Ethics and Responsibility for the Real Estate Firm

Course Code

ETHRE806

Program or Programs for which course is part

Master in Real Estate (MRE) Executive Master in Real Estate (E-MRE) Master in Real Estate and Finance (MRE(Fin)) Executive Master in Real Estate and Finance (E-MRE(Fin)) Master in Real Estate and Finance (MRE (Fin)) Semester Abroad Master in Real Estate and International Business (MRE-IntBus) Master in Real Estate and Marketing (MRE-Mkt) Master in Real Estate and Project Management (MRE-PM)

Level (I, H, or M)

M

Number of Credits

This course carries a weight of 20 credits of the Homburg Academy, which is equal to 10 ECTS (European Credit Transfer System credits).

Learning Time This course requires approximately 200 hours of learning time. This includes all taught and supervised classes and all private study and research.

Stage (I or II, where applicable)

Stage I

Is this Course Core, Specialist or Elective

Core for all listed programs

Courses that are pre-requisite or co-requisite

None

Name of Course Convenor

Louise Gardiner

Position

Adjunct Professor

Email address

louise@firstprinciples.org

Brief Course Summary This course aims to provide students with an advanced understanding of:

1. Business ethics in terms of the evolving structures for 'corporate social responsibility' and

particularly expectations for 'sustainability' in planning and development most relevant to the Real Estate firm.

2. Corporate governance issues in general, such as 'good corporate governance', as well as the ethical requirements relating to Real Estate firms.

3. The new landscape of business risk and opportunity seen through the lens of environmental

and social sustainability, and global concerns such as poverty, health, and climate change.

Course Objectives The learning objectives for this course are to enable students to understand the nature and role of such concepts as: • Business ethics • Corporate social responsibility • Sustainability and sustainable development • Stakeholder theory • Corporate accountability and transparency • The “Green” movement • Ethics and sustainability as part of corporate governance • Sustainability reporting and management systems • Social justice

These specific learning outcomes contribute to achieving the learning outcomes of the relevant programs by demonstrating knowledge of the following (mapped to the Program Specification): A. Advanced knowledge and understanding of: 12.A.3: The need for sustainable development and the means of gaining sustainability throughout the process of development from planning to design; B. Intellectual skills: 12.B.1: Develop general research skills, especially bibliographic and computing skills in finding, selecting, and analysing materials for the independent project; 12.B.2: Learn to gather, organise and deploy evidence, data and information from a variety of

secondary and some primary sources; 12.B.4: Learn to identify, investigate, analyse, formulate and advocate solutions to problems; 12.B.5: Develop problem solving skills, including the ability to identify and define problems, and to establish strategies for dealing with them including criteria for success, mapping optimum and alternative solutions, and exercising critical judgement to discriminate between the ranges of alternatives; 12.B.6: Synthesise relevant information and exercise critical judgement in the development of reasoned arguments; 12.B.7: Enable students to reflect upon and manage their own learning, and seek to make use of constructive feedback from staff and peers to enhance their performance and personal skills. C. Subject-Specific Skills 12.C.1: Understand the importance, role, and impact of property and the built environment in a wide range of facets of modern society; 12.C.3: Be able to discriminate between forms of knowledge and be able to draw selectively and appropriately on them;

12.C.4: Develop good understanding of the ethical issues in the Real Estate industry, including issues of sustainability, and environmental responsibility;

D. Transferable skills: 12.D.1: Develop autonomy in learning, work independently demonstrating initiative and self organisation; 12.D.2:. Work co-operatively on group tasks, understand how groups function, collaborate with others and contribute effectively to the achievement of common goals; 12.D.3: Use communication and information technology for the retrieval and presentation of information, in the form of prose or numeracy as appropriate; 12.D.4: Develop communication skills, both orally and in writing. Communicate clear, succinct, analytical ideas; 12.D.5: Prepare and deliver oral presentations individually and as part of a group.

List of Lecture Topics Week 1: Introduction to concepts and theories of business ethics, corporate social responsibility (CSR) and sustainable development Week 2: Introduction to stakeholder theory (engagement and accountability) Week 3: Sustainability as a new model for generating business value and resilience Week 4: Sustainability and the role of investors Week 5: Origins and implications of the Green Building movement Week 6: The next frontier in cities – public-private partnerships to provide infrastructure, services, building, and transport solutions Week 7: Poverty and real estate – social justice and business opportunity Week 8: Integrating sustainability in core business – corporate governance and management systems Week 9: When things go wrong – communication and conflict management strategies for environmental and social crises. Week 10: The Future of Real Estate - how to add value to investors, customers and clients

Learning and Teaching Methods Achievement of learning outcomes: the learning outcomes for this course are achieved through student participation in lectures (compulsory), in their active participation in seminars (compulsory), and in their fulfilment of the assessed elements (compulsory). This is a ten week course that is offered entirely online. In each week there is a lecture presentation for approximately one hour, plus an interactive seminar discussion for approximately one hour. Lecture presentations led by the course professor. The lectures are designed to introduce key theories and practices in business ethics in general and as these relate to real estate in particular, and to guide students through an understanding of their rationale, their uses, and their limitations, so that students may both understand and reflect critically upon the issues. The lectures contribute to the achievement of learning outcomes by guiding students through the main theories, concepts, and debates in the scholarly literature, as well as the contested concepts and methods. Seminar Discussions are led by students under guidance of the course professor. The seminar is the opportunity for students to gain clarification of the lecture material and the reading materials. Also, through these guided discussions, it is intended that students will gain a comprehensive understanding by linking lectures, independent reading and class discussion, enabling students to apply concepts, theories, and methods to the practice of real estate appraisal. Through dialogue, interaction,

cooperation, and confrontation, students learn to formulate, structure, and defend their perspectives. Independent Study: students are expected to read the stipulated text for each lecture and seminar session, as well as to read more widely in recommended texts for this course. Additionally, students are expected to conduct independent research for their contribution to seminar discussions, and for their research project. Learning outcomes for independent study are achieved through students’ own reading, research and preparation, seminar presentations, and in their research project.

Indicative Reading List A comprehensive reading list will be provided to students.

Method of Assessment (and how the chosen method of assessment is related to learning outcomes) The course will apply a combination of assessment methods to ensure a grasp of the concepts covered in the course as well as an ability to apply the various approaches to real-life examples and working in teams with different skills:

Group assignment– the students work in teams to design and present an innovative real estate business idea that draws on the theory learned during the course.

Journal – the students write up to 500 words as a journal entry for each class. The journal is submitted at the end of the course and stimulates conscious reflection on personal learning outcomes.

Research essay – the students select and investigate a real estate case study where ethical or sustainability factors affected real estate value in a positive or negative way. The students combine a theoretical approach with practical case analysis.

Exam-style essays – the students write two exam-style essays. One takes place mid-way through the course and one at the end. These are time-bound to enable the students to focus on applying the theory they have learned.

Summary of Assessed Elements, and Percentage Weight of Each Element Group assignment (10%) Journal (10%) Research essay (40%) Exams (40%)