29 CFA Level 2 Practice Exam 2015 Questions and Answers on Alternative Investments

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GP must pay back fees, expense and capital contribution to LP if early investments are profitable but subsequent investments are loss

• AFFO
• Clawback
• Ratchet
• FFO

yes

• human capital reflect BS strength ?
• cap rate and ffo
• NOI Calculation steps:
• adjusted sales price

look at LTV LOAN TO VALUE

• lease term for large tenant?
• max loan amount for real estate loan
• high discount rate means risky or not for real estate
• how to identify most highly leverage real estate

payout ratio and leverage

• Tag along drag along
• private real estate cost approach valuation
• RVPI measure what ? Calculate
• imprtant factor when using dcf to valuate REIT

cannot make new investment if key man resign

• Clawback
• Key-man clause
• Earn-out
• Ratchet

over 5 yrs

• Tag along drag along
• lease term for large tenant?
• cap rate and ffo
• Carried Interest

calculate NOI, then value of asset = NOI/ cap rate, NAV = value of asset - debt and liabilities + cash and receivables

• how to identify most highly leverage real estate
• human capital reflect BS strength ?
• NAV valuation method in private real estate investment
• max loan amount for real estate loan

Future buyers must extend offers to PE

• Clawback
• Tag along drag along
• Earn-out
• cap rate and ffo

o Rental (Assume full capacity) + other income o = Potential gross incomeo - Vacancy and collection losso = Effective gross incomeo - Operating expenseo = NOI

• Key-man clause
• Carried Interest
• NOI Calculation steps:
• Distribution Waterfall

geograhic location

• Distribution Waterfall
• cap rate and ffo
• is tangible imprtant in NAV
• significant contributor in P/affo p/ffo

land+ replacement cost - depr

• Tag along drag along
• DPI measure what ? Calculate
• private real estate cost approach valuation
• RVPI measure what ? Calculate

min( loan to value LTV or max debt service/mortgage rate)max debt service= NOI/ Debt service coverage ratio

• Tag along drag along
• max loan amount for real estate loan
• lease term for large tenant?
• is tangible imprtant in NAV