Lecture, three hours. Requisites: courses 408, 430. Development of understanding of principal issues involved with real estate investment and finance. Topics include real estate financial analysis and valuation in variety of contexts (single and multifamily residential, commercial/industrial, shopping center, and hotel properties), real estate taxation, real estate law, development process, securitization, REITs, and leasing and workout of troubled properties. S/U or letter grading.