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REAL 899 Seevak Student Research Seminar
ARCH 762* Design and Development
* This last course is offered as a supplementary course for real estate students
by the University’s Department of Architecture. It counts towards the
nineteen (19) credit units needed to graduate, as well as the five creditunits
needed for the real estate major.
MBA Advisor: Todd Sinai (telephone: 215.898.5390; email:
sinai@wharton.upenn.edu)
COURSE DESCRIPTIONS
REAL / FNCE 721
Real Estate Investment: Analysis and Financing
Description: This course provides an introduction to real estate
with a focus on investment and financing issues. Project evaluation,
financing strategies, investment decision making and
real estate capital markets are covered. No prior knowledge of
the industry is required, but students are expected to rapidly
acquire a working knowledge of real estate markets. Classes
are conducted in a standard lecture format with discussion
required. The course contains cases that help students evaluate
the impact of more complex financing and capital markets tools
used in real estate. There are case studies and two mid-terms,
(depending on instructor).
Format: Lecture with discussion required.
Prerequisites: FNCE 611/612/613.
REAL 722
Housing Financing and Public Policy
Description: This course examines the functions of a housing
finance system, the various types of institutions that may be involved
(including public as well as private), the different types of
residential mortgages and mortgage-related instruments, the
structure of primary and secondary markets, construction cycles,
housing subsidies, and issues regarding consumer protection.
Class sessions are partly lecture, partly discussion. Readings
are in a bulkpack available from Wharton Reprographics and in
class handouts.
There will be a mid-term and final examination. Exams
are open-book and emphasize problem-solving and application
rather than regurgitation. They are viewed as part of the educational
process for both professor and student.
Prerequisites: FNCE 613.
REAL 724
Urban Real Estate Economics
Description: Urban Real Estate Economics uses economic
concepts to analyze real estate markets, values, and trends. The
course focuses on market dynamics in the U.S. and internationally,
with an emphasis on how urban growth and local and
federal government policies impact urban development and
real estate pricing. A group development project gives hands on
experience, and invited guest speakers bring industry knowledge.
Besides the group project and presentation, problem sets
REAL ESTATE
are required along with a midterm and optional second exam.
Format: Lecture.
Prerequisites: MGEC 611
REAL 730 / BEPP 773 / FNCE 730
Urban Fiscal Policy
Description: The purpose of this course is to examine the
financing of governments in the urban economy. Topics to
be covered include the causes and consequences of the urban
fiscal crisis, the design of optimal tax and spending policies
for local governments, funding of public infrastructures and
the workings of the municipal bond market, privatization of
government services, and public financial systems for emerging
economies. Applications include analyses of recent fiscal crises,
local services and taxes as important determinants of real estate
prices, the infrastructure crises, financing and the provision of
public education, and fiscal constitutions for new democracies
using South Africa as an example.
Format: Lecture, discussion.
Prerequisites: MGEC 611 and MGEC 612.
REAL / BEPP 772
Urban Public Policy and
Private Economic Development
Description: This course considers the pervasive interactions
between real estate developers and government. Governments
influence real estate development in many ways: through zoning
laws, taxes, public expenditures, impact fees, infrastructure,
building codes, environmental regulations, to name just a few.
Much of the time in the course is spent understanding the
effect on residential and commercial real estate development
of these government interventions. There are lectures, student
led discussions, special lectures by private developers and
policy officials.
Format: Lectures, student-led discussions, and special lectures
by private developers and policy officials.
Prerequisites: Microeconomics class with a grade of B or
better.
REAL / LGST 804
Real Estate Law
Description: This course examines the fundamentals of real
estate finance and development from a legal perspective. The
course serves as a foundation course for real estate majors and
provides an introduction to real estate for other students. It attempts
to develop skills in using legal concepts in a real estate
transactional setting. The course will be of interest to students
contemplating careers in accounting, real estate development,
real estate finance, city planning, or banking. The main topics
covered may include the following: land acquisition, finance;
choice of entity; tax aspects; management (leasing, environmental);
disposition of real property (sale of mortgaged property,
foreclosures, wraparound mortgages, sale-leasebacks); and
recent legal developments.
Format: Although some of the material is presented by lecture,
the instructor expects considerable class participation.
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