My Certificates

REFAI stands for Real Estate Finance and Investment certification. The overarching goals of the REFAI are to provide candidates with a solid theoretical and technical grounding in real estate finance and investments, and to make candidates more critical thinkers with respect to the business of real estate across all property and transaction types, setting them up for success in the workplace.

ARGUS Enterprise is the industry's leading commercial property valuation and cash flow forecasting software. ARGUS enables analysts and managers to value and manage the performance of real estate assets. With in-depth insights into real estate portfolios, ARGUS helps users make smart decisions quickly and efficiently.

REFM’s Certification Program in Excel for Real Estate measures proficiency in operating skillfully and efficiently in Microsoft Excel for the specific purpose of real estate transaction and partnership modeling analysis. Holding each subsequent Level of REFM Certification further validates one’s skills and demonstrates their seriousness about being an expert-level modeler.

The rigorous Certification Program teaches and then tests one’s ability to complete the following tasks using Excel:

- Forecasting property income and expense cash flows

- Building a mortgage payment schedule with an Interest-Only component

- Calculating IRR and NPV specific to actual calendar dates

- Quickly allocating construction costs according to bell-shaped curves

- Valuing a ground-up development site on a residual basis

- Forecasting an asset’s future stabilized Net Operating Income

- Accurately calculating loan interest for multiple layers of financing

- Determining exactly how much equity partners should be compensated

- Performing sensitivity analyses around the driving factors in a transaction