5. Which of the following statements about real estate investments is true?
- Direct investments in real estate assets are fairly liquid (i.e. they can be sold quite quickly).
- The shares of non-listed real estate funds are traded on stock exchanges.
- Direct investments in real estate assets have a trait in common with shares of companies traded on stock exchanges: both have a high unit value.
- Indirect investments in real estate encompasses non-listed funds (i.e. private real estate) and securitized investments (i.e. public real estate).