2019-2020 Undergraduate Bulletin

Real Estate & Construction Management

Office: Daniels College of Business, Room 380
Mail Code: 2101 S. University Blvd. Denver, CO 80208 
Phone: 303-871-3432
Web Site: http://daniels.du.edu/burns

The Franklin L. Burns School of Real Estate and Construction Management at the Daniels College of Business provides a one-of-a-kind education. With an emphasis on the business of the built environment, The Burns School programs are designed to equip you with the skills necessary to succeed. Our degrees provide students with an understanding of the full life cycle of the built environment while acquiring expertise in a specific education discipline of their choice. This is an advantage because courses are taught from a managerial point of view, as opposed to the strictly technical programs often found in schools of architecture, engineering or technology. Finance, marketing, accounting and management are integrated into your degree to provide an even greater competitive edge. Students in the Burns School have the opportunity to see classroom theory come alive in the city of Denver, a wonderful urban laboratory for applications, research and internships.

The placement record for Burns School graduates has traditionally been very strong. Most of these jobs are a result of professor-industry contacts. Students interested in advanced degrees go on to the Burns School Master of Science in Real estate and the Built Environment, Law school or MBA programs at the University of Denver and other highly respected universities. Careers for students interested in Real Estate and the Built Environment include;  real estate development, real estate leasing and brokerage positions, real estate acquisitions, real estate finance, construction project management, corporate real estate, facilities management, property management, real estate appraisers and assessors, real estate asset management, cost estimators and investment fund/asset managers.  

Real Estate and the Built Environment

Bachelor of Science in Business Administration Major Requirements

(185 credits required for the degree)

Minimum of 52 credits. Requirements include:

Complete the following Real Estate and the Built Environment Major Core Requirements then select one Concentration; Real Estate, Property Development or Construction Project Management for a total of 52 credit hours.28
REAL 1700The Business of the Built Environment4
REAL 3307Real Estate Finance4
REAL 3007Real Estate Financial Analysis4
REAL 3357Corporate Real Estate and Management4
CMGT 2300Architectural Planning and Design Management4
CMGT 3438Legal Issues and Risk Management4
CMGT 3480Construction Project Management4

Real Estate Concentration Requirements

REAL 3317Real Estate Appraisal and Valuation4
REAL 3367Development and Feasibility4
REAL 3369Real Estate Taxation4
REAL 3377Real Estate Investment Seminar4
Select Two from below:
REAL 2777Real Estate Principles and Practices4
REAL 3010Real Estate Capital Markets4
REAL 3210Planning, Entitlements, and Public Finance4
REAL 3337Real Estate Securities and Syndications4
REAL 3347Management of Income Properties4
REAL 3500Argus Financial Analysis4
Total Credits24

Property Development Concentration Requirements

REAL 3210Planning, Entitlements, and Public Finance4
REAL 3367Development and Feasibility4
REAL 3377Real Estate Investment Seminar4
CMGT 2170Construction Building Systems4
CMGT 3155Sustainable Development/LEED4
CMGT 3190Residential Development4

Construction Project Management Concentration Requirements

CMGT 2170Construction Building Systems4
CMGT 3100Construction Estimating4
CMGT 3120Construction Scheduling and Project Controls4
CMGT 3170Construction Accounting and Financial Management4
CMGT 3200Construction Job Site Management4
Select One from below:
CMGT 3155Sustainable Development/LEED4
CMGT 3177Environmental Systems and MEP Coordination4
Total Credits24


20 credits as follows: 

REAL 2777Real Estate Principles and Practices4
REAL 3307Real Estate Finance4
REAL 3007Real Estate Financial Analysis4
Select two from below:8
The Business of the Built Environment
Real Estate Capital Markets
Residential Development
Planning, Entitlements, and Public Finance
Real Estate Appraisal and Valuation
Real Estate Taxation
Real Estate Investment Seminar
Development and Feasibility
Total Credits20


20 credits as follows:

REAL 3307Real Estate Finance4
REAL 3007Real Estate Financial Analysis4
REAL 3210Planning, Entitlements, and Public Finance4
CMGT 2170Construction Building Systems4
Select one from below: 4
The Business of the Built Environment
Real Estate Principles and Practices
Development and Feasibility
Sustainable Development/LEED
Residential Development
Legal Issues and Risk Management
Construction Project Management
Total Credits20


