Wall Street's self-regulator has been watching how brokerages market non-traded real estate investments to customers, and it doesn't like what it sees.

Brokers too often offer misleading information about the potential benefits and incomplete explanations of the risks of non-traded REITs, the Financial Industry Regulatory Authority said.

Finra's written release provided a summary of its review of sales material, as well as guidance to brokers on how to properly market the investments.