38 courses with the subject REAL, each shown exactly as we captured it from the college's catalog, with every element we hold. Where the wording looks broken, that is our reading of the catalog, not the college's text.
REAL 2040Real Estate Law
This course examines the fundamentals of real estate finance and development from a legal and managerial perspective. The course serves as a foundation course for real estate majors and provides an introduction to real estate for other students. It attempts to develop skills in using legal concepts in a real estate transactional setting. The course will be of interest to students contemplating careers in accounting, real estate development, real estate finance, city planning, or banking. The main topics covered may include the following: land acquisition, finance; choice of entity; tax aspects; management (leasing, environmental); disposition of real property (sale of mortgaged property, foreclosures, wraparound mortgages, sale-leasebacks); and recent legal developments. Lectures and class discussion required.
REAL 2050Global Real Estate: Risk, Politics and Culture
This is an introductory course on real estate markets around the world. The goal of the course is to help students develop a global mindset by introducing and applying the basics of real estate valuation and risk management to a wide range of global contexts. The course emphasizes ll topics students will need to understand cross-border real estate strategies, including currency risk, political risk, rule of law, property rights, and culture. We will discuss relevant current events and use them to characterize risks facing real estate investors. The course largely covers markets outside the United States, except when it is useful to compare with the U.S. or for occasional special topics. We will focus more on the qualitative aspects of real estate investment analysis and less on the quantitative aspects. This is a full-semester course, cross- listed for MBA’s and undergraduates. REAL 2050 can be counted toward the Wharton Undergraduate Global Economy, Business, and Society (GEBS) requirement.
REAL 2090Real Estate Investment: Analysis and Financing
This course provides an introduction to real estate investing with a focus on financial and economic analysis. It is intended both as a foundational class for students considering a career in real estate as well as a survey class for students interested in finance who want to learn about the real estate sector. Project evaluation, financing strategies, risk assessment, investment decision making, and real estate capital markets are covered. No prior knowledge of the industry is required, but students will rapidly acquire a working knowledge of real estate markets and will quickly develop the quantitative tools to help them make investment decisions. Classes are conducted in a standard lecture format with discussion required. The course contains cases that help students evaluate the impact of more complex financing and capital markets tools used in real estate. There are three case studies and two midterms. FNCE 1000 is required as the class assumes comfort with Corporate Finance concepts and terms.
This course will examine the provision of public services for firms and people through cities and other local governments. Why cities exist, when fiscal policy fails, investments in infrastructure, how to improve school quality, realities of local governments such as inequality, crime, corruption, high cost of living, congestion, and unfunded pensions will be covered. We will pay special attention to recent topics, such as the impact of the Covid-19 pandemic on city and public school finances, racial differences in police use of force, partnerships with the private sector, enterprise zones, the role of technology, and real estate policies that may (or may not!) promote housing affordability, such as inclusionary zoning and rent control.
This course analyzes housing finance systems and housing market outcomes across the globe. In the US, the course focuses on the development of securitization markets and addresses the current challenges of housing finance reform, including the future of Fannie Mae and Freddie Mac. Internationally, the course covers issues of access to housing and housing informality in developing countries, financial crises arising out of the housing sector, and market-oriented and public policy solutions. The course features a wide array of speakers in finance, government and academia who contribute their perspectives to pressing issues of mortgage market design. REAL 2360 can be counted toward the Wharton Undergraduate Global Economy, Business, and Society (GEBS) requirement.
REAL 2400Advanced Real Estate Investment and Analysis
This course is designed for majors in Real Estate, but is also open to finance-oriented students who wish a deeper analysis of real estate investment and investment analysis issues than that offered in REAL 209. The class will contain a mixture of lectures, guest speakers and case discussions. Academic research is paired with recent industry analysis of key issues in order to marry sound theory and empirical results with current events and practices. Several classes will include lectures outlining what economics and finance tell us about a number of topics. Generally, these will be followed by guest lectures from industry professionals who will focus on a specific application of the principles introduced in the lectures.