20 credits as follows: 

REAL 1700The Business of the Built Environment4
CMGT 2300Architectural Planning and Design Management4
CMGT 3100Construction Estimating4
CMGT 3120Construction Scheduling and Project Controls4
Select One from below: 4
Construction Building Systems
Sustainable Development/LEED
Construction Accounting and Financial Management
Construction Project Management
Environmental Systems and MEP Coordination
Construction Job Site Management
Legal Issues and Risk Management
Total Credits20

Requirements for Distinction in the Major in Real Estate and the Built Environment

Students participating in the University Honors Program, and students with a 3.85 cumulative GPA or higher upon reaching 90 hours completed, are invited to create a portfolio of in-depth business experiences to earn Distinction. See Daniels Undergraduate Programs or faculty in the department for more information. 

Real Estate and Construction Management

This course plan is a sample schedule. Individual course plans will vary based on incoming transfer credit, admission path to Daniels, prerequisites, availability of courses, minors, and other scheduling factors. Please meet with your Daniels academic advisor to develop an individual graduation plan for your specific needs.

First Year
First-Year Seminar (FSEM)4WRIT 11224WRIT 11334
MATH 120014INFO 10104INFO 10204
BUS 14404MGMT 21004ECON 102024
Foreign Language4Foreign Language4Foreign Language4
 16 16 16
Second Year
ACTG 22004FIN 28004CMGT 23004
MKTG 28004ACTG 23004INFO 20204
LGST 20004REAL 17004BUS 30004
Scientific Inquiry: The Natural and Physical World4Scientific Inquiry: The Natural and Physical World4Scientific Inquiry: The Natural and Physical World4
  INTZ 250132
 16 16 18
Third Year
Study Abroad16 Analytical Inquiry: Society and Culture4BUS 38004
Electives MGMT 30004REAL 30074
 CMGT 34804REAL 33574
 REAL 33074Concentration Class or Elective4
 16 16 16
Fourth Year
Scientific Inquiry: Society and Culture4 Advanced Seminar (ASEM)4Concentration Class or Elective4
Analytical Inquiry: Society and Culture4Concentration Class or Elective4Concentration Class or Elective4
CMGT 34384Concentration Class or Elective4Concentration Class or Elective4
Concentration Class or Elective4Concentration Class or Elective4 
 16 16 12
Total Credits: 190

Construction Management Courses

CMGT 2170 Construction Building Systems (4 Credits)

A survey of residential and commercial construction materials, means, and methods associated with the various structural and architectural systems used to design and construct buildings. Project plans and specifications are incorporated to teach the basic sequencing and overall construction process. The influence of sustainability in construction is introduced. This class will also have an off campus , experiential learning lab associated with it.

CMGT 2300 Architectural Planning and Design Management (4 Credits)

This course introduces students to the significant value that architecture brings to real estate and the built environment and the various services and professions associated with it. Students are introduced to principles, protocols and the planning process related to the design function and the link between the architect's vision and the finished physical structure. Students are introduced to design thinking theory and application. Students learn to read and interpret the various graphical and written construction documents, know how they are developed and what information they contain. Coverage of architectural, structural, mechanical, electrical, plumbing, and civil drawings and specifications. The business model for design services is explored as well as the unique risks and challenges associated with managing the design throughout the various stages of development and construction.

CMGT 3100 Construction Estimating (4 Credits)

This course is designed to provide the student with the theory, principles and techniques of quantity analysis (take-off), labor determinations, overhead and profit analysis. It offers insight into the construction estimating process. The role of the estimator, types of estimating, CSI Divisions, bid/contract documents, change order pricing, design/build projects, and estimation compilation will be introduced. Discussions regarding the cost/benefit of sustainable materials and typical construction materials will enhance the requisite knowledge of construction estimating. Cross listed with CMGT 4420. Prerequisites: CMGT 2300 and CMGT 2170.

