1. A Real Estate Investment Trust, per Blacks Law Dictionary, is considered a
   1. Tax Shelter
   2. a method of tax evasion
   3. a method of holding private real estate
   4. an active and hands-on approach to real estate investment

2. In the income approach to valuation, replacement cost is reduced by costs such as those that are associated with curing deterioration of the property and the economic loss of value from incurable factors due to change in design or layout efficiency.
   1. True
   2. False

3. Which of the following expenses would NOT be included in an operating statement used to calculate net operating income in the income approach to value?
   1. Reserves for replacement
   2. Maintenance
   3. Real estate taxes
   4. Capital additions

4. Regarding the Great Recession, per Block, which of the below if not a factor would have made the Recession even worse and caused even greater problems for a healthy recovery?
   1. Sober CMBS lending approaches prior to the crash
   2. High land costs creating restrictions on overbuilding and development
   3. A flight to quality from international investors reducing demand for real estate
   4. All of the above

5. What general statement can be made about real estate cycles and macro-economic cycles as found in the US?
   1. Many times theres a lag in the real estate markets due to lease terms and the time needed to either construct or demolish the built-environment
   2. Per common economic theory, cycles must nearly always follow each other in a mirror-like pattern no matter the asset in question
   3. There is no correlation and the macro-economic drivers are not related
   4. What happens in the US most likely is occurring in the rest of the world and real estate markets reflect this

6. In our discussion this week, we discussed the four general real estate plays being Core, Core Plus, Value-Added and Opportunity. Of those described regarding return and comparison to other investments, how were Core and Opportunity described as being like, respectively?
   1. Blue Chip and Venture Capital
   2. Tech and VC
   3. Blue Chip and Growth Stocks
   4. Private Equity and Hedge Funds

7. In our discussions this week, regarding Value-Added, Core, Opportunity, and Core Plus, which investment play yields the lowest risk profile and which has the highest risk profile, respectively?
   1. Core Plus/Opportunity
   2. Core/Core Plus
   3. Value-Added/Core
   4. Core/Opportunity