[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-184233-en":3,"doc-seo-184233-105":30,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":27,"seo_description":14,"update_tm":28,"read_time":29},184233,1649267921044,"Ava Thompson","https://us-avatar.wpscdn.com/avatar/1800007509477c92dfb?_k=1786009248482753345",4,"Exam","Real Estate Capital Markets Course Schedule - 2025","Course schedule for a real-estate capital markets program covering real estate price dynamics, commercial and residential pricing measurement, and economic determinants. Units progress from mortgage market basics and mortgage math through modeling prepayment risk, RMBS cash flows, mortgage valuation, and CMOs. Later sessions address residential defaults in non-agency MBS, commercial and multifamily mortgages with CMBS and REIT introductions, followed by REIT valuation. The course concludes with real estate derivatives (CDOs, CDS) and a future-focused review, including quizzes, assignments, and a 120-minute final exam.","|  | Date | Material to be covered |\n| --- | --- | --- |\n| 1 | Sept 3, Sept 8, Sept 10 | Introduction and Real Estate Price Dynamics\u003Cbr>• Course outline and introduction\u003Cbr>• Four Quadrants-Debt/Equity/Public/Private\u003Cbr>• Measurement of commercial and residential property prices\u003Cbr>• Economic determinants of real estate prices\u003Cbr>• Structure of commercial and residential mortgage contracts\u003Cbr>Required Reading:\u003Cbr>• 2025 ULI Emerging Trends in Real Estate in US/Canada:\u003Cbr>o “Trend \\#5: Many Solutions, No Answers” – pp. 27-30\u003Cbr>o “Single-Family Housing” – pp. 53-55 Recommended Reading: |\n\n\n|  |  | • Frankel, et als-Real Estate Capital Markets (Cognella) -Chapters 1, 2, 3.\u003Cbr>• Harvard Business School Case Study - “How Institutional Investors Think about Real Estate” |\n| --- | --- | --- |\n| 2 | Sept 15,\u003Cbr>Sept 17,\u003Cbr>Sept 22 | Mortgage Math and the Mortgage Financial System\u003Cbr>• Primer on the US mortgage market\u003Cbr>• Mortgage mathematics (e.g. calculating points, NPV, prepayments etc. )\u003Cbr>Required Reading:\u003Cbr>•  Liar’s Poker, Ch. 5, 6, 7\u003Cbr>• Excel mortgage calculations\u003Cbr>•  Urban Land: “June Economist Snapshot: Economists weigh in on the pros and cons of privatizing Fannie and Freddie” |\n| 3 * | Sept 24,\u003Cbr>Sept 29, Oct 1 | Modeling Prepayment Risk\u003Cbr>• Understanding prepayment risk\u003Cbr>• Modeling prepayment risk\u003Cbr>• Cash flow modeling of agency residential mortgage-backed securities (RMBS)\u003Cbr>* Assignment 1 Due on Sept 24\u003Cbr>Required Reading:\u003Cbr>• Economist article,“Comradely Capitalism”\u003Cbr>• Deutsche Bank Prepayment Model |\n| 4 * | Oct 6, Oct 8 | Mortgage Valuation and CMOs\u003Cbr>• Estimating expected returns: static yield spreads and option adjusted spreads (OAS)\u003Cbr>• Understanding CMOs\u003Cbr>• Cash flow modeling of CMOs\u003Cbr>*Assignment 2 Due on Oct 7\u003Cbr>Required Reading:\u003Cbr>• Yields/CMO Excel workbook |\n| 5 | Oct 14 (Tuesday), Oct 15 | Modeling Residential Defaults and the Non-Agency MBS Market\u003Cbr>• Non-agency market structuring (waterfalls etc. )\u003Cbr>• The subprime crisis\u003Cbr>• Government responses to the crisis\u003Cbr>Required Reading:\u003Cbr>• “Understanding the Securitization of Subprime Credit” |\n\n\n|  |  | • “Story of a House” |\n| --- | --- | --- |\n| 6 | Oct 20 | Midterm quiz |\n| 7 * | Oct 22, Oct\u003Cbr>27, Oct 29 | Commercial and Multifamily Real Estate and Commercial and Multifamily Mortgages\u003Cbr>• Introduction to commercial and multifamily real