Southern Utah University

Course Syllabus

Southern Utah University
Southern Utah University
Spring Semester 2026

Real Estate Finance (Face-to-Face)

FIN 3500-01

Course: FIN 3500-01
Credits: 3
Term: Spring Semester 2026
Department: ACFN
CRN: 10378

Course Description

This course introduces students to the real estate industry with a focus on the financing and valuation of real estate assets. The class applies time-value-of-money concepts to evaluating the attractiveness of different loans, including the impact of loan points, early repayment, and adjustable payments. It also covers important aspects of real estate contracts and the secondary mortgage market. A major portion of the course focuses on valuation techniques that are commonly used in the real estate appraisal process, including common lease terms and their impact on the value of projects. This course provides excellent preparation for students interested in undertaking the professional licensing process. (Fall, Summer) [Graded (Standard Letter)] Prerequisite(s): FIN 3250 - Prerequisite Min. Grade: D-

Required Texts

Real Estate Finance & Investments (2024 release) 17th ed.  
by Brueggeman, Fisher and Yates

You will have access to the book and Connect assignments through an Inclusive Access agreement with the publisher, and if you remain in the class, will be billed at a reduced price through your SUU account.  

Learning Outcomes

This class has multiple learning goals that will help you enter into the real estate industry with a familiarity with common terms and processes, as well as the financial tools used in the financing, development and valuation of real estate.  Here are the main goals:

1)  Students will become familiar with the vocabulary used in defining real assets, property rights, and legal terms used in contractual agreements and valuations.  
2)  Students will be understand and explain key elements of the financing side of real estate, including the underwriting process, different loan types and adjustments used in real estate lending, and the key drivers of interest rates in the real estate market.  
3)  Students will be able to value securities based on real estate financing, including loans and secondary market securities.
4)  Students will be able to value real estate assets using comparable properties and discounted cash flow valuation, and be able to explain how economic forces and tax policy affects the value of assets.  
5)  Students will understand how major real estate development is financed, and will be able to allocate cash flows to individual investors with competing claims.  

Course Requirements

Here are the activities through which you will demonstrate subject mastery and will be graded.

8 assignments (32%):  These will be a mixture of Connect assignments as well as two assignments requiring you to look up common vocabulary terms and explain concepts and relationships.

2 projects (8%):  In these assignments, you will value a residential and a commercial property using common appraisal approaches.  

2 exams (50%):  Both exams will take place during regularly scheduled class times in the classroom.  You will need access to Excel or a financial calculator for both exams.  The dates for each exam will be posted on Canvas, and will not be changed to make sure you have time to plan around them.  Please be aware that the second exam will be held during the University's official exam week, so please do not plan on leaving campus before that date.  

Attendance and Participation (10%):  During each class period, there will be lecture presentations of the material, discussion of your chapter readings, and most importantly, many examples of how to set up and solve the problems you will see on the exam.  Thus, it is important that you keep up with the class and attend regularly.  Participation and attendance will contribute to your grade.

Course Outline

Week 1:  Introduction to forward rates and term structure, syllabus review.
Week 2:  Introduction to real estate terminology, and fixed interest rate loans.
Week 3:  Adjustable rate mortgages.
Week 4:  Other Mortgage adjustments and comparison of financing alternatives.
Week 5:  Underwriting, required documentation and the closing process.
Week 6:  The secondary mortgage market.
Week 7:  Valuing secondary market assets and portfolio considerations.  (Exam 1)
Week 8:  Residential property valuation.
Week 9:  Common lease terminology and economic considerations in commercial valuation.
Week 10:  Income property valuation methods.
Week 11:  Leverage considerations in evaluation of real estate investment.
Week 12:  Financing alternatives, tax impacts, and management of corporate real estate.
Week 13:  Project development process and financing considerations.
Week 14:  Financing structure and payments to investors.  (Final Exam)

Instructor's policies on late assignments and/or makeup work

In order to stay current with the class, course assignments should be turned in by the due date given on Canvas.  I will accept late assignments without penalty, with the following explanations:

Connect assignments:  These can be attempted multiple times and are useful for exam preparation.  You can complete these at your convenience, but because they often build on the previous assignment, shouldn't be delayed.  

Projects:  These must be turned in by the due date.

Conceptual assignments:  These will be accepted late, but if you want feedback on them before the exam, they must be submitted by the due date.  

Exams:  These will happen on the date posted on Canvas, and students must plan on attending that date.  Exceptions will only be given based on University approved absences.  

Attendance Policy

Students are expected to attend regularly and keep current with the material in order to participate in discussions.  If you do miss, please reach out to let me know and I will give you access to the recorded lectures for my online sections so you will be able to keep up.  

Course Fees

There are no fees associated with this class.

ADA Statement

Students with medical, psychological, learning, or other disabilities desiring academic adjustments, accommodations, or auxiliary aids will need to contact the Disability Resource Center, located in Room 206F of the Sharwan Smith Center or by phone at (435) 865-8042. The Disability Resource Center determines eligibility for and authorizes the provision of services.

