Professor Barney Hartman-Glaser
Finance 898
Real Estate Finance
Duke University, Fuqua School of Business
Description
This course will consist of 50% Real Estate investment analysis and 50% Real Estate
Capital Markets. The course should be of interest for students interested in real estate investment, real estate finance, fixed-income investments, and the recent global financial crisis. Real Estate Investments
The course will begin with an introduction to the fundamentals of Real Estate valuation and risk analysis including a consideration of the elements of mortgage financing and taxation as well as the mechanics of commercial real estate leasing. The asset types we will consider include office buildings, apartments, residential
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There will be a template excel valuation model available, so the technical aspect should be relatively limited. Like the case assignments, the final project should be done in groups of 4.
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Final Exam
At the time of preparation of this syllabus, the final exam date is unknown. You will have a 90 minutes to complete the exam. The exam will cover all topics from the course. A practice exam will be distributed.
Homework Groups
Your case assignments and the final project will be done in groups of 4. In an effort to facilitate groups of diverse talents, I will ask students to form their own groups using the following guidelines: at least two members that don’t know each other well and intellectual diversity. I recognize that this is a finance elective and so most of you will have a strong interest in finance so that intellectual diversity will be difficult to establish. Just do your best. 3
Schedule
Date and Time
September 29
8:30 am
October 29
4:00-6:15 pm
Event Type
Due Date
Description
Pre-reading assignment
Lecture 1.
Introduction to course, review of pre-reading material, leases
Readings:
• Brueggeman and Fisher : Chapter 9
November 1
4:00-6:15 pm
Lecture 2.
The real estate Pro Forma and valuation (including taxes and financing)
Readings:
• Brueggeman and Fisher : Chapters 10 and 11
November 5
4:00-6:15 pm
Lecture 3.
Real Estate Equity Syndication/REITS
Readings:
• Brueggeman
In a world that is becoming increasingly dynamic and interconnected where each of us are becoming more dependent on each other, diversity is a crucial element of life. Never in human history have students had available to them the
Background Knowledge: what students work well together in the classroom, they will be doing group work
students. Groups can be formed from students across any of my three sections. Note that students
People often wish to make money investing in real estate, but it can turn up some negative numbers if they don't know what they're doing. If you want success, you should keep reading. You should keep reading if you want success. You will get some fantastic guidance on the topic of real estate investing as you proceed.
Guidelines: You may use all of the resources (e.g., textbook, other books, websites) available to you, EXCEPT FOR OTHER PEOPLE. Your work must be done individually. Any exams that appear similar in format and/or answers will be considered to have been done in a group setting. All such exams will receive a score of 0. Late exams will not be accepted for any reason. Any late exams will receive a score of 0. These policies will be strictly enforced.
Whenever there is a question about what assignments are due, please remember this syllabus is considered to be the ruling document.
Review the sample syllabus and sample rubric under the questions below. Then, provide answers underneath the following questions:
and types of questions) will be presented at the start of the class prior to the exam. The
This study guide prepares you for the Final Examination you complete in the last week of the course. It contains practice questions, which are related to each week’s objectives. Highlight the correct response, and then refer to the answer key at the end of this Study Guide to check your answers.
Note to students: This is a closed-book exam, containing 3 questions, worth 30 marks in total. Apart from sundry writing materials (pens, pencils and the like), no examination aids are permitted
| (TCO A,B,C) The revenue a property is expected to generate after adjusting for operating expenses, but before providing for debt service or income tax consequences, is ______________ .
General Instructions: • Write your name and student ID clearly above. • You have 1 hour and 15 minutes to write the exam. No extra time will be given. • There are 4 questions in the exam, all with subparts. The questions combine for a maximum of 100 points. • You must write your answers clearly in the space provided for each question. You might use the backside of each page, as well as any additional sheets as required. If you are using additional space, you must clearly label the question no. that you are answering. Any loose sheets must have your name and student ID written clearly. • The exam is open book/open notes, however,
Buying a home may be the largest investment someone will make in their entire lifetime. For most this is a very exciting time, but it is vital that buyers are aware of any or all possible complications that could arise when purchasing a new home. The guide that will help with these difficulties during this joyful and overwhelming time is known as a Title Insurance Agent. As stated by RSI Title, a Maryland Title Insurance company, “as a Title Insurance Agent, it is their job to coordinate the interests of all parties to a real estate transaction, including the buyers, sellers, mortgage lender and real estate agents. They are to make sure that all requirements for settlement are fully satisfied, and after the Sales Contract is ratified,
IntroductionThe Indian economy has witnessed robust growth in the last few years and is expected to be one of the fastest growing economies in the coming years. Demand for commercial property is being driven by India's economic growth.Real Estate sector is not only the biggest contributor to gross domestic product (GDP) of the country but is also the fourth largest sector in terms of foreign direct investment (FDI) inflows in the country. The two main reasons responsible for boom in the real estate industry in India include liberalization of Government policies, which has decreased the need for permissions and licenses before taking up mega construction