11. A CMBS issuance is $2,500,000,000, of which the AAA tranches total $2,125,000,000 of principal balance, the AA tranche is $112,500,000 and the Single A tranche is $114,500,000. What is the subordination level of the AA tranche? (a) What is the subordination level of the Single A(A ') tranche? (b) 12. Is mezzanine debt always secured directly by the property - Yes or No? 13. The basis for the assigned ratings of the first CMBS securitizations was the economic conditions in the commercial real estate markets in the United States based on what study? 14. What type of lien does preferred equity have on the underlying real estate? 15. How much does private equity comprise of the total U.S. CRE capital markets? 16. A low DSCR is the best predictor of a during the loan term. 17. The participation agreeement is the instrument tth governs the relationship between the(a) holder and the (b) holder of the first mortgage. 18. What is a REMIC? 19. What is the capitalization of the U.S. CRE pubilc debt market? 20. The product of the loan's probability of default and loss given default is the 21. The pricing index is the same for both investment grade and non-investment grade bonds - True or False? 22. In an A/B note strucure there are different holders of mortgage notes secured by the same mortgage. 23. Large loans are creating mortgage ntoes of equal seniority that are then placed into different securitizations. 24. Bridge Lenders take the highest risk - True or false? 25. What is a Primary Servicer (aka Sub-Servicer), what is its role, how did it come about and when is it useful to have these participants