Master of Real Estate Program Frequently Asked Questions
What characteristics does the Real Estate program seek in an applicant?
The following are a few of the characteristics evaluated when recruiting for the Real Estate program:
- Academic ability: The graduate classroom is competitive. The program strives to admit students who show promise for both a thriving scholastic and professional real estate career. With continued hard work, students who were successful as undergraduates tend to be high achievers when they enter graduate school as well. The GRE and the GMAT exams also serve as indicators of academic ability.
Students in a graduate program must maintain a 3.0 GPA to earn their degree. It has been our experience, that a student with a 3.25 GPA or greater in their undergraduate studies are better able to succeed with this requirement. The average GPA for the last 60 hours of study for recent students admitted to the program is a 3.50. Students who are concerned with GPA qualifications may wish to highlight in their resume and/or application essays why they believe past academic performance might not be an indicator of future performance. - Desire to begin/continue a career in commercial real estate: The Master of Real Estate is a specialized degree preparing students for a professional career. The program coursework focuses on the analysis and valuation of commercial real estate. Graduates obtain employment in a variety of firms in the industry including commercial mortgage lending, development, consulting, brokerage, and valuation.
I will not be able to submit an official GMAT or GRE score report by the application deadline – what should I do?
We can evaluate applications with student-reported scores, but must receive official scores in order to register admitted candidates for classes. If you are admitted to the Real Estate program, we will need to obtain an official score report after you are enrolled. You must, however, be registered to take the exam not later than two weeks following the application deadline.
Does the Real Estate program emphasize any particular aspect of commercial real estate?
The Real Estate program emphasizes financial and valuation aspects of real estate. It is also designed around courses that concentrate on a variety of different topics, with the overall goal of giving students a comprehensive understanding of the commercial real estate industry.
How does a specialized degree like the Master of Real Estate compare with the Master of Business Administration?
The Master of Real Estate degree is focused on the analysis and valuation of commercial real estate. If a prospective graduate student is interested in broad set of career opportunities, he or she might consider an MBA degree. Not all MBA programs provide an opportunity for specialization in real estate.
One of the attractions to employers of Real Estate program students is that graduates leave the program with a firm grasp of commercial real estate concepts, as well as how to implement that knowledge once in the workplace. Until very recently, 100 percent of Real Estate program graduates were employed within 90 days after graduation. While the past does not necessarily dictate the future, we are confident that the well-educated, ethical graduates of the Master of Real Estate program will continue to attract prestigious employers with the talents these students hone and obtain through the program. The fact that our 90-day placement rate has never dropped below 90 percent supports this belief.
How long is the Real Estate program?
The Real Estate program is composed of 38 credit hours which takes graduate students one-and-half years, or three semesters, including a summer internship, to complete.
Is the Master of Real Estate degree available online?
Our master's degree program is offered on campus only and is not available online or through distance education.
Is it possible to graduate in less than the typical length of the program?
A student would need to take a very heavy course load to complete all of the required coursework in two long semesters.
Is the Master of Real Estate degree available online?
Our master's degree program is offered on campus only and is not available online or through distance education.
Can I commute from Houston or Austin and pursue a degree in the Real Estate program?
In the past, the Real Estate program has had a few students commute from the Houston or Austin area in order to pursue a degree in the program. This may present special challenges and we would encourage students to discuss this option with the MRE office.
Is it possible to attend as a part-time student?
We do not offer classes that are tailored to part-time students. We do not hold weekend classes and, while we do have some classes offered between 6 and 8 p.m., this is due to space and faculty availability rather than an attempt to accommodate part-time students. If a student needs to take a shorter load or reconstruct their schedule, they must pre-arrange this with the director. This might result in a more costly education, as well as lengthen graduation time.
Does the Master of Real Estate degree require a thesis?
No, but each graduating student is subject to an oral examination which covers career experiences during the student’s summer internship.
Must I have an undergraduate degree in business administration to be admitted?
No. Currently, about one-half of Real Estate program students have undergraduate business degrees. The remaining students possess a wide a variety of undergraduate degrees including agricultural economics, agri-business, architecture, construction, economics, engineering, the liberal arts and science.
I was not a business or finance major and am worried that I do not have the prerequisite classes necessary to begin the program. Should I still apply?
Although you may apply without having taken the courses and add them in as part of your program curriculum, your application will be weighed against other applicants who do have all of the prerequisites. Taking the prerequisites as part of the curriculum, this could lengthen your program of study by a fully semester and limit your choices of electives. Applicants who have completed all prerequisites are considered more competitive. Often we encourage applicants to take the prerequisites prior to applying for the Real Estate program so that they can determine if real estate is an area they wish to pursue. The current Common Body of Knowledge/pre-requisites can be viewed online at mays.tamu.edu/mre/mre-curriculum/.
Is prior work experience required for admission to the Real Estate program?
No. The majority of students who are accepted into the Real Estate program have only recently received their undergraduate degree. Few, if any, have had significant real estate-related work experience.
What is the difference in starting the Real Estate program in the spring versus the fall semester? Does either have an impact on securing internships or scholarships?
