1. In a modified gross lease…

		A. the owner pays all expenses.
		B. the owner pays all expenses and tenants reimburse the ownerfor expenses in excess their expense stops.
		C. tenants pay only utilites, property taxes, and casualtyinsurance premiums.
		D. tenants pay all expenses.

2. Net operating income (NOI) represents...

		A. revenues from operations less operating expenses.
		B. the cash flows available for distribution to financialclaimants.
		C. both of the above.
		D. neither of the above.

3. Effective Gross Income is determined by Potential GrossIncome after adjusting for ...

		A.operating expenses
		B. expense reimbursements.
		C. vacancy.
		D. tenant improvements.