This course evaluates "ground-up" development as well as re-hab, re-development, and acquisition investments. We examine raw and developed land and the similarities and differences of traditional real estate product types including office, R & D, retail, warehouses, single family and multi-family residential, mixed use, and land as well as "specialty" uses like golf courses, assisted living, and fractional share ownership. Emphasis is on concise analysis and decision making. We discuss the development process with topics including market analysis, site acquisition, due diligence, zoning, entitlements, approvals, site planning, building design, construction, financing, leasing, and ongoing management and disposition. Special topics like workouts and running a development company are also discussed. Course lessons apply to all markets, but the class discusses U.S. markets only. Throughout the course, we focus on risk management and leadership issues. Numerous guest lecturers who are leaders in the real estate industry participate in the learning process. Format: predominately case analysis and discussion, some lectures. Mutually Exclusive: REAL 8210 1 Course Unit 2026-27 Catalog | Generated 08/03/26
In real estate investment, data is used in a variety of ways to inform decision-making. The purpose of this course is to gain familiarity with analytical tools and techniques as they relate to guiding investment in primary real estate markets and capital markets. Students will learn statistical methods, data manipulation, data visualization, and apply business analytics tools to data on properties, mortgages, and macroeconomic indicators. A series of guest speakers will demonstrate how analytics is used in the industry, and the strengths and limitations of using data to guide investment decisions. The course will use data analytics to connect economics and finance concepts with real-world applications. The course will primarily use the R software package, but relevant materials will be provided and no prior coding experience is necessary. REAL 3700 can be counted toward the Wharton Undergraduate Technology, Innovation and Analytics (TIA) requirement.
In the years before Covid, real Estate started to change dramatically for the first time in perhaps one hundred years. Covid and its aftermath led to further disruptions. This class will examine how technology is changing in many facets (all) of the industry. This course will address how technology has already changed the demand for real estate and how it will likely change how real estate is used, designed, developed, constructed, managed, leased, maintained, and financed. Among many questions to be considered: Can you crowd-fund real estate development? Will the office business become a part of hospitality? Can we build new buildings like we assemble legos? How will autonomous vehicles affect the demand for space and property values? What is the future of new data analytics services? What are the effects of working from home on cities and various real estate asset classes? This team-taught course will bring together a recognized industry leader and Wharton faculty. Includes a broad set of guest lecturers (Start-up entrepreneurs, incumbents, non-RE technology specialists, etc.). We believe there is no single approach to gaining insight into disruptions and change under uncertainty, so we will propose a mix of approaches, including in-depth case studies, interactions with guest lecturers who handle those issues daily, learning from economic history and other industries, and drawing from core economic concepts. REAL 3750 can be counted toward the Wharton Undergraduate Technology, Innovation and Analytics (TIA) requirement.
Other Wharton Requirements 3 Total Course Units 3 Students in the M&T Program must substitute MGMT 2370 in place of MGMT 2300 and MGMT 2670. Only one of MGMT 21400 and MGMT 2370 may be included in the major. Management and Technology students cannot take MGMT 2140. Only one of MKTG 2270 and MKTG 2700 may be included in the major. Only one of MKTG 2270 Marketing & Electronic Commerce (0.5 cu) and
REAL 5210Real Estate Investment: Analysis and Financing
This course provides an introduction to real estate investing with a focus on financial and economic analysis. It is intended both as a foundational class for students considering a career in real estate as well as a survey class for students interested in finance who want to learn about the real estate sector. Project evaluation, financing strategies, risk assessment, investment decision making, and real estate capital markets are covered. No prior knowledge of the industry is required, but students will rapidly acquire a working knowledge of real estate markets and will quickly develop the quantitative tools to help them make investment decisions. Classes are conducted in a standard lecture format with discussion required. The course contains cases that help students evaluate the impact of more complex financing and capital markets tools used in real estate. There are three case studies and two midterms. FNCE 1000 is required as the class assumes comfort with Corporate Finance concepts and terms. Also Offered As: FNCE 5210 Mutually Exclusive: REAL 7210 0.5-1 Course Unit
REAL 5400Advanced Real Estate Investment and Analysis
This course, is designed for majors in Real Estate, but is also open to finance-oriented students who wish a deeper analysis of real estate investment and investment analysis issues than that offered in REAL/
In real estate investment, data is used in a variety of ways to inform decision-making. The purpose of this course is to gain familiarity with analytical tools and techniques as they relate to guiding investment in primary real estate markets and capital markets. Students will learn statistical methods, data manipulation, data visualization, and apply business analytics tools to data on properties, mortgages, and macroeconomic indicators. A series of guest speakers will demonstrate how analytics is used in the industry, and the strengths and limitations of using data to guide investment decisions. The course will use data analytics to connect economics and finance concepts with real-world applications. The course will use the R software package, but relevant materials will be provided and no prior coding experience is necessary.
