Real Estate 851

33:851:350 Real Estate Law (3) This course enables students to recognize and evaluate legal principles and issues in order to guide their decision-making process with respect to real estate, whether as a business executive, an entrepreneur, or in their personal life. It is intended to introduce students to the transactional aspects of the real estate business, including acquisition, disposition, development, investment, management, leasing, tax implications, and negotiations. Not open to first-year students.

33:851:380 Essentials of Real Estate Finance (3) 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. Prerequisite: 33:390:300 or 33:390:203.

33:851:432 Real Estate Development (3) 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. Prerequisites: 33:851:350 and 33:390:435 or 33:851:380.

33:851:470 Commercial Debt Markets (3) Commercial Debt Markets provides an in-depth overview of both public and private sources of commercial debt financing for investment in real assets. The course includes an overview of the U.S. mortgage finance system, agency and nonagency residential mortgage-backed securities, structured mortgage products such as collateralized mortgage obligations, collateralized debt obligations stripped securities, commercial mortgage-backed securities, and limited partnerships. Coursework involves basic fixed-income mathematics and cash flow modeling in Excel. Prerequisite: 33:390:435 or 33:851:380.