It is common knowledge that the models of monitoring, registering and valuating investments, accepted by institutional investors in many developed countries, especially the US - together with financial ratios adopted in the stock market, in assets price evaluation and performance, in risk ratings, in account standards - have great influence in the models implemented by investment portfolio managers in Brazil. After the recession in the beginning of 1990 s, took place in the US Real Estate market a major restructure of Real Estate instruments, vehicles, performance indices, and standards. The Real Estate community agreed that their market could no longer have dissimilar and diverse methods for measuring and evaluating Real Estate assets if compared with those used currently by the financial market. Knowing and understanding the relationship between models adopted by brazilian institutional investors and the positioning of pension funds when allocating resources to real state, is fundamental to trace any new future allocation and management strategy for real state investments by institutional investors. The main purpose of this paper is to begin this process of knowledge by identifying and interpreting the main factors that model the real estate portfolio management adopted by Brazilian pension funds, followed by some reflexion over those factors and conseqüently over those models, mainly focused on standardization and refinement of such current models, and also on aligning current practices to those already approved and implemented by more developed and efficient markets.