This course is designed for students interested in the economics and operations of housing markets. It is primarily a U.S.-focused course. The class is divided into five sections: (1) economic analysis of housing market fundamentals (supply and demand); (2) a policy analysis section on housing affordability issues in the U.S.; (3) operations of homebuilders and rental landlords, as well as the single family rental sector; this section includes a series of guest lecturers from industry executives; (4) the nature of housing cycles; and (5) a discussion of factors that have affected the evolution of housing markets over the long run. This course presumes knowledge of intermediate microeconomics. For Wharton students, this means you must have passed MGEC 6110. Non-Wharton students should have taken the equivalent course in the College. The class is primarily lecture based, although we will have one flipped class, as well as a number of guest lecturers from industry. There are two in- class midterms and two assignments.
REAL 7210Real Estate Investment: Analysis and Financing
This course provides an introduction to real estate investing with a focus on financial and economic analysis. It is intended both as a foundational class for students considering a career in real estate as well as a survey class for students interested in finance who want to learn about the real estate sector. Project evaluation, financing strategies, risk assessment, investment decision making, and real estate capital markets are covered. No prior knowledge of the industry is required, but students will rapidly acquire a working knowledge of real estate markets and will quickly develop the quantitative tools to help them make investment decisions. Classes are conducted in a standard lecture format with discussion required. The course contains cases that help students evaluate the impact of more complex financing and capital markets tools used in real estate. There are three case studies and two midterms. FNCE 6110 is required as the class assumes comfort with Corporate Finance concepts and terms.
Urban Real Estate Economics uses economic concepts to analyze real estate markets, values, and trends. The course focuses on market dynamics in the U.S. and internationally, with an emphasis on how urban growth and local and federal government policies impact urban development and real estate pricing. A group development project gives hands on experience, and invited guest speakers bring industry knowledge. Besides the group project and presentation, problem sets are required along with a midterm and optional second exam. Lecture with discussion required.
This course examines the fundamentals of real estate finance and development from a legal and managerial perspective. The course serves as a foundation course for real estate majors and provides an introduction to real estate for other students. It attempts to develop skill in using legal concepts in a real estate transactional setting. The course will be of interest to students contemplating careers in accounting, real estate development, real estate finance, city planning, or banking. The main topics covered may include the following: land acquisition, finance; choice of entity; tax aspects; management (leasing, environmental); disposition of real property (sale of mortgaged property, foreclosures, wraparound mortgages, sale-leasebacks); and recent legal developments. Lectures and class discussion required.
Total Course Units 3 Global Modular Courses (0.5 CU) offered in a foreign location also count. Other courses with substantive international content may be counted upon approval of the concentration advisor. Concentration Advisor: Alyssa Swanson
REAL 8400Advanced Real Estate Investment and Analysis
This course, is designed for majors in Real Estate, but is also open to finance-oriented students who wish a deeper analysis of real estate investment and investment analysis issues than that offered in REAL/ s FNCE 721. The class will contain a mixture of lectures, guest speakers and case discussions. Academic research is paired with recent industry analysis of key issues in order to marry sound theory and empirical results with current events and practices. Several classes will include lectures outlining what economics and finance tell us about a number of topics. Generally, these will be followed by guest lectures from industry professionals who will focus on a specific application of the principles introduced in the lectures. Format: Lecture, industry speakers.
In real estate investment, data is used in a variety of ways to inform decision-making. The purpose of this course is to gain familiarity with analytical tools and techniques as they relate to guiding investment in primary real estate markets and capital markets. Students will learn statistical methods, data manipulation, data visualization, and apply business analytics tools to data on properties, mortgages, and macroeconomic indicators. A series of guest speakers will demonstrate how analytics is used in the industry, and the strengths and limitations of using data to guide investment decisions. The course will use data analytics to connect economics and finance concepts with real-world applications. The course will use the R software package, but relevant materials will be provided and no prior coding experience is necessary.
