1) You are talking to a lender that says they can provide you with a $65MM loan for a building you are acquiring at 4.5% interest amortized over 25 years. If the lender says that you need a 1.5x Debt Service Coverage Ratio, what is the lowest Net Operating Income that you would need? (Don't include a dollar sign in your answer, just the number)

2) If a 1-acre piece of land has a Floor Area Ratio of 5, what is the largest building that you can build on that site?

3) You are evaluating a potential development site & conclude that it will cost $12MM in construction costs to build a building. Once its finished, you believe you can sell it for $20MM. If you require a 20% profit margin on my investment, what is the most that you could afford to pay for the land? (Don't include a dollar sign in your answer, just the number)

4) You just signed a 100,000 lease in a building you own at $25/sf in rent. The term of the lease is 84 months, and the rent will increase by 50 cents per square foot every year. If market for leasing commissions is 4%, how much will you owe the leasing broker for this transaction? (Don't include a dollar sign in your answer, just the number)

5) You own a 500,000 square foot building in Downtown Chicago. Operating expenses on the building are $5MM. How much would a tenant with a triple net lease structure owe you in expense reimbursements if they occupy 125,000 square feet? (Don't include a dollar sign in your answer, just the number.)

6) You are evaluating a potential industrial warehouse acquisition for the company you work for. Your analysis shows that you can expect $1.5MM in Net Cashflow every year of your hold period, and you believe that you could sell the building for $25MM in 6 years. How much would you be able to pay for this building today if you needed a 12% annual return? (Don't include a dollar sign in your answer, just the number)

7) You recently completed an apartment development in suburban Austin. The all-in project costs were $40MM. If operating expenses on the property are expected to be $1.5MM per year, what would the revenue on the property need to be in order to achieve a 6.50% Yield On Cost? (Don't include a dollar sign in your answer, just the number)

8) Keeping with the scenario above, if apartments in suburban Austin are currently trading at 4.5% cap rates, how much profit would you expect to achieve on this project? (Don't include a dollar sign in your answer, just the number)

9) You just raised a joint venture to purchase some land in Boston. The overall equity requirement is $1MM (assume no debt), with 90% coming from outside investors and 10% provided by you. The agreement is that the profits will be split pro-rata until your investors achieve a 1.3x return, anything above that hurdle will be split 70/30 between the investors and you respectively. If you sell the land for $3MM, how much will your profit be?

10) You just took out a loan for $45MM on a new retail shopping center acquisition in Phoenix at 5.5% interest. The first 24 months are interest only, afterwards the principal will amortize over 30 years. If you plan to sell the asset in 5 years, how much money will you owe the lender at sale closing? (Don't include a dollar sign in your answer, just the number)

11) Describe a scenario where it might make sense to pay more for a building that is completely vacant than one that is totally leased.