1.1 Ray Alcorn of Park Real Estate Inc remarks that real estate is a capital-intensive industry, and its health rises
and falls with capital availability; currently the capital markets are so ....... with cash, they can't find a place for
(A) flood (B) fluid (C) flush (D) full
2.2 Boom times typically engender oversupply of product, but construction prices have skyrocketed due to natural
disasters and rising commodity prices, which has ....... new building in all property types.
(A) ameliorated (B) mollified (C) tempered (D) transformed
4.4 Historically, contractions in capital have a negative effect on valuations, and current ....... from government
regulators aiming to trim commercial banks' real estate loan exposure are worrisome.
(A) groundings (B) grumblings (C) ramblings (D) rumblings
5.5 Global markets are literally awash in capital, all of it seeking yield and stability; fortunately, commercial real
estate offers both, and even if banks are constrained there is a ....... of capital to fill the void.
(A) cache (B) niche (C) surfeit (D) surplus
7.7 High construction costs and condo conversions have reduced new supply and a slowing housing market
increases rental demand, so owners can now flex their muscles with rent increases, and those who bought at
high valuations may yet get the ........
(A) brush off (B) cat's meow (C) door prize (D) last laugh
8.8 Areas with declining employment and population will experience an acceleration of those trends, and investors
will not acquire properties in such markets without good reason to believe a comeback is in the ........
(A) off chance (B) offer (C) offering (D) offing
9.9 Retail properties will suffer as owners rediscover risk as a component of value, but most of these assets are
owned by well-capitalized private equity groups that can easily ....... the storm.
(A) keep up with (B) ride out (C) sail into (D) wriggle out of