Real Estate Investment Trust Act of 1960

Definition

The federal law that started REITs. The original goal, which carries through today in many ways, was to let small investors have the ability to pool their real estate investments so they could obtain the same benefits they might get if they directly owned the property. The REIT allows those investors to diversify their risks. REITs have to follow certain tax and dividend guidelines, otherwise the company is forced to suspend or outright relinquish its REIT status.
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Real Estate Investment Trust real estate license law