The Answers to “Real Estate Finance and Investments” 12th Edition – William Brueggeman

by Joe Stampone on May 5, 2009

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The most commonly used real estate finance textbook is Real Estate Finance and Investments 12th Edition by William Brueggeman.  It’s used in almost every real estate masters program as well as real estate finance course taught in MBA programs. However, in order to truly learn the material taught in the book, and you’re not in a formal class, you must complete the problems at the end of each chapter. I thought I’d provide all the answers to my homework problems throughout the semester as well as my midterm and final.

Ch. 3 Problems 1,2,3,7,8,10,13,14,18

Ch. 4 Problems 1,2,6

Ch. 5 Problems 3,8

Ch. 6 Problems 4,6,9

Ch. 7 Problems 1,2,4,5

Midterm: Chapters 3-7

Midterm Answer Sheet

Ch. 9 Problems 1,2,4,6

Ch. 10 Problems 1,2,3,4,6,13

Ch. 11 Problems 1,2,3

Ch. 12 Problems 1,2,3,8

Ch. 13 Problems 1,2,3,4

Ch. 18 Problems 1,2,3,4

These problems are from the 12th edition book. Please feel free to contact me if there are any issues with the models or if you have any questions.

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  • John

    Hi there,

    I just bought a used copy of Real Estate and investment by William Bruggeman 12th edition and it did not come with the supplementary cd that includes the Excel Templates. Is it possible if you can post up those Excel Files, if you happen to have the cd? I can not find anywhere where i can buy the cd alone.

    Thanks

  • http://www.facebook.com/people/Joe-Stampone/1704578 Joe Stampone

    John, thanks for your comment. I actually don't have the CD either. I'll talk to some of my fellow students to see if they have it and I'll post the files. Are you taking a class that requires the book or are you just doing extra work on your own?

  • REStudent

    Did you happen to have any solutions to chapter 8 problems… more specifically #3? Thanks

  • Bill

    do you have any chapter 15 answers?

  • http://www.astudentoftherealestategame.com/ Joe Stampone

    I haven't answered any of the Ch. 15 problems, but I'd be happy to help with any specific questions you may have.

  • Bill

    Do you have Ch. 15 answers?

  • Bill

    sorry, didn't see your post above

  • Bill

    Do you have Ch. 15 answers?

  • Bill

    sorry, didn't see your post above

  • Prince

    thnx…but hv u got supplementary materials like..MCQ papers???

  • David

    I'm having trouble finding your problem 4 for Chapter 7. We have our final for an undergrad class, and I just want to make sure I'm doing it right.

  • http://www.astudentoftherealestategame.com/ Joe Stampone

    I sent you an email with the answer, let me know if you have any questions.
    Thanks for reading.

  • janet

    have you worked out chapter 14 problem 4? I need to double check my work. The notes given in class have a different depreciation number than what the notes say in the book. I'm suppose to add depreciation from renovation and before renovation for the taxes part right?

  • janet

    nevermind, i have the 13th edition so numbers might be different. thanks anyways.

  • Nana

    hello, have you worked out chapter 12 problem 6 and 7? I am trying to solve that, but not so sure about the answer. If you have solution for these two problems by chance, would you mind emailing me the answer please? I really need them to prepare my final. Thank you very much. :)

  • http://www.astudentoftherealestategame.com/ Joe Stampone

    I haven't worked through these specific problems, but let me know if you have any specific questions.

  • http://www.astudentoftherealestategame.com/ Joe Stampone

    I haven't worked through these specific problems, but let me know if you have any specific questions.

  • Ada Ops

    Any solution to the request, that, chapter 8, problem #3? Thanks

  • Ada Ops

    Please add solution to Chapter 8, Problem #3 to your answers above. Thank you.

  • SubuK

    Hi, Im tryin to find the solution for problem 4 of the chapter 3. can anyone help me with this?

  • Gary

    Get with the present! I need 14th edition solutions!

  • http://www.astudentoftherealestategame.com/ Joe Stampone

    Haha, often times many of the questions are the same in the next edition.

  • http://www.facebook.com/joey.y.wang Joey Wang

    Thanks for sharing your homework material Joe. I’m self-studying with the 13th edition – hopefully your 12th edition problems are the same.

  • http://www.facebook.com/joey.y.wang Joey Wang

    Joe, question with Ch3 Problem 13. Can you explain the most straightforward way to calculate question #2 — the investment amount required if the investor wanted to earn an annual rate of 13% compounded monthly?

    I was able to easily answer the first question by calculating NPV using inputs: i=13, CF1=5500, ..CF4=12500. For the second question, I thought it would be as easy as changing the value of i from “13″ to “13/12″ but my answer did not match yours. So what I did was “normalize” the 13% annual rate compounded monthly back to compounded annually using i=13/12, PV=-1, n=12 proceeded by (FV-PV)x100. This gave me i=13.803248 which I was then able to use to correctly answer question #2.

    Is there a faster way to come up with the answer with a calculator or is it still a multi-step process? Thanks.

  • http://www.astudentoftherealestategame.com/ Joe Stampone

    Hey Joey thanks for your comment.

    You simply take the NPV of the cashflows using 13% as a discount rate. The answer would be slightly different if compounded annually vs. monthly.

    24,521.74 – compounded monthly
    24,991.32 – compounded annually

    Does that make sense?

  • http://www.facebook.com/joey.y.wang Joey Wang

    Hey Joe. Yes, I did solve for NPV. What I struggled with initially was solving for NPV using annual nominal rate of 13% compounded monthly. I simply divided 13 by 12 as the new value for variable i but later learned that can’t be done because the cash flows given in the problems were by years, not months so the interest inputted should be the same terms. So I had to convert the nominal monthly compounded rate to the effective annual rate first. Thanks for replying.

  • Markus

    Hi Joe,

    I am a german Student and I also have a little Problem with ch3/13. My Solution would be monthly coupounded interests would be 24082. After 12 months the discount rate is 13,8%, 24 months 29,5%.. if I use these discount rates and add the NPVs I get the upper result. Where am I mistaken? Thanks a lot..

  • John

    Chapter 14 solutions please

  • Cindy L

    yes, can you post the solutions to chapter 14 problem number 4? thanks!

  • Karenling15

    Can you post the solution of Problem #4 in CH14 ?

  • Mgraham91

    Can you post the solutions/work for Chapter 16, Problem 2 (part I) please?

  • http://www.astudentoftherealestategame.com/ Joe Stampone

    I’ll see if I can find them….

  • Mgraham91

    Thank you for your help.

  • Mgraham91

    Did you have any luck?

  • Phuongngo1408

    I find out that the question 4 chapter 7 has problem when you calculate insurance as a kind of acquisition fee, because it is expenditure