2. “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Real Estate QUIZMASTER 100 200 300 400 500 DefinitionsAnalyticalAcronyms 2MiscellaneousAcronyms 1

3. “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Real Estate QUIZMASTER 100 200 300 400 500 DefinitionsAnalyticalAcronyms 2MiscellaneousAcronyms 1

4. “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Definitions for 100 The essential idea in this theory is to find combinations of investments which minimize risk for a given total return or maximize return for a given risk

5. “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Definitions for 200 This type of risk refers to only the part of an asset’s return variability that cannot be diversified away

6. “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Definitions for 300 This type of risk refers to all of the variability over time in an investment’s period-by- period returns

7. “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Definitions for 400 The T-Bill is a measure of the _______ return

8. “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner DAILY DOUBLE

9. “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Daily Double Definitions for 500 This ratio for Assets = (Mean Return on Assets – Mean Return on T-Bill) / (Volatility of Assets)

10. “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Analytical for 100 An asset’s beta is based on the covariance between the asset’s _____ and those of a well-diversified benchmark portfolio

11. “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Analytical for 200 ________ Risk is most commonly measured by the asset’s beta

12. “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Portfolio volatility is the square root of the portfolio ________ Analytical for 300

13. “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner _______ Risk is also known as the volatility of the asset Analytical for 400

14. “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Analytical for 500 One of the most significant differences between REITs and most other types of stocks is that REITs are exempt from ______ tax

15. “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner RERIRERI Acronyms 1 for 100

16. “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Acronyms 1 for 200 AFFOAFFO

17. “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner A I M R Acronyms 1 for 300

18. “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Acronyms 1 for 400 N AV

19. “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner CREFCREF Acronyms 1 for 500

20. “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Acronyms 2 for 100 NAREI T

21. “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Acronyms 2 for 200 CMBSCMBS

22. “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Acronyms 2 for 300 FFOFFO

23. “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Acronyms 2 for 400 NCREI F

24. “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Acronyms 2 for 500 PREAPREA

25. “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Miscellaneous for 100 REITs of today typically have an average capitalization of $______ or above

26. “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Miscellaneous for 200 The beta is found by regressing the asset’s period- by-period returns onto the corresponding period-by-period returns of the_______

27. “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Miscellaneous for 300 REITs and CREFs both share the common advantage of ______ liability

28. “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Miscellaneous for 400 An asset’s beta equals its _________ with the index multiplied by the asset’s volatility and divided by the index’s volatility

29. “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Miscellaneous for 500 The most commonly used benchmark for calculation of a beta is the _________ returns