COURSE UNIT TITLE

: REAL ESTATE FINANCE

Description of Individual Course Units

Course Unit Code Course Unit Title Type Of Course D U L ECTS
UFN 4242 REAL ESTATE FINANCE ELECTIVE 3 0 0 5

Offered By

BUSINESS ADMINISTRATION (UOLP-SUNY ALBANY)

Level of Course Unit

First Cycle Programmes (Bachelor's Degree)

Course Coordinator

PROFESSOR DOCTOR PINAR EVRIM MANDACI

Offered to

BUSINESS ADMINISTRATION (UOLP-SUNY ALBANY)

Course Objective

The aim of this course is to give the students an understanding of all aspects of real estate including types of real estate, mortgage markets, real estate investment trusts (REITs), real estate valuation techniques. The students will gain insights in the application of these techniques through a group project, completing a full appraisal of a real estate property.

Learning Outcomes of the Course Unit

1   Identify real estate and asset markets in order to understand the differences between long-term and short-term investments. (Level1)
2   Describe the types of real estate in order to distinguish between real estate and real property, residential property and commercial property (Level 2).
3   Calculate mortgages for residential and commercial property through the application of time value of money techniques. (Level2
4   Ilustrate real estate appraisal techniques in order to apply sales, cost and income approaches to estimate the value of a real estate. (Level3
5   Define real estate investment trusts (Level1
6   Compile economic and financial news in domestic and foreign markets in order to assess subprime mortgage crisis (Level3)

Mode of Delivery

Face -to- Face

Prerequisites and Co-requisites

UFN 2002 - BUSINESS FINANCE

Recomended Optional Programme Components

None

Course Contents

Week Subject Description
1 Introduction to Real Estate Markets
2 The Fundamentals of Real Estate
3 Government Controls and Real Estate Markets
4 Rent versus Purchase
5 Mortgage Markets
6 Real Estate Finance for Residential Property
7 Real Estate Finance for Commercial Property
8 Real Estate Appraisal Basics and Appraisers
9 Sales Comparison Approach to Value
10 Cost Approach to Value
11 Capitalized Income Approach to Value
12 Real Estate Investment Trusts

Recomended or Required Reading

1. Ling, David and Archer, Wayne (2010) Real Estate Principles: A Value Approach, 3rd edition, McGraw Hill

Planned Learning Activities and Teaching Methods

1. Lectures
2. Presentations

Assessment Methods

Successful / Unsuccessful


*** Resit Exam is Not Administered in Institutions Where Resit is not Applicable.

Further Notes About Assessment Methods

None

Assessment Criteria

1. The learner will describe the difference between real estate and other financial assets.
2. The learner will recognize real estate, real property, residential and commercial properties.
3. The learner will explain mortgage calculations for residential and commercial properties
4. The learner will identify real estate appraisal techniques
5. The learner will describe sales valuation approach
6. The learner will describe cost valuation approach
7. The learner will describe income valuation approach
8. The learner will explain real estate investment trusts
9. The learner will describe the drivers of financial crisis in real estate markets.

Language of Instruction

English

Course Policies and Rules

1. It is obligatory to attend at least 70% of the classes.
2. Plagiarism of any kind will result in disciplinary steps being taken.

Contact Details for the Lecturer(s)

berna.kirkulak@deu.edu.tr

Office Hours

To be announced.

Work Placement(s)

None

Workload Calculation

Activities Number Time (hours) Total Work Load (hours)
Lectures 12 3 36
Tutorials 0 0 0
Preparation before/After Weekly Lectures 5 4 20
Preparation for Midterm Exam 1 20 20
Preparation for Final Exam 1 25 25
Preparation for Quiz etc. 0 0 0
Preparing Individual Assignments 2 3 6
Preparing Group Assignments 1 10 10
Preparing Presentations 1 3 3
Other : 0 0 0
Total Work Load (hour) 0 0 0
Final 1 1,5 2
Midterm 1 1,5 2
0 0 0
TOTAL WORKLOAD (hours) 124

Contribution of Learning Outcomes to Programme Outcomes

PO/LOPO.1PO.2PO.3PO.4PO.5PO.6PO.7PO.8PO.9PO.10PO.11PO.12PO.13PO.14PO.15
LO.152
LO.252
LO.3523
LO.4523
LO.552
LO.6523