1) Primary Servicers (also known as sub-servicers) service pooled loans in situations where influential borrowers wish their loans serviced by the original lender rather than the securitizations Master Servicer. Another compelling reason for the use of primary servicers is a) The increase of REIT borrowers utilizing CMBS b) The lower cost of Primary Servicers c) The servicing of pari passu loans d) The inability of Master Servicers to handle the increased volume of securitization

2) The primary reason that borrowers were attracted to CMBS financing is a) The tax-exempt status of REMICs b) The high level of responsiveness to borrowers needs by master servicers. c) Low interest rates, sometimes higher loan proceeds and non-recourse nature d) All of the above

3) Of a typical 2007 CMBS securitization, approximately securitization would consist of investment grade tranches. a) 40% b) 50% c) 87% d) 94% of the amount of the