1. Single-family homes are valued primarily using sales of comparable homes. Commercial real estate (CRE) property valuation is primarily based on:  

   a.   Size

   b.   economic cycles

   c.   operating income

   d.   construction costs

2. The issuer of the first residential mortgage-backed securities was

   a.   Federal Housing Administration

   b.   Goldman Sachs

   c.   Fannie Mae

   d.   Ginnie Mae

3. Events during the 1980s that had a negative impact on US CRE included

   a.   OPEC embargo

   b.   Tax Reform Act

   c.   First Gulf War

   d.   Bankruptcy of Lehman Brothers Holdings

4. The first rated Commercial mortgage-Backed Security issuance sold into the market occured in

   a.   1981

   b.   1992

   c.   2001

   d.   2008

5. Prior to 1992, constraints to public debt financing of commercial real estate in the US did NOT include

   a.   most CRE owners were non-public entities

   b.   public information regarding markets and properties was lacking or difficult to obtain

   c.   business practices among CRE participants were questionable and/or unethical

   d.   commercial real estate was a mostly local activity

6. In MBS, the legal entity that is the owner of mortgage loans and also the issuer of marketable debt instruments is?

The Financial Institutions Reform, Recovery and Enforcement Act of 1989 created what entity that was most important in the history of CMBS?