CMGT 3120 Construction Scheduling and Project Controls (4 Credits)

Understanding and applying scheduling and control to construction projects is essential to successful construction management. Project scheduling emphasizes network-based schedules, such as critical path management (CPM), network calculations, critical paths, resource scheduling, probabilistic scheduling and computer applications. Project control focuses on goals, flow of information, time and cost control, and change management. Prerequisites: CMGT 3100.

CMGT 3155 Sustainable Development/LEED (4 Credits)

The course includes many case studies of historic and contemporary structures exemplifying various sustainability features. Emphasis will be placed on how LEED project certification influences the overall construction project. Topics will include LEED certification techniques for sustainable sites, water efficiency, energy & atmosphere, materials & resources, indoor environmental quality, innovation and design. The following topics will be covered from a LEED perspective: ventilation, air conditioning, heating, electrical lighting, energy efficiency, and building control systems. The student will study and analyze how management and LEED techniques are applied to current construction projects.

CMGT 3170 Construction Accounting and Financial Management (4 Credits)

Introduction to construction related accounting practices and financial documents and control systems including: job cost accounting systems, cash flow analysis, schedule of values, labor and operations cost reports, income statements, balance sheets and construction budgets; emphasis on the development of techniques required to effectively monitor the financial aspects of a construction project.

CMGT 3177 Environmental Systems and MEP Coordination (4 Credits)

A study of electrical and mechanical systems (MEP) used in the construction of buildings. Course content includes system design, component selection and utilization for energy conservation, cost estimating of systems, coordination and management of installation. Specific systems included are electrical, air conditioning, heating, ventilation and plumbing, fire protection, life safety, communication, power systems and lighting. The course also considers coordination of MEP systems and explores emerging technology and environmental issues related to mechanical and electrical systems in buildings. Cross listed with CMGT 4177. Prerequisite: CMGT 3120.

CMGT 3190 Residential Development (4 Credits)

A course sequence designed to emphasize the practical application of the theories and concepts of residential development. The course provides a capstone experience for seniors. Students are expected to apply their knowledge of general business, real estate and construction management practices by forming a student business entity, acquiring land, building and selling a residential property in a case format. Students will apply accounting, finance, marketing, real estate and construction management techniques in the planning for a residential development. The application of green building materials and methods is emphasized. Cross listed with CMGT 4490.

CMGT 3200 Construction Job Site Management (4 Credits)

This course addresses how a successful construction project is managed and administered from design through construction to closeout. Emphasis is on how to unite the key stakeholders (contractors, architects, engineers, etc.) to provide them with a workable system for operating as an effective project team. The latest technology, laws and regulations associated with contract administration are presented. Topics pertinent to each stage of a project are introduced and discussed as they occur throughout the life of the project. Numerous real-world examples are utilized throughout the course. Various electronic project administration tools and techniques are demonstrated including Building Information Modeling.

CMGT 3438 Legal Issues and Risk Management (4 Credits)

General contract and real estate law, tax law, landlord-tenant law, and various areas of liability for real estate practitioners. Construction contract preparation, bonding and insurance requirements, indemnity agreements, rights and remedies of property owners, contractors and subcontractors, emphasis on administration of a complete contract package for procurement and construction, risk evaluation, assessment, and management strategies.

CMGT 3480 Construction Project Management (4 Credits)

This course offers a study of Construction Project Management including different scheduling techniques, use of estimation against scheduling, contracting, construction law, and software use for scheduling. Students obtain the needs for thought process of construction management including scheduling, bidding, proposals, communications, contracts, project planning and initialization, scheduling, estimating, resource planning, organizing, and project control. Use of software is critical and programs are chosen based on independent needs of students.

CMGT 3700 Topics in Construction Mgmt (1-10 Credits)

Exploration of various topics and issues related to construction management. Prerequisite: degree checkpoint 2.

CMGT 3980 Construction Management Internship (1-10 Credits)

Practical experience (field study); requires written report. Prerequisite: instructor's permission and degree checkpoint 2.

CMGT 3991 Independent Study (1-10 Credits)

Individual research/study; requires written report. Prerequisite: junior standing and instructor's permission and degree checkpoint 2.

