What can I expect: a REPE Top 5-10 modelling test?

Hi all!

End of this summer I have to do a modelling test for a top 5-10 fund which will take 2-3 hours.

Given the current job market I really want to pass the test and practice well, though I only have an old commercial modelling test (CFs, return metrics, sensitivities, taxes and waterfall).

What more could I expect, and do you guys have (good sources for) additional modelling tests with solutions?

I am studying finance in uni now and as I have less experience with real estate modelling the solutions or a finished model would really help :)

Hope one can help!

Ps: I have been practicing with speed, though only with the one model

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Went thru this last year for similar company and got the job essentially cuz I crushed the extremely difficult modeling test that I know the other candidates failed. I only had an hour, but had to build a quick office pro forma, generate unlevered returns. Add in debt. Generate levered returns. Sensitive exit cap/purchase price, hold period, and leverage (so the model needed to be dynamic for most inputs). Then a simple sources and uses. Lastly was build a 1 stage promote based on given equity investment percentages. If you can do this in an hour, which is extremely difficult to do, you’ll likely get the job. Good luck!!! Would recommend making it annual, not monthly, and as simple as possible in order to save as much time as you can to get thru as much of the test. Lastly, would recommend quickly reading/skimming the entire case study/prompts before getting started on the model so that you know upfront what inputs will need to be dynamic/able to be flexed.

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