{"id":10851,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-alt-lm2\/"},"modified":"2026-09-22T07:44:31","modified_gmt":"2026-09-21T22:44:31","slug":"cfa-l2-alt-lm2","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-alt-lm2\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L2 Alternatives LM2\u3011Overview of Types of Real Estate Investment \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u4e0d\u52d5\u7523\u306e\u7279\u5fb4\u30fb\u4fa1\u5024\u306e\u6c7a\u5b9a\u8981\u56e0\u30fb\u7269\u4ef6\u30bf\u30a4\u30d7\u30fb\u4e0d\u52d5\u7523\u6307\u6570"},"content":{"rendered":"<style>\n.cfalm-los{counter-reset:los;list-style:none;padding:0!important;margin:1em 0!important}\n.cfalm-los li{border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.8em 1em!important;margin:0 0 .8em!important;background:#fff}\n.cfalm-los li::before{display:none!important;content:none!important}\n.cfalm-los .ja{display:block;font-weight:bold;color:#172152;line-height:1.6}\n.cfalm-los .en{display:block;font-size:.85em;color:#667;margin-top:.3em;line-height:1.5;word-break:normal!important;overflow-wrap:anywhere}\n.cfalm-sum{background:#f6f7fb;border-radius:6px;padding:1em 1.2em!important;margin:1em 0!important;list-style:none!important}\n.cfalm-sum li{position:relative;margin:.4em 0!important;padding:0 0 0 1.1em!important;line-height:1.7;list-style:none!important}.cfalm-sum li::before{content:\"\"!important;display:block!important;position:absolute!important;left:0!important;top:.7em!important;width:6px!important;height:6px!important;border-radius:50%!important;background:#172152!important;border:none!important;transform:none!important}\n.cfalm-f{background:#f6f7fb;border-left:4px solid #172152;padding:.7em 1em;margin:.8em 0;font-family:\"Menlo\",\"Consolas\",monospace;font-size:.95em;overflow-x:auto}\n.cfalm-nav{background:#f6f7fb;padding:1em 1.2em;border-radius:6px;margin:1em 0;word-break:normal;overflow-wrap:anywhere}\n<\/style>\n<div class=\"box05\">\n<p>Learning Module 2\u300cOverview of Types of Real Estate Investment\uff08\u4e0d\u52d5\u7523\u6295\u8cc7\u306e\u7a2e\u985e\uff09\u300d\u306f\u3001\u8a55\u4fa1\u4e0a\u91cd\u8981\u306a\u4e0d\u52d5\u7523\u6295\u8cc7\u306e\u7279\u5fb4\u3001\u7d4c\u6e08\u7684\u306a\u4fa1\u5024\u306e\u6c7a\u5b9a\u8981\u56e0\u3068\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3067\u306e\u5f79\u5272\u3001\u5546\u696d\u7528\u4e0d\u52d5\u7523\u306e\u7269\u4ef6\u30bf\u30a4\u30d7\u3054\u3068\u306e\u7279\u6027\u3001\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3068\u8a55\u4fa1\u624b\u6cd5\u3001\u4e0d\u52d5\u7523\u6307\u6570\u306e\u69cb\u7bc9\u3068\u30d0\u30a4\u30a2\u30b9\u3092\u6271\u3046\u5358\u5143\u3067\u3059\u3002<\/p>\n<p>\u672c\u8a18\u4e8b\u3067\u306f\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306eLOS\uff08Learning Outcome