Finance
Which of the following is considered a 'soft cost' in real estate development financing in North Dakota?
AConcrete and steel for the foundation
BArchitectural fees, engineering reports, permits, and legal fees✓ Correct
CExcavation and grading
DLumber for framing
Explanation
Soft costs are intangible development expenses such as professional fees (architects, engineers, attorneys), permits, financing costs, and administrative expenses, as opposed to 'hard costs' which are direct construction materials and labor.
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