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Test Prep CFA-Level-I Exam (page: 30)
Test Prep CFA® Level I Chartered Financial Analyst
Updated on: 25-Dec-2025

Viewing Page 30 of 793
CFA-Level-I PDF 3963 Questions

Standard II of the Standards of Professional Conduct deals with Relationships with and Responsibilities to ________.

  1. AIMR
  2. Clients
  3. the Profession
  4. Employers
  5. None of these answers

Answer(s): C

Explanation:

Standard II of the Standards of Professional Conduct deals with Relationships with and Responsibilities to the Profession.



According to Standard IV (B.7), Disclosure of Conflicts, service on a board of directors poses which of the following as a basic conflict of interest?

  1. Fiduciary duties owed to clients and the duties owed to shareholders.
  2. None of these answers.
  3. All of these answers.
  4. Investment personnel who serve as directors may receive securities or the option to purchase securities of the company as compensation for serving on the board.
  5. Opportunity to receive material nonpublic information.

Answer(s): C

Explanation:

Under Standard IV (B.7), service as a director poses all three statements as basic conflicts of interest. Hence, when members providing investment service serve also as directors, they should be isolated from those making investment decisions by the use of Fire Walls or similar restrictions.



Standard IV (B.3) - Fair Dealing requires AIMR members to treat all clients and prospects fairly when disseminating investment information or recommendation. Which of the following is/are implied by this?

  1. All clients and prospects must be treated equally i.e. the investment recommendation should be disseminated to all the clients without prejudice.
    II. Amongst the eligible clients, no favoritism should be shown i.e. small investors should be treated the same as large investors.
    III. All eligible clients must be informed about new opportunities simultaneously.
  2. I and II only
  3. II and III only
  4. II only
  5. I, II and III

Answer(s): C

Explanation:

Standard IV (B.3) - Fair Dealing requires AIMR members to treat all clients and prospects fairly when disseminating investment information or recommendation. However, "fairly" does not mean "equally" for one major reason: each client has different investment needs. A recommendation, if not suitable for a particular client's risk-reward profile, should not be communicated to that client! So care must be taken while disseminating investment recommendations to individual clients to ensure suitability. Therefore, (I) is incorrect.
Of the eligible clients, as long as there is no bias shown favoring one client over the other, the standard does not require that they be informed simultaneously; indeed this is almost impossible in most cases because of time lags in communication channels - mail, phone, fax, etc. So (III) is incorrect.



In the presentation of real estate performance, disclose any changes in ________, including unrealized gains

and losses.

  1. accounting
  2. investment earnings
  3. valuation
  4. audit practices
  5. cash flow

Answer(s): C

Explanation:

Questions have arisen about the effects of real estate appraisals on recognizing gains or losses in value in performance periods. Consistent with industry practices, the AIMR-PPS require that changes in valuation, including unrealized gains and losses, be recognized in the reporting period that includes the effective date of the appraisal.



Relationships with and Responsibilities to Clients and Prospects are dealt with under:

  1. Standard I
  2. Standard III
  3. None of these answers
  4. Standard II
  5. Standard V
  6. Standard IV

Answer(s): F

Explanation:

Relationships with and Responsibilities to Clients and Prospects are dealt with under Standard IV.



Viewing Page 30 of 793



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