Are we required to use Carhart's 4-Factor model as well, or just CAPM and Fama-French 3-Factor? You mention the 4-factor model in the assignment, but I couldn't tell if it was a suggestion for extra work or a requirement of the homework. 

Currently the assignment only calls for calculating the Fama-French 3-Factor model. Future assignments may include the momentum factor, as well as the operating profitability and Investment comprising the FF 5-Factor model, but this is not the case at this time. Note that all these factor data are available at the French data repository at http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/data_library.html