This exаm is designed tо tаke yоu 75 minutes аnd there are 75 pоints on the exam. You have 90 minutes to complete the exam and upload it. Wharton Computing recommends that you allow 15 minutes to scan/convert your answers and upload the file. Do not wait until the last minute to upload your files! Here's what you will do: The first question after the honor code requires you to upload the answers. The last four questions do not. You do not need to do the questions in order. If you have trouble with the file upload, email your file to me at sinai@wharton.upenn.edu. If I get it before the end of exam time, you'll get full credit. You can answer the file upload question: With pen-and-paper. Scan/print/assemble your answers into one PDF or Word file. Upload your one PDF file in the block labeled "Question 2" below. That PDF file will be your answer to the exam. If you do not have access to a scanner, you can use an app on your phone. Wharton recommends GeniusScan or Scannable. Or you can take photos with your phone and paste the photos into a Word document, if the photos are readable. With Excel. If you type your answers into Excel, upload that file or print to PDF and upload. Make sure that the steps in your answer are as obvious as if you used pen-and-paper. WE WILL NOT LOOK AT EXCEL FORMULAS WHEN GRADING. If you use Excel for calculations, you must start with a blank worksheet and you may not paste any text or formulas into it. For calculation questions, be sure to show your work enough for us to give you partial credit. You can resize text boxes in essay questions by dragging the 8 vertical dots at the bottom right of the text box. You may refer to any of the class material when completing the exam. The exam is open-note, open-book, and open-Excel (or equivalent). YOU MAY NOT GET HELP FROM ANY OTHER PERSON. YOU MAY NOT USE AI. Once you open the exam, the clock starts and does not stop. Keep your own track of time. You cannot rely on the Canvas quiz timer since it can be disrupted by browser refreshes. Do not open the exam in multiple browsers. Your answers may not be saved correctly. If something on the exam is unclear, make an assumption and keep going. Don't take the time to try to email me. The exam is proctored by HonorLock. You will have access to your computer to refer to the class notes and examples or to use Word/Excel. You will be allowed to use a financial calculator. You will be allowed to refer to paper notes and to write notes. And you will be allowed to use your phone to take pictures/scans of your written work for uploading. Other activities will not be allowed and will be flagged.
One mаrket chаrаcteristic that is a gооd prоxy for apartment demand growth is projected household income growth. Suppose you are assessing an investment opportunity in multifamily real estate and, in the local multifamily real estate market, apartment building prices currently equal replacement costs. And, suppose that you anticipate that there will be household income growth over the next several years. Applying the Smith model from class, is that income growth likely to yield growth in apartment prices?