CRE Acquisition technical questions

Yes, you could expect cap rate questions. Since that is the most common way to value an asset in CRE, they are going to want to know that you know what they are and how they are affect the overall deal. The same way you'd be asked about multiples if you interviewed with a corporate PE firm, that's how CRE handles cap rates.

I would expect less NPV and discount questions since the discount rate is not as cut and dry in CRE. In more tradition PE and public equities you can use WACC,  but that methodology isn't a 1-to-1 comparison to CRE. There's a thread on here discussing that you can check out, so I won't go into it here too much. I would focus on IRR, Equity Multiple, and Cash on Cash returns for the basic return metrics of an analysis. 

Given the current environment I would expect you to receive interest rate questions since that is the main barrier for deals now. Since cap rates are just the unlevered returns based off the in-place net income, be able to competently talk about negative leverage and how it will impact the market moving forward for the next 12-24 months. This could be a good time to bring up to the interviewer about distressed properties that will come onto the market relatively soon plus the expansion of cap rates that will inevitably have to happen. 

 Considering that you are coming from a non-CRE background, I would also expect them to ask you to give the process to get down to net cash flow on a property. Since RE financial statements are done differently than corporate finance, they would need to make sure you know how to do that.