4. Which of the following statements about real estate assets are true?
- Real estate assets have a high unit value.
- The value of real estate assets is easy to estimate.
- When investing in real estate assets, local knowledge is important.
- Real estate assets are not very liquid (i.e. it takes time to sell them) and lack transparency (i.e. it is hard to gain access to transaction prices).
- There are no pronounced cycles in the aggregate price of real estate assets.
- Real estate assets are homogeneous (i.e. the characteristics of two real estate assets are generally the same).