This question discusses investment in Real Estate and its role in an investors portfolio. a)Explain what is Real Estate and the benefits of investing in real estate (in a portfolio of traditional asset classes)? What are the different ways that an investor is able to invest in real estate? b)How are Equity REITs portfolios constructed andwhat are the different investment sector focuses/exposures available with this alternative asset? c)Why is liquidity higher with REITs relative to direct real estate? d)Why is agency cost higher in REITs relative to traditional asset classes (FIS and Equities)