NO.PZ202301100100000201
问题如下：
Which of the following best describes Bay?
选项：
A.Mortgage REIT
Internally managed REIT
Real estate operating company (REOC)
解释：
B is correct. Bay is internally managed, or self-managed. Bay’s senior executives are company employees who report to the board of directors, whose members are elected by shareholders. Fully integrated REITs, such as Bay, generally have fewer conflicts than REITs that are externally advised or externally managed.
A is incorrect because Bay is an equity REIT, not a mortgage REIT. Bay currently owns and operates 40 office buildings totaling 8 million square feet.
C is incorrect because REOCs are ordinary taxable real estate ownership companies, which are different from REITs. Businesses are organized as REOCs, as opposed to REITs, if they are located in countries that do not have a tax-advantaged
REIT regime in place, if they engage to a large extent in the development of
for-sale real estate properties, or if they offer other non-qualifying services, such
as brokerage and third-party property management
可以解释一下这题吗？课程好像没这个点？
