Page 1 of 104
Certified Commercial Investment Member (CCIM)
Comprehensive Exam –ACTUAL EXAM COMPLETE
QUESTIONS AND VERIFIED SOLUTIONS LATEST
UPDATE THIS YEAR
Certified Commercial Investment Member (CCIM) Comprehensive Exam is the final step in
achieving the CCIM designation, testing mastery of the core curriculum. The exam focuses on
the practical application of the CCIM Strategic Analysis Model and the Cash Flow Model across
four primary core courses:
Exam Coverage
CI 101: Financial Analysis – Focuses on the CCIM Cash Flow Model, Time Value of Money
(TVM), NPV, IRR, and taxation.
• CI 102: Market Analysis – Analyzes the four major property types (office, industrial,
multifamily, and retail) through the lens of supply and demand.
• CI 103: User Decision Analysis – Evaluates lease vs. purchase, sale-leaseback, and lease
buyout decisions from a user/occupant perspective.
• CI 104: Investment Analysis – Synthesizes all previous concepts to quantify risk,
optimize returns, and perform sensitivity analysis for investment portfolios.
,Page 2 of 104
1. If a lender requires a Debt-Service Coverage Ratio (DSCR) of 1.25 for an investment with a
Net Operating Income (NOI) of $175,000, what is the maximum annual debt service allowed?
• A. $140,000
• B. $218,750
• C. $131,250
• D. $150,000
• Correct Answer: A.
• Rationale: The formula is
.
.
2. An investor purchases a property for $20,000,000 using $4,000,000 in equity and
$16,000,000 in debt. What is the leverage ratio?
• A. 4.0
• B. 5.0
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• C. 0.80
• D. 1.25
• Correct Answer: B.
• Rationale: Leverage Ratio is
.
.
3. Which of the following differentiates the Capitalization Rate (Cap Rate) from the Yield
(IRR)?
• A. Cap Rate includes the eventual sale proceeds (reversion).
• B. Yield only considers Year 1 income.
• C. Cap Rate does not factor in eventual sale proceeds; Yield does.
• D. Cap Rate is always higher than Yield in a rising market.
• Correct Answer: C.
, Page 4 of 104
• Rationale: Cap Rate is a "snapshot" of Year 1 income relative to price. Yield (IRR)
accounts for the entire holding period, including the sale price.
4. If an investor’s Internal Rate of Return (IRR) is reduced from 14.5% before-tax to 10.9%
after-tax, what is the effective tax rate?
• A. 33.0%
• B. 24.8%
• C. 20.0%
• D. 28.5%
• Correct Answer: B.
• Rationale: The effective tax rate measures the reduction in yield due to federal taxation.
Formula:
.
5. In a Lease vs. Purchase analysis, which of the following is considered a "user decision"
factor?
• A. Whether the property has a positive NPV for a third-party investor.
• B. Whether to exercise a lease renewal option or relocate.
Certified Commercial Investment Member (CCIM)
Comprehensive Exam –ACTUAL EXAM COMPLETE
QUESTIONS AND VERIFIED SOLUTIONS LATEST
UPDATE THIS YEAR
Certified Commercial Investment Member (CCIM) Comprehensive Exam is the final step in
achieving the CCIM designation, testing mastery of the core curriculum. The exam focuses on
the practical application of the CCIM Strategic Analysis Model and the Cash Flow Model across
four primary core courses:
Exam Coverage
CI 101: Financial Analysis – Focuses on the CCIM Cash Flow Model, Time Value of Money
(TVM), NPV, IRR, and taxation.
• CI 102: Market Analysis – Analyzes the four major property types (office, industrial,
multifamily, and retail) through the lens of supply and demand.
• CI 103: User Decision Analysis – Evaluates lease vs. purchase, sale-leaseback, and lease
buyout decisions from a user/occupant perspective.
• CI 104: Investment Analysis – Synthesizes all previous concepts to quantify risk,
optimize returns, and perform sensitivity analysis for investment portfolios.
,Page 2 of 104
1. If a lender requires a Debt-Service Coverage Ratio (DSCR) of 1.25 for an investment with a
Net Operating Income (NOI) of $175,000, what is the maximum annual debt service allowed?
• A. $140,000
• B. $218,750
• C. $131,250
• D. $150,000
• Correct Answer: A.
• Rationale: The formula is
.
.
2. An investor purchases a property for $20,000,000 using $4,000,000 in equity and
$16,000,000 in debt. What is the leverage ratio?
• A. 4.0
• B. 5.0
,Page 3 of 104
• C. 0.80
• D. 1.25
• Correct Answer: B.
• Rationale: Leverage Ratio is
.
.
3. Which of the following differentiates the Capitalization Rate (Cap Rate) from the Yield
(IRR)?
• A. Cap Rate includes the eventual sale proceeds (reversion).
• B. Yield only considers Year 1 income.
• C. Cap Rate does not factor in eventual sale proceeds; Yield does.
• D. Cap Rate is always higher than Yield in a rising market.
• Correct Answer: C.
, Page 4 of 104
• Rationale: Cap Rate is a "snapshot" of Year 1 income relative to price. Yield (IRR)
accounts for the entire holding period, including the sale price.
4. If an investor’s Internal Rate of Return (IRR) is reduced from 14.5% before-tax to 10.9%
after-tax, what is the effective tax rate?
• A. 33.0%
• B. 24.8%
• C. 20.0%
• D. 28.5%
• Correct Answer: B.
• Rationale: The effective tax rate measures the reduction in yield due to federal taxation.
Formula:
.
5. In a Lease vs. Purchase analysis, which of the following is considered a "user decision"
factor?
• A. Whether the property has a positive NPV for a third-party investor.
• B. Whether to exercise a lease renewal option or relocate.
