5. Which of the following statements is/are TRUE? A. The price a developer pays for a parcel of land will not be influenced by the method of acquisition chosen. B. A detailed feasibility study is used as an input to the design of the project, to guide architects and engineers about the market's requirements for the physical aspects of the property. C. Approvals required in development include zoning changes, subdivision, demolition, excavation, development and building permits, and health department approval. D. Once developers decide to proceed with a project beyond the initiation stage, their focus shifts from decision-making and entrepreneurial activity to the administration and management of the physical aspects of improving land. (1) All of the above (2) Only A, B, and C (3) Only B, C, and D (4) None of the above 6. Development financing is drawn from which of the following major sources of funds? (1) Equity reserves (2) Lines of credit (3) Construction loans (4) All of the above