1.Which of the following is a characteristic of commercial-backed mortgage securities?

(A) The underlying mortgage pool represents a diversification of property types (retail, multifamily, office, etc.) and geography.

(B) The underlying mortgages have usually been outstanding for several years

(C) One of the primary issuers of such securities is pension funds.

(D) In general, the underlying mortgage pool for such securities contain more mortgage `loans than are included in residential-backed mortgage pools

2.Which of the following is NOT a requirement of REITs?

(A) A REIT must have at least 100 stockholders

(B) Not more than 50% of a REITs shares can be owned by five or fewer shareholders

(C) At least 90% of a REITs income must be distributed to shareholders

(D) All of the above are

3.REIT requirements Developers constructing a building usually hold back about ___ of each progress payment.

(A) 1%

(B) 10%

(C) 25%

(D) 75%