12. Consider a small flat with net operating income (NOI) of $120,000 and a debt coverage ratio of 1.6 applied to the first year's NOI. What would be the estimated monthly mortgage payment? a) $5,026 b) $5,260 c) $6,025 d) $6,250 13. Real estate syndication is best defined as a) an organization that acts as a single legal entity and is held separate from the individual investors. b) an organizational form of real estate ownership in which income and expenses are passed through to individuals. c) a group of investors who have combined their financial resources to provide debt funding for a real estate project. d) a group of investors who have combined their financial resources with the expertise of a real estate professional to carry out a real estate project. 14. A property is financed with a 70% loan-to-value ratio at 6% interest over 25 years. What would the estimated BTIRRE on equity given that the BTIRRP is 10%? a) 10.6% b) 10.7% c) 10.8% d) 10.9% 15. A small shop that produces an annual NOI of $250,000 was purchased for $2 million. Debt service for the year was $190,021 of which $118,702 was interest payment. Annual depreciation was $40,000. What was the taxable income? a) $19,979 b) $59,979 c) $91,298 d) $108,999