COURSE UNIT TITLE

: REAL ESTATE APPRAISAL AND INVESTMENT

Description of Individual Course Units

Course Unit Code Course Unit Title Type Of Course D U L ECTS
MSF 5072 REAL ESTATE APPRAISAL AND INVESTMENT ELECTIVE 3 0 0 4

Offered By

Accounting and Finance (English)

Level of Course Unit

Second Cycle Programmes (Master's Degree)

Course Coordinator

ASSOCIATE PROFESSOR EFE ÇAĞLAR ÇAĞLI

Offered to

Accounting and Finance (English)

Course Objective

The aim of this course is to provides students with a comprehensive understanding of residential and nonresidential real estate markets investments, financing, and other decision-making, using modern finance and economics tools. The primary objectives of this course are to: conduct income property investment analyses; be able to understand and apply real estate appraisal techniques; and understand the financial assets securitized by real estate. The course will examine both single-family property mortgage backed securities (MBSs) and commercial property mortgage backed securities (CMBSs). The prepayment risk, default risk and real estate investment trusts (REITs) are examined in some detail.

Learning Outcomes of the Course Unit

1   Describe the different types of real estate including commercial and residential properties
2   Explain income property investment, real estate finance for residential and commercial properties
3   Describe the differences between purchase of real estate and rent of a real estate
4   Describe single-family property mortgage backed securities (MBSs) and commercial property mortgage backed securities (CMBSs).
5   Apply a real estate appraisal techniques to value the estate.
6   Describe Real Estate Investment Trusts (REITs).

Mode of Delivery

Face -to- Face

Prerequisites and Co-requisites

None

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 Real Estate Appraisal Basics and Appraisers
10 Sales Comparison Approach to Value
11 Cost Approach to Value
12 Capitalized Income Approach to Value
13 Real Estate Investment Trusts
14 Review

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

Lecture, discussions, case studies, problem solving.

Assessment Methods

SORTING NUMBER SHORT CODE LONG CODE FORMULA
1 MTE MIDTERM EXAM
2 FCG FINAL COURSE GRADE
3 FCGR FINAL COURSE GRADE MTE * 0.40 + FCG* 0.60
4 RST RESIT
5 FCGR FINAL COURSE GRADE (RESIT) MTE * 0.40 + RST* 0.60


Further Notes About Assessment Methods

None

Assessment Criteria

1. The students will describe the fundementals of real estate an mortgage markets.
2. The students will explain income property investment, real estate finance for residential and commercial properties.
3. The students will compare rent versus purchase for real estate.
4. The students will distinguish between single-family property mortgage backed securities (MBSs) and commercial property mortgage backed securities (CMBSs.
5. The students will be able to value different types of real estate with sales, income and cost approaches.
6. The students will describe Real Estate Investment Trusts (REITs)

Language of Instruction

English

Course Policies and Rules

1. Plagiarism of any type will result in disciplinary action.
2. Attending at least 70 percent of lectures is mandatory.
3. All assignments should be submitted on time. Otherwise will not be accepted.

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 14 3 42
Preparing assignments 10 2 20
Preparations before/after weekly lectures 12 1 12
Preparation for midterm exam 1 15 15
Preparation for final exam 1 20 20
Final 1 2 2
Midterm 1 1 1
TOTAL WORKLOAD (hours) 112

Contribution of Learning Outcomes to Programme Outcomes

PO/LOPO.1PO.2PO.3PO.4PO.5PO.6PO.7
LO.15555455
LO.25555355
LO.35555455
LO.45555555
LO.55555455
LO.65555455