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RECA Commercial:- Questions With Detailed Answers
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RECA Commercial:- Questions With Detailed Answers
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RECA Commercial:- Questions With Detailed AnswersCommercial real estate assets have a number of attributes that make them
unique relative to other types of investments. These attributes include the
following: (x10) Correct Ans - 1. They involve land
2.Transaction time frames are long
3. Transaction costs are high
4. they are expensive
5. They are long lasting
6. Highly regulated
7. have a long production cycle
8. are management intensive
9. are heterogeneous
10. Involve measuring return on investment
1. Long-lasting, Durable Goods
2. Expensive, High-valued (left for well capitalized investors)
3. Transaction Costs: Due diligence and commissions alone comprise about
three to five percent of transaction costs.
4. Transaction Time Frame
5. Land
6. Heterogeneous: every parcel of land is unique so every commercial real
estate asset is unique. However, improvements are rarely identical as unique
site characteristics, land use regulations, and the market often require
different solutions from developers.
7. Return Measures
8. Management Intensive
9. Long Production Cycle: it takes time to develop and construct new
commercial real estate assets to meet the needs of the expanding population.
This results in the real estate supply being relatively slow to respond to
changes in demand (i.e. inelastic supply).
10. Highly Regulated
Inelastic supply Correct Ans - there is a limited supply. To illustrate,
many cities are geographically constrained and have a Land Use Bylaw that
limits the ability to change the use of a parcel of land. This results in a
,relatively inelastic supply of land for commercial purposes. Inelastic supply
means the supply cannot readily adjust to changes in demand or price.
four major commercial real estate asset product types according to Real
Capital Analytics Correct Ans - Office: Refers to real estate primarily
used for office space
Retail: Refers to retail properties, such as strip centres or neighbourhood,
community, regional and super-regional shopping malls
Industrial: Refers to real estate for industrial use, such as distribution,
manufacturing, or warehouse facilities and data centres
Apartment: Refers to multi-family rental properties.
Other miscellaneous product types include hotels, leisure (e.g golf courses),
and special use (e.g. casinos)
3 miscellaneous product types Correct Ans - hotel, leisure (e.g. golf
courses), and special use (e.g. casinos).
Categorization by Building Class Correct Ans - For example, office
properties are often categorized as Class A, B, or C.
Categorization by Number of Storeys Correct Ans - For example,
apartment properties are classified as either garden complexes (one or more
low-rise buildings consisting of four storeys or less) or mid/high-rise projects
(one or more buildings consisting of four storeys or greater).
Categorization by building's Property Location Correct Ans - For
example, in addition to building class, office properties are often categorized
based on their location as either central business district (CBD) or suburban.
Categorization by building's Type Correct Ans - For example, the
International Council of Shopping Centres (ICSC) defines different types of
shopping centres according to size (gross leasable area and land area), types
of tenants, and trade area.
,The length of time for the Commercial Real Estate Asset Life Cycle process
varies considerably depending on a number of factors, including the following:
(x5) Correct Ans - The real estate asset's product type
The size and complexity of the project
The regulatory environment
The need for related infrastructure
The financial and operational capability of the investor(s)
A typical commercial real estate asset undergoes three phases during its life
cycle: Correct Ans - Phase I: Land Acquisition and Development
Phase II: Building Construction
Phase III: Operations and Asset Management
Phase I: Land Acquisition and Development
During Phase I, the developer acquires the land and undertakes the necessary
development and pre-construction work. This involves the following: (x3)
Correct Ans - Completing a feasibility analysis
Enlisting the professional services of planning specialists, architects,
engineers and contractors, and marketing experts
Soliciting capital providers (e.g. investors, lenders)
True or False - With the exception of a multi-family project, usually some pre-
leasing must be in place. Correct Ans - True - Capital providers often
require pre-leasing, which involves obtaining lease commitments in advance
of construction. In fact, a construction lender may not commit construction
funds until there are leasing commitments for a certain percentage of the
space. With the exception of a multi-family project, usually some pre-leasing
must be in place. Once lease up of the rest of the asset is complete (i.e. full
occupancy), most of the risk associated with the development is eliminated.
, Four professional organizations that represent both property management
and asset management professionals. Correct Ans - Building Owners and
Managers Association (BOMA)
Institute of Real Estate Management (IREM)
National Council of Real Estate Investment Fiduciaries (NCREIF)
Real Property Association of Canada (REALpac)
True or False - In the process of operating and maintaining a real estate asset,
the property manager is responsible first to the tenant Correct Ans -
False - In the process of operating and maintaining a real estate asset, the
property manager is responsible first to the investor and second to the
tenants. The property manager is expected to follow the investor's lawful
instructions.
Asset Management Correct Ans - The property manager typically reports
to the asset manager. Asset management involves maximizing the value of a
real estate asset or a portfolio of real estate assets according to the objectives
defined by the investor. Different investors have different objectives and
maximizing value may only be one of them.
The property manager provides the following reporting: monthly (x3) ,
Annually (x3), for the purpose of (x3) Correct Ans - Monthly:
Accounting
Operations
Leasing performance
Annually:
Operating expenses
Capital Budget
Cash flow
For:
Fianancial Control
Performance measurement
Trends detection and pre-emptive actions
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