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7. In compari would be: son to permanent financing, the rates and rate variability for a construction loan Interest Rates A. High B. High C. Low D. Low Interest Rate Variability Steady Fluctuating Steady Fluctuating 8. What does an appraisal tell about the value of a property? A. An appraisal calculates value B. An appraisal confirms value C. An appraisal estimates value D. An appraisal determines value of the following steps normally would be used in the cost approach to value? A Estimate net operating income of the property B. Multiply accrued depreciation by the assessed cost 9. Which Add actual construction costs tothe land value D Subtract accrued depreciation from the replacement cost 10. In some cases, lenders require that borrowers obtain default insurance (PMID) on single-family mortgages. The purpose of such insurance is to: A. Decrease the effective interest rate on the loan B. Increase the value of the underlying property C. Protect the borrower from defaulting on the loan D. Protect the lender from losses associated with borrower default on the loan