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Q3. The best estimate for the real-estate project’s value is:
A) 1.92 billion euros.
B) 2.20 billion euros.
C) 1.84 billion euros.
Q4. What kind of transaction seems most suitable for:
Belgarrique KinderWerks
A) Venture capital Buyout
B) Buyout Venture capital
C) Venture capital Venture capital
Q5. To address his concerns about lower-than-expected profits and bankruptcy, Klios should:
A) switch to a target IRR.
B) adjust the discount rate.
C) adjust the terminal value.
Q6. Based solely on the areas of concern Klios noted regarding the hedge-fund proposal, he is least likely to be worried about:
A) investment risk.
B) fraud risk.
C) operational risk.
Q7. Assume you have estimated that a shopping center investment will provide a 3.5 percent appreciation-adjusted return, a 3 percent liquidity premium, and a one percent risk premium. If the prevailing rate on government bonds, net of real estate tax savings, is 6.25 percent, the capitalization rate determined using the built-up technique is closest to:
A) 13.75%.
B) 14.75%.
C) 14.00%.
Q8. Consider a real estate investment that is 35% debt financed and 65% equity financed. The total mortgage cost for this property is 10% and the cost of equity financing is at a recent high of 13%. The capitalization rate for this investment as determined using the band-of-investments method is closest to:
A) 11.80%.
B) 11.95%.
C) 12.85%.
Q9. When estimating a capitalization rate, which of the following methods is most appropriate for a real estate investment that is financed with both debt and equity?
A) Built-up method.
B) Comparable-sales method.
C) Band-of-investments method.
Q10. Suppose you have collected the information in the table below for four comparable properties.
|
Property |
Net Operating Income (NOI) |
Selling Price |
|
A |
$200,000 |
$2,250,000 |
|
B |
$220,000 |
$2,000,000 |
|
C |
$250,000 |
$2,500,000 |
|
D |
$230,000 |
? |
Using the market extraction method in conjunction with the direct capitalization valuation (C) approach, the market value (MV) for Property D is estimated to be closest to:
A) $2,300,000.
B) $2,309,237.
C) $2,090,909.
Q11. Suppose you have collected the information in the table below for four comparable properties.
|
Property |
Net Operating Income (NOI) |
Sales Price |
|
A |
$220,000 |
$1,150,000 |
|
B |
$240,000 |
$1,250,000 |
|
C |
$290,000 |
$1,750,000 |
|
D |
$165,000 |
? |
According to your analysis, real estate investments will generate a 2% appreciation-adjusted return on investment, have a 1.75% liquidity premium, and a 1.25% risk premium. The prevailing rate on government bonds, net of real estate tax savings, is 5%.
Using the built-up technique in conjunction with the direct income capitalization valuation technique, the estimated market value for Property D is closest to:
A) $1,650,000.
B) $1,300,000.
C) $1,534,884. | 
发表于 2009-3-10 10:54
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