1) Ultimate Ownership can always be directly established once you know the legal structure of the company owning a certain unit of real estate.

True

False

2) In which situation will the so-called Principal-Agent problem become relevant when considering investments in Real Estate?

Payments of the principal can be too high for the agent when paying a mortgage loan.

The principal might perform actions the agent does not approve of.

The agent could be the person managing a portfolio, who might not act in the best interest of the investor or principal.

The principal-agent problem is irrelevant in equity investment for commercial real estate, but might be important in other business decisions.