Answer true or false and comment briefly if necessary

1. Debt holders generally have preferred claims on the firm's assets compared to equity in- vestors.
2. Condo #A is more liquid than condo B. This means that Condo #A will be easier to sell than Condo B.
3. Vacancy is taken out of a property's cash flow after NOI.
4. A high LTV means there is a lot of debt relative to value on a property.
5. Cash returns never change over the course of a property's life.
6. A gross lease is a lease where the landlord pays all operating expenses.
7. $100in five years is worth less than $100tomorrow.
8. The discount rate is used to account for inflation only.
9. If the capitalization rate is high, the property value is also high.
10. The offering memorandum is a deposit that shows the seller that a buyer is serious about purchasing a property.