1. The concept of value can be described and explained by reference to:

a. Market

b. Sales evidence

c. Land use

d. Subjectivity e. All of the above

2. An investor raises a $200,000 table mortgage at 4.99% from Kiwibank. If the loan is for 25 years what is the annual payment (to the nearest dollar)?

a. $14,176

b. $9,980

c. $24,735

d. $24,950

e. $14,500

3. In a property investment negative leverage occurs when:

a. The overall return on the property is less than the cost of borrowed funds

b. The overall return on the property is greater than the cost of borrowed funds

c. The discount rate is less than the cost of borrowed funds

d. Mortgage interest rates rise

e. None of the above

4. In a unit title apartment, each owner has:

a. No transferable interest in the land

b. Rights to make changes to the external fabric and structure

c. Rights over the primary unit only

d. A share in the land as tenants in common

e. An equal share in the land as joint tenants