2020年CFA考试《CFA二级》考试共240题，分为单选题。小编为您整理Alternative Investments5道练习题，附答案解析，供您备考练习。

1、Nowak’s most likely response to Lin’s question is that the type of real estate security she prefers:【单选题】

A.offers a high degree of operating flexibility.

B.provides dividend income that is exempt from double taxation.

C.has below-average correlations with overall stock market returns.

正确答案:B

答案解析:B is correct. REITs are tax-advantaged entities whereas REOC securities are not typically tax-advantaged entities. More specifically, REITs are typically exempted from the double taxation of income that comes from taxes being due at the corporate level and again when dividends or distributions are made to shareholders in some jurisdictions such at the United States.

2、The disproportionate charges for Property C noted by Green are least likely to explicitly factor into the estimate of property value using the:【单选题】

A.cost approach.

B.income approach.

C.sales comparison approach.

正确答案:B

答案解析:B is correct. Obsolescence charges reduce the value of a property using the cost approach and are factored into the sales comparison approach by adjustments, including condition and location, to the price per square foot. The cash flows to the property should reflect obsolescence; less rent is received if the property is not of an appropriate design for the intended use, is in a poor location, or if economic conditions are poor. Therefore, obsolescence is implicitly, not explicitly, factored into the estimate of property value using the income approach.

3、The Baldwin REIT is least likely to experience long-run negative effects from a/an:【单选题】

A.economic recession.

B.unfavorable change in population demographics.

C.major reduction in government funding of health care.

正确答案:A

答案解析:A is correct. Baldwin, a health care REIT, is largely resistant to economic recessions but is exposed to changes in population demographics and changes in government funding for health care.

4、The most effective justification that Green could present for directing the increased allocation to her quadrant would be that, relative to the other quadrants, her quadrant of real estate investments:【单选题】

A.provides greater liquidity.

B.requires less professional management.

C.enables greater decision-making control.

正确答案:C

答案解析:C is correct. Private equity investments in real estate enable greater decision-making control relative to real estate investments in the other three quadrants. A private real estate equity investor or direct owner of real estate has responsibility for management of the real estate, including maintaining the properties, negotiating leases and collecting rents. These responsibilities increase the investor’s control in the decision-making process. Investors in publicly traded REITs or real estate debt instruments would not typically have significant influence over these decisions.

5、The investment committee's view on direct real estate investment is least likely correct with regard to:【单选题】

A.income.

B.portfolio risk.

C.capital appreciation.

正确答案:B

答案解析: