1. (T/F). Step 3 of the process of real estate development is to refine the development concept.
2. (T/F). A construction loan is typically issued on a long-term basis.
3. (T/F). A marketability study is an analysis which aims to estimate how much of the total demand in a competitive market can be captured by a particular property.
4. (T/F). A Certificate of Occupancy is a document issued by the appropriate local government signifying that a newly constructed or renovated building is in compliance with all relevant building codes.
5. (T/F). Permitting is the process of used to obtain a Certificate of Occupancy.
6. Which of the following items describes a loan issued to a property owner to fund the operating stage of improved real estate and is typically long-term?
a. Permanent Loan
b. Bridge Loan
c. Construction Loan
d. Takeout Loan Commitment
7. In which of the following steps would you execute the general contractor agreement?
a. Construct the Design
b. Manage the Asset
c. Design the project
d. Refine the development concept
8. Which of the following terms describes a construction expert who contracts with a developer to construct or to manage the process of constructing real estate improvements?
a. Sub-Contractor
b. General Contractor
c. Original Contractor
d. Primary Contractor
1. T 2. F. 3. T 4. T 5. F 6. A 7. C 8. B
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