房地产金融智慧树知到期末考试答案章节答案2024年上海商学院

房地产金融智慧树知到期末考试答案+章节答案2024年上海商学院（）arenotmoneymarketinstruments.

答案:Stocks;CorporatebondsWhichstatementsareright?（）

答案:ThePIruleistotakeaninvestmentiftheindexexceeds1.;Thenetpresentvalueruleisthataninvestmentshouldbeacceptedifthenetpresentvalueispositiveandrejectedifitisnegative.（）aresecondarymarkets.

答案:Optionmarkets;Foreignexchangemarkets;SSE(ShanghaiStockExchange);FuturemarketsFinancialdecisionsthathouseholdsfaceinclude（）

答案:Risk-managementdecisions;Investmentdecisions;Financingdecisions;ConsumptionandsavingdecisionsSellerfinancing.Thistypeoffinancingisusedwhen（）

答案:Thesellerdesirestoartificiallyraisethepriceofthepropertybyofferingalower-than-marketinterestrateonthemortgage,therebycreatingmorecapitalgainsandlessinterestorordinaryincome.;Thebuyerdoesnotqualifyforlong-termmortgagecreditbecauseofalowdownpaymentordifficultymeetingmonthlypayments.;Third-partymortgagefinancingistooexpensiveorunavailable.;Thesellerdesirestotakeadvantageoftheinstallmentmethodofreportingthegainfromthesale.Thedebtsecuritiesmaybedifferentiatedonthebasisof（）

答案:typeofovercollateralization;whobearsprepaymentrisk;theextentofovercollateralization;theuseofcreditenhancements（）alternativescanbeconsideredinaworkout:

答案:Restructuringthemortgageloan.;Transferofthemortgagetoanewowner.;Voluntaryconveyancyofthetitletothemortgagee(lender).;A“friendlyforeclosure.”The（）economiesdeterminetheneedforcertainquantitiesofphysicalspaceofvarioustypes.

答案:National;LocalThemajormarketsthatarerelevantforanalyzingcommercialrealestate:（）

答案:thespacemarket;theassetmarketwhichstatementsaretrue?（）

答案:Financialleveragereferstotheextenttowhichafirmreliesondebt.;Thelowestcostofcapitalistheonemostbeneficialtostockholders.;Thehighestfirmvalueistheonemostbeneficialtostockholders.ChargesandLiensclauserequiresthemortgagortopayall（）assessedagainstthepropertythathavepriorityoverthemortgage.

答案:Taxes;Claims;Assessments;Charges（）arecapitalmarketinstruments.

答案:CommercialpaperPrivatemarketsarethoseinwhichtheassetsaretradedinprivatetransactionsarrangedbetween（）buyersandsellerswhohave‘‘found’’eachother,oftenthroughtheaidofbrokers.

答案:IndividualWhatisthepresentvalueof$250tobepaidintwoyearsiftheinterestrateis15%?（）

答案:$189.04Therelationshipamongrealinterestrate,anticipatedinflation,interestraterisk,defaultrisk,prepaymentrisk,andotherriskscanbesummarizedingeneralas（）

答案:i=r+p+fSecuritiesthatcanbeeasilysoldandresoldinwell-establishedmarketswillrequirelowerpremiumsthanthosethataremoredifficulttosell.Thisiscalled（）

答案:liquidityrisk（）isnottheunitofaccount,themediuminwhichpaymentsaredenominated.

答案:KilometersA$60,000loanmadeata12percent(nominal)rateofinterestfor30years.Whataretheconstantmonthlymortgagepaymentsonthisloan,assumingitistobetheinterestonlyloan?（）

答案:$600Whichisnotincludedinthemortgagedocument.（）

答案:Thedefinitionofamortgage.BymeansofSubordinationClause,afirstmortgageholderagreestomakeitsmortgagejuniorinprioritytothemortgageofanotherlender.（）

答案:对Stocksareequityclaimsonthenetincomeandassetsofacorporation.（）

答案:对Lenderdecisionstoallocatefundstomortgagesaremaderelativetoreturnsandriskonalternativeloansandinvestmentopportunities.（）

答案:对Amortgagemaycoverfutureadvancesaswellascurrentadvances.（）

答案:对Financialleveragemaynotaffecttheoverallcostofcapital.（）

答案:对Whendetermininghowmuchshouldbepaidtodayforaninvestmentthatisexpectedtoproduceincomeinthefuture,wemustapplyanadjustmentcalleddiscountingtoincomereceivedinthefuturetoreflectthetimevalueofmoney.（）

答案:对Borrower’sRightstoReinstateclausedealswiththemortgagor’srighttoreinstatetheoriginalrepaymenttermsinthenotebeforethemortgageehascausedanaccelerationofthedebt.（）

答案:错Amortgagemustmeetrequirementsimposedbythelawofthestateinwhichthepropertyofferedassecurityislocated.（）

答案:对Sharpe-maximizingriskyassetallocationtendstoplacehigherweightsinlow-returnassetclasses,ascomparedtothevariance-minimizingallocationwithaconservativetargetreturn.（）

答案:错Theshorterthepaymentadjustmentinterval,thegreatertheinterestraterisktothelender.（）

答案:错Thebasicunitofanalysisincapitalbudgetingisaninvestmentproject.（）

答案:对REITlossesarenotpassedthroughtoshareholders,butarecarriedforwardtooffsetincomeinfutureperiods.（）

答案:对Foreclosureofthemortgagewillextinguishthiseasement.（）

答案:错Theweightedaveragematurityiscalculatedastheaverageremainingtermoftheunderlyingmortgagesasofthepass-throughissuedate,withtheprincipalbalanceofthemortgageastheweightingfactor.（）

