Describe some capital market imperfections that render the CAPM (Capital Asset Pricing Model) a less than complete model of reality, especially for application to real estate.

Describe two different levels, or foci, at which we might hope to apply the CAPM to real estate.

The CAPM was originally (and is still primarily only) applied within the stock market. Nevertheless, describe the two types of corrections or customizations to this narrow stock market application that allow the classical single-factor CAPM to be applied