CMCP - Section 2 (Insurance) Exam Questions With Correct Answers
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CMCP
Institution
CMCP
CMCP - Section 2 (Insurance) Exam
Questions With Correct Answers
What is a building' most valuable asset? - answerTenants
Fair rent calculations may apply to options to do what? - answerRenew, expand, and periodic
rental increases
What will the fair market rental value generally be based on? -...
CMCP - Section 2 (Insurance) Exam
Questions With Correct Answers
What is a building' most valuable asset? - answer✔Tenants
Fair rent calculations may apply to options to do what? - answer✔Renew, expand, and periodic
rental increases
What will the fair market rental value generally be based on? - answer✔Comparable leases of
comparable space
What is comparable space? - answer✔The comparable space must be in a building and area
comparable to the premises. (geographically, highly prominent space, age of the building,
configuration of a center, type of tenants in the building, premium amenities)
In making rent comparisons for a ground lease, it is important to state whether the premises will
be appraised as what? - answer✔Vacant land or as improved and whether applicable zoning and
other private/governmental restrictions will be considered
What does CAM mean? - answer✔Common Area Maintenance
What is a gross lease? - answer✔Tenant pays only base rent and landlord pays for all OpEx.
Used in many office leases, especially older buildings
What is a modified gross lease? - answer✔Items spelled out that require additional payment by
Tenant. Typically utilities and real estate taxes are excluded. Used in many suburban office
leases.
What is a single-net lease? - answer✔Base rent is paid to landlord and included OpEx incurred
by the landlord. Tenant pays property taxes separately. Was commonly used for industrial
buildings/warehouses in the 70s and 80s but not as common today.
What is a double-net lease? (net-net) - answer✔Base rent is paid to the landlord and includes
OpEx. Tenant pays property taxes and insurance separately. Was commonly used for industrial
buildings/warehouses in the 70s and 80s but not as common today.
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