a) Identify a property interest that is least likely mortgageable and why. (2,5 marks)

b) Real estate investments have long lead time for supply. Explain why this is a risk. (2,5 marks)

c) Real Estate is a passive investment. Do you agree? Explain. (2,5 marks)

d) Borrowers prefer CPM to CAM loans. Do you agree? Explain. (2,5 marks)

e) Differentiate between growth and value investment strategies in the context of real estates. Cite examples. (5 marks)

f) Explain how real estate investments in Kenya provide investors with tax benefits. Cite examples. (5 marks)

g) Explain two ways in which you can minimize business risk and liquidity risk in real estate investments. (5 marks)