estate\u003Cbr>• Structure and performance of commercial and multifamily mortgages\u003Cbr>• Commercial Mortgage-Backed Securities (CMBS)\u003Cbr>*Assignment 3 Due on Oct 27\u003Cbr>Recommended Reading:\u003Cbr>• Frankel, et als-Real Estate Capital Markets (Cognella) -Chapter 4\u003Cbr>• 2025 ULI Emerging Trends in Real Estate in US/Canada |\n| 8 * | Nov 3, Nov 5 (Zoom class), Nov 10 | CMBS continued, introduction to REITS\u003Cbr>• Historical trends in CMBS Market\u003Cbr>• Introduction to Real Estate Investment Trusts (REITs)\u003Cbr>• REITs: Tax treatment and other benefits\u003Cbr>*Assignment 4 Due on Nov 10\u003Cbr>Guest Lecture: Raj Aidasani, Managing Director, CRE Finance Council (11/17)\u003Cbr>Required Reading:\u003Cbr>• Stuy Town articles |\n| 9 | Nov 12, Nov 19 (guest lecture), Nov 24 | REITs\u003Cbr>• REIT valuation methods\u003Cbr>• Mortgage REITs\u003Cbr>Guest Lecture: Merrie Frankel, President, Minerva Realty Consultants (11/19)\u003Cbr>Recommended Reading:\u003Cbr>• Frankel, et als-Real Estate Capital Markets (Cognella) -Chapter 5 |\n| 10 | Dec 1, Dec 3 | Real Estate Derivatives\u003Cbr>• CDOs, CDS and synthetic CDOs |\n\n\n| 11* | Dec 8, Dec 10 | The Future of Real Estate and Real Estate Capital Markets\u003Cbr>• 2026 ULI Emerging Trends in Real Estate in US/Canada\u003Cbr>• Fall 2025 ULI Real Estate Economic Forecast\u003Cbr>• Course review and Q&A\u003Cbr>Recommended Reading:\u003Cbr>• Frankel, et als-Real Estate Capital Markets (Cognella) -Chapter 6 *Assignment 5 Due on Dec 3 |\n| --- | --- | --- |\n| 12 | TBA\u003Cbr>(December) | Final exam [120 minutes] |","cbCaiq7ysGV9QvTu","https://ap.wps.com/l/cbCaiq7ysGV9QvTu","pdf",372085,1,8,"English","en",105,"# Course Overview\n# Real Estate Price Dynamics\n# Mortgage Math and the Mortgage Financial System\n# Modeling Prepayment Risk\n# Mortgage Valuation and CMOs\n# Modeling Residential Defaults and the Non-Agency MBS Market\n# Midterm Assessment\n# Commercial and Multifamily Real Estate and Mortgages\n# CMBS Continued and REITs\n# REITs\n# Real Estate Derivatives\n# The Future of Real Estate and Course Review\n# Final Exam","[{\"question\":\"What topics are covered in the course’s early sessions?\",\"answer\":\"The course starts with real estate price dynamics, including four-quadrant public/private-debt-equity framing and commercial vs. residential price measurement, then moves into the US mortgage market and core mortgage mathematics.\"},{\"question\":\"How does the schedule handle prepayment and cash-flow modeling?\",\"answer\":\"It includes dedicated sessions on modeling prepayment risk and cash flow modeling of agency residential RMBS, followed by mortgage valuation using yield spreads and option-adjusted spreads.\"},{\"question\":\"What are the key later modules and assessment components?\",\"answer\":\"Later modules cover non-agency MBS defaults, CMBS and REIT introductions, REIT valuation methods, real estate derivatives (CDOs/CDS/synthetic CDOs), and a course review before a 120-minute final exam, with a midterm quiz and multiple assignments due during the term.