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.