CALP (NAA) Exam Practice questions with verified answers

CALP (NAA) Exam Practice questions with verified answers 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 Answers A. $1260 1375/12= 114.58 1375-114.58= $1260.42 -- $1260 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 Answers A. The $1250 unit 2 weeks free-- 1250/2= 625 /12= 52.08 -- 1250-52.08= $1197.92 1 month free -- 1275/12=106.25 1275-106.25= $1168.75 Which of the following communities has the higher total monthly market rent? Property A - 24 units @ $985; 48 units @ $1345; 36 units @ $2230 Property B - 36 units @ $885; 36 units @ $1265; 24 units @ $2250 Property C - 48 units @ $875; 18 units @ $1385; 22 units @ $2495 - Correct Answers Property A. Property A -- 24*985=23640; 48*1345=64560; 36*2230=80280 TOTAL: 168,480 Property B -- 36*885=31860; 36*1265= 45540; 24*2550=61200 TOTAL: 138600 Property C -- 48*875=42000; 18*1385=24930; 22*2495=54890 TOTAL: 121820 What is the rent per square foot for a 1/1 unit of 657 sf priced for $1015? a. $1.75 b. $1.54 c. $1.36 d. $1.48 - Correct Answers B. $1.54 R / sqft = 1015/657= $1.54 A two bedroom unit measuring 1175 sqft rents for $1.47 per square foot per month. What is its monthly rent? a. $1575 b. $1727