a) Having graduated with a bachelor of commerce finance option, you have been requested to discuss with other employees in finance department on three ways that are used to describe real estate. Discuss. [6Marks] b) With ARMs, lenders are in effect, making a loan, with terms that are updated to current interest rate levels at the end of each adjustable period. Explain important terms used when dealing with adjustable rate mortgages. [10Marks] c) A lease is written document in which the rights to use and occupancy of land or structures are transferred by the owner to another for a specified period of time in return for a specified rent in regards to the same, explain the following; i. Leased-Fee Interest ii. Leasehold Interest iii. Sandwich Lease [2Marks] [2Marks] [2Marks] e) An easement is the right of one person to use the property of another for a specified purpose and under certain conditions that specify the extent of the allowable usage. The person holding the easement does not possess the property, nor does that person have the right to dispose the property." Discuss on two types of easements. [4Marks] f) The term real estate means "all that a person owns". In real property it is used to describe the extent to which rights and interests in real estate are owned. Discuss two general classifications of Estates. [4Marks] g) The income approach appraisal method establishes market value of property by determining how much an investor is willing to pay for the income. However the income approach may provide a reliable estimate of values. Elaborate on three reliable estimates of value. [5Marks]