While Uncertainties Involving the Multitude of Players and Stages in the Development

question 17

Multiple Choice

While uncertainties involving the multitude of players and stages in the development process provide a great deal of risk, market cycles tend to compound these risks. Out of the four phases of a market cycle, which would be the most desirable point for a developer to enter the market?

• A) Trough
• B) Expansion
• C) Peak
• D) Decline

---

Definitions:

County, District

Administrative or geographic subdivisions within a country, used for the purposes of political, administrative, or governmental management.

Minimum-Contacts Test

A legal standard used to determine whether a court has jurisdiction over an out-of-state defendant based on the defendant's activities within the state.

Jurisdiction

The legal authority of a court to hear and decide a case.

Federal Question

A legal issue directly involving the interpretation of the U.S. Constitution, federal laws, or treaties.