FNCE 424 REAL ESTATE FINANCE JANUARY 2016 FOR NBI

FNCE 424 REAL ESTATE FINANCE JANUARY 2016 FOR NBI - K...

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K A B A R A K U N I V E R S I T Y DEPARTMENT OF COMMERCE COURSE TITLE : REAL ESTATE FINANCE COURSE CODE : FNCE 424 INSTRUCTOR : Dr KIBATI .P CONTACT :0722 577 701 K A B A R A K U N I V E R S I T Y SCHOOL OF BUSINESS COURSE OUTLINE COURSE : BACHELOR OF COMMERCE UNIT CODE : FNCE 424 UNIT NAME : REAL ESTATE FINANCE GROUP : YEAR 4 SEMESTER 2 1
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LECTURER : Dr KIBATI. P CONTACT : 0722 – 577701 Purpose of the Course: The purpose of this course is to develop an analytical framework by which students can make sound real estate investment decisions. The main emphases of the course are on theory, concept building, financial modeling, and practical application. Learning outcomes Upon satisfactory completion of this module a student should be able to: i. To acquaint participants with skills and knowledge of the advanced concepts and analytical techniques for economic management of real estate. ii. Emphasis will be placed on the application of real estate finance techniques to a great variety of investments that confront real and property managers who are concerned with property management. Week 1 INTRODUCTION: The Nature Real estate ; Real Estate Finance Terminology ;Real Estate Markets ;Characteristics of Real Estate market include: Real Property Rights ;Classification Of Estate ;Based on Rights- Estate in possession verse Estate not in possession ;Based on possession and use-Freehold verses Leasehold ; Week 2 Types of Freehold Estates ; Types of Leasehold Estate ;Other Terms used;Title; Methods of Assurance; Limitations of Property Rights; BUILDING SO C IETIES and REAL ESTATE FINANCING; Construction Lending , Construction Lending ;Lending To Contractors; Advances To Estate Development; Week 3 Matters To Be Checked; How Much To Lend Approach; Points To Be Examined; Purchase Of Vacant Properties For Later Sale; Points To Be Satisfied; Risks In Property Finance; REAL ESTATE INVESTMENT TRUSTS ( REITS ) ;Introduction ;The Case for Reits The Case against Reits ;Types of Reits ;Direct Real Estate Investment ;Real Estate Investment Trust in Kenya ;Proposed Reit Regulatory Framework ;Proposed Tax Treatment of Reits ASSIGNMENT 1 Week 4 VALUATION OF PROPERTIES ; Real Estate As An Investment; Characteristics Of An Investment; Opportunities for Investment; Outgoings;Definitions Of Common Terms In Valuation Of Properties ;Real Estate Valuer;Functions Of The Valuer; Purpose Of Valuations; 2
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Methods of Real Estate Valuation CAT 1 Week 5 Steps in valuation process;Valuation Methods;Comparative sales method/sales comparison approach; Week 6 Income capitalization method/Income Approach;Cost Approach/ re-instatement method;Profits method;Residual method; Depreciation ASSIGNMENT 2 Week 7 Causes of depreciation in a property; Calculating depreciation: A real estate developer; The role of a real estate Developer; Week 8 Approaches relating to Property Management; Functions of the Property Manager; Interest in Lands Week 9 Property rights; Categories of interests in land; Types Real Estate Property in Kenya; Valuation of Commercial Property; The Concept of Market Value;
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