1. If this is their sole investment, limited partners generally [can, cannot] deduct partnership operating losses from their personal income.

2. If this is their sole investment, general partners [can, cannot] deduct partnership operating losses from their personal income.

3. Which of the following offer limited liability and single taxation: [REIT, REOC, corporation, individual ownership, tenancy-in-common, general partner, limited partner, LLC]

4. Which of the following are not normally considered to be an advantage of real estate as an investment? [protection against inflation, rental income, liquidity, tangible, appreciation, potential tax shelters, relatively high returns, negative leverage]