1. According to Guerrieri et al. (2013), there are large differences in house price appreciation rates across US metropolitan areas, and within city house growth rate variation is also large.

2.According to Guerrieri et al. (2013), during the housing boom, high-income people migrate into the poor neighborhoods that are far from the rich neighborhoods, which in turn makes low-income people migrate out from their original place.

3.There are two identical properties. One is the fee simple estate and the other one is the leased fee estate. Then, the values of those two properties must be the same.

4. In theory, the default rate of non-recourse mortgages is higher than that of recourse mortgages.

5. Suppose the equity investment return rate decreases as an investor takes our larger debts. Then, it is called negative financial leverage.

6. Indexed rents increase at the end of specified time intervals and in specified amounts during the term of the lease

7. According to the truth-in-lending requirement, lenders must re-disclose the APR on ARMs as the market interest rate changes.

8. In data, the default rate of non-recourse mortgages is higher than that of recourse mortgages.

True or False