1. The amount of revenue a property would generate if fully occupied at market rents, and with no uncollectible rent, is its
effective gross income
potential gross income
net operating income
before-tax cash flow
2. The major attractions of co-tenancy are ___________________________ .
its pride of personal ownership and freedom from personal income tax liability
its ease of legal arrangements, and its status as a non-taxpaying entity
its limited liability and its ease of management
none of the above
3. In the absence of express agreement to the contrary, partners in a general partnership _______________________ .
share profits and losses equally
share profits and losses in proportion to their equity investment
are liable for partnership obligations only to the extent of their investment in the partnership
share liability for partnership obligations in the same ratio that they share profits and losses