CALP
(NAA) Exam Practice 2026 |
Questions, Answers & Detailed
Rationales
RESOURCE FEATURES
➢ CALP Exam Questions & Answers 2026
➢ CALP study guide
➢ Practice questions
➢ Detailed rationales and explanations
, CALP (NAA) Exam Practice 2026 |
Questions, Answers & Detailed
Rationales
Question 1
Your community has 48 1/1 apartments leasing for a market rent of
$1375. Your manager has approved an incentive of one month free on
a 12-month lease. What is the effective monthly rent of the 1/1 in
whole dollars?
a. 1260
b. 1262
c. 1490
d. 1155
Correct Answer: A. $1260
Rationale: To calculate effective monthly rent with one month free on
a 12-month lease:
• Value of concession per month = $1375 ÷ 12 = $114.58
• Effective monthly rent = $1375 - $114.58 = $1260.42
, • Rounded to whole dollars = $1260
Question 2
Your manager is considering a leasing incentive on 12-month leases.
Which would offer the higher effective rent — Two weeks free on a 2/1
leasing for $1250 or one month free on a 2/1 leasing for $1275?
a. The $1250 unit
b. The $1275 unit
c. They are the same
d. No concession would offer the highest effective rent
Correct Answer: A. The $1250 unit
Rationale:
• Two weeks free on $1250 unit:** Two weeks = half a month.
$1250 ÷ 2 = $625. $625 ÷ 12 = $52.08/month. Effective rent =
$1250 - $52.08 = **$1197.92
• One month free on $1275 unit:** $1275 ÷ 12 = $106.25/month.
Effective rent = $1275 - $106.25 = **$1168.75
• The $1250 unit with two weeks free yields the higher effective
rent ($1197.92 > $1168.75).
(NAA) Exam Practice 2026 |
Questions, Answers & Detailed
Rationales
RESOURCE FEATURES
➢ CALP Exam Questions & Answers 2026
➢ CALP study guide
➢ Practice questions
➢ Detailed rationales and explanations
, CALP (NAA) Exam Practice 2026 |
Questions, Answers & Detailed
Rationales
Question 1
Your community has 48 1/1 apartments leasing for a market rent of
$1375. Your manager has approved an incentive of one month free on
a 12-month lease. What is the effective monthly rent of the 1/1 in
whole dollars?
a. 1260
b. 1262
c. 1490
d. 1155
Correct Answer: A. $1260
Rationale: To calculate effective monthly rent with one month free on
a 12-month lease:
• Value of concession per month = $1375 ÷ 12 = $114.58
• Effective monthly rent = $1375 - $114.58 = $1260.42
, • Rounded to whole dollars = $1260
Question 2
Your manager is considering a leasing incentive on 12-month leases.
Which would offer the higher effective rent — Two weeks free on a 2/1
leasing for $1250 or one month free on a 2/1 leasing for $1275?
a. The $1250 unit
b. The $1275 unit
c. They are the same
d. No concession would offer the highest effective rent
Correct Answer: A. The $1250 unit
Rationale:
• Two weeks free on $1250 unit:** Two weeks = half a month.
$1250 ÷ 2 = $625. $625 ÷ 12 = $52.08/month. Effective rent =
$1250 - $52.08 = **$1197.92
• One month free on $1275 unit:** $1275 ÷ 12 = $106.25/month.
Effective rent = $1275 - $106.25 = **$1168.75
• The $1250 unit with two weeks free yields the higher effective
rent ($1197.92 > $1168.75).
