11. According to our text developers have increasingly specialized in one type of property (retail vs. office vs. apartments vs. industrial, for ex.) but have also taken advantage of synergies created among the various types by creating a. anchored developments b. bi-lateral developments C. mixed-use developments d. sprawling developments 12. According to our text, the uncertainty involved makes the following the most risky phase of the development process: a entitlements process b. fiduciary process c. gentrification process d. oscillation process 13. According to our text, the cap rate is used to estimate value from a single-year estimate of stabilized a. effective gross income b. net operating income C. before-tax cash flow d. after-tax cash flow 14. According to our text, most developers do not have the wealth or desire to fund an entire project on their own, so they seek investment capital from other sources for a. debt and equity b. debt only c. equity only d. none of the above 15. According to our text, while a developer may not feel the need for a formal feasibility study, it is often necessary to have such a study done by an objective third party (such as a real estate consultant) in order to convince other participants such as: a investors b. lenders C tenants d. all of the above