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Continuing Education
Coming Soon
CE Commercial Real Estate
The course teaches practitioners to perform financial analysis, evaluate lease structures, secure financing, assess environmental risks, and navigate zoning, enabling informed investment decisions and compliant transactions.
Who Should Take This
It is designed for real estate brokers, asset managers, and investment analysts with at least two years of experience who need to deepen their expertise in underwriting, lease negotiation, due‑diligence, and transaction structuring to advance their careers and deliver value to clients.
What's Included in AccelaStudy® AI
Adaptive Knowledge Graph
Practice Questions
Lesson Modules
Console Simulator Labs
Exam Tips & Strategy
20 Activity Formats
Course Outline
62 learning goals
1
Financial Analysis
2 topics
Income and return metrics
- Identify the components of net operating income including potential gross income, vacancy and collection losses, effective gross income, and operating expenses.
- Describe capitalization rate calculation, interpretation, and the factors that influence cap rate variations across property types, locations, and market conditions.
- Explain cash-on-cash return calculation and its role in evaluating leveraged investment performance relative to equity invested.
- Describe internal rate of return and net present value calculations for commercial property investments including cash flow projection and discount rate selection.
- Analyze a commercial property's financial performance using NOI, cap rate, cash-on-cash return, and debt service coverage ratio to assess investment viability.
- Synthesize a pro forma financial projection for a commercial property incorporating market rent growth, expense escalation, vacancy assumptions, and capital expenditure reserves.
Debt service and leverage analysis
- Identify debt service coverage ratio requirements and their role in commercial loan underwriting and ongoing covenant compliance.
- Explain the effects of leverage on commercial real estate returns including positive and negative leverage, break-even ratios, and refinancing considerations.
- Synthesize an investment analysis for a commercial property incorporating acquisition costs, financing terms, operating projections, and disposition assumptions.
2
Commercial Lease Types
2 topics
Lease structures and provisions
- Identify the major commercial lease types: triple net, double net, single net, gross, modified gross, percentage, and ground lease structures.
- Describe triple net lease obligations including tenant responsibility for property taxes, insurance, and common area maintenance in addition to base rent.
- Explain gross lease and modified gross lease structures including landlord expense obligations, expense stop provisions, and base year escalation methods.
- Describe percentage lease provisions including natural breakpoint calculation, reporting requirements, audit rights, and exclusive use clauses.
- Analyze lease scenarios to determine the most appropriate lease structure considering property type, tenant creditworthiness, market conditions, and owner objectives.
Lease negotiation and administration
- Identify key commercial lease negotiation points including tenant improvements, rent abatement, renewal options, expansion rights, and assignment provisions.
- Describe operating expense reconciliation procedures including CAM calculations, controllable expense caps, and tenant audit rights.
- Design a commercial lease negotiation strategy addressing key tenant concerns while protecting landlord interests in occupancy, revenue stability, and property maintenance.
3
Commercial Financing
1 topic
Financing structures and sources
- Identify commercial real estate financing sources including conventional bank loans, SBA 504 and 7(a) loans, CMBS, insurance company loans, and credit union programs.
- Describe CMBS loan characteristics including conduit origination, securitization, fixed rates, defeasance, yield maintenance, and special servicer provisions.
- Explain bridge and mezzanine financing including use cases, subordination, intercreditor agreements, and risk-return profiles for transitional properties.
- Analyze financing alternatives for a commercial acquisition considering loan-to-value, debt service coverage, prepayment provisions, and recourse requirements.
4
Environmental Due Diligence
1 topic
Phase I and Phase II assessments
- Identify the components of a Phase I Environmental Site Assessment under ASTM E1527 including records review, site reconnaissance, interviews, and report preparation.
- Describe recognized environmental conditions, controlled recognized environmental conditions, and historical recognized environmental conditions as defined in ASTM standards.
- Explain Phase II Environmental Site Assessment procedures including soil sampling, groundwater testing, vapor intrusion assessment, and laboratory analysis.
- Describe CERCLA liability framework including strict liability, joint and several liability, innocent landowner defense, and bona fide prospective purchaser protections.
- Analyze Phase I ESA findings to determine whether Phase II investigation is warranted and whether environmental conditions affect property value or transaction feasibility.
- Synthesize an environmental risk management strategy for a commercial property acquisition incorporating assessment results, remediation estimates, and liability protections.
5
Zoning and Land Use
1 topic
Zoning classifications and entitlements
- Identify commercial zoning classifications including retail, office, industrial, mixed-use, and special purpose designations with permitted and conditional uses.
- Describe the variance and conditional use permit process including application requirements, public hearing procedures, and approval criteria.
- Explain the rezoning process including comprehensive plan consistency, neighborhood notification, planning commission review, and legislative body approval.
- Analyze a property's zoning status to determine permitted uses, development potential, and regulatory constraints affecting commercial development or acquisition.
6
1031 Like-Kind Exchanges
1 topic
Exchange requirements and procedures
- Identify the requirements for a valid 1031 exchange including like-kind property, qualified intermediary, identification period, and exchange period timelines.
- Describe the identification rules including the three-property rule, 200% rule, 95% rule, and the consequences of failing to timely identify replacement property.
- Explain the role of qualified intermediaries including exchange agreement requirements, constructive receipt avoidance, and safe harbor protections.
- Describe reverse exchange and improvement exchange structures including exchange accommodation titleholders and parking arrangements.
