Which of the following statements is descriptive of a listed real estate investment trust (REIT)?

While some REITs can be illiquid, especially non-traded ones, many publicly traded REITs are quite liquid as they are listed on stock exchanges. Therefore, this statement does not universally apply to all REITs and does not accurately describe them as a category.

REITs can vary in their fee structures and investment strategies, and while some may involve higher fees and risks, this is not a defining characteristic of all REITs. Many REITs are structured to be accessible and manage risks effectively, making this statement too generalized to be accurate.

This statement applies primarily to private or non-traded REITs, which may have restrictions on who can invest. However, publicly traded REITs do not have such restrictions and are available to all investors, making this statement inaccurate as a generalization about REITs.