答案和详解如下： 6、Toni Florence, CFA, leases office space to her best friend, Tom Rigs. Florence is an independent investment advisor specializing in high net worth clients and Rigs is a licensed real estate broker. In lieu of paying rent, Rigs refers his real estate clients to Florence, but only with the clients’ permission.
For clients referred by Rigs, Florence: A) must disclose the terms of the lease arrangement. B) need not disclose the terms of the lease arrangement because Rigs obtained the clients’ permission for the referral. C) need not disclose the referral fee if Rigs discloses the lease arrangement to the clients first. D) must disclose the terms of the lease arrangement only if required by state real estate law. The correct answer was A) Standard VI(C), Referral Fees, requires members to disclose to clients and prospects any consideration or benefit received by the member or delivered to others for the recommendation of any services to the client or prospect. Florence has delivered a benefit (free rent) to Rigs, which must be disclosed to the clients referred by Rigs. Florence must not rely on Rigs to make the disclosure. 7、Wes Smith, CFA, refers many of his clients to Bill Towers, CPA, for accounting services. In return, Towers performs routine services for Smith, such as his tax returns, for no charge. Towers has just become a member of CFA Institute. With this development, Towers must: A) only reveal to the prospects referred by Smith that he performs services for Smith. B) reveal to the prospects referred by Smith that he performs services for Smith, along with the estimated value of those services. C) reveal nothing about his relationship with Smith since they are now both members of CFA Institute. D) discontinue his services for Smith. The correct answer was B) According to VI(C), Referral Fees, as a member of CFA Institute, Towers must tell his clients about the payment in kind to Smith along with an estimate of the value of those services. 8、A member or candidate that receives consideration from others for the recommendation of products or services, must disclose the estimated dollar value of the consideration paid in: A) cash only. B) cash or soft dollars only. C) cash, soft dollars, or in kind. D) cash or in kind only. The correct answer was C) According to Standard VI(C), Referral Fees, consideration includes all fees that are paid in cash, soft dollars, and in kind. Referral fees must be disclosed to the client or employer before engaging in an agreement to provide services.
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发表于 2008-5-19 11:55
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