Question：

Which of the following investments most likely provides an investor with indirect equity exposure to  real estate? 
A. Real estate limited partnerships 
B. Commercial mortgage-backed securities 
C. Real estate investment trusts 

Answer = C 
Real estate investment trusts (REITs) provide investors with indirect equity real estate exposure. Real  estate investment partnerships are a form of direct real estate equity investment. Commercial  mortgage-backed securities (CMBSs) provide investors with indirect debt investment opportunities in  real estate. 

CFA Level I 
"Introduction to Alternative Investments," Terri Duhon, George Spentzos, and Scott D. Stewart 
Sections 5.1, 5.2 

 

 

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