C-RETS study plan

Define the four commercial property types (office, retail, industrial, multifamily) and list the lease structure and valuation driver unique to each

Build a glossary of at least 30 core terms spanning both domains (NOI, cap rate, GIM, EGI, opex ratio, load factor, CAM, TI, escalations) with a one-sentence definition and a worked example for each

Compute NOI from a rent roll and a line-item operating expense list, then convert NOI into value using three different cap rates to see sensitivity

Explain how a lease's term, base rent, escalations, and expense recovery method change the income a buyer actually underwrites

Distinguish gross, modified gross, NNN, and percentage rent leases and identify who pays which expense under each

Calculate operating expense recoveries including CAM reconciliation, base-year stops, and gross-up adjustments for vacancy

Compare the three appraisal approaches (sales comparison, income, cost) and state when each is most defensible

Derive a cap rate from comparable sales and explain how interest rates, risk, and growth expectations move it

Build a 5-year pro forma in a spreadsheet with rent growth, vacancy and credit loss, opex inflation, and capital reserves

Calculate and interpret cash-on-cash return, debt service coverage ratio, and debt yield for a leveraged acquisition

Run a before-tax and after-tax cash flow projection using straight-line depreciation and a stated tax rate

Perform a sensitivity table showing IRR outcomes across exit cap rate and hold period assumptions

Compute and contrast IRR, NPV, equity multiple, and average annual return, and explain which metric best answers a given investor's question

Explain how leverage amplifies returns and risk, and identify the DSCR level at which a lender would decline a loan

Differentiate the four market-analysis categories (market, submarket, demand, supply) and map which data source feeds each

Interpret vacancy, absorption, and construction-pipeline data to judge whether a submarket is tightening or softening

Gather current vacancy, absorption, asking-rent, and cap-rate data for one real submarket and cite each source and date

Explain how employment, population, and household-income trends translate into demand for each property type

Distinguish market rent from contract rent and describe how the gap affects renewal and rollover risk

Calculate a market-derived cap rate and compare it with the cap rate you used in your Week 3 model

Explain the highest-and-best-use test and apply its four criteria to a site

Describe the steps of a due diligence period and identify which documents a buyer must review before removing contingencies

Draft a list of at least 10 questions to ask a seller or listing broker during initial underwriting

Outline the typical sequence of a commercial transaction from LOI through closing, naming the document produced at each stage

Draft a letter of intent covering price, deposit, due diligence period, financing contingency, closing timeline, and exclusivity

Compare the major financing sources (bank, life company, CMBS, agency) on recourse, term, prepayment, and leverage

Identify the key differences between a purchase-and-sale agreement and a lease as binding instruments, including remedies for default

Explain how brokerage duties, disclosure obligations, and agency relationships affect a transaction

Re-solve missed or uncertain practice questions across all four domains and write the rule behind each error

Create a one-page formula sheet covering NOI, cap rate, DSCR, debt yield, IRR inputs, and recovery calculations

Run a timed 60-question mixed practice set and score each domain separately

Review your weakest domain for two focused hours and re-test only that domain