14. the term used to describe situations where a lender defers monthly payments to avoid foreclosure is called; a. forbearance b. modification c.recasting d. compromise 15. Payouts under construction financing typically involve; a. draws as construction progresses b. a lump-sum following the filing of a notice of completion c. installments only after obtaining lien releases from the owner d. fully-amortized repayments 16. upon discovery of a work of improvement made by a tenant without the landlord's permission, the owner should record; a. a Notice of Non-Responsibility within 10 days of discovery b. a Notice of Completion within 90 days of discovery c. a Notice of Non-Completion within 10 days of discovery d. an Unlawful Detainer to evict the tenant 17. under the ARM, the item used to determine if a rate change is warranted is called the: a. index b. margin c. cap d. libor 18.in a sale-leaseback arrangement involving business properties a;. lessors can deduct their lease payments on their tax returns b. lessees can deduct the lease payments on their tax returns c. the buying lessors may give up the right to depreciate future improvements d. the selling lessees deplete their capital 19.under a land contract of sale, title to property is held by; a. the vendor, until the note is repaid b. the vendee, until the note is repaid c. the trustee, until the note is repaid d. the beneficiary, until the note is repaid 20.a disadvantage to the single-family dwelling as a rental is the

a. limited number of purchase choices b. 100% vacancy and rental loss when the dwelling is vacant c. low appreciation rate compared to income properties d. interest that must be paid on any loans

21.rent control ordinances typically impact; a. commercial properties b. residential properties c. shopping centers d. industrial properties 22.the "debt coverage ratio" is calculated by; a. dividing the net operating income by the annual debt service b. dividing the annual debt service by the net operating income c. deducting operating expenses from the gross operating income d. adding operating expenses to gross operating income

23.the periodic reduction of principal is labeled;

a. depreciation b. amortization c. escalation d. appreciation