Arizona Real Estate License Practice Exam 2026 – All-in-One Resource to Pass with Confidence!

The beneficiaries in a Real Estate Investment Trust (REIT) that is owned and operated by stakeholders are the investors. A REIT is an investment vehicle that allows individuals to invest in large-scale, income-producing real estate without having to buy properties directly. When investors purchase shares in a REIT, they are entitled to a portion of the income generated by the properties owned by the trust, as well as any appreciation in property value.

Investors in a REIT receive dividends and benefit financially from the success of the REIT's properties, making them the central beneficiaries of the REIT's operations. In this context, the board of directors is responsible for managing the REIT and making decisions in the best interest of the investors, but they do not directly benefit financially like the investors do. The tenants of the strip mall are customers of the properties owned by the REIT and pay rent, but they do not have a financial stake or share in the profits generated by the REIT itself. Therefore, the investors are clearly the beneficiaries in this arrangement.