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* 1. A tenant has signed a lease for 8,000 SF for a term of 120 months producing total rent of $1,584,000. What is the annual rent per square foot?

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* 2. A 24,367 SF office building has an average rent of $18.25/SF gross, supported by the market. The building has historical other income of $12,000 and an occupancy of 92.5%. There is also a collection loss of 1%. What is the appropriate effective gross income?

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* 3. Net operating income available for distribution to partners in a 60/40 general partnership is:

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* 4. Which of the following types of lien has superior lien priority by operations of law over a property executed and prior recorded mortgage lien?

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* 5. A bank is considering a mortgage. The building generates $250,000 in NOI before reserves. Reserves are underwritten by the lender at $10,000. The appraiser has indicated a capitalization rate of 9% after reserves are deducted and the lender needs to underwrite at a minimum 1.35x DCR using an 8.5% loan constant and a 75% loan-to-value. What is the maximum loan this lender could provide while remaining within these guidelines?

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* 6. An income producing property had a net operating income of $200,000 and was recently sold for $2,000,000. The total annual debt service and insurance escrow payment was $180,596 based on a mortgage loan of $1,600,000 with the interest at 9% per year and monthly end-of-period payments for a 20-year term. What was the overall capitalization rate for the property?

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