QUESTION 1

1. CRE CDOs were primarily vehicles for issuers to monetize assets and achieve arbitrage

   True

   False

10 points

QUESTION 2

1. CRE CLOs are primarily vehicles for issuers to monetize assets and achieve arbitrage

   True

   False

10 points

QUESTION 3

1. CRE CDOs were used to finance assets

   True

   False

10 points

QUESTION 4

1. CRE CLOs are used to finance assets

   True

   False

10 points

QUESTION 5

1. Warehouse lines often contain recourse to the borrower; CRE CDOs do not

   True

   False

10 points

QUESTION 6

1. CRE CDOs often contain recourse to the issuer; warehouse lines do not

   True

   False

10 points

QUESTION 7

1. CRE CDOs did not have transparent reporting to investors disclosing changes in the pool

   True

   False

10 points

QUESTION 8

1. CRE CLOs do not have transparent reporting to investors disclosing changes in the pool

   True

   False

10 points

QUESTION 9

1. CRE CLOs often contain CMBS bonds, bridge loans, re-securitizations of REMICs, and mezzanine debt.

   True

   False

10 points

QUESTION 10

1. CRE CDOs often contained CMBS bonds, bridge loans, re-securitizations of REMICs, and mezzanine debt.

   True

   False

10 points

QUESTION 11

1. CRE CLOs can be static or managed

   True

   False

10 points

QUESTION 12

1. CRE CDOs were static or managed

   True

   False

10 points

QUESTION 13

1. Future fundings of loans in CRE CLOs are used to add size to an existing CRE CLO

   True

   False

10 points

QUESTION 14

1. Future fundings of loans in CRE CLOs are used to replace loans that are paid off

   True

   False

10 points

QUESTION 15

1. The addition of a future funding to an existing CRE CLO is intended to increase the average life of the deal

   True

   False

10 points

QUESTION 16

1. The addition of a future funding to an existing CRE CLO is intended to maintain the average life of the deal

   True

   False

10 points

QUESTION 17

1. The addition of a future funding to an existing CRE CLO is intended to decrease the average life of the deal

   True

   False

10 points

QUESTION 18

1. When loans in a CRE CLO pay off before their maturity, the overall financing becomes more expensive for the issuer

   True

   False

10 points

QUESTION 19

1. When loans in a CRE CLO pay off before their maturity, the overall financing becomes less expensive for the issuer

   True

   False

10 points

QUESTION 20

1. Appraisal reductions, IC and OC tests can be used in a CRE CLO to cut off interest payments to the junior bond and change control to more senior classes

   True

   False

10 points

QUESTION 21

1. A bridge loan is a loan used for infrastructure improvements, such as roads, bridges, etc.

   True

   False

10 points

QUESTION 22

1. A bridge loan is a loan on a commercial property that is going through a transition that requires active management and investment

   True

   False