Statement\uff09\u3068\u3001\u3053\u306e\u5358\u5143\u306e\u91cd\u8981\u8ad6\u70b9\u3092\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n<\/div>\n<h2>LM2\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09<\/h2>\n<p>LOS\u306f\u3001\u3053\u306e\u5358\u5143\u3067\u300c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3079\u304d\u3053\u3068\u300d\u3068\u3057\u3066\u793a\u3055\u308c\u3066\u3044\u308b\u5b66\u7fd2\u76ee\u6a19\u3067\u3059\u3002LM2\u306b\u306f5\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u8a55\u4fa1\u306e\u305f\u3081\u306b\u91cd\u8981\u306a\u4e0d\u52d5\u7523\u6295\u8cc7\u306e\u7279\u5fb4\u3092\u6bd4\u8f03\u3059\u308b<\/span><span class=\"en\">compare important real estate investment features for valuation purposes<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u4e0d\u52d5\u7523\u6295\u8cc7\u306e\u7d4c\u6e08\u7684\u306a\u4fa1\u5024\u306e\u6c7a\u5b9a\u8981\u56e0\u3068\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u304a\u3051\u308b\u5f79\u5272\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain economic value drivers of real estate investments and their role in a portfolio<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u5546\u696d\u7528\u4e0d\u52d5\u7523\u306e\u7269\u4ef6\u30bf\u30a4\u30d7\u3054\u3068\u306e\u7279\u5fb4\u7684\u306a\u6295\u8cc7\u7279\u6027\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss the distinctive investment characteristics of commercial property types<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u4e0d\u52d5\u7523\u6295\u8cc7\u306e\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u306e\u30d7\u30ed\u30bb\u30b9\u3068\u8a55\u4fa1\u624b\u6cd5\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">explain the due diligence process and valuation approaches for real estate investments<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u4e0d\u52d5\u7523\u6295\u8cc7\u6307\u6570\u306b\u3064\u3044\u3066\u3001\u305d\u306e\u69cb\u7bc9\u65b9\u6cd5\u3068\u6f5c\u5728\u7684\u306a\u30d0\u30a4\u30a2\u30b9\u3092\u542b\u3081\u3066\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss real estate investment indexes, including their construction and potential biases<\/span><\/li>\n<\/ol>\n<h2>LM2\u306e\u307e\u3068\u3081<\/h2>\n<p>\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u3092\u307e\u3068\u3081\u308b\u3068\u3001\u6b21\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n<ul class=\"cfalm-sum\">\n<li>\u5c45\u4f4f\u7528\u30fb\u5546\u696d\u7528\u4e0d\u52d5\u7523\u306e\u5b9f\u969b\u304a\u3088\u3073\u6f5c\u5728\u7684\u306a\u7d4c\u6e08\u7684\u7528\u9014\u304c\u671f\u5f85\u4fa1\u5024\u3092\u6c7a\u3081\u308b\u4e3b\u8981\u56e0\u3067\u3042\u308a\u3001\u53ce\u76ca\u4e0d\u52d5\u7523\u3067\u306fNOI\uff08\u7d14\u55b6\u696d\u53ce\u76ca\uff09\u304c\u4ee3\u8868\u7684\u306a\u30ea\u30bf\u30fc\u30f3\u6307\u6a19<\/li>\n<li>\u4e0d\u52d5\u7523\u306e\u904b\u55b6\u30fb\u958b\u767a\u4f1a\u793e\u3084REIT\u306a\u3069\u3078\u306e\u6295\u8cc7\u306f\u30a8\u30af\u30a4\u30c6\u30a3\u3001