When reporting on a real estate investment fund,a manager may treat the financial information as an estimate of performance based on the assumption that all of the underlying properties could be sold at their appraised value.

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When reporting on a real estate investment fund, a manager may assume that all of the underlying properties could be sold at their appraised value, and therefore may treat the financial information as an estimate of performance. This is because the appraised value represents the estimated market value of the property if it were to be sold at that particular point in time. However, it is important to note that this assumption is not a guarantee and that actual sales prices may differ from the appraised values.

When Reporting on a Real Estate Investment Fund,a Manager May