CMGT 3992 Directed Study (1-4 Credits)

Real Estate Courses

REAL 1700 The Business of the Built Environment (4 Credits)

An exploration of the importance of real estate and the built environment and its impacts and influences on how we live, work, and play. The course considers a "cradle to grave" sustainable model that links the various phases, functions, and professions of real estate, project delivery, and asset/facility management to create holistic, value generating solutions for society. Professional practices/skillsets associated with the many career options that engage the built environment are demonstrated. This course has no pre-requisites and is open to all undergraduate students.

REAL 1992 Directed Study (1-10 Credits)

REAL 2777 Real Estate Principles and Practices (4 Credits)

This course is designed to give the student a broad overview of the field of real estate, exploring both legal and financial aspects of real property ownership. It serves as the practical introduction to the US perspective on real estate for students with little or no real estate experience. Topics covered in this course include property rights, title concepts, deeds, mortgages and purchase and sale contracts. From both a commercial and residential perspective students will explore aspects of real estate brokerage, financing, appraisal and investing. Other areas covered include fair housing, taxes, leases, zoning, agency and careers within the field of real estate.

REAL 2992 Directed Study (1-10 Credits)

REAL 3007 Real Estate Financial Analysis (4 Credits)

Alternative analysis formats that can be applied to a wide array of real estate analysis issues; simulates working/decision-making environment; structured overview of analysis tools focused on specific facets of multidimensional real estate decision-making environment; applications in investment analysis, feasibility analysis, valuation, market analysis, and report writing and presentation. Cross listed with REAL 4007. Prerequisites: REAL 3307.

REAL 3010 Real Estate Capital Markets (4 Credits)

This course will expose students to the commercial real estate capital markets that have evolved from exclusively private in the 1980's to a mix of private and public including commercial mortgage backed securities (CMBS) and real estate investment trusts (REITs) in the 1990's. Any person involved in real estate today must understand all the alternative capital sources available and their requirements. Students will be exposed to the positives and pitfalls of all the capital market products. Cross listed with REAL 4010. Prerequisites: REAL 3007.

REAL 3110 Advanced Issues in Real Estate & Construction Management (4 Credits)

This course offers a broad range of real estate and construction topics that are not covered in other real estate and construction management courses. Examples include marking, negotiations, legal, financial and development issues. Guest experts are brought to class to explain the latest concepts, issues and techniques. Cross listed with REAL 4110. Prerequisites: REAL 3307 and degree checkpoint 2.

REAL 3140 Global Perspectives in Real Estate (4 Credits)

Inbound U.S. and outbound U.S. real estate issues, with a mix of cultural issues that impact real estate transactions. Application of sustainability concepts is important in this course dealing with international real estate issues. Cross listed with REAL 4140.

REAL 3210 Planning, Entitlements, and Public Finance (4 Credits)

Real estate development, place making and community building require the combined efforts of the public, for-profit, and non-profit sectors. Participants in the real estate development process need to understand and appreciate the sometimes competing, and sometimes collaborative interests of governments, agencies, and the private developer. This course is designed to familiarize students with the overall context of urban planning and land use. Students discover the variety of participants in the development process and become familiar with the project entitlement process, zoning and land use regulation. Students also examine public/private financing structures such as public-private-partnerships (P3s) and become familiar with detailed calculations relating to Tax Incremental Financing (TIF) and Metropolitan Districts. Prerequisite: REAL 1700.

REAL 3307 Real Estate Finance (4 Credits)

Sources of financing including institutions and individuals, primary and secondary mortgage markets, mortgage banking, impact of monetary and fiscal policies on financing, underwriting analysis, traditional and alternative or creative financing techniques. Cross listed with REAL 4407.

REAL 3311 Real Estate Internship (1-4 Credits)

Practical experience (field study) in a responsible assignment with a real estate firm; experiences presented to faculty in report form. Maximum 1 quarter hour, unless approved by program director. Prerequisite: degree checkpoint 2.

REAL 3317 Real Estate Appraisal and Valuation (4 Credits)

Appraisal principles, including market, cost and income approaches to value, highest and best use, neighborhood and site analysis; valuation of income properties applying market, cost and income approaches to value; capitalization theory and techniques, mortgage-equity analysis, and investment value concepts. Cross listed with REAL 4417. Prerequisites: REAL 3307.

