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Study Guide

REM 660- Final Exam Guide - Comprehensive Notes for the exam ( 27 pages long!)


Department
Real Estate Management
Course Code
REM 660
Professor
Jia Xie
Study Guide
Final

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Ryerson
REM 660
Final EXAM
STUDY GUIDE

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REM 660
Week 1
January 16, 2018
Introduction of property, asset and portfolio management
What are property, asset and portfolio
-Property: a piece of land plus natural or artificial improvements that are attached or have been
added
-Natural attachments include trees, valuable mineral deposits and oil, anything that
would normally be considered part of the land
-Artificial improvements include buildings, sidewalks and fences
-Property can be classified to residential and commercial:
-Residential: single family homes, semi attached homes (duplexes), four plex properties,
townhomes, condominium units (each unit has a different ownership)
-Commercial: office, industrial (manufacturing and warehouse), retail, multifamily
apartments (one person owns the whole thing and rents it to others), hotels and land
-Asset: a resource with economic value that an individual, corporation or country owns or
controls with the expectation that it will provide future benefits
-Types of asset:
-Stock
-Bond
-Cash
-Real estate
-Commodities (gold, copper, crude oil, natural gas, corn etc.)
We focus on real estate asset
-Portfolio: a bundle of different types of assets
Accordingly, real estate management can be put into 3 categories:
-Property management:
-The day to day operations
-Recognize the property as an property
-Asset management:
-Management that affect the physical, financial or ownership structure of the property
-Recognizes the property as an investment
-Portfolio management:
-Maximizing the performance and alue of the opa’s portfolio of real estate assets
-Formulation a long range real estate real estate asset management strategy
-Asset managers typically focus on a single property type in the portfolio, portfolio
managers would be responsible for all the product types in the portfolio
Property managers are responsible for day to day shit
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-Marketing the property to potential tenants
-Selecting tenants
-Signing leases
-Collecting rent
-Maintaining the property
-Complying with applicable landlord tenant laws
-Maintaining tenant relations
-Communicating with the property owner
Asset managers are responsible for the financial performance of an asset
-Timing and magnitude of required capital expenditures
-Financing and refinancing
-Rehabilitation
-Modernization
-Expansion
-Conversion of the property to a different use
-Divestiture
-Abandonment
Portfolio managers are responsible for financing performance of a portfolio
-“trateg deelopet: deelop iestet strategies ased o the liet’s tie horizo, risk
preferences, return expectations and market conditions
-Asset allocation: buy and sell assets/securities in an investors account to maintain the
investment strategy or objective over time
-Diversification: create a basket of investments that provide broad exposure within an asset
class and spread risk and reward
Portfolio managers are responsible for financing performance of a portfolio
-Performance evaluation: periodically evaluate the performance of investment portfolio, as well
as meet standers provided by regulatory organizations
-Make timely changes to a portfolio that is not in line with initial investment objectives
or allocation guidelines
-Ensure compliance with investor disclosures, privacy laws, anti-money laundering
requirements and antifraud measures
-Client relation maintenance:
-Regular contact with investor clients regarding market conditions
-Meet with clients on a regular basis to ensure current portfolio allocations are still in
live with liet’s initial needs
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