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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