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答案和详解如下！

Question 116

Which of the following statements about futures margin is least accurate?

A)    Initial margin must be posted to a futures account within three days after the first trade.

B)   The initial margin on a contract approximately equals the maximum daily price fluctuation of the contract.

C)   If the margin account balance falls below the maintenance margin level, the trader must bring the account back up to the initial margin level.

D)   Each trader's margin account is marked to market at the end of every day to reflect any gains and losses they have experienced for that day.

 

The correct answer was A)

Initial margin must be posted to a futures account within three days after the first trade.

Initial margin must be posted before trading.

This question tested from Session 17, Reading 72, LOS b, (Part 2)

Question 117

The gross rental income for an apartment building allowing for vacancies is $500,000. Estimated expenses total $200,000. If the capitalization rate is 10%, the value of this building using the direct capitalization approach is closest to:

A)    $3,000,000.

B)   $3,500,000.

C)   $0.

D)   $2,500,000.

 

The correct answer was A) $3,000,000.

NOI = 500,000 − 200,000 = 300,000

MV = NOI / Capitalization rate = 300,000 / 0.10 = 3,000,000

This question tested from Session 18, Reading 76, LOS f, (Part 1)

 

Question 118

Which of the following statements describing hedge funds is least accurate? Most hedge funds:

A)    are exempt from most securities regulations.

B)   are available to only a limited number of qualified investors.

C)   require a large minimum initial investment.

D)   use hedging techniques to reduce risk.

 

The correct answer was D) use hedging techniques to reduce risk.

The term “hedge fund” is an inaccurate description of the investment class because these funds may or may not employ hedging techniques. Most hedge funds are organized so as to remain exempt from most securities regulations. Participation typically requires a large minimum investment and is limited to small numbers of qualified investors.

This question tested from Session 18, Reading 76, LOS i, (Part 1)

Question 119

Compared to ownership of the actual commodity, commodity derivatives offer the benefit of:

A)    low correlation of returns with those of the underlying commodity.

B)   less price risk.

C)   no storage costs.

D)   fractional contracts.

 

The correct answer was C) no storage costs.

While commodity futures retain the risk and correlation characteristics of the underlying commodities, the investor does not incur storage costs.

This question tested from Session 18, Reading 76, LOS q

Question 120

A real estate property has net operating income of $956,000, requires taxes of $143,400, and has a capitalization rate of 16%. The estimated property value is closest to:

A)    $5,975,000.

B)   $5,078,750.

C)   $7,353,800.

D)   $8,456,900.

 

The correct answer was A) $5,975,000.

Appraised Price = NOI / CAP

Appraised Price = 956,000 / 0.16 = 5,975,000

This question tested from Session 18, Reading 76, LOS f, (Part 2)