Real Estate Management (15 ECTS)

Objective

The student will be familiar with the essential legislation related to the financial administration of apartment and real estate company. The student will be able to draw up the budget and do the accounting of an apartment and real estate company taking tax planning into account. The student is able to use various sources in acquiring information on property management. The student will be able to calculate condominium charge financing and share of a loan. The student will be familiar with payroll administration, value added taxation of a real estate and the basics of auditing.
The student will be familiar with the essential legislation governing the ownership, tenure and use of real estate, as well as the contents of the essential contracts and the rights and responsibilities of the parties.
On completion of the course the student will be able to apply the methods of investment calculation in the financial administration of an apartment house and real estate company. The student will have an overall understanding of the principles of sustainable development and environmental protection in construction. The student will understand how the life cycle costs are formed, and will be able to calculate them.

Content

Bookkeeping of Apartment and Real Estate Company(4 ECTS): Budget, bookkeeping, financial statement, tax planning, calculations of condominium charge financing and share of a loan and other special questions related to apartment and real estate company (payroll, value added taxation, auditing)
Apartment House Company Legislation(5 ECTS): The purpose and operation of a housing company, management and decision-making in a housing company, representing a company, the tasks of a property manager, the rights and responsibilities of shareholders, the taxation of a housing company, housing co-operative and right of residence
Property Management Legislation (4 ECTS): Regulations governing the tenure and use of property, the responsibilities of the owner of real estate, essential contracts governing the ownership, tenure and use of real estate: the contents of the contract and the rights and responsibilities of the parties, selling and renting real estate, maintenance contracts, Employment contract, Special questions related to the use of real estate
Life Cycle Management of Apartment House and Real Estate Company (2 ECTS): The objectives of life cycle cost calculations and life cycle assessments, the phases of LCA: goal setting, inventory analysis, impact assessment and interpretation of results, environmental reports, calculation tools for LCC , sensitivity analysis of investment calculations

Assessment criteria, satisfactory (1)

The student is familiar with the central topics and concepts superficially. The student is able to acquire information from various juridical sources and to present his or her viewpoints in a simple manner.
The student will be able to draw up the budget and do the accounting of an apartment and real estate company satisfactorily, taking tax planning into account. The student knows the essential legislation related to the financial administration of apartment and real estate company satisfactorily.
The tasks in the first part of the test consist of concept definitions and brief calculations.
The student is able to verbally explain concepts in LCA and LCC. He or she is able to choose the correct formula of a given set of formulas, remembers the meaning and correct usage of symbols, and is able to apply formula correctly according to given initial data in familiar cases.

Assessment criteria, good (3)

The student is familiar with the central topics and concepts, with which he or she is able to present juridical information clearly, and to justify his or her viewpoints. The student is able to acquire information from various juridical sources.
The student will be able to draw up the budget and do the accounting of an apartment and real estate company well, taking tax planning into account. The student knows well the essential legislation related to the financial administration of apartment and real estate company. The student is able to calculate condominium charge financing and share of a loan.
The student is also able to separate the essential from the given initial data, ignore the unessential, and to find or independently evaluate the missing initial data needed for the solution.

Assessment criteria, excellent (5)

The student has a thorough understanding of the central topics and concepts. The student is able to analyse and present juridical information clearly, and to justify his or her viewpoints logically using juridical terminology. The student is able to acquire information from various juridical sources.
The student will be able to draw up the budget and do the accounting of an apartment and real estate company excellently, taking tax planning into account. The student knows in detail the essential legislation related to the financial administration of apartment and real estate company. The student is able to calculate condominium charge financing and share of a loan. The student is familiar with payroll administration, value added taxation of a real estate and the basics of auditing.
In addition to the requirements above, the student is able to solve the most demanding tasks in LCC, which require assessment and reasoning.

Assessment criteria, approved/failed

The student is familiar with the central topics and concepts superficially. The student is able to acquire information from various juridical sources and to present his or her viewpoints in a simple manner.
The student will be able to draw up the budget and do the accounting of an apartment and real estate company satisfactorily, taking tax planning into account. The student knows the essential legislation related to the financial administration of apartment and real estate company satisfactorily.
The tasks in the first part of the test consist of concept definitions and brief calculations.
The student is able to verbally explain concepts in LCA and LCC. He or she is able to choose the correct formula of a given set of formulas, remembers the meaning and correct usage of symbols, and is able to apply formula correctly according to given initial data in familiar cases.