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KY Real Estate Salesperson > CHP 52 - Retail Brokerage > Flashcards

CHP 52 - Retail Brokerage Flashcards

1
Q

Retail properties are classified by __ & ____

A

Physical properties and user type

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2
Q

3 Physical properties of retail

A
  1. Shopping Centers
  2. Free standing
  3. Commercial strip centers
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3
Q

Shopping Center characteristics

A
  1. Super-Regional
  2. Regional
  3. Super communitiy
  4. COmmunity
  5. NEighborhood
  6. Strip
  7. Specialty/Theme Ctr
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4
Q

Regional

A

30 -50 acres

1-2 anchor dept stores

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5
Q

Super Regional

A

3+ major dept stores

Site area of 100 acres

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6
Q

Super Community

A

No full dept store anchor, several strong specialty store anchors instead

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7
Q

Community

A

Near supermarket, jr dept store or discount store

convenience, personal services and goods

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8
Q

Neighborhood

A

Usually aroudn supermarket or drug store

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9
Q

National chains

A

Outlets in 4+ metro areas in 3+ states

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10
Q

Local CHains

A

3+ outlets in 1-3 metro areas in less than 3 states

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11
Q

Independent Retailers

A

Single metro area, no more than 2 outlets

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12
Q

Adjusted Basis

A

Cost of a property + capital imprvements - cost deducations and partial sales during holding period

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13
Q

Base (lease)

A

A face dollar amount representing rent in dollars per sq ft per yr

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14
Q

Breakpoint

A

Sales threshold over which percentage rent is due

annual base rent / percentage applied to gross sales

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15
Q

Capital Expenditures

A

Property improvements that cannot be expensed as current operating expenses

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16
Q

Cash on Cash rate

A

= cash flow before taxes / initial equit inestment

17
Q

Debt Coverage Ratio (DCR)

A

net operating income / annual debt service

18
Q

Economic obsolence

A

Reduction in prop value due to external circumstances

19
Q

Gross leasable area

A

area designed for tenant occupancy and exclusive use

20
Q

Imperfect Market

A

product diffrenciation

21
Q

Net lease

A

tenant pays all operating expenses (tax insurance, maintenance)

22
Q

Percentage lease

A

rent based on % of gross sales made by tenant

23
Q

Real estate investment trust REIT

A

investors purchase certificates of ownership in trust which invests money in real property…then distributes profits to the investors

Not subject to income tax

shareholders report on personal returns

24
Q

Securitization

A

investing in real estate markets in ways that minimiz risks

25
Q

Taxable income

A

Adj gross - personal deductions and exemptions

26
Q

USeable Area

A

Rentable area less common areas

27
Q

Guidelines for drawing retail trade areas

A
  1. population adn expenditure approach
  2. Drive time approach
  3. Traffic count approach
28
Q

Balance of Trade Figures

A

Affect value of domestic goods

29
Q

Consumer ocnfidence indices

A

Reflect purchasing volume

30
Q

Unemployment rates

A

Influence types of good purchased

31
Q

Periodic gross domestic product figures

A

Reflect overall economic performance of the economy

32
Q

Advisory services a retail specialist can offer:

A
  1. market and location analysis
  2. Advising on optimal tenant mix
  3. Advising on store size
33
Q

Population and expenditure approach

A

draw the area around a site that contains enough people and per capita spending to generate required sales

34
Q

Pad

A

outparcel in the parking area of a shopping center

35
Q

Drive time approach

A

Draw the area around a site from which it can be reached in a specific time and then check to see if it contrains enough demand dollars to generate sales

36
Q

Retail tenant representation is….

A

Common

37
Q

Concept of tenant mix aims to optimal arrangement of ______-

A

Anchor and satellite stores

KY Real Estate Salesperson (57 decks)

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