anwser the following questions

13. Why do lenders hire appraisers? 14. Assume a reserve for non-recurring capital expenditures is to be included in the pro forma for the subject property. Explain how an above-line treatment of this expenditure would differ from a below-line treatment 15. Why probate is required in tenancy in common and not in joint tenancy? 16. What is the difference between contract rent and market rent? Why is this distinction more important for investors purchasing existing office buildings than for investors purchasing existing apartment complexes? 17. What is the difference between the potential gross income and the net gross income 18. Define the types of accrued depreciation and give an example of each type. 19. What is the difference between market value and investment value? 20. In contrast to stock markets, estimating the market value of real estate is complicated by the unique characteristics of real estate markets. Explain