- Analyze exchange scenarios to determine tax deferral amounts, boot recognition, debt replacement requirements, and basis adjustments in replacement properties.
- Synthesize a 1031 exchange strategy for a commercial property disposition incorporating timeline management, replacement property criteria, and tax optimization.
7
Commercial Property Management
1 topic
Operations and tenant relations
- Identify the responsibilities of commercial property managers including tenant relations, lease enforcement, maintenance oversight, and financial reporting.
- Describe commercial property marketing strategies including vacancy marketing, tenant retention programs, broker cooperation, and competitive positioning.
- Explain capital expenditure planning for commercial properties including reserve analysis, major system replacement schedules, and owner approval processes.
- Analyze commercial property operating budgets to identify expense reduction opportunities, revenue enhancement strategies, and NOI improvement initiatives.
8
Due Diligence Procedures
1 topic
Comprehensive due diligence
- Identify the components of commercial due diligence including title review, survey, environmental, zoning, lease audit, financial analysis, and physical inspection.
- Describe the commercial lease audit process including tenant verification, rent roll confirmation, lease abstraction, and estoppel certificate collection.
- Explain physical condition assessment procedures including property condition reports, deferred maintenance identification, and capital needs projections.
- Analyze due diligence findings to identify material issues affecting property value, transaction feasibility, and post-acquisition capital requirements.
- Synthesize a comprehensive due diligence checklist for a commercial property acquisition addressing all investigation categories, responsible parties, and critical deadlines.
9
Investment Analysis
1 topic
Market and risk assessment
- Identify commercial real estate market analysis components including supply and demand indicators, absorption rates, vacancy trends, and rental rate forecasts.
- Describe risk factors in commercial real estate investment including market risk, credit risk, interest rate risk, liquidity risk, and concentration risk.
- Analyze a commercial property investment opportunity considering market conditions, tenant quality, lease terms, financing availability, and exit strategy options.
- Synthesize an investment recommendation for a commercial property incorporating financial projections, risk assessment, market analysis, and comparison to alternative investments.
10
Commercial Brokerage Practice
1 topic
Transaction structures and brokerage
- Identify commercial real estate transaction structures including asset sales, entity sales, sale-leaseback, build-to-suit, and joint venture arrangements.
- Describe commercial listing agreement types including exclusive right to sell, exclusive agency, open listings, and net listings with commission provisions.
- Explain the role of offering memorandums in commercial real estate marketing including financial presentations, property descriptions, and confidentiality agreements.
- Analyze a commercial transaction structure to determine optimal deal format considering tax implications, liability exposure, and financing requirements.
- Synthesize a marketing strategy for a commercial property listing incorporating target buyer identification, offering memorandum preparation, and broker outreach.
11
Tenant Representation
1 topic
Space planning and site selection
- Identify the components of a tenant needs analysis including space requirements, location criteria, budget constraints, and lease term objectives.
- Describe the site selection process for commercial tenants including market surveys, property tours, proposal solicitation, and comparative analysis.
- Explain tenant improvement negotiations including workletter provisions, landlord contribution limits, construction management, and punchlist procedures.
- Analyze competing lease proposals from multiple landlords considering effective rent, concession packages, operating expense structures, and expansion flexibility.
12
Property Tax and Assessment
1 topic
Assessment and appeals
- Identify the property tax assessment process including assessed value determination, equalization ratios, tax rate application, and exemption categories.
- Describe the property tax appeal process including filing deadlines, evidence requirements, hearing procedures, and further appeal options.
- Analyze a commercial property's tax assessment to determine whether the assessed value is consistent with market value and whether an appeal is warranted.
Scope
Included Topics
- Commercial property financial analysis including cap rate calculation, net operating income, cash-on-cash return, internal rate of return, and debt service coverage ratio.
- Commercial lease types including triple net (NNN), gross, modified gross, percentage, and ground leases with common provisions and tenant responsibilities.
- Commercial real estate financing including conventional loans, SBA loans, CMBS, bridge loans, mezzanine financing, and loan-to-value requirements.
- Environmental due diligence including Phase I and Phase II environmental site assessments, ASTM standards, CERCLA liability, and brownfield considerations.
- Zoning and land use including commercial zoning classifications, conditional use permits, variances, planned unit developments, and rezoning procedures.
- 1031 like-kind exchanges including exchange requirements, qualified intermediaries, identification rules, timeline requirements, and reverse exchanges.
- Commercial property management including tenant relations, lease administration, operating expense reconciliation, capital expenditure management, and property marketing.
- Commercial real estate investment analysis including market analysis, property valuation, investment return metrics, risk assessment, and portfolio diversification.
- Due diligence procedures for commercial acquisitions including title review, survey, environmental, zoning, lease audit, financial analysis, and physical inspection.
- Commercial real estate brokerage including listing agreements, buyer representation, transaction structures, commission negotiation, and industry designations.
Not Covered
- Residential real estate transactions, mortgage lending, or consumer protection laws specific to residential properties.
- Advanced securities law, REIT compliance, or syndication regulations beyond basic commercial investment structures.
- Detailed construction management, architectural design, or building engineering beyond property inspection and maintenance.
- Advanced tax planning, cost segregation studies, or estate planning strategies beyond basic 1031 exchange and depreciation concepts.
- International commercial real estate transactions, foreign investment regulations, or FIRPTA beyond domestic practice.
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