[Series 66] 13, REITs Private Funds and Liquidity

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • How REITs qualify for pass-through tax treatment under federal law by meeting asset, income, and distribution requirements. • Why REITs pass through income and dividends but never pass through tax losses to individual shareholders. • Key differences in liquidity risk across exchange-traded, non-traded, and private REITs. • Investment Company Act of 1940 private fund exclusions under Section 3(c)(1) and Section 3(c)(7). • Fiduciary suitability obligations for investment adviser representatives evaluating client liquidity needs. Prepare for the Series 66 exam with independent study resources. Test your knowledge with free practice questions at https://open-exam-prep.com/practice/series66 and watch detailed video lessons at https://www.youtube.com/@Open-exam-prep . Sources checked: September 14, 2026 https://www.nasaa.org/wp-content/uploads/2023/02/Series-66-Outline-June-2023.pdf https://www.finra.org/registration-exams-ce/qualification-exams/series66