Under the AIMR Code of Ethics, members shall practice and encourage others to practice in a professional and ethical manner that will reflect credit on members and their ________.
Answer(s): D
In accordance with the Standards, members will also strive to maintain and improve their competence and the competence of others in the profession.
Under ERISA, fiduciaries must:-act solely in the interest of and for the exclusive purpose of benefiting, the plan participants and beneficiaries; -act with the ________, prudence and diligence of a prudent person acting in like capacity; -diversify the plan's investments to protect it from the risk of substantial loss; -act in accordance with the provisions of the plan documents to the extent that the documents comply with ERISA;-refrain from engaging in prohibited transactions.
Answer(s): B
A fiduciary is required to discharge all duties with respect to a plan "with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims."
The value of a real estate portfolio requires, at minimum, ________ review.
The practice of providing quarterly reports satisfies the quarterly review requirements. The issuance process should include a review of the real estate portfolio, a review of net asset value for financial and performance purposes, and review and disclosure of any factors that might result in a material change to net asset value.
Which of the following are mandatory disclosure requirements under AIMR-PPS?
(III) & (IV) are recommended disclosures while (I) and (II) are mandatory.
Paul Erdosh is an independent contractor who was hired by Arbitrage Securities to carry out a research project involving the software industry. The scope of the research was broad and the aim was to identify relatively undervalued stocks in that sector. During the course of the research, Paul realized that two of the companies in the sector were prime takeover targets if anyone bothered to do more research on them. He decided to sell this finding to M&A Consultants and obtain a research contract from them. He did not inform Arbitrage Securities about this deal, though he did submit a competent research report on the software industry to them. Paul has
Answer(s): A
Arbitrage Securities hired Paul to do a research project that did not involve identifying specific merger/ acquisition candidates. Hence, Paul's discovery is tangential to the original project and as such, cannot be considered the property of Arbitrage Securities. Standard III (B) does apply to Paul even though he is a contractor; however, it does not preclude him from selling his findings without Arbitrage Securities' permission as long as the information is not related to the project he was hired to conduct.
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