MBS\u3084\u30ab\u30d0\u30fc\u30c9\u30fb\u30dc\u30f3\u30c9\u3078\u306e\u6295\u8cc7\u306f\u30c7\u30c3\u30c8\u306b\u5206\u985e\u3055\u308c\u308b<\/li>\n<li>\u4e0d\u52d5\u7523\u306e\u7d4c\u6e08\u7684\u306a\u4fa1\u5024\u306e\u6c7a\u5b9a\u8981\u56e0\u306f\u3001GDP\u30fb\u96c7\u7528\u30fb\u8cc3\u91d1\u306e\u4f38\u3073\u3001\u4e0d\u52d5\u7523\u30b5\u30a4\u30af\u30eb\u306b\u5f71\u97ff\u3059\u308b\u4fe1\u7528\u74b0\u5883\u3001\u5730\u57df\u7d4c\u6e08\u306e\u8981\u56e0<\/li>\n<li>\u30a4\u30f3\u30ab\u30e0\u3001\u5024\u4e0a\u304c\u308a\u76ca\u3001\u30a4\u30f3\u30d5\u30ec\u30fb\u30d8\u30c3\u30b8\u3001\u5206\u6563\u52b9\u679c\u3001\u7a0e\u5236\u4e0a\u306e\u5229\u70b9\u306a\u3069\u306e\u7279\u5fb4\u304c\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3067\u306e\u4e0d\u52d5\u7523\u306e\u5f79\u5272\u3092\u6c7a\u3081\u308b<\/li>\n<li>\u5546\u696d\u7528\u4e0d\u52d5\u7523\u306f\u666f\u6c17\u5faa\u74b0\u7684\u306a\u8981\u56e0\u3068\u69cb\u9020\u7684\u306a\u8981\u56e0\u306e\u4e21\u65b9\u306e\u5f71\u97ff\u3092\u53d7\u3051\u3001\u7269\u4ef6\u30bf\u30a4\u30d7\u3054\u3068\u306b\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\u304c\u7570\u306a\u308b<\/li>\n<li>\u4e0d\u52d5\u7523\u6295\u8cc7\u3067\u306f\u5730\u57df\u306e\u5e02\u5834\u74b0\u5883\u3001\u6cd5\u52d9\u30fb\u8ca1\u52d9\u3001\u7269\u4ef6\u306e\u7269\u7406\u7684\u72b6\u614b\u306b\u3064\u3044\u3066\u8a73\u7d30\u306a\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u304c\u5fc5\u8981<\/li>\n<li>\u8a55\u4fa1\u624b\u6cd5\u306f\u53ce\u76ca\u9084\u5143\u6cd5\uff08\u30a4\u30f3\u30ab\u30e0\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\uff09\u3001\u539f\u4fa1\u6cd5\uff08\u30b3\u30b9\u30c8\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\uff09\u3001\u53d6\u5f15\u4e8b\u4f8b\u6bd4\u8f03\u6cd5\uff08\u30bb\u30fc\u30eb\u30b9\u30fb\u30b3\u30f3\u30d1\u30ea\u30bd\u30f3\u30fb\u30a2\u30d7\u30ed\u30fc\u30c1\uff09<\/li>\n<\/ul>\n<p>\u4ee5\u4e0b\u3001LOS\u3054\u3068\u306b\u91cd\u8981\u8ad6\u70b9\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n<h3>LOS 1\uff1a\u4e0d\u52d5\u7523\u6295\u8cc7\u306e\u7279\u5fb4<\/h3>\n<p>\u4e0d\u52d5\u7523\u306f<strong>\u7570\u8cea\u6027<\/strong>\uff08\u540c\u3058\u7269\u4ef6\u306f2\u3064\u3068\u306a\u3044\uff09\u3001<strong>\u9ad8\u984d<\/strong>\u3067\u5206\u5272\u3057\u306b\u304f\u3044\u3001<strong>\u6d41\u52d5\u6027\u304c\u4f4e\u3044<\/strong>\u3001<strong>\u53d6\u5f15\u30b3\u30b9\u30c8\u3084\u7ba1\u7406\u30b3\u30b9\u30c8\u304c\u9ad8\u3044<\/strong>\u306a\u3069\u306e\u7279\u5fb4\u3092\u6301\u3061\u307e\u3059\u3002\u6295\u8cc7\u5f62\u614b\u306f<strong>\u79c1\u52df\uff0f\u516c\u52df<\/strong>\u3068<strong>\u30a8\u30af\u30a4\u30c6\u30a3\uff0f\u30c7\u30c3\u30c8<\/strong>\u306e\u7d44\u307f\u5408\u308f\u305b\u3067\u6574\u7406\u3067\u304d\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u79c1\u52df\u30a8\u30af\u30a4\u30c6\u30a3\uff1a\u76f4\u63a5\u6240\u6709\u3001\u79c1\u52df\u