Which of the following statements regarding cap rates on commercial real estate investments is the most correct?

Group of answer choices

Cap rates vary inversely $($i$.$e$.$ move in the opposite direction$)$ with the perceived risk of the investment.

Cap rates vary positively $($i$.$e$.$ move in the same direction$)$ with the perceived risk of the investment.

Cap rates tend to decrease when yields on long$-$term Treasury securities increase.

Cap rates tend to increase when the expected growth rate in net rental income increases.