Your question is best answered by the standards set up in the North American Securities Administrators Association (NASAA) "Statement of Policy Regarding Real Estate Investment Trusts May 7, 2007". This is a 30 page document, which unfortunately I cannot include here. If you would like to contact me to request a copy, I will be happy to email one to you.
Good Luck Michael...Rob Baird, CA RE License #544165 (One of the oldest, active licenses in CA) 951 515-5855 Email: firstname.lastname@example.org
Dec 31, 2010