23. In comparing an adjustable rate mortgage (ARM) with a fixed rate mortgage (FRM): (a) Both the borrower and lender bear more interest rate risk with the ARM than with the FRM. (b) Both the borrower and the lender bear less interest rate risk with the ARM than with the FRM. (c) The ARM borrower bears more interest rate risk, but the ARM lender bears less interest rate risk, than with the FRM. (d) The ARM borrower bears less interest rate risk, but the ARM lender bears more interest rate risk, than with the FRM. 11. Suppose the lease on a certain space will expire at the beginning of 2001. You believe that the probability of the existing tenant renewing is 50 percent. If he renews, you will need to spend only an estimated $5.00/SF to upgrade his space. If he does not renew, it will take $25.00/SF to modernize the space, even then you expect 6 months of vacancy. What expected cash flow forecast should you put in year 2001 of your pro-forma for this space, if you expect triple-net market rents on new leases in 2001 to be $20/SF? (a) $17.50/SF (b) $15.00/SF (c) zero (d) - $10.00/SF (e) Insufficient information provided to answer the