2008 CFA Level 1 － Sample 样题(1)－Q51 black

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51、Which real estate valuation approach is most likely to require specific information about an investor to estimate the value of a property?

A. Cost approach.

B. Income approach.

C. Sales comparison approach.

D. Discounted after-tax cash flow approach.

 

[此贴子已经被作者于2008-11-7 15:15:29编辑过]

8586

Correct answer = D

"Alternative Investments," Bruno Solnik and Dennis McLeavey
2008 Modular Level I, Vol. 6, pp. 190-195
Study Session 18-76-e
describe the various approaches to the valuation of real estate
Because the after-tax cash flow approach requires specific information about the investor's marginal tax rate, the value of the property to an investor depends on the investor's marginal tax rate. 

 

 

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