Real Estate Tests

Space Planning (RE) — Advanced

Advanced commercial space planning: multi-building portfolios, alternative workplace strategies, density vs experience metrics, base-building constraints on TI, measurement disputes, lab/office crossover, and aligning plans with exit and sublease marketability.

Space Planning (RE) — Intermediate

Intermediate commercial space planning: BOMA-style measurement nuances, stacking and multi-floor programs, adjacency and privacy trade-offs, landlord work letters, building loss factors, and coordinating test fits with TI budgets.

Space Planning (RE) — Beginner

Foundations of commercial space planning: usable vs rentable area, load factors, space programs, test fits, circulation, core placement, and basic workplace density for office tenants.

LOI Basics — Advanced

Advanced LOI scenarios: hard vs soft letters, merger into definitive agreements, joint-venture and portfolio LOIs, estoppel and SNDA alignment, deposit waterfalls, and dispute patterns. Commercial practice concepts; not legal advice.

LOI Basics — Intermediate

Intermediate LOI practice: binding vs non-binding clauses, exclusivity and confidentiality, earnest money timing, feasibility contingencies, counters, and aligning LOI terms with definitive documents. Commercial real estate workflow; not legal advice.

LOI Basics — Beginner

Foundations of letters of intent in commercial real estate: purpose, typical terms, non-binding vs binding clauses, tenant vs purchase LOIs, and negotiation workflow. Transaction concepts only; not legal advice.

Cap Rate Basics — Advanced

Economic versus nominal caps, below-market rent, yield on cost, implicit caps from DCF, comp distortion, sensitivity, and reconciling cap rate with total return metrics. Advanced commercial underwriting; not legal, tax, or investment advice.

Cap Rate Basics — Intermediate

Going-in and terminal caps, trailing versus forward NOI, reversion, cap compression, lease structures, and building a defensible market cap from comps. Commercial analysis; not legal, tax, or investment advice.

Cap Rate Basics — Beginner

Foundations of capitalization rates: NOI, value relationship, direct capitalization, market caps, and how investors read risk through cap rates. Commercial real estate concepts; not legal, tax, or investment advice.

Tenant Relations — Advanced

Portfolio-level conflict, crisis comms, anchor-tenant dynamics, accessibility and fair-housing coordination, reputation recovery, and governance with legal and ops. Scenarios only; not legal advice.

Tenant Relations — Intermediate

Complaint triage, de-escalation, cross-functional handoffs, retention risk signals, bulk communications, and documenting sensitive disputes. Operational scenarios; not legal advice.

Tenant Relations — Beginner

Foundations of resident and commercial tenant service: logging requests, tone and boundaries, routing to maintenance or lease admin, and consistent policy communication. Not legal advice.

Maintenance Ops — Advanced

Portfolio-level maintenance strategy: capital planning vs reactive spend, compliance programs, vendor governance, reliability metrics, major system replacements, and incident postmortems. Operational leadership scenarios, not legal advice.

Maintenance Ops — Intermediate

Work order triage, CMMS hygiene, vendor SLAs, make-ready turns, warranty tracking, after-hours playbooks, and balancing tenant experience with cost control. Operational scenarios, not legal advice.

Maintenance Ops — Beginner

Basics of property maintenance operations: work orders, priorities, tenant access, preventive tasks, vendor handoffs, and simple safety documentation. Operational focus, not legal advice.

Lease Admin — Advanced

Advanced lease administration: modifications and remeasurement triggers, estoppel and disposition packages, TI and percentage-rent audits, migration QA, lender consents, ground leases, and portfolio governance. Mix of single-answer and multiple-answer items; multi-select questions ask you to select every correct statement.

Lease Admin — Intermediate

Intermediate lease admin: escalations, options, recoveries, holdover, assignments, and critical-date calendars. Mix of single-answer and multiple-answer items; multi-select questions ask you to select every correct statement.

Lease Admin — Beginner

Lease administration basics: key dates, rent rolls, deposits, amendments, and file hygiene. Mix of single-answer and multiple-answer items; multi-select questions ask you to select every correct statement.

Market Cycles (RE) — Advanced

Advanced cycle analysis for valuation and investment: capital-market vs property-market timing, distressed and workout pricing, forward curves and scenario weighting, sector-specific dislocation, and defending conclusions under contradictory signals.

Market Cycles (RE) — Intermediate

Applying cycle thinking to underwriting and appraisal: leading vs lagging indicators, rent reversion vs mark-to-market, development feasibility across phases, capital-market feedback, and reconciling conflicting market signals.

