A.   Lectures and Assignments:

     The course is designed around a lecture format with opportunities for class discussion.  The student is assigned specific readings from the textbook and collateral materials.  During each session, each student is expected to be able to participate in class discussion.  Guest lecturers may be invited when their expertise will be helpful, and a financial calculator is necessary.

B. Text and Equipment:

1. Required: Brueggeman & Fisher, REAL ESTATE FINANCE & INVESTMENTS, 12th Edition, 2005, Irwin.

2. Supplementary Readings:
  Clauretie & Sirmans, REAL ESTATE FINANCE, 1996, Prentice-Hall.
Sherman J. Maisal, REAL ESTATE FINANCE, 2nd edition, 1992, Harcourt Brace.

      3.  Calculator:  A financial calculator is required.  The HP10B II ($30. +/-) will be used by the Instructor.  Students are responsible for learning to operate their own financial calculator.

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C.  Examinations:
There will be two tests and a final exam. The final exam for RELE 3730 will be given on Wednesday, December 15 at 2:00-4:00 P.M.

D. Papers and Projects:
The instructor may assign a paper or give one or more outside assignments to be handed in.  Outside assignments may consist of case studies, critical reviews of journal articles, practice problems, spreadsheet problems, take-home exams, or other assignments related to topics covered in the course.  All papers, reports or materials handed in for grading are to be prepared in neat, legible form and handed in by the assigned time due.  Penalties will be assessed for any materials submitted late or in improper form.

E.   Grading:  Approximate weights for graded activities will be used
as follows:
              Minimum   Maximum   Most Likely
Test 1:  20%  30%  25%
Test 2:  20%  30%  25%
Final Exam:  25%  35%  30%
Papers/Projects: 15%  25%  20%

Telephone inquiries concerning grades cannot be accepted, and grades are not posted.  If the student wishes to have early grade notification, the student must provide a preaddressed stamped envelope or post card.

Students are required to take exams at the time the exam is given.  Anyone who fails to attend an exam will be given a ZERO for that exam unless the student is excused and arrangements are made to make up the exam in advance of the announced date of the exam.

F. Attendance Policy:
All students registered for the course, including auditors, are expected to attend classes on a regular basis.  Roll will be taken periodically, but veteran students receiving VA benefits should sign a class attendance roll as required by policy every class period.

Students are also responsible for all information and materials, including all announcements regarding tests and deadlines, even if they are absent.  Students are also responsible for all information provided by lecture and class discussion during any absence.  It is the student's responsibility to obtain any notes, assignments, deadlines, etc., made during his or her absence from other students in the class.

G. Make-up Exams:
Any student who misses an examination or scheduled deadline without arrangements for making up such work made in advance will be given a ZERO for missed work.  Students may request, in advance of an examination or deadline, an alternative time, but must provide a reason acceptable to the professor why the regularly scheduled deadline cannot be met.  A different exam or assignment may be used and/or penalties may be assessed for make-up exams or work.
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H.   Disclaimer:
The course plan and the course outline provide a general plan for the course; deviations may be necessary.

I. Please note that guest lecturers will conduct classes when appropriate; you are expected to attend and participate.

          The last day to withdraw with a W (if passing) is October 14.

J.  Tentative Course Outline:

Class Date                       Topics  Readings
  1.     8/23  Get Acquainted & Administrivia
  2. 8/25  Introduction   Text, Ch. 1
  3. 8/30  Legal Instruments  Text, Ch. 2
  4. 9/1  Compound Interest  Text, Ch. 3
5. 9/6  LABOR DAY HOLIDAY
6. 9/8  Fixed Rate Mortgage Loans  Text, Ch. 4
  6. 9/13  Fixed Rate Mortgage Loans   Text, Ch. 4
  7. 9/15  Adjustable Rate Mortgages   Text, Ch. 5
  8. 9/20  Adjustable Rate Mortgages   Text, Ch. 5
  9. 9/22  Adjustable Rate Mortgages  Text, Ch. 5
  10. 9/27  Financing Residential Properties  Text, Ch. 6       11. 9/29  Review, Text, Chapters 1-6
  12. 10/4  Test 1 Text, Chapters 1-6
  13. 10/6  Guest Lecturer, Residential Financial Analysis  Text, Ch. 7
  14. 10/11   Guest Lecturer, Commercial Property Markets  Text, Ch. 8
  15. 10/13  Guest Lecturer, Income Property Valuation  Text, Ch. 9
  16. 10/18  Investment & Risk Analysis      Text, Ch. 10
  17. 10/20  Financial Leverage   Text, Ch. 11
  18. 10/25  Ownership Interests  Text, Ch. 12
  19. 10/27  Income Property Disposition   Text, Ch. 13
  20. 11/1  Financing Corporate Real Estate   Text, Ch. 14

  21. 11/3  Test 2, Chs. 7-14.

  22. 11/8  Construction Loans   Text, Ch. 15
  23. 11/10  Development Loans   Text, Ch. 16
  24. 11/15  Institutional Sources of Capital   Text, Ch. 17
  25. 11/17  The Secondary Market   Text, Ch. 18
  26. 11/22  The Secondary Market   Text, Ch. 19
  28. 11/24  Thanksgiving – NO CLASS
  27. 11/29  Real Estate Investment Trusts (REIT’s)   Text, Ch. 20

  30. 12/1-8  Review

  31. 12/8  FINAL EXAM, Wednesday, Dec. 15, 2:00-4:00 p.m.