# Real Estate Exam [California] 48, Commercial, Industrial, and Income Properties

Page: https://stenobird.com/podcast/real-estate-exam-prep-7644240/real-estate-exam-california-48-commercial-industrial-and-income-properties
Text version: https://stenobird.com/podcast/real-estate-exam-prep-7644240/real-estate-exam-california-48-commercial-industrial-and-income-properties.md
Podcast: [Real Estate Exam Prep](https://stenobird.com/podcast/real-estate-exam-prep-7644240)
Published: 2026-07-22T00:21:14+00:00
Episode link: https://open-exam-prep.com/
Audio file: https://episodes.captivate.fm/episode/ec2a3ffc-3e46-4ec9-a205-28dbe9daef4d.mp3
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Duration seconds: 183

## Resource

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - A triple net (NNN) lease requires the tenant to pay for property taxes, insurance, and maintenance (TIM). - A percentage lease, common in retail, includes a base rent plus a percentage of the tenant's gross sales. - The capitalization rate formula is Net Operating Income (NOI) divided by the property's value; mortgage payments are not included in NOI. - An estoppel certificate is a document signed by a tenant that confirms their current lease terms for a prospective buyer or lender. - Environmental due diligence, such as a Phase I Environmental Site Assessment, is crucial for identifying potential contamination and liability for commercial property buyers. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

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## Transcript

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