I. What market conditions affect the length of time for the construction phases? (Select all correct answers)

- Slow take-up by end-users

- Tight labor market

- Financial viability

- Entitlements

II. What are the two key milestones prior to building construction?

- Obtaining building permit

- Obtaining development permit

- Obtaining occupancy permit

- Close of acquisition

III. Match the item of the capital stack with the correct option

1. Review Later (A, B, OR C?)

2. Secured Debt (A, B, OR C?)

3. Subordinated Debt (A, B, OR C?)

4. Equity (A, B, OR C?)

A. Requires the house as a mortgage

B. Junior money

C. Gets paid last

Answer all parts to I, II, III Thank you!!!!