estate

489 statler Hallithaca, nY 14853-6701

607.255.7110

baker.realestate.cornell.edu