Course length: 16 hours / 8 modules
Level: Intermediate to Advanced
Designed for: Developers, owners, investors and financiers.
Course Access: Upon enrollment, students have 90 days to complete this course.
This course examines, at an intermediate to senior level, the intersection of real estate space markets and real estate capital markets. Learn about the Four Quadrants of Real Estate Finance: private debt, public debt, private equity and public equity, and their application to real estate space markets, and explore the derivative markets that involve real estate. Explore a range of topics in equity real estate investment, including private equity markets, private equity deal structuring, public and private real estate investment trusts (REITs), measuring risk and return, structuring optimal portfolios, real estate risk management techniques, and more. The course also covers a variety of topics in commercial real estate debt markets, including the structure of the U.S. mortgage finance system, the valuation of mortgages, and commercial mortgage-backed securities.
Course modules:
- Capital Markets
- Private Debt Case Study: Underwriting a Commercial Mortgage
- Private Debt: Pricing Traditional Mortgage Loans
- Securitization and CMBS
- Private Equity
- Public Equity REITs
- Role of Real Estate in an Investment Portfolio
- Real Estate Investment Management
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 | $345 | $466 |
| Nonmember | $555 | $750 |
| Developing Leader | $240 | $325 |
| 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.
Key:
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REICMOD Module 1 Capital Markets
Module 1 Capital Markets Class Recording
Open to view video.
Open to view video.
This Module will address the interaction of real estate space markets with the real estate capital markets. Students will gain an understanding of the current size and participants of the public and private, debt and equity, commercial real estate capital markets and will be able to define the types of real estate financed by the real estate capital markets. We'll also explore the various real estate investment strategies and define the major indices that measure public and private real estate investment returns over time.
Module 1 Capital Markets Presentation
Open to download resource.
Open to download resource.
REICMOD Module 2 Case Study Private Debt: Underwriting a Commercial Mortgage
Module 2 Private Debt: Underwriting Traditional Mortgage Loans Class Recording
Open to view video.
Open to view video.
We will discuss the commercial mortgage capital markets in regards to lenders, mortgage types and terms. Students will review and understand the contents of a loan submission package in addition to reviewing permanent loan underwriting guidelines and understanding how lenders make decisions on financing commercial property. Finally, students will take part in a case study in underwriting a commercial mortgage.
Module 2 Private Debt: Underwriting Traditional Mortgage Loans Presentation
Open to download resource.
Open to download resource.
Module 2 Private Debt: Underwriting a Commercial Mortgage Case Study
Open to download resource.
Open to download resource.
Module 2 Worksheet and Answer Key
Open to download resource.
Open to download resource.
REICMOD Module 3 Private Debt: Pricing Traditional Mortgage Loans
Module 3 Private Debt Pricing Traditional Mortgage Loans Class Recording
Open to view video.
Open to view video.
In this module, students will learn to identify and understand the differences between expected returns and stated yields on commercial mortgage loans. We will also discuss how to calculate an investment's yield degradation due to default and how to describe and calculate an expected return on a mortgage. The case study for this module will focus on computing expected return on a mortgage.
Module 3 Private Debt: Pricing Traditional Mortgage Loans Presentation
Open to download resource.
Open to download resource.
Module 3 Case Study Computing Expected Return on a Commercial Mortgage
Open to download resource.
Open to download resource.
Module 3 Case Study Template
Open to download resource.
Open to download resource.
Module 3 Case Study Answer Key
Open to download resource.
Open to download resource.
REICMOD Module 4 Securitization and CMBS
Module 4 Securitization and CMBS Class Recording
Open to view video.
Open to view video.
This module will present a comprehensive overview of commercial mortgage markets as well as a discussion of the role and process of securitization. We will explore the structure of Commercial Mortgage-Backed Securities (CMBS), and students will demonstrate their understanding of the materials covered by working through a securitization example.
Module 4 Securitization and CMBS Presentation
Open to download resource.
Open to download resource.
REICMOD Module 5 Private Equity
Module 5 Private Equity Class Recording
Open to view video.
Open to view video.
During this Module, students will take an in-depth look into real estate private equity markets. We will examine the sources of equity financing and discuss the investment vehicles used by private equity. Students will define the terms associated with private equity arrangements and gain an understanding of investment strategies pursued by private equity. We will analyze the fees structures of private equity investment vehicles, discuss how joint ventures work and review a case study detailing recent private equity joint venture deal structures.
Module 5 Private Equity Presentation
Open to download resource.
Open to download resource.
Module 5 Case Study Joint Ventures
Open to download resource.
Open to download resource.
Module 5 Case Study Template
Open to download resource.
Open to download resource.
REICMOD Module 6 Public Equity REITS
Module 6 Public Equity REITS Class Recording
Open to view video.
Open to view video.
This Module will provide an overview of Real Estate Investment Trusts (REITs) and discuss the requirements necessary to qualify as a REIT. We will identify the types of REIT structures and discuss the pros and cons of public investment in real estate. A case study will be reviewed that explains will demonstrate how to evaluate a REIT.
Module 6 Public Equity REITS Presentation
Open to download resource.
Open to download resource.
Module 6 Case Study Scenarios
Open to download resource.
Open to download resource.
Module 6 Case Study Solutions
Open to download resource.
Open to download resource.
REICMOD Module 7 Role of Real Estate in an Investment Portfolio
Module 7 Role of Real Estate in an Investment Portfolio Class Recording
Open to view video.
Open to view video.
In this Module, we'll discuss the attributes of real estate that make it attractive as part of a multi-asset investment portfolio and examine historical real estate risk and return performance relative to other asset classes.
Module 7 Role of Real Estate in an Investment Portfolio Presentation
Open to download resource.
Open to download resource.
REICMOD Module 8 Real Estate Investment Management
Module 8 Real Estate Investment Management Class Recording
Open to view video.
Open to view video.
In this final module, we'll start by taking an in-depth look at how investors view real estate as an investment class alongside other investment alternatives. In discussing real estate investment management, we'll explore institutional portfolio management trends and strategies and present an overview of the real estate investment management industry. Students will learn about basic asset-pricing theory and investment performance evaluation and benchmarking techniques. A discussion of the common types of derivatives and the mechanics of a real estate return swap will be covered in this module.
REICM19 Week 8 Recording_Domres
Open to view video.
Module 8 Real Estate Investment Management Presentation
Open to download resource.
Open to download resource.
REICMOD 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.
REICMOD 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.
REICMOD Evaluation
7 Questions
REICMOD Transcript
16.00 PDH, AIA Learning Units credits | Certificate available
16.00 PDH, AIA Learning Units credits | Certificate available
| Access Date |
Quiz Result |
Score |
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"I learned a great deal in a quick, easy way."
Owen Hughes, Senior Investment Analyst, High Street Logistics Properties
"I learned a lot of new concepts from a real estate financing perspective that I will take with me in my brokerage career."
Matthew Soper, Senior Associate, Colliers International
"An excellent course for understanding real estate investment."
Tareq Ahmed, Investment Analyst, Epico Equities, Inc
"The wide range of speakers and topics covered made this course essential to professionals in CRE. I would highly recommend this course to students or professionals that looking to enter/are early within a CRE career!"
Clementina D'Souza, Student, University of Waterloo
"The course provided a good foundation of knowledge covering a breadth of topics, and did a good job of not getting bogged down when going through some of the denser subject matter (like the components of the different formulas)."
Ryan Hoium, Asset Management Analyst, Travelers Insurance
