1. What is meant by the term "umbrella partnership REIT" (or "UPREIT")?
A REIT that invests primarily in Seattle.
A REIT that invests in low-risk properties, saving for a "rainy day".
A REIT that owns property equity directly
A REIT that owns property only indirectly, through its holdings in a partnership.
2. Which of the following is TRUE for a gross lease?
All expenses are paid by the owner.
All expenses are paid by the tenant.
All expenses are paid by the lender.
All expenses are paid by the investor.