NO.PZ2018111302000023
问题如下：
An analyst is going to value a property with a three-year holding period, and the Property is expected to have the same net operating income for the holding period due to existing leases, and a one-time 20% increase in year 4 due to lease rollovers. No further growth is assumed thereafter. Which method is least likely to provide a realistic valuation for Property?
选项：
A.
Layer method
B.
Direct capitalization method
C.
Discounted cash flow method
解释：
B is correct.
考点：房地产估值方法
解析：题目中的房地产在三年之内都是保持一致的NOI，直到第四年会有一个大幅的增长。如果用direct capitalization的方法，只会用到第一年的NOI，则不能完全反映出来后期的增长。而layer method 和discounted cash flow method都可以反映出未来租金的上涨。
注：Layer method在2022年考纲中已经删除了，但是原版书题目还保留着，这个知识点简单了解即可。
layer method
