MCM MRE study plan

Define and compute the core time-value-of-money variables (PV, FV, NPV, IRR) on at least 20 practice problems

Build a one-page formula sheet linking NOI, cap rate, and value

Solve for value given NOI and cap rate, and solve for cap rate given price and NOI, in both directions

Explain how leverage and debt terms change equity returns on a simple pro forma

Construct a multi-year before-tax cash flow pro forma from given rent, vacancy, and operating expense assumptions

Calculate and interpret DSCR, LTV, and debt yield for a sample acquisition

Compare unlevered and levered returns and articulate when leverage helps or hurts

Distinguish cash-on-cash return, equity dividend rate, and total return

Compare the three approaches to value and state when each applies

Apply the income approach using direct capitalization and a simple DCF

Apply the sales comparison approach and justify adjustment choices

Apply the cost approach including depreciation and land value

Derive a market cap rate from comparable sales and explain its drivers

Identify the data sources used in market and submarket analysis

Interpret vacancy, absorption, and construction data to classify a market cycle phase

Explain how interest rates and cap rate compression affect value

Identify the essential elements of a valid real estate contract

Distinguish the major listing and buyer representation agreement types and their duties

Explain the major disclosure obligations and fair housing prohibitions

Trace the steps of a typical residential or commercial closing and title transfer

Estimate a development budget including hard costs, soft costs, and contingency

Build a sources-and-uses statement and check that it balances

Explain construction sequencing and the roles of the key project team members

Identify the main construction risk controls and the purpose of a lien waiver

Draft a property operating budget and compare budget to actual variances

Explain lease administration and the landlord-tenant obligations that drive NOI

Apply the fiduciary duties and canons of ethics to realistic practice scenarios

Identify conflicts of interest and the correct disclosure or recusal response

Complete two full-length timed practice exams under test conditions

Review every missed item and log the underlying concept, not just the answer

Re-drill the weakest three domains identified by practice scores

Rehearse the formula sheet and key definitions from memory