9) [True / False) Markets and submarkets will always fluctuate the same during a single real estate cycle. I 10) [True / False) If niet rents remain flat in a property, then it will always trade (ie Selly at the same value. 11) [True / False) All other terms being equal, a borrower would pay less for non-recourse versus recourse debt. 12) [True / False) Direct Vacancy always increases in a submarket during a recession 13) The ratio between the net operating income produced by a property upon achieving target occupancy and its purchase price is called a. Future Cap Rate b. Stabilized Cap Rate Exit Cap Rate