In the years before Covid, real Estate started to change dramatically for the first time in perhaps one hundred years. Covid and its aftermath led to further disruptions. This class will examine how technology is changing in many facets (all) of the industry. This course will address how technology has already changed the demand for real estate and how it will likely change how real estate is used, designed, developed, constructed, managed, leased, maintained, and financed. Among many questions to be considered: Can you crowd-fund real estate development? Will the office business become a part of hospitality? Can we build new buildings like we assemble legos? How will autonomous vehicles affect the demand for space and property values? What is the future of new data analytics services? What are the effects of working from home on cities and various real estate asset classes? This team-taught course will bring together a recognized industry leader and Wharton faculty. Includes a broad set of guest lecturers (Start-up entrepreneurs, incumbents, non-RE technology specialists, etc.). We believe there is no single approach to gaining insight into disruptions and change under uncertainty, so we will propose a mix of approaches, including in-depth case studies, interactions with guest lecturers who handle those issues daily, learning from economic history and other industries, and drawing from core economic concepts.
Of the many ways that doctoral students typically learn how to do research, two that are important are watching others give seminar presentations (as in Applied Economics Seminars) and presenting one's own research. The BEPP 9000 course provides a venue for the latter. Wharton doctoral students enrolled in this course present applied economics research. Presentations both of papers assigned for other classes and of research leading toward a dissertation are appropriate in
REAL 9440Quantitative Spatial Models for Urban Economics
This course will cover quantitative spatial models (QSMs) as used in urban and real estate economics and related disciplines. We will critically explore QSMs both as tools for measurement and as economic frameworks for evaluating welfare and simulating counterfactuals of spatial economies. We will discuss approaches to QSM estimation, as well as data requirements, identifying assumptions, and the consequences thereof. The purpose of this course is to give students a broad understanding of QSMs and their common use cases, while providing a sense of the circumstances and assumptions under which these models permit credible analysis. We may explore applications of QSMs to a variety of economic topics: infrastructure, transit, congestion, land use, migration, path dependence, economic history, the geography of consumption, household economics, environmental economics, climate change. Not Offered Every Year 0.5 Course Units University of Pennsylvania Catalog 2553
This course addresses advanced topics in urban and real estate economics. The course will mix theory and empirics and will cover a broad range of topics including the modeling and estimation of agglomeration economies, land use and urban costs, transportation in cities, urban growth, migration between cities etc. The classes will mix l formal presentations made by the instructor and student-led discussions of recent academic papers. In addition to presentations, students will be expected to complete a series of assignments including a short original research paper. PhD students will be expected to complete a research paper in addition to the successful completion of the course examination requirements. Prerequisites: The course assumes that students have familiarity with standard first year econometrics and microeconomics.
This course covers fundamental topics in the broad fields of urban economics and real estate. We will focus on the application of econometric methods and economic modelling to analyze important issues, such as household sorting and valuation of local amenities, racial segregation, and the provision of local public goods. Not Offered Every Year 0.5-1 Course Unit
In this course we will study theory and evidence of how households make decisions surrounding real estate, how they interact with the financial sector, and how housing and mortgage choices influence urban markets and household balance sheets. We will examine real estate decisions from both supply and demand perspectives. There will be a special focus on the tools of modern empirical research, emphasizing the many challenges to causal identification and popular methodologies to overcome and address these challenges. The course will cover topics in mortgage choice, refinancing, renegotiation, default and foreclosure, discrimination, housing search, and market segmentation. Prerequisites: The course assumes that students have familiarity with standard first year econometrics and microeconomics.
In this course we will explore topics in urban economics applied to developing country settings. We will discuss the specificities of developing country urbanization, emphasizing institutional constraints, market imperfections, and key policy questions. We will also discuss methodological challenges arising when conducting research on developing country cities, such as data limitations, and the creative ways in which recent papers have addressed them. The goal is to give students an overview of the important questions in the field and of the cutting- edge tools employed in this growing literature. Some of the topics we will explore include: migration, slums, infrastructure and transit, land use, urban form, place-based policies, local public finance, and quantitative urban models. Not Offered Every Year 0.5 Course Units 2026-27 Catalog | Generated 08/03/26
The goal of this course is to help doctoral students develop critical thinking skills through both seminar participation and writing of referee reports. To this end, students will attend the Wharton Applied Economics seminar when it meets each Wednesday at noon; prepare two written referee reports on WAE papers per semester, due before the seminar is presented. After attending the seminar and the ensuing discussion of the paper, students will prepare follow-up evaluations of their referee reports, due one week after the seminar. Fall, Spring, and Summer Terms Also Offered As: BEPP 9620 0.5-1 Course Unit
