Since everybody needs a place to live, everybody is affected by real estate and its measures of valuation. More than 80% of Norwegian households and more than 65% of US households own their house, and, as a result, housing is typically the largest asset for the families. The main focus of the Real Estate Finance course is the valuation and financing of different types of real estate properties ranging from residential (private) homes to commercial, income-generating investments, and corporate real estate. The secondary focus is on discussion of risk. Only about 30% of Norwegian retirement age households have mortgage balances below 60% of the purchase price. That means that real estate risk is one of the dominant risks, if not the dominant financial risk, of households, both young and old. While analysis of residential properties typically revolves around the cost of financing (borrowing costs), valuation of commercial real estate also depends on the income-generating ability of the assets in question. In this context, taxes become an important determinant of the borrowing decision.