Course length: 16 hours/ 8 modules
Level: Introductory
Designed for: Entry-level professionals in development, asset management, finance, investment and brokerage.
Course Access: Upon enrollment, students have 90 days to complete this course.
The concepts presented in this course provide a critical foundation for any professional working in commercial real estate. One of NAIOP’s most popular courses, it provides entry-level professionals with the skills necessary to analyze the financial feasibility of real estate investment opportunities, and is ideal for developers, asset managers and owners who have very little financial analysis experience. Follow the step-by-step approach for completing a financial feasibility analysis. Gain understanding of real estate market participants, valuation fundamentals, determinants of real estate returns, the impact of leverage on real estate investments, interactions between the real estate space market and the capital market, and more. After completing this course, build on what you’ve learned by taking the Advanced Real Estate Finance course next.
Course modules:
- Introduction to Space Markets and Capital Markets
- Real Estate Valuation Using Direct Capitalization
- Real Estate Valuation Using Discounted Cash Flow Analysis
- Real Estate Leases
- Determinants of Real Estate Returns
- Introduction to Debt Financing
- Levered Real Estate Investments
- Analyzing Debt Financing Options
If you would like to purchase an individual course module instead of the full course, visit the individual course page.
Tuition & Register
Payment for a NAIOP on-demand course entitles access for one person only to the course and all materials.
Course Tuition
| Member Type | USD | CAD |
| Member | $329 | $444 |
| Nonmember | $529 | $714 |
| Developing Leader | $229 | $309 |
| University Faculty Member | $95 | $128 |
| Student Member | $95 | $128 |
| Student Nonmember | $145 | $196 |
How to Register
- Register online: Click on the green Register button at the top of the page. You will need to log in or create a free account in order to see the Register button.
- Mail: Send check payments to: NAIOP, CL500060, PO Box 5007, Merrifield, VA 22116-5007
- Register over the phone/questions: 866-666-6780
Note: You have 90 days from the date you register to complete this course.
Confirmation
All registrations processed online receive an automatic order confirmation and receipt. If you register via fax, mail, or phone, a receipt must be requested by contacting education@naiop.org.
Login instructions to access the on-demand course are sent under separate cover from NAIOP Learning. If you do not received the login instructions, please check your spam folder. If the login email is still not there, please contact the NAIOP Education Department.
Cancellation Policy
No refunds will be issued.
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BREFOD Module 1 - Introduction to Space Markets and Capital Markets
Module 1 Introduction to Space Markets and Capital Markets Class Recording
Open to view video.
Open to view video.
This session focuses on the relationship between the space market and the capital market, which will be used as a framework for the entire course. We'll also discuss why real estate is a unique asset class and identify major property types and classifications along with key real estate investors. In addition, this session will introduce the four quadrants of the capital market, discuss investment strategies and examine historic real estate returns.
Module 1 Introduction to Space Markets and Capital Markets Presentation
Open to download resource.
Open to download resource.
BREFOD Module 2 - Real Estate Valuation Using Direct Capitalization
Module 2 - Real Estate Valuation Using Direct Capitalization Class Recording
Open to view video.
Open to view video.
This section will focus on the basic structure of a real estate operating statement and how capitalization rates are used in conjunction with the operating statement to derive an estimate of value.
Module 2 - Real Estate Valuation Using Direct Capitalization Presentation
Open to download resource.
Open to download resource.
Module 2 Belmont Office Building Spreadsheet
Open to download resource.
Open to download resource.
BREFOD Module 3 - Real Estate Valuation Using Discounted Cash Flow Analysis
Module 3 - Real Estate Valuation Using Discounted Cash Flow Analysis Class Recording
Open to view video.
Open to view video.
In this section, we will differentiate discounted cash flow analysis from direct capitalization when the technique is presented to provide students with a clear understanding of the relationship between the two approaches to valuation.
BREFOD Module 3 Real Estate Valuation using Discounted Cash Flow Analysis
Open to download resource.
Open to download resource.
Module 3 Belmont Office Building Spreadsheet
Open to download resource.
Open to download resource.
BREFOD Module 4 - Real Estate Leases
Module 4 Real Estate Leases Class Recording
Open to view video.
Open to view video.
This section will cover the legal aspects of real estate leases and focus on how each type of lease structure influences cash flow/value.
Module 4 Real Estate Leases Presentation
Open to download resource.
Open to download resource.
BREFOD Module 5 - Determinants of Real Estate Returns
Module 5 Determinants of Real Estate Returns Class Recording
Open to view video.
Open to view video.