4e0d\u52d5\u7523\u30d5\u30a1\u30f3\u30c9\u306a\u3069<\/li>\n<li>\u79c1\u52df\u30c7\u30c3\u30c8\uff1a\u9280\u884c\u30ed\u30fc\u30f3\u306a\u3069\u306e\u5546\u696d\u7528\u30e2\u30fc\u30b2\u30fc\u30b8<\/li>\n<li>\u516c\u52df\u30a8\u30af\u30a4\u30c6\u30a3\uff1aREIT\u3001\u4e0d\u52d5\u7523\u4e8b\u696d\u4f1a\u793e\uff08REOC\uff09\u306e\u682a\u5f0f<\/li>\n<li>\u516c\u52df\u30c7\u30c3\u30c8\uff1aRMBS\u3001CMBS\u306a\u3069<\/li>\n<li>\u53d6\u5f15\u983b\u5ea6\u304c\u4f4e\u3044\u305f\u3081\u8a55\u4fa1\u306f\u9451\u5b9a\u306b\u4f9d\u5b58\u3057\u3084\u3059\u3044<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u7d4c\u6e08\u7684\u306a\u4fa1\u5024\u306e\u6c7a\u5b9a\u8981\u56e0\u3068\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3067\u306e\u5f79\u5272<\/h3>\n<p>\u4e0d\u52d5\u7523\u306e\u4fa1\u5024\u306f<strong>GDP\u30fb\u96c7\u7528\u30fb\u8cc3\u91d1\u306e\u4f38\u3073<\/strong>\u3001\u4fe1\u7528\u74b0\u5883\u3001\u4eba\u53e3\u52d5\u614b\u306a\u3069\u306e\u5730\u57df\u7d4c\u6e08\u8981\u56e0\u306b\u3088\u3063\u3066\u52d5\u304d\u307e\u3059\u3002\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u3067\u306f<strong>\u5b89\u5b9a\u3057\u305f\u30a4\u30f3\u30ab\u30e0<\/strong>\u3001\u5024\u4e0a\u304c\u308a\u76ca\u3001<strong>\u30a4\u30f3\u30d5\u30ec\u30fb\u30d8\u30c3\u30b8<\/strong>\u3001<strong>\u5206\u6563\u52b9\u679c<\/strong>\u3001\u7a0e\u5236\u4e0a\u306e\u5229\u70b9\u306a\u3069\u306e\u5f79\u5272\u304c\u671f\u5f85\u3055\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>NOI\uff08\u7d14\u55b6\u696d\u53ce\u76ca\uff09\uff1a\u8cc3\u6599\u53ce\u5165\u306a\u3069\u304b\u3089\u55b6\u696d\u8cbb\u7528\u3092\u5dee\u3057\u5f15\u3044\u305f\u53ce\u76ca<\/li>\n<li>\u4fe1\u7528\u306e\u62e1\u5927\u30fb\u53ce\u7e2e\u304c\u4e0d\u52d5\u7523\u30b5\u30a4\u30af\u30eb\u3092\u5897\u5e45\u3055\u305b\u308b<\/li>\n<li>\u8cc3\u6599\u306e\u898b\u76f4\u3057\u3084\u30a4\u30f3\u30d5\u30ec\u9023\u52d5\u6761\u9805\u306b\u3088\u308a\u30a4\u30f3\u30d5\u30ec\u30fb\u30d8\u30c3\u30b8\u52b9\u679c\u304c\u3042\u308b<\/li>\n<li>\u682a\u5f0f\u30fb\u50b5\u5238\u3068\u306e\u76f8\u95a2\u304c\u76f8\u5bfe\u7684\u306b\u4f4e\u3044\u3053\u3068\u306b\u3088\u308b\u5206\u6563\u52b9\u679c<\/li>\n<li>\u30ea\u30bf\u30fc\u30f3\u306f\u30a4\u30f3\u30ab\u30e0\u3068\u5024\u4e0a\u304c\u308a\u76ca\u306e\u4e21\u65b9\u304b\u3089\u6210\u308b<\/li>\n<\/ul>\n<div class=\"cfalm-f\">NOI \uff1d \u8cc3\u6599\u53ce\u5165\u7b49\u306e\u7dcf\u53ce\u5165 \u2212 \u7a7a\u5ba4\u7b49\u640d\u5931 \u2212 \u55b6\u696d\u8cbb\u7528<\/div>\n<h3>LOS 