NO.PZ201601050300000211
问题如下:
11. Which method under the income approach is least likely to provide a realistic valuation for Property B?
选项:
A.
Layer method
B.
Direct capitalization method
C.
Discounted cash flow method
解释:
B is correct.
The net operating income for Property B is expected to be level for the next 5 years, due to existing leases, and grow 20% in year 6. A direct capitalization method would not be appropriate due to the multiple growth rates. A discounted cash flow method that assigns a terminal value, or a layer method, should be used.
考点:房地产估值方法
解析:题目中的房地产在五年之内都是保持一致的NOI,直到第六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。
layer method 具体怎么做呢?谢谢老师