Most interview processes consists of 2-4 rounds. The rounds usually are broken out as follows:
An Argus test will only be administered if you are doing the test at the company's office. You will be given an offering memorandum ("OM") from a recent deal and have 1-2 hours to complete the model. All the information you need will be in the OM. The type of deal they will have you analyze is wholly dependent on the type of asset class the company focuses on (although the most common is office or retail since those usually have multiple tenants).
The ultimate goal of the test is for you to to come up with a value for the property. This test will require you to input all the building information, leasing/tenant information, and, most importantly, your own market leasing and vacancy assumptions.
Whereas an Argus test may or may not happen, an Excel test is almost a guaranty. For the Excel test, you will be asked to build a model from scratch to determine the value of a property and the appropriate return metrics. You will be given an OM and have 1-2 hours to complete the model. Most likely you can assume the property type will be either a multifamily or hotel asset since those are the easiest to model in Excel.
The company may also give you debt assumptions for which you will be required to create a loan amortization schedule. Many times the company will have you work towards an answer (e.g. find a purchase price that would make this deal attractive) and ask you to show the normal return metrics (unlevered/levered IRR, yield on cost, unlevered cash on cash, levered cash on cash). Be prepared to provide a promote waterfall, the sources and uses, and multiple sensitivity tables (exit cap rate vs. purchase price, etc.).
Check out our Real Estate Career Guide for even more information on the real estate interview!