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Real Estate Finance 205_2

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					                      Real Estate Finance 205
                         Semester 2, Year 2005
                     Course outline and study guide
Index Number         11 023 and 6878
Unit Coordinator     Mr. Knut Paech
                     knut.paech@cbs.curtin.edu.au
                     Office: 402-417
                     Tel.: 9266-2844
Aims of the Unit          Theory of real estate finance and the required
                            computations
                          Strong practical exposure to residential lending
                            in the local market
                          Understanding of commercial lending and
                            property financing
                          Be fully skilled in developing all necessary
                            spreadsheet instruments required for
                            residential and commercial lending
When?                Bentley Campus: Lectures: Tuesday 18:30-20:30;
                     Computer labs: Tuesday 15:00 to 18:30, 20:30 to
                     21:30
Where?               Bentley Campus: ;Computer labs: 402.211, 402.214
                     and 402.223
Consultation hours   Monday: 15:00 to 18:00, Tuesday: 09:00 to 12:00




                                                                          1
Suggested texts                  T. Clauretie and S. Sirmans: Real Estate
                                  Finance, Theory and Practice, Prenctice Hall,
                                  2002 (in the library reserve)
                               Dominique Fischer: Income Property Analysis,
                                  FP Media, 2000
                               Additional sources will be provided through
                                  blackboard
This is a Significant   If it is failed twice, this can lead to you being terminated
Unit                    from your course of study
Academic standards             Learners must consult the student handbook on
and discipline                    all matters related to academic standards and
                                  discipline
                               This information is an integral part of this outline
                                  and should be read from:
                                  http://www.cbs.curtin.edu.au in the section for
                                  Academic standards and student discipline. You
                                  can find all the relevant information by typing the
                                  required keywords in Curtin’s Google search
                                  window




                                                                                    2
                                                          Reading texts
Modules     Sessions sequence              Assessment      and Excel
                                                           workbooks
   1      Introduction – Real Estate
          Finance and Property
          Finance: The instruments
          and players – Ethics in the
          mortgage industry. Issues
          and legislation
   2      What you should already                        Fischer, Chap. 3
          know from financial math                       and Blackboard
   3      Basic mortgage jargon                          Fischer, Chap. 4
          and computations                               and Blackboard
   4      Interest level and the level                   Blackboard
          of risk
   5      Residential valuation                          Fischer (Property
          basis for financing                            Valuation), Chap.
                                                         3
   6      Underwriting residential       Written Test    Blackboard
          mortgage loans                 (20%)
   7      Residential mortgage                           Blackboard
          products, bells and
          whistles
   8      Commercial underwriting -                      Blackboard
          Construction financing:
          mechanics and
          instruments
   9      Secondary mortgage             Written Test    Blackboard
          markets and the valuation      (20%)
          of mortgage backed
          securities
  10      Institutional investing and                    Fischer articles
          Listed Property Trusts                         and Blackboard
  11      Empirical issues in                            Blackboard
          measuring PT
          performance
  12      Preparation for the final      Final Exam
          exam                           (Closed book)




                                                                            3
                      Assessment tasks

Assessment item and   Grade weighting             Format
    description
                                         A taste of possible test
Periodical quizzes          0%
                                         and final exam questions
                                         Financial problems to
2 Tests                  20% each
                                         solve with your calculator
                                         Mostly computations
                                         very similar to the ones
Final Exam                  60%
                                         practiced during the
                                         weekly quizzes




                                                                 4

				
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