1)	The operating history of the property.

2)	The rent received on comparable properties in the same market.

3)	An allowance for vacancy and credit loss.

4)	1, 2, and 3.

For a given income property you have estimated for the first year of the holding period that NOI is $200,000, debt service is $157,300 (of which $7,300 is principle), and depreciation is $40,000. If the equity investor is in the 28% tax bracket, the first year ATCF is

Question 18 options:

1)

$39,900

2)

$41,944

3)

$42,700

4)

$47,200

5)

none of the above.

Diversification within real estate investments can be accomplished

Question 25 options:

1)	By type of project.

2)	By geographic location.

3)	Both 1 and 2

4)	Neither 1 nor 2.