Capitalization rates and discount rates will be broken down into their component parts to help students estimate potential changes in the rates over time.
Module 5 Determinants of Real Estate Returns Presentation
Open to download resource.
Open to download resource.
Module 5 Reference - In Class Worksheet Example
Open to download resource.
Open to download resource.
BREFOD Module 6 - Introduction to Debt Financing
Module 6 Introduction to Debt Financing Class Recording
Open to view video.
Open to view video.
This session will emphasize mortgage terminology and basic skills such as calculating mortgage payments and balances in this module. We'll also discuss the relationship between leverage and investment risk.
Module 6 Introduction to Debt Financing Presentation
Open to download resource.
Open to download resource.
Module 6 Class Example - Clayton
Open to download resource.
Open to download resource.
BREFOD Module 7 - Levered Real Estate Investments
Module 7 Levered Real Estate Investments Class Recording
Open to view video.
Open to view video.
Leverage is incorporated into the reconstructed operating statement in this section to analyze the financial performance of a real estate investment.
Module 7 Levered Real Estate Investments Presentation
Open to download resource.
Open to download resource.
Module 7 Reference - In Class Exercise - Word Worksheet
Open to download resource.
Open to download resource.
Module 7 Reference - In class Exercise - Pro Forma Valuation example with Debt
Open to download resource.
Open to download resource.
BREFOD Module 8 - Analyzing Debt Financing Options
Module 8 Analyzing Debt Financing Options Class Recordings
Open to view video.
Open to view video.
We'll discuss the skills necessary to estimate the maximum loan amount a property will support and to choose between financing options with different terms.
Module 8 Analyzing Debt Financing Options Presentation
Open to download resource.
Open to download resource.
Module 8 Case Study - Concord Commons #1
Open to download resource.
Open to download resource.
Module 8 Case Study - Concord Commons #2
Open to download resource.
Open to download resource.
Module 8 Case Study - Concord Commons 1 and 2 Student Spreadsheet
Open to download resource.
Open to download resource.
Module 8 Case Study - Concord Commons 1 and 2 ANSWER KEY
Open to download resource.
Open to download resource.
Module 8 Resource - Lender Yield & Borrowing Cost
Open to download resource.
Open to download resource.
Module 8 Resource - Lender Yield & Borrowing Cost - Completed Sample
Open to download resource.
Open to download resource.
Module 8 Resource - Underwriting Ratios
Open to download resource.
Open to download resource.
Module 8 Resource - Underwriting Ratios - Completed Sample
Open to download resource.
Open to download resource.
BREFOD Exam - Required for Certificate Candidates
30 Questions | 8 attempts | 24/30 points to pass
30 Questions | 8 attempts | 24/30 points to pass
If you are a NAIOP certificate candidate, the test is required. You must get 24 out of 30 questions correct in order to pass the test. You have five attempts to pass the test.
BREFOD Skipping the Exam Acknowledgement
Agree to terms to continue.
Agree to terms to continue.
If you are not planning on taking the test, please click the Read Terms button. Then you will be able to complete the Evaluation and print your transcript.
BREFOD Evaluation
7 Questions
BREFOD Transcript
16.00 CEUs credits | Certificate available
16.00 CEUs credits | Certificate available
| Access Date |
Quiz Result |
Score |
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"This program on Basic Real Estate Finance was amazing! It was helpful to learn from industry experts about the topics taught in this course - from leases to debt financing. The professors were knowledgeable and went above and beyond the slides provided to share their experiences with us!"
Michael Brunelli, Investment Analyst, National Development
"The Basic Finance course is a straightforward presentation of concepts that are a critical foundation for your real estate knowledge base to grow from. You're not going to come out of it an immediate real estate mogul; you're going to come out of it better understanding the conversations more experienced colleagues are having around you every single day."
Ryan Hoium, Asset Management Analyst, Travelers Insurance
"As a student intern at a real estate firm, this course truly enabled me to learn about the concepts needed within industry. I learned so much that I could apply to my current job position."
Clementina D'Souza, Student, University of Waterloo
"The basic real estate finance course is a great introduction to the world of real estate finance and was perfect for me as I do not have a background in finance. It was a perfect balance of conceptual information and the basic mathematics involved in real estate finance and made me confident to continue into the next course."
Cameron Doherty, Student, University of Massachusetts Amherst
"The on-demand course was the perfect platform to expand my understanding of commercial real estate in the financial sector. Busy schedule? Global pandemic? There is still a way to learn industry best practices and develop one's self."
James Priestley, Vice President, Brue Baukol Capital Partners
