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 Exhibit 2 and other information provided, the value of the office property using the sales comparison approach is closest to:【单选题】

A.$16,834,500.

B.$17,023,500.

C.$13,875,000.

正确答案:A

答案解析:A is correct. Using the sales comparison approach, the price PSF of the comparable properties is adjusted relative to the subject property to account for age and condition. For example, Property 1 is 10 years old, and the subject property is 7 years old. Because the subject property is newer by three years, the price PSF of Property 1 is adjusted up by 3% per year for three years, or 9%. Property 1 is in average condition, but the subject property is in excellent condition. Thus, the value of Property 1 is adjusted up 14%, the adjustment factor provided for the condition adjustment. Thus, the price PSF of Property 1 is adjusted up by 23% from $1,150: Adjusted price PSF for Property 1 = $1,150 x 1.23 = $1,415.50. A similar calculation is made for Property 2. The average adjusted price PSF of both properties is $1,403. The value of the subject property is calculated by applying $1,402.88 to the size of the property (12,000 square feet):

2、Which factor would most likely affect the supply or demand of all four sectors of the Apex Fund?【单选题】

A.Weather

B.Spoilage

C.Government actions

正确答案:C

答案解析:C is correct. Government actions can affect the supply or demand of all four sectors of the Apex Fund. With respect to energy, environmental mandates imposed by governments have tightened pollution standards, which have led to increasing processing costs that negatively affect demand. The supply of livestock, such as hogs and cattle, is affected by governmentpermitted use of drugs and growth hormones. Softs, or cash crops, can be affected by government actions, such as the attempt to maintain strategic stockpiles to control domestic prices. The level of demand and relative value of a precious metal, such as gold, is directly linked to government actions associated with managing to inflation targets.

3、The most appropriate reason to choose Option 1 (direct investment) over Options 2 and 3 is that Option 1 is likely to have the ability to:【单选题】

A.use higher leverage.

B.provide greater tax advantages.

C.avoid structural conflicts of interest.

正确答案:C

答案解析:Option 1 represents private investment in real estate, while Options 2 and 3 entail investing through public securities. Tax advantages can be enjoyed by direct investments in real estate, as well as through public securities. Similarly, use of leverage can be pursued by all three options. Option 1 does not have the problem of structural conflicts of interest that may be present in REITs (Option 2).

4、Based on Exhibit 3, on the June settlement date, the party that is long the S&P GSCI total return swap will:【单选题】

A.owe a payment of $434,308.38.

B.receive a payment of $1,502,621.33.

C.receive a payment of $1,971,173.60.

正确答案:A

答案解析:A is correct. The total return swap involves a monthly cash settlement (reset) based on the performance of the underlying reference asset (S&P GSCI) given a notional amount of $25 million. If the level of the index increases between the two valuation dates (in this case, May and June), the long position (the swap buyer) receives payment. If the level of the index decreases between the two valuation dates, the swap seller receives payment.

5、Based on the information in Exhibit 1, the REIT sector that represents the least desirable investment is:【单选题】

A.industrial.

B.office.

C.apartments.

正确答案:A

答案解析:For industrial properties, the most important factor affecting economic value is retail sales growth, which is expected to be low in West Lundia. The most important factor affecting economic value for apartment REITs are job creation and population growth, which are both expected to be high. For office properties, the most important factor is job creation, which is expected to be high.