答案:对Itislogicalandcorrecttoassumethatthesamebasiccompoundingprocessapplies/whendealingwithannuities.（）

答案:对Brokerslinkbuyersandsellersbybuyingandsellingsecuritiesatstatedprices.（）

答案:错Long-termbondpriceshavesubstantialfluctuationswheninterestrateschangeandthusbearinterest-raterisk.（）

答案:对Equityassetsarethosethatgivetheirownersthe‘‘residual,’’or‘‘subordinated,’’claimonthecashflowsgeneratedbytheunderlyingasset.（）

答案:对Whentheinterestraterises,thepriceofthebondmustrise.（）

答案:错TheuseofARMscancompletelyeliminatethepossibilityoflendersrealizinglossesbecauseofinterestraterisk.（）

答案:错Publicmarketsarecharacterizedbyarelativelylowdegreeofliquidity.（）

答案:错Long-termsecuritiesaresaferthanshort-termsecurities.（）

答案:错Therealinterestrateisabettermeasureoftheincentivestoborrowandlendthanthenominalinterestrate,anditisamoreaccurateindicatorofthetightnessofcreditmarketconditionsthanthenominalinterestrate.（）

答案:对Arisk-averseinvestormightpreferleverage.（）

答案:错Riskthatcannotbediversifiedawayisreferredtoinassetpricingtheoryasdiversifiablerisk.（）

答案:错Propertyassetsproducethecashflowthatistheultimatesourceofanyincomeorvalueforanyrealestateinvestmentproductsorvehicles.（）

答案:对PreservationandMaintenanceofthePropertyclauseobligatesthemortgagortomaintainthepropertyingoodconditionandtoengageinorpermitactsofwaste.（）

答案:错Inprivateassetmarkets,itwillgenerallybelessdifficulttoobservethepricesatwhichassetsaretrading.（）

答案:错Mutualfundsacquirefundsbysellingsharestomanyindividualsandusetheproceedstopurchasediversifiedportfoliosofstocksandbonds.（）

答案:对Financecompaniesraisefundsbysellingcommercialpaperandbyissuingstocksandbonds.（）

答案:对Alandcontractbuyerhavetitletotheproperty.（）

答案:错成交的溢价率可以反映当前市场的热度情况。（）

答案:对ThedifferencebetweenaninvestmentsmarketvalueanditscostiscalledthePI.（）

答案:错Assumptionsthataretypicallyexaminedinasensitivityanalysisinclude（）

答案:operatingexpenses;theexpectedresaleprice;theexpectedmarketrentalrate;vacancyratesIfaprojectisexpectedtoproduceanincomecashflowof$25,000inyear3,andtheinvestor’sdiscountrateis10%,thevaluetodayofthecashflowis（）

答案:$18,782.87Thenetpresentvalueruleisthataninvestmentshouldbeacceptedifthenetpresentvalueispositiveandrejectedifitisnegative.（）

答案:对ThePIruleistotakeaninvestmentiftheindexnotexceeds1.（）

答案:错Mortgage-backedbondsareusuallyunderwrittenbyinvestmentbankingcompanies,givenaninvestmentratingbyanindependentbond-ratingagency,andsoldthroughanunderwritingsyndicate.（）

答案:对The（）isthecouponrateofinterestpromisedbytheissuerofapass-throughsecuritytotheinvestor.

答案:pass-throughrateWhichbelongtomortgage-relatedsecurities?（）

答案:Mortgagepass-throughsecurities(MPTs).;Mortgage-backedbonds(MBBs).;Collateralizedmortgageobligations(CMOs).;Mortgagepay-throughbonds(MPTBs).Inadditiontotherighttovotefordirectors,shareholdersusuallyhavethefollowingrights:（）

答案:Therighttoshareproportionallyinassetsremainingafterliabilitieshavebeenpaidinaliquidation.;Therighttovoteonstockholdermattersofgreatimportance,.;Thepreemptiveright.;Therighttoshareproportionallyindividends.Whichareinformationusuallyavailableonmortgagepools?（）

答案:WeightedAverageCoupon;Pass-ThroughRates,Yields,andServicingFee;StatedMaturityDateofPool;WeightedAverageMaturityThepropertythatiscoveredbythemortgageassecurityfortheloanincludes（）

答案:fixtures;easements;anyexistingbuildingsontheland;thelandTheuncertaintyaboutwhatinterestratetochargewhenaloanismadecanbereferredtoasprepaymentrisk.（）

答案:错Anyinterestinrealestatethatissubjecttosale,grant,orassignmentcanbemortgaged.（）

答案:对Interestrateriskvarieswiththenatureoftheloanandthecreditworthinessofindividualborrowers.（）

答案:错AnARMprovidesforadjustmentsthatarelesstimelyforlendersthanaPLAM.（）

答案:错Equilibriumassetpricingmodelscanhelpcontrolforriskinassessinginvestmentperformance.（）

答案:对Weshouldconsiderthequestionaboutwhatpresentvalueorpriceshouldbepaidtodayforaparticularinvestment,assumingadesiredrateofinterestistobeearnedwithdiscounting.（）

答案:对Timevaluesimplymeansthatifaninvestorisofferedthechoicebetweenreceiving$1todayorreceiving$1inthefuture,theproperchoicewillalwaysbetoreceivethe$1today.（）

答案:对Basiccomponentsweshouldbeawarewhenwesolvecompoundingproblemsare（）

答案:Aninitialdeposit,orpresentvalueofaninvestmentofmoney.;Aninterestrate.;Valueatsomespecifiedfutureperiod.;Time.Arisk-neutralinvestormightprefertheall-equityfirm.（）

答案:错Dealersareagentsofinvestorswhomatchbuyerswithsellersofsecurities.（）

答案:错（）guarante