Commercial property appraisal analyst assessment.
I am taking an assessment for my counties property apprising division. The role I applied for was the commercial property appraiser analyst, I was told that it could take between 2-3 hours and test my knowledge relevant to the position. That is all the info she was able to give me. I just graduated with a bachelors in finance and a minor in real estate, so lots of the classroom knowledge is still fresh in my mind. I was wondering if anyone had any advice on what to study on since they were so vague about the assessment. 
[{"id": "e0q6klx", "text": "A commercial appraiser analyst should be familiar with the income approach to value.  Can you explain what NOI and cap rates are?  Do you know the difference between leased fee and fee simple cap rates?  Can you tell me why 2 almost identical properties would be valued say $40,000,000 different?  That would be a good start.", "replies": [{"id": "e0qm7qf", "text": "What is the difference between a leased fee and fee simple cap rate?", "replies": [{"id": "e0qo0wh", "text": "Basically when you value a building using the long term leases in place you are valuing based on leased fee.  If market rents are $50sf but you got $80 sf because you signed your leases in 2001 then your leased fee value is much more than your fee simple value because that would be based on market rents of $50 sf.  But if you leased to a bunch of lawyers in 1998 at $30 sf then your leased fee value is less than your fee simple value based on rents of $50 sf.  If your building is destroyed which value do you think your insurance wants to pay out?  This is a simplification of a much more complicated process.", "replies": [{"id": "e0qoexn", "text": "Interesting, thank you!", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "e0qa15p", "text": "Thank you! I have a solid grasp on all the topics you mentioned. I am going to read my text book and look over old class slides to prepare. Most of my exams were excel based, they had us build pro formas and what not. The vocabulary is what I think I\u2019ll have to study most on. ", "replies": [{"id": "e0qoxin", "text": "I would also suggest reading the actual job description to see what the knowledge expectation is.", "replies": [], "depth": 2}], "depth": 1}]