REAL 3337 Real Estate Securities and Syndications (4 Credits)

Introduction to real estate securities; emphasis on private offerings; determining whether a contemplated transaction involves a security, and what happens if it does; exemptions from registration (Reg D); registration requirements; investor suitability, how to syndicate, acquisition of property, marketing of the property, tax structure and formation of syndication, compensation to syndicators, real estate tax considerations. Application of sustainability concepts is important in this class dealing with real estate securities issues. Cross listed with REAL 4337.

REAL 3347 Management of Income Properties (4 Credits)

Complex problems of managing apartments, condominiums, office buildings, industrial property and shopping centers; rental markets, development of rental schedules, leasing techniques and negotiations, repairs and maintenance, tenant relations, merchandising, selection and training of personnel, accounting, owner relations. Cross listed with REAL 4347.

REAL 3357 Corporate Real Estate and Management (4 Credits)

This course provides a snapshot view of the corporate real estate life cycle and how to strategically plan and manage it. Over the ten week period we will address the diverse but critical components that together account for Facility Management. These shall include: Building Life Cycles and sustainability, facility management as part of the enterprise model within a corporate structure, regulatory agencies, professional relationships and the impact of the build environment on the bottom line, contracting and budget management, move-add-change (MAC) / operations, and general administrative services.

REAL 3367 Development and Feasibility (4 Credits)

This course is designed to give students a hands on approach of the steps necessary in performing market feasibility analysis to emphasize market research in the development process and understand site selection factors for commercial (office, industrial, retail, apartment, hotel) real estate. The physical and financial development process is covered in a real world project chosen by the student. This is a capstone course for graduating seniors. Cross listed with REAL 4467. Prerequisites: REAL 3007 & Senior Standing.

REAL 3369 Real Estate Taxation (4 Credits)

Tax factors affecting real estate investments; legal forms of ownership, capital gain and loss; deductions, credits, depreciation, tax basis, tax impacts on exchanges, syndications, real estate securities, and other federal tax laws affecting real estate. Application of sustainability concepts are important in this course dealing with real estate tax issues. Cross listed with REAL 4369.

REAL 3377 Real Estate Investment Seminar (4 Credits)

Capstone course for graduating seniors. Case method applied to real property development and real estate investment analysis for decision making; computer software for discounted cash flow, risk and simulation analysis; growth, sustainability and environmental issues, portfolio strategy and analysis. Cross listed with REAL 4477. Prerequisites: REAL 3007 & Senior Standing.

REAL 3500 Argus Financial Analysis (4 Credits)

The central focus of this course is to expose the real estate student to a broad array of analysis and presentation tools, with practical applications of the Argus software through interactive examples and case studies. The course is designed to prepare the student for certification which is part of the course content. It is assumed that the student understands basic real estate principles and financial analysis. Cross listed with REAL 4500. Prerequisites: REAL 3007.

REAL 3701 Topics in Real Estate (1-4 Credits)

Prerequisite: degree checkpoint 2.

REAL 3800 NAIOP Challenge (2-4 Credits)

Student teams analyze and formulate real-world solutions for an existing complex real estate problem, culminating in internal and external competitions. Includes a comprehensive written report and oral presentation. Cross listed with CMGT 3800, CMGT 4800, REAL 4800. Prerequisite: Instructor’s permission.

REAL 3980 Real Estate Internship (1-10 Credits)

Prerequisite: instructor's permission.

REAL 3991 Independent Study (1-10 Credits)

Independent study/research; requires written report. Prerequisites: approval of instructor and degree checkpoint 2.

REAL 3992 Directed Study (1-10 Credits)


Barbara Jackson, Associate Professor and Director, PhD, Colorado State University

Jeff Engelstad, Professor of the Practice of RECM, PhD, University of Denver

Eric A. Holt, Assistant Professor, PhD, Purdue University-West Lafayette

Mark Levine, Professor, JD, University of Denver

Glenn Mueller, Professor, PhD, Georgia State University

Andrew G. Mueller, Assistant Professor, PhD, Colorado State University

Ron Throupe, Associate Professor, PhD, University of Georgia

Daniel Trujillo, Assistant Professor of Teaching, MS, University of Denver

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