The main difference in starting the Real Estate program in the spring versus the fall semester is course sequencing. All of our students found internships last summer. Most of the search activity takes place in the spring because most companies are not in a position to make an internship decision until that time. Getting an internship is related to many factors, but a spring or fall start does not seem to make much of a difference. Likewise, there does not seem to be an affect on scholarship awards.
I would like information on available research or graduate assistantships as a source of income during graduate school. How do most Real Estate program students finance their education?
Due to the professional nature of the program, rarely do we have research assistants. We do employ student workers and grant graduate assistantships. Most of our students use some combination of part-time employment (on or off campus) and student loans.
In some graduate programs, the student is fully responsible for looking for their internship themselves. Is this the case with the Real Estate program?
Securing internships is mostly a joint effort among the student, the faculty and fellow students, but the process varies for each person. Regardless, each student is responsible for proactively responding to market opportunities and utilizing effective networking skills that enhance job prospects. Internships are secured in a variety of ways; for example:
- certain students may have a connection that will give them a lead to an internship opportunity;
- some students access the Former Students Directory and contact individual former students about the possibility internships.
- frequently our professors or staff receive direct calls from individual firms and make opportunities known to all students.finally some firms formally recruit for interns on campus.
Do Real Estate program students receive compensation for their time as interns?
Most of our internships are paid opportunities and salaries tend to vary. In the past, students have been willing to accept unpaid internships in order to gain desired experience in a professional environment.
I already completed a commercial real estate internship before applying to the Real Estate program. Can I receive program credit for this experience?
While an internship prior to the Real Estate Program will add value to your level of experience and resume, we can only give academic credit for internships completed during the summer before graduation.
In attempting to weigh the costs and benefits of going back to school, what can I expect as a starting salary coming out of the Master of Real Estate Program?
For the past two years, Real Estate program graduates had an average starting salary of $59,000. Salaries ranged from for the last $40,000 to over $100,000. It is important not to focus on the averages as salary figures fluctuate depending on a number of factors including: the individual, the area of commercial real estate pursued, and the demand that exists in the various areas. For example, there is a good deal of demand in valuation, but the pay scale appears lower than in consulting. Commercial brokerage and mortgage banking sometimes negotiate lower starting salaries, but offer greater earning potential through commission based pay. Salaries may also be different depending on the location. For example, salaries in Los Angeles and New York may be higher to compensate for the cost of living.
I am interested in commercial appraisal and would like to obtain an MAI designation. Can I do this through the Real Estate Program? What about state certifications for appraisal licensing?
Completion of the Master of Real Estate degree grants nearly all of the educational credits required for the MAI designation (for up to 15 course/exams that otherwise would need to be taken), a substantial benefit for those interested in the appraisal profession. MRE graduates will still be required to pass exams on appraisal standards and ethics and a comprehensive exam, as well as gain credit for appraisal work experience and prepare a demonstration report. The MRE student's internship could count for some of the experience credits, and a study/report prepared while in the program could count for the demonstration report requirement. For more information, please visit www.appraisalinstitute.org/education/mstrs_dgr_prgrm.aspx.
The Appraisal Qualifications Board (AQB) of The Appraisal Foundation recently reviewed the MRE program and determined that graduates of the program should received credit for nearly all of the educational requirements to be a state certified or licensed appraiser. States are required to follow AQB guidelines so this would likely allow such approval throughout the U.S. The MRE graduate would still need to gain experience credits and pass a comprehensive exam. For details, please visit www.appraisalfoundation.org/s_appraisal/sec.asp.
How do I apply to the Real Estate Program?
Our admissions application is available online at mays.tamu.edu/mre/mre-admission/.
Go to the Admission section and click on the link in the text, which will take you directly to the online application system. In addition to the application, we require several supporting documents:
- An official transcript,
- GMAT or GRE scores,
- Letters of recommendation
- and essays.
An official transcript must be received prior to enrollment. Unofficial transcripts may be used only for initial consideration of an applicant.
When is the deadline for spring admission?
Priority deadlines are October 1st for spring semester admission and March 1 for fall semester. These dates are subject to change. For a current list of application deadlines, please check our admissions page.
Preference will be given to those complete applications for admission that are received by priority deadline. Applications received after this priority deadline date may receive no consideration if we are able to fill our available slots with applications received before the priority deadline date. If we do not fill our available slots with applications received by that date, we will consider other applications received before May 31st.
Do students receive a real estate license through the program?
No. For more information on obtaining a Texas real estate license, go to the Texas Real Estate Commission website. Information may also be obtained from the Real Estate Center at Texas A&M University at recenter.tamu.edu/info/liced.html.
What is the Real Estate Center at Texas A&M? Is this the same as the Master of Real Estate Program?
The Real Estate Center is the nation's largest publicly funded organization devoted to real estate research. Housed in the Mays Business School, it is a separate entity from our program. Researchers and economists of the Real Estate Center are often also faculty of our program and frequently guest lecture to our students. At times, students are able to obtain part-time employment with the center. Your educational experience is greatly enhanced by the access we have to this tremendous resource and its knowledgeable real estate researchers.