3\uff1a\u7269\u4ef6\u30bf\u30a4\u30d7\u5225\u306e\u6295\u8cc7\u7279\u6027<\/h3>\n<p>\u5546\u696d\u7528\u4e0d\u52d5\u7523\u306f<strong>\u30aa\u30d5\u30a3\u30b9\u3001\u5546\u696d\u65bd\u8a2d\uff08\u30ea\u30c6\u30fc\u30eb\uff09\u3001\u7269\u6d41\u65bd\u8a2d\uff08\u30a4\u30f3\u30c0\u30b9\u30c8\u30ea\u30a2\u30eb\uff09\u3001\u8cc3\u8cb8\u4f4f\u5b85\uff08\u30de\u30eb\u30c1\u30d5\u30a1\u30df\u30ea\u30fc\uff09<\/strong>\u306a\u3069\u306e\u30bf\u30a4\u30d7\u306b\u5206\u304b\u308c\u3001\u9700\u8981\u3092\u5de6\u53f3\u3059\u308b\u8981\u56e0\u3084\u8cc3\u8cb8\u501f\u5951\u7d04\u306e\u5f62\u614b\u3001\u30ea\u30b9\u30af\u306e\u5927\u304d\u3055\u304c\u7570\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30aa\u30d5\u30a3\u30b9\uff1a\u96c7\u7528\uff08\u7279\u306b\u30aa\u30d5\u30a3\u30b9\u30ef\u30fc\u30ab\u30fc\uff09\u306e\u52d5\u5411\u306b\u5de6\u53f3\u3055\u308c\u3001\u30ea\u30fc\u30b9\u671f\u9593\u304c\u9577\u3081<\/li>\n<li>\u30ea\u30c6\u30fc\u30eb\uff1a\u500b\u4eba\u6d88\u8cbb\u3068\u5c0f\u58f2\u58f2\u4e0a\u306b\u9023\u52d5\u3057\u3001\u58f2\u4e0a\u9023\u52d5\u8cc3\u6599\u3092\u542b\u3080\u3053\u3068\u3082\u3042\u308b<\/li>\n<li>\u7269\u6d41\u65bd\u8a2d\uff1a\u8cbf\u6613\u30fbEC\u30fb\u751f\u7523\u6d3b\u52d5\u306e\u5f71\u97ff\u3092\u53d7\u3051\u308b<\/li>\n<li>\u8cc3\u8cb8\u4f4f\u5b85\uff1a\u4eba\u53e3\u52d5\u614b\u3084\u4f4f\u5b85\u53d6\u5f97\u306e\u3057\u3084\u3059\u3055\u306b\u5de6\u53f3\u3055\u308c\u3001\u30ea\u30fc\u30b9\u671f\u9593\u304c\u77ed\u3044<\/li>\n<li>\u666f\u6c17\u5faa\u74b0\u8981\u56e0\u3068\u69cb\u9020\u7684\u8981\u56e0\uff08\u50cd\u304d\u65b9\u30fb\u6d88\u8cbb\u884c\u52d5\u306e\u5909\u5316\u306a\u3069\uff09\u3092\u533a\u5225<\/li>\n<\/ul>\n<h3>LOS 4\uff1a\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3068\u8a55\u4fa1\u624b\u6cd5<\/h3>\n<p>\u4e0d\u52d5\u7523\u6295\u8cc7\u3067\u306f\u3001\u5730\u57df\u5e02\u5834\u3001\u6cd5\u52d9\u30fb\u8ca1\u52d9\u3001\u7269\u4ef6\u306e\u7269\u7406\u7684\u72b6\u614b\u306b\u3064\u3044\u3066<strong>\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9<\/strong>\u3092\u884c\u3044\u307e\u3059\u3002\u8a55\u4fa1\u624b\u6cd5\u306f<strong>\u53ce\u76ca\u9084\u5143\u6cd5<\/strong>\u3001<strong>\u539f\u4fa1\u6cd5<\/strong>\u3001<strong>\u53d6\u5f15\u4e8b\u4f8b\u6bd4\u8f03\u6cd5<\/strong>\u306e3\u3064\u304c\u57fa\u672c\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u30c7\u30e5\u30fc\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\uff1a\u8cc3\u8cb8\u501f\u5951\u7d04\u30fb\u8cc3\u6599\u5c65\u6b74\u3001\u55b6\u696d\u8cbb\u7528\u3001\u6a29\u539f\u3001\u74b0\u5883\u3001\u5efa\u7269\u306e\u72b6\u614b\u306e\u78ba\u8a8d\u306a\u3069<\/li>\n<li>\u53ce\u76ca\u9084\u5143\u6cd5\uff1aNOI\u3092\u30ad\u30e3\u30c3\u30d7\u30ec\u30fc\u30c8\u3067\u9084\u5143\uff08\u76f4\u63a5\u9084\u5143\u6cd5\uff09\u3001\u307e\u305f\u306fDCF\u6cd5<\/li>\n<li>\u539f\u4fa1\u6cd5\uff1a\u571f\u5730\u4fa1\u683c\uff0b\u5efa\u7269\u306e\u518d\u8abf\u9054\u539f\u4fa1 \u2212 \u6e1b\u4fa1<\/li>\n<li>\u53d6\u5f15\u4e8b\u4f8b\u6bd4\u8f03\u6cd5\uff1a\u985e\u4f3c\u7269\u4ef6\u306e\u53d6\u5f15\u4fa1\u683c\u3092\u5dee\u7570\u8abf\u6574\u3057\u3066\u6bd4\u8f03<\/li>\n<li>\u30ad\u30e3\u30c3\u30d7\u30ec\u30fc\u30c8\u306f\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u304b\u3089\u6210\u9577\u7387\u3092\u5dee\u3057\u5f15\u3044\u305f\u6c34\u6e96\u306b\u76f8\u5f53<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u4fa1\u5024 \uff1d NOI\u2081 \u00f7 \u30ad\u30e3\u30c3\u30d7\u30ec\u30fc\u30c8<\/div>\n<h3>LOS 5\uff1a\u4e0d\u52d5\u7523\u6295\u8cc7\u6307\u6570\u3068\u30d0\u30a4\u30a2\u30b9<\/h3>\n<p>\u4e0d\u52d5\u7523\u6307\u6570\u306b\u306f<strong>\u9451\u5b9a\u8a55\u4fa1\u30d9\u30fc\u30b9\u306e\u6307\u6570<\/strong>\u3001<strong>\u53d6\u5f15\u30d9\u30fc\u30b9\u306e\u6307\u6570<\/strong>\uff08\u30ea\u30d4\u30fc\u30c8\u30bb\u30fc\u30eb\u30b9\u6cd5\u30fb\u30d8\u30c9\u30cb\u30c3\u30af\u6cd5\uff09\u3001<strong>REIT\u6307\u6570<\/strong>\u304c\u3042\u308a\u307e\u3059\u3002\u9451\u5b9a\u8a55\u4fa1\u30d9\u30fc\u30b9\u306e\u6307\u6570\u306f\u4fa1\u683c\u306e<strong>\u5e73\u6ed1\u5316<\/strong>\u306b\u3088\u308a\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3084\u76f8\u95a2\u304c\u904e\u5c0f\u306b\u8868\u308c\u308b\u70b9\u306b\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u9451\u5b9a\u8a55\u4fa1\u30d9\u30fc\u30b9\uff1a\u9451\u5b9a\u5024\u306e\u5909\u5316\u304b\u3089\u7b97\u51fa\u3002\u5909\u5316\u304c\u9045\u308c\u3066\u8868\u308c\uff08\u30e9\u30b0\uff09\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u904e\u5c0f<\/li>\n<li>\u30ea\u30d4\u30fc\u30c8\u30bb\u30fc\u30eb\u30b9\u6307\u6570\uff1a\u540c\u4e00\u7269\u4ef6\u306e\u8907\u6570\u56de\u306e\u53d6\u5f15\u4fa1\u683c\u306e\u5909\u5316\u304b\u3089\u7b97\u51fa\u3002\u6a19\u672c\u9078\u629e\u30d0\u30a4\u30a2\u30b9\u306e\u53ef\u80fd\u6027<\/li>\n<li>\u30d8\u30c9\u30cb\u30c3\u30af\u6307\u6570\uff1a\u7269\u4ef6\u306e\u5c5e\u6027\u3067\u54c1\u8cea\u5dee\u3092\u8abf\u6574\u3057\u305f\u56de\u5e30\u306b\u57fa\u3065\u304f<\/li>\n<li>REIT\u6307\u6570\uff1a\u5e02\u5834\u4fa1\u683c\u30d9\u30fc\u30b9\u3067\u5373\u6642\u6027\u304c\u9ad8\u3044\u304c\u682a\u5f0f\u5e02\u5834\u306e\u5909\u52d5\u3082\u53cd\u6620<\/li>\n<li>\u5e73\u6ed1\u5316\u3055\u308c\u305f\u30c7\u30fc\u30bf\u3067\u306f\u5206\u6563\u52b9\u679c\u304c\u904e\u5927\u8a55\u4fa1\u3055\u308c\u3084\u3059\u3044<\/li>\n<\/ul>\n<h2>\u52b9\u7387\u3088\u304f\u5b66\u3076\u306b\u306f FA-Academy<\/h2>\n<p>CFA\u00ae\ufe0e\u306e\u5354\u4f1a\u30c6\u30ad\u30b9\u30c8\u306f\u82f1\u8a9e\u3067\u5206\u91cf\u3082\u591a\u304f\u30011\u3064\u3072\u3068\u3064\u306e\u5358\u5143\u3092\u82f1\u8a9e\u3060\u3051\u3067\u7406\u89e3\u3057\u3066\u3044\u304f\u306e\u306f\u5927\u304d\u306a\u8ca0\u62c5\u3067\u3059\u3002<\/p>\n<p>FA-Academy\uff08Financial Analyst Academy\uff09\u306f\u3001<strong>\u65e5\u672c\u8a9e\u3067\u5b66\u3079\u308b\u6570\u5c11\u306a\u3044CFA\u00ae\ufe0e\u8a66\u9a13\u30b5\u30dd\u30fc\u30c8<\/strong>\u3067\u3059\u3002\u3053\u308c\u307e\u3067 Level 1 \u304b\u3089 Level 3 \u307e\u3067\u591a\u304f\u306e\u5408\u683c\u8005\u3092\u8f29\u51fa\u3057\u3066\u304a\u308a\u3001\u5408\u683c\u8005\u306e\u65b9\u3005\u3068\u306e\u5bfe\u8ac7\u3082\u6570\u591a\u304f\u516c\u958b\u3057\u3066\u3044\u307e\u3059\u3002\u3069\u3093\u306a\u65b9\u304c\u3001\u3069\u306e\u3088\u3046\u306b\u5408\u683c\u3055\u308c\u305f\u306e\u304b\u306f<a