Please answer the following Multiple Choice Questions below

1. RE investors with the most conservative risk averse appetites would likely invest in: a. b. C. d. e. C rated corporate bonds and unrated CMBS debt Investment grade corporate bonds and B piece CM BS debt Low per cent LTV rst mortgage secured real estate loans and investment grade CMBS securities A core RE Fund and a non-investment grade REIT high yield bond An RE opportunistic fund and noninvestment grade CM BS securities 2. Income oriented investors invest in REiTs because a. Of the statutory requirement to pay dividends at 90% of FFO b. Of condence that they payout consistently growing dividends typically with a c. d. 2. positive spread over 10 year US. Government bonds They pay a tax-free income yield to investors 0f the stock options provided to purchase REIT common equity shares at a discount Only A & B 3. Investors who own Operating Partnership Units {OP units) of REITs a. Were typically sellers of properties to RElTs who received a tax deferred transaction (similar to a 1031 exchange related to the sale of private RE properties} with most rights equivalent to common shareholders b. Do not receive common stock dividends until the 0P units are converted into the RElTs common shares Must convert them into common shares within 10 years of receipt, or they expire Were discontinued and outlawed in the Dodd Frank legislation Have provided holders with a preferred return over common shareholders