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Overview of real estate business – nature of real estate business, legal and economic framework and participants in real estate business in Kenya
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Valuation approaches (income, cost and sales comparison approaches)
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REITS: types; advantages and disadvantages; valuation: net asset value per share (NAVPS); use of funds from operations (FFO), adjusted funds from operations (AFFO) in REIT valuation
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Instruments of real estate financing – mortgages, lien, title, mortgage requirements and mortgage clauses
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Rights in case of debt – default and its consequence, equity of redemption, foreclosure, statutory redemptions
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Mortgage and financial markets: demand for funds in mortgage market, disintermediation effects, primary and secondary mortgage market, mortgage market and cost of money, role of central bank and the role of government in mortgage markets
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Savings and loan association – classification, state accounts, insurers. Mortgage backed bonds and services