href=\"https:\/\/triumphmind.com\/cfa\/category\/gokaku\/\" target=\"_blank\" rel=\"noopener\">\u5408\u683c\u8005\u5bfe\u8ac7\u30fb\u5408\u683c\u4f53\u9a13\u8ac7\u306e\u4e00\u89a7<\/a>\u304b\u3089\u3054\u89a7\u3044\u305f\u3060\u3051\u307e\u3059\u3002<\/p>\n<ul>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/level2movie\/\" target=\"_blank\" rel=\"noopener\">Level 2 \u65e5\u672c\u8a9e\u8981\u70b9\u96c6\u306e\u7121\u6599\u30b5\u30f3\u30d7\u30eb\u3092\u53d7\u3051\u53d6\u308b\uff087\u65e5\u9593\u30e1\u30fc\u30eb\u8b1b\u5ea7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/timerex.net\/s\/cfa.tips.slack_2a23\/e72e883e\/\" target=\"_blank\" rel=\"noopener\">\u7121\u6599\u500b\u5225\u9762\u8ac7\u3092\u4e88\u7d04\u3059\u308b\uff08\u5b66\u7fd2\u8a08\u753b\u306e\u3054\u76f8\u8ac7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/course\/\" target=\"_blank\" rel=\"noopener\">\u53d7\u8b1b\u6848\u5185\uff08\u30b3\u30fc\u30b9\u4e00\u89a7\u30fb\u53d7\u8b1b\u6599\uff09\u3092\u898b\u308b<\/a><\/li>\n<\/ul>\n<div class=\"cfalm-nav\">\u524d\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-alt-lm1\/\">LM1 Introduction to Commodities and Commodity Derivatives\uff08\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u3068\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u30fb\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u5165\u9580\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l2-alt-lm3\/\">LM3 Investments in Real Estate through Publicly Traded Securities\uff08\u4e0a\u5834\u8a3c\u5238\u3092\u901a\u3058\u305f\u4e0d\u52d5\u7523\u6295\u8cc7\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l2-alt\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 2 Alternative Investments\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 2 Alternative Investments LM2\u300cOverview of Types of Real Estate Investment\uff08\u4e0d\u52d5\u7523\u6295\u8cc7\u306e\u7a2e\u985e\uff09\u300d\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09\u3068\u91cd\u8981\u8ad6\u70b9\u3092\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306b\u57fa\u3065\u3044\u3066\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n","protected":false},"author":1,"featured_media":11197,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[99],"tags":[],"class_list":["post-10851","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level2-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10851","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/comments?post=10851"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10851\/revisions"}],"predecessor-version":[{"id":11347,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10851\/revisions\/11347"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11197"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}