1. Celastila Moonn, a GLBAAF 301 student at UMB, made the following statements after finishing the week three readings.

   Statement 3: Real estate property has some unique characteristics compared with stocks, bonds and derivatives. These characteristics include heterogeneity and fixed location, high unit value, management intensiveness, high transaction costs, depreciation, sensitivity to the credit market, illiquidity, and difficulty of value and price determination.

   Statement 4: Regardless of the form of real estate investment, the value of the underlying real estate property can affect the performance of the investment. Location is not a critical factor in determining the value of a real estate property.

   Moonn is incorrect with respect to statement

   	A.	Stament 3
   	B.	Both statements 3 and 4
   	C.	Statements 4