MCM MRE study guide
MCM MRE · Work through your exam, one topic at a time.
The MCM Master of Real Estate (often listed as the MCM Real Estate Exam) is a professional credential for practitioners who work across the commercial real estate lifecycle - finance, valuation, law, development, market analysis, asset management and professional conduct. It suits analysts, appraisers, development and project staff, property and asset managers, and advisors who need integrated commercial judgment rather than a single technical specialism. The MCM MRE study guide has 7 sections and about 1,799 words.
01Real Estate Finance and Investment
Master the time value of money: present value, future value, and the discount rate that equates them. Know how to compute net operating income (NOI), the capitalization rate, and the relationship value = NOI ÷ cap rate.
294 words, about 1 min02Real Estate Valuation and Appraisal
Know the three approaches to value: sales comparison, income capitalization, and cost. The cost approach builds value as replacement (or reproduction) cost new minus depreciation plus land value; depreciation splits into physical deterioration, functional obsolescence, and external (economic) obsolescence.
251 words, about 1 min03Real Estate Law and Contracts
Understand the elements of a valid contract: offer, acceptance, consideration, capacity, and legality, plus the statute of frauds requiring written agreements for real property. Distinguish the types of listing agreements (exclusive right to sell, exclusive agency, open listing) and how commission is earned.
261 words, about 1 min04Property Development and Construction
Understand the development cycle: acquisition, entitlement, design, financing, construction, lease-up, and stabilization. Know feasibility analysis - residual land value, pro forma development budgets, hard versus soft costs, and contingency.
235 words, about 1 min05Real Estate Economics and Market Analysis
Understand supply and demand for space and how they set rents and vacancy. Know the four market quadrants (owner-occupied, rental, and their stock/flow combinations) and the difference between space market and asset market.
251 words, about 1 min06Asset and Property Management
Understand the asset manager's role (strategy, hold/sell, capital allocation, performance vs. benchmark) versus the property manager's role (operations, leasing, maintenance, tenant relations).
256 words, about 1 min07Professional Ethics and Practice
Understand fiduciary duty and its components - loyalty, obedience, disclosure, confidentiality, accounting, and reasonable care. Know disclosure obligations: material facts, agency relationships, conflicts of interest, and compensation.
251 words, about 1 min