Market Cycles (RE) — Beginner

Foundations of commercial and residential real estate cycles: recovery, expansion, hypersupply, and recession; how vacancy, rent, supply lag, and cap rates tend to move; relevance for valuation timing and market analysis.

Income Approach Basics — Advanced

Discount rate buildup, band of investment, levered vs unlevered returns, IRR and equity multiples, sensitivity analysis, ground leases, partial interests, and reconciling income conclusions with other approaches. Professional valuation practice; not legal or tax advice.

Income Approach Basics — Intermediate

Stabilized NOI, rent roll normalization, above- and below-market leases, expense recoveries, replacement reserves, cap rate selection, yield capitalization, and introductory DCF with reversion. Practice-oriented; not legal or tax advice.

Income Approach Basics — Beginner

Foundations of the income approach: potential and effective gross income, vacancy, operating expenses, net operating income (NOI), capitalization rates, and direct capitalization. Practice-oriented valuation concepts; not legal or tax advice.

Comps Method — Advanced

Advanced sales comparison: regression and statistical support, outlier treatment, exposure and marketing time, reconciliation with other approaches, complex property types, and defensible reporting under scrutiny. Mix of single-answer and multiple-answer items; multi-select questions ask you to select every correct statement.

Comps Method — Intermediate

Applying the sales comparison approach: verification of sales, paired-data logic, net vs gross adjustments, concession handling, weighting comps, and communicating indicated value. Mix of single-answer and multiple-answer items; multi-select questions ask you to select every correct statement.

Comps Method — Beginner

Foundations of the sales comparison approach: selecting comparable sales, units of comparison, gross adjustments, bracketing, and when the method fits. Mix of single-answer and multiple-answer items; multi-select questions ask you to select every correct statement.

Closing Checklist — Advanced

Complex closing scenarios: entity and trust vesting, simultaneous or back-to-back closings, short-sale and estate timelines, 1031 exchange coordination awareness, lender dry funding, signature authority, and risk controls on disbursements. Practice-oriented; not tax or legal advice.

Closing Checklist — Intermediate

Operational closing coordination: contingency calendars, lender clear-to-close, title curative items, HOA estoppel, prorations, wire-fraud prevention, repair holdbacks, and post-closing possession. Mix of single-answer and multiple-answer items; multi-select questions ask you to select every correct statement.

Closing Checklist — Beginner

Foundational residential closing workflow: contract-to-close milestones, title and escrow roles, contingency removal, final walk-through, settlement documents, and keys at closing. Mix of single-answer and multiple-answer items; multi-select questions ask you to select every correct statement.

Offer Negotiation (RE) — Advanced

Complex transaction negotiation: multi-offer bidding ethics, rent-backs, short-sale and lender contingencies, assignment awareness, post-inspection deadlines, appraisal and financing risk tradeoffs, condo litigation impact, and documentation discipline. Exam-level awareness; not legal advice. Mix of single-answer and multiple-answer items; multi-select questions ask you to select every correct statement.

Offer Negotiation (RE) — Intermediate

Operational offer strategy: counters and addenda, appraisal gaps, repair credits, seller concessions, backup offers, escalation awareness, HOA review timing, and fraud-safe earnest money handling. Mix of single-answer and multiple-answer items; multi-select questions ask you to select every correct statement.

Offer Negotiation (RE) — Beginner

Foundational residential offer workflow: written terms, counters, earnest money, common contingencies, comparing offers, and professional communication. Mix of single-answer and multiple-answer items; multi-select questions ask you to select every correct statement.

Listing Process — Advanced

Complex listing scenarios: pocket/off-MLS marketing, distressed and estate sales, antitrust-sensitive compensation, cross-border sellers, litigation-ready files, auction vs traditional, and governance when multiple brokerages touch one property. Mix of single-answer and multiple-answer items; multi-select questions ask you to select every correct statement.

Listing Process — Intermediate

Operational listing management: agreement variants, MLS accuracy audits, price adjustments, buyer-agent cooperation fields, expired/withheld inventory, and disclosure timing. Mix of single-answer and multiple-answer items; multi-select questions ask you to select every correct statement.

Listing Process — Beginner

Foundational residential listing workflow: listing agreements, seller intake, pricing with comps, MLS basics, showings, and compliant marketing. Mix of single-answer and multiple-answer items; multi-select questions ask you to select every correct statement.