Real Estate Finance And Investments Analyst (REFAI®) Certification

What is a 'pro forma' in real estate development analysis?

A financial projection of revenues, costs, and returns for a proposed development project A legal document describing the property's physical boundaries and improvements An appraisal report estimating the as-is value of a development site A government-required disclosure of projected lease terms for commercial properties

Correct Answer:

A financial projection of revenues, costs, and returns for a proposed development project

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