\"}]","Real Estate Capital Markets Course Schedule - 2025 | PDF",1788357455,20,{"code":4,"msg":31,"data":32},"ok",{"site_id":24,"language":23,"slug":33,"title":13,"keywords":34,"description":14,"schema_data":35,"social_meta":86,"head_meta":88,"extra_data":90,"updated_unix":28},"real-estate-capital-markets-course-schedule-2025","",{"@graph":36,"@context":85},[37,53,68],{"@type":38,"itemListElement":39},"BreadcrumbList",[40,44,48,51],{"item":41,"name":42,"@type":43,"position":20},"https://docshare.wps.com","Home","ListItem",{"item":45,"name":46,"@type":43,"position":47},"https://docshare.wps.com/document/","Document",2,{"item":49,"name":12,"@type":43,"position":50},"https://docshare.wps.com/document/exam/",3,{"item":52,"name":13,"@type":43,"position":11},"https://docshare.wps.com/document/real-estate-capital-markets-course-schedule-2025/184233/",{"url":52,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":23,"description":14,"dateModified":61,"datePublished":62,"encodingFormat":60,"isAccessibleForFree":63,"interactionStatistic":64},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":41,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-09-04","2026-09-02",true,{"@type":65,"interactionType":66,"userInteractionCount":20},"InteractionCounter",{"@type":67},"ViewAction",{"@type":69,"mainEntity":70},"FAQPage",[71,77,81],{"name":72,"@type":73,"acceptedAnswer":74},"What topics are covered in the course’s early sessions?","Question",{"text":75,"@type":76},"The course starts with real estate price dynamics, including four-quadrant public/private-debt-equity framing and commercial vs. residential price measurement, then moves into the US mortgage market and core mortgage mathematics.","Answer",{"name":78,"@type":73,"acceptedAnswer":79},"How does the schedule handle prepayment and cash-flow modeling?",{"text":80,"@type":76},"It includes dedicated sessions on modeling prepayment risk and cash flow modeling of agency residential RMBS, followed by mortgage valuation using yield spreads and option-adjusted spreads.",{"name":82,"@type":73,"acceptedAnswer":83},"What are the key later modules and assessment components?",{"text":84,"@type":76},"Later modules cover non-agency MBS defaults, CMBS and REIT introductions, REIT valuation methods, real estate derivatives (CDOs/CDS/synthetic CDOs), and a course review before a 120-minute final exam, with a midterm quiz and multiple assignments due during the term.","https://schema.org",{"og:url":52,"og:type":87,"og:title":13,"og:site_name":58,"og:description":14},"article",{"robots":89,"canonical":52},"index,follow",{"doc_id":7,"site_id":24},{"code":4,"msg":5,"data":92},[93,97,101,104,109,114,119,123,127,130,134],{"id":20,"doc_module":4,"doc_module_name":46,"category_name":94,"show_sort_weight":95,"slug":96},"Story & Novel",90,"story-novel",{"id":47,"doc_module":4,"doc_module_name":46,"category_name":98,"show_sort_weight":99,"slug":100},"Literature",80,"literature",{"id":11,"doc_module":4,"doc_module_name":46,"category_name":12,"show_sort_weight":102,"slug":103},70,"exam",{"id":105,"doc_module":4,"doc_module_name":46,"category_name":106,"show_sort_weight":107,"slug":108},5,"Comic",60,"comic",{"id":110,"doc_module":4,"doc_module_name":46,"category_name":111,"show_sort_weight":112,"slug":113},6,"Technology",50,"technology",{"id":115,"doc_module":4,"doc_module_name":46,"category_name":116,"show_sort_weight":117,"slug":118},7,"Healthcare",40,"healthcare",{"id":21,"doc_module":4,"doc_module_name":46,"category_name":120,"show_sort_weight":121,"slug":122},"Research & Report",30,"research-report",{"id":124,"doc_module":4,"doc_module_name":46,"category_name":125,"show_sort_weight":29,"slug":126},9,"Religion & Spirituality","religion-spirituality",{"id":29,"doc_module":4,"doc_module_name":46,"category_name":128,"show_sort_weight":29,"slug":129},"World Cup","world-cup",{"id":131,"doc_module":4,"doc_module_name":46,"category_name":132,"show_sort_weight":131,"slug":133},10,"Lifestyle","lifestyle",{"id":135,"doc_module":4,"doc_module_name":46,"category_name":136,"show_sort_weight":105,"slug":137},19,"General","general"]