QUESTION TWO a) State and explain five monetary policy instruments used by the central bank to regulate interest rate, inflation rate, exchange rate and the quantity of money in the economy [15 Marks] b) If a real estate investment provides kshs. 480,000 a year in net operating income and similar properties have been sold based on 5% cap rates. Required: calculate the cost/the value of the subject property QUESTION THREE [5 Marks] a) Define the term appraisal and briefly explain the four items which should be included in the appraisal report b) State and explain the four forces influencing value c) Distinguish between sweat equity and hold back funds [8 Marks] [8 Marks] [4 Marks]