If your instructor requires attendance, you may need to seek an ADA accommodation to request an exception to this attendance policy. Please contact the Disability Resource Center to determine what, if any, ADA accommodations are reasonable and appropriate.

Academic Credit

According to the federal definition of a Carnegie credit hour: A credit hour of work is the equivalent of approximately 60 minutes of class time or independent study work. A minimum of 45 hours of work by each student is required for each unit of credit. Credit is earned only when course requirements are met. One (1) credit hour is equivalent to 15 contact hours of lecture, discussion, testing, evaluation, or seminar, as well as 30 hours of student homework. An equivalent amount of work is expected for laboratory work, internships, practica, studio, and other academic work leading to the awarding of credit hours. Credit granted for individual courses, labs, or studio classes ranges from 0.5 to 15 credit hours per semester.

Academic Freedom

SUU is operated for the common good of the greater community it serves. The common good depends upon the free search for truth and its free exposition. Academic Freedom is the right of faculty to study, discuss, investigate, teach, and publish. Academic Freedom is essential to these purposes and applies to both teaching and research.

Academic Freedom in the realm of teaching is fundamental for the protection of the rights of the faculty member and of you, the student, with respect to the free pursuit of learning and discovery. Faculty members possess the right to full freedom in the classroom in discussing their subjects. They may present any controversial material relevant to their courses and their intended learning outcomes, but they shall take care not to introduce into their teaching controversial materials which have no relation to the subject being taught or the intended learning outcomes for the course.

As such, students enrolled in any course at SUU may encounter topics, perspectives, and ideas that are unfamiliar or controversial, with the educational intent of providing a meaningful learning environment that fosters your growth and development. These parameters related to Academic Freedom are included in SUU Policy 6.6.

Academic Misconduct

Scholastic honesty is expected of all students. Dishonesty will not be tolerated and will be prosecuted to the fullest extent (see SUU Policy 6.33). You are expected to have read and understood the current SUU student conduct code (SUU Policy 11.2) regarding student responsibilities and rights, the intellectual property policy (SUU Policy 5.52), information about procedures, and what constitutes acceptable behavior.

Please Note: The use of websites or services that sell essays is a violation of these policies; likewise, the use of websites or services that provide answers to assignments, quizzes, or tests is also a violation of these policies. Regarding the use of Generative Artificial Intelligence (AI), you should check with your individual course instructor.

Emergency Management Statement

In case of an emergency, the University's Emergency Notification System (ENS) will be activated. Students are encouraged to maintain updated contact information using the link on the homepage of the mySUU portal. In addition, students are encouraged to familiarize themselves with the Emergency Response Protocols posted in each classroom. Detailed information about the University's emergency management plan can be found at https://www.suu.edu/emergency.

HEOA Compliance Statement

For a full set of Higher Education Opportunity Act (HEOA) compliance statements, please visit https://www.suu.edu/heoa. The sharing of copyrighted material through peer-to-peer (P2P) file sharing, except as provided under U.S. copyright law, is prohibited by law; additional information can be found at https://my.suu.edu/help/article/1096/heoa-compliance-plan.

You are also expected to comply with policies regarding intellectual property (SUU Policy 5.52) and copyright (SUU Policy 5.54).

Mandatory Reporting

University policy (SUU Policy 5.60) requires instructors to report disclosures received from students that indicate they have been subjected to sexual misconduct/harassment. The University defines sexual harassment consistent with Federal Regulations (34 C.F.R. Part 106, Subpart D) to include quid pro quo, hostile environment harassment, sexual assault, dating violence, domestic violence, and stalking. When students communicate this information to an instructor in-person, by email, or within writing assignments, the instructor will report that to the Title IX Coordinator to ensure students receive support from the Title IX Office. A reporting form is available at https://cm.maxient.com/reportingform.php?SouthernUtahUniv

Non-Discrimination Statement

SUU is committed to fostering an inclusive community of lifelong learners and believes our university's encompassing of different views, beliefs, and identities makes us stronger, more innovative, and better prepared for the global society.

SUU does not discriminate on the basis of race, religion, color, national origin, citizenship, sex (including sex discrimination and sexual harassment), sexual orientation, gender identity, age, ancestry, disability status, pregnancy, pregnancy-related conditions, genetic information, military status, veteran status, or other bases protected by applicable law in employment, treatment, admission, access to educational programs and activities, or other University benefits or services.

SUU strives to cultivate a campus environment that encourages freedom of expression from diverse viewpoints. We encourage all to dialogue within a spirit of respect, civility, and decency.

For additional information on non-discrimination, please see SUU Policy 5.27 and/or visit https://www.suu.edu/nondiscrimination.

Pregnancy

Students who are or become pregnant during this course may receive reasonable modifications to facilitate continued access and participation in the course. Pregnancy and related conditions are broadly defined to include pregnancy, childbirth, termination of pregnancy, lactation, related medical conditions, and recovery. To obtain reasonable modifications, please make a request to title9@suu.edu. To learn more visit: https://www.suu.edu/titleix/pregnancy.html.

Disclaimer Statement

Information contained in this syllabus, other than the grading, late assignments, makeup work, and attendance policies, may be subject to change with advance notice, as deemed appropriate by the instructor.