1. All other things equal, do you expect to pay higher or lower CAP on a particular apartment building given each of the following scenario:
   1. The expected NOI growth rate is higher than average
   2. The buildings quality of construction is lower than average
   3. The interest rate in the market is expected to increase significantly in the near future
   4. The yield on 10- and 30-year debt instrument is very low
   5. The chance of more competition from new apartments complexes in the area is high
   6. You would like to finance the building with a mortgage rather than pay the for it in cash