CALP (NAA) Exam Practice 2025/2026 – 100+ Verified Questions & Financial Calculations | Effective Rent, Occupancy Rates, Market Rent, Concessions, Leasing Math & Property Analysis

This advanced-level practice document features 100+ verified exam questions and detailed solutions tailored to the Certified Apartment Leasing Professional (CALP) exam under the National Apartment Association (NAA), updated for the 2025/2026 testing cycle. It emphasizes real-world property management math, financial modeling, and scenario-based leasing calculations essential for high-stakes exam success and professional performance in the multifamily industry. Major focus areas include: Effective Rent Calculations: Incentives (1 month free, 2 weeks free), prorated concessions, and rent adjustments Occupancy Metrics: Physical vs. economic occupancy, leased percentage, vacancy impact Financial Analysis: Rent per square foot, average unit size, turnover rates, gross potential rent (GPR), total rent revenue (TRR), and bad debt management Comparative Property Performance: Market survey interpretation, unit mix breakdowns, average rent analysis Closing Ratios & Leasing KPIs: Leasing performance metrics, tour-to-lease conversion, and resident retention indicators This resource is highly suitable for: Courses: CALP Certification, Leasing & Marketing Financials, Multifamily Asset Management Programs: National Apartment Association (NAA) Education Institute Credentialing, Property Leasing Boot Camps Professionals and Students: Leasing consultants, property managers, regional supervisors, and anyone preparing to earn or renew their CALP designation With its clear financial breakdowns and A+ graded responses, this practice guide equips users with essential math and market evaluation skills to excel both in the exam and in real-world property operations. Keywords: CALP math questions, leasing incentives, effective rent, rent per square foot, physical occupancy, economic occupancy, gross potential rent, bad debt analysis, property turnover rate, market rent, average unit size, leasing conversions, multifamily financials, property management metrics, NAA leasing exam