2020年CFA考试《CFA二级》章节练习题精选

2020年CFA考试《CFA二级》考试共题，分为。小编为您整理Alternative Investments5道练习题，附答案解析，供您备考练习。

1、Based on Caudill’s investment preferences, the type of real estate investment Wang is most likely to recommend to Caudill is:【单选题】

A.Option 2.

B.Option 3.

C.Option 4.

正确答案:A

答案解析:A is correct. Option 2, publicly traded REITs, best satisfy Caudill’s investment preferences. REITs are equity investments that, in general, are income tax exempt at the corporate/trust level, so there is no double income taxation. To qualify for the income tax exemption, REITs are legally obligated to pay out a high percentage of income to their shareholders, and this typically results in relatively high income for investors. Lastly, public REITs are generally liquid as they are traded in stock exchanges.

2、Which of the following clauses is most likely to be included in Section 2 of Shoshone's brochure?【单选题】

A.Tag-along, drag-along rights

B.Liquidation preference

C.Reserved matters

正确答案:A

答案解析:Private equity firms may require that certain strategically important decisions (such as acquisitions or divestitures) be approved by the private equity firm, protecting its equity interests, not those of managers.

3、Rodriguez’s Conclusion 2 is:【单选题】

A.correct.

B.incorrect, because inflation is not a risk factor.

C.incorrect, because the cost of equity capital is not a risk factor.

正确答案:A

答案解析:A is correct. Business conditions, demographics, the cost of debt and equity capital, and financial leverage are characteristic sources of risk for real estate investments.

4、Based upon Exhibit 2, the intrinsic value of the Baldwin REIT on a per share basis using the two-step dividend discount model is closest to:【单选题】

A.$26.72.

B.$27.59.

C.$28.83.

正确答案:C

答案解析:C is correct. The estimated value per share for the Baldwin REIT using a two-step dividend discount model is $28.83, calculated as:

5、Compared to an all-cash purchase, a mortgage on Property #1 through Richmond Life would most likely result in Delphinus earning:【单选题】

A.a lower return on equity.

B.a higher return on equity.

C.the same return on equity.

正确答案:B

答案解析:B is correct. Delphinus will expect to earn a higher return on equity with the use of a mortgage to finance a portion of the purchase. The quoted mortgage interest rate of 5.75% is less than the discount rate of 7.25%.