1) [True/False) During construction and development of real estate projects, the cost of construction labor is considered a "Hard" cost? The statement is true. 2) In Valuation, what would be the primary Approach to value for a special use property, such as a church or museum? a. Cost Approach b. Rent Approach c. Sales Approach d. Income Approach Answer is a) Cost approach 3) (True / False) Commercial real estate cycles are always tied to overall economic performance indicators, such as GDP growth? 4) The type of lease where the Landlord pays all or most of the operating expenses and taxes is called a lease: a. Master b. Net C. Triple Net d. Gross