Real Estate Finance, 22:390:480

This course provides the background and tools necessary to analyze value, risk, and return in commercial property markets. The initial emphasis of the course is on mortgage finance and applications; providing an overview of mortgage structure and mechanics in both residential and commercial markets. The focus then shifts to the evaluation of investment opportunities in property markets from the perspective of an institutional investor. Students will use lease and market information to develop pro forma cash flow projections for a given property and evaluate the associated risks and returns. Extensions include tax issues, the relationship between value, returns and leverage, partnership agreements and/or real options. The course also provides extensive training and certification in ARGUS, a real estate industry-standard software package used for entering and compiling lease information.

Real Estate Law, 29:851:350

The Real Estate Law course provides an overview of the legal issues which confront the real estate executive from the commencement of a real estate transaction and throughout the relationship between the parties to such transactions. While many traditional real property law concepts will be covered, the course is intended as an introduction to the transactional aspects of the real estate business, including acquisition, disposition, development, investment, management, leasing, tax implications and negotiations. At the conclusion of the course, students will have the ability to function with respect to these matters in many of the various aspects of real estate business.

Real Estate Development, 29:851:432

This course provides an introduction and overview of real estate development of urban places, including the many challenges of the development process such as analyzing market sectors and development opportunities, comprehending the development context of regulation, public policy and politics, raising investment capital, assembling land, program formulation, building types, construction management, marketing, and sales. Examples of development projects will be presented, each focusing on particular aspects of the overall process.

Real Estate Capital Markets, 29:390:476

Real Estate Capital Markets focuses on debt and equity issues in secondary markets that derive their value from real assets. The course includes an overview of the US mortgage finance system, agency and non-agency residential mortgage-backed securities, structured mortgage products such as collateralized mortgage obligations, collateralized debt obligations and stripped securities, commercial mortgage-backed securities, Real Estate Investment Trusts and limited partnerships. Coursework involves basic fixed-income mathematics and cash flow modeling in Excel.

Market Analysis and Valuation in Real Estate, 29:851:430

This course surveys the principles and tools of appraising various types of real estate, as well as an analysis of value, price, property, and legal rights. Topics include principles of valuation; the real estate market; the relationship between real estate values and economic, social, and government trends; economics of urbanization, including location, value, and highest and best use; neighborhood analysis and approaches to cost, market data, and income valuation.