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                                                                     EXHIBIT 4.1

THE LEGEND(s) SET FORTH ON THE REVERSE SIDE HEREOF
CONSTITUTES A PART OF THIS CERTIFICATE

                                STATE OF MARYLAND

[GRAPHIC]

   NUMBER                                                            SHARES

                BOSTON CAPITAL REAL ESTATE INVESTMENT TRUST, INC.

                          Common Stock $.001 Par Value

  THIS CERTIFIES THAT                 NAME OF HOLDER                 IS THE
  REGISTERED HOLDER OF          **Zero**                             SHARES
                Boston Capital Real Estate Investment Trust, Inc.

   TRANSFERABLE ONLY ON THE BOOKS OF THE CORPORATION BY THE HOLDER HEREOF IN
   PERSON OR BY ATTORNEY UPON SURRENDER OF THIS CERTIFICATE PROPERLY
   ENDORSED.

   IN WITNESS WHEREOF, THE SAID CORPORATION HAS CAUSED THIS CERTIFICATE TO BE
   SIGNED BY ITS DULY AUTHORIZED OFFICERS AND ITS CORPORATE SEAL TO BE
   HEREUNTO AFFIXED THIS      DAY         DAY OF         MONTH      A.D. YEAR

-----------------------                            -----------------------------
President                                          Treasurer

[SEAL]

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The Corporation is authorized to issue Preferred Shares (in one or more series),
Common Shares and Excess Shares. The Corporation will furnish a full statement
of the terms, rights, restrictions and qualifications of each such class and
series to any stockholder on request and without charge, in accordance with the
requirements of Maryland General Corporation Law.

     FOR VALUE RECEIVED,_________HEREBY SELL, ASSIGN AND TRANSFER UNTO
_________________________________________________________________________
_______________________________________________________________________SHARES
REPRESENTED BY THE WITHIN CERTIFICATE AND DO HEREBY IRREVOCABLY CONSTITUTE AND
APPOINT _______________________________________________________________ ATTORNEY
TO TRANSFER THE SAID SHARES ON THE BOOKS OF THE WITHIN NAMED CORPORATION WITH
FULL POWER OF SUBSTITUTION IN THE PREMISES.

   DATED
        --------------------------

        IN PRESENCE OF
                                          --------------------------
-------------------------------

                     NOTICE THE SIGNATURE OF THIS ASSIGNMENT
                MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE
              FACE OF THE CERTIFICATE, IN EVERY PARTICULAR, WITHOUT
               ALTERATION OR ENLARGEMENT, OR ANY CHANGE WHATEVER.<Page>

                                                                    EXHIBIT 10.5

                           ADVISORY SERVICES AGREEMENT

     ADVISORY SERVICES AGREEMENT (the "Agreement"), made as of
_________________, 2003, by and between BOSTON CAPITAL REAL ESTATE INVESTMENT
TRUST, INC., a Maryland corporation (the "Company"), and BOSTON CAPITAL REIT
ADVISORS, LLC, a Delaware limited liability company (the "Advisor").

                                   WITNESSETH:

     WHEREAS, the Company will file with the Securities and Exchange Commission
a registration statement on Form S-11 (the "Registration Statement"), to
register its shares of common stock, par value $0.001 per share (the "Shares"),
to be offered to the public, the proceeds from which will be invested by the
Company, and the Company may thereafter sell additional securities or otherwise
raise additional capital; and

     WHEREAS, the Company intends to qualify as a "real estate investment
trust", as defined in the Internal Revenue Code of 1986, as amended (the
"Code"), and to invest its funds in investments permitted by the terms of the
Registration Statement; and

     WHEREAS, the Company desires to avail itself of the experience, resources,
advice, assistance and certain facilities available to the Advisor and to have
the Advisor undertake the duties and responsibilities hereinafter set forth, on
behalf of and subject to the supervision of the Company's Board of Directors,
all as provided herein; and

     WHEREAS, the Advisor is willing to undertake to render such services,
subject to the supervision of the Board of Directors, on the terms and
conditions hereinafter set forth.

     NOW, THEREFORE, the parties hereto agree as follows:

     1.   APPOINTMENT. The Company hereby appoints the Advisor to serve as its
          investment and management advisor on the terms and conditions set
          forth in this Agreement, and the Advisor hereby accepts such
          appointment.

     2.   DUTIES OF THE ADVISOR. The Advisor undertakes to use its best efforts
          to present to the Company potential investment opportunities primarily
          in real property and other real estate investments as well as provide
          a continuing and suitable investment program consistent with the
          investment policies and objectives of the Company as determined and
          adopted from time to time by the Board of Directors. In performance of
          this undertaking, subject to the supervision and direction of the
          Board of Directors, and consistent with the Registration Statement,
          the Advisor shall, pursuant to delegated authority:

          (a)  obtain or provide such services as may be required to administer
               the daily operations of the Company;

          (b)  identify investment opportunities for the Company which are
               consistent with its investment objectives and policies;

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          (c)  serve as the Company's investment and financial advisor and
               provide reports with respect to the Company's portfolio of
               investments, including, but not limited to, the making of
               investments in real properties and other real estate investments,
               as described in the Registration Statement;

          (d)  on behalf of the Company, investigate, select, engage and conduct
               relations with such persons as the Advisor deems necessary to the
               proper performance of its obligations hereunder, including, but
               not limited to, consultants, investors, builders, developers,
               banks, borrowers, lenders, fiduciaries, financial service
               companies, mortgagors, brokers, accountants, attorneys,
               appraisers and others, including its and the Company's
               affiliates;

          (e)  consult with the Company's officers and directors and assist the
               Company's Board of Directors in the formulation and
               implementation of the Company's investment and other policies,
               and furnish the officers and directors with advice and
               recommendations concerning the making of investments consistent
               with the investment policies and objectives of the Company;

          (f)  structure and negotiate the terms of investments in real
               properties and other real estate investments and obtain the Board
               of Directors' approval of investments as provided in the
               Registration Statement, but always consistent with the investment
               policies and objectives of the Company;

          (g)  obtain from third parties or its affiliates, property management
               services for the Company's investments in real property;

          (h)  obtain for or provide to the Company such services as may be
               required in acquiring, managing and disposing of investments,
               including, but not limited to, the negotiation of purchase
               contracts and services related to the acquisition of real
               property and other real estate investments by the Company and its
               affiliates, disbursing and collecting the funds of the Company,
               paying the debts and fulfilling the obligations of the Company
               and handling, prosecuting and settling any claims of the Company
               and such other services as the Company may require;

          (i)  advise the Company concerning its negotiations with investment
               banking firms, securities brokers or dealers and other
               institutions or investors for public or private sales of the
               Company's securities, or in obtaining investments for the
               Company, but in no event in such a way that the Advisor could be
               deemed to be acting as a dealer or underwriter as those terms are
               defined in the Securities Act of 1933, as amended;

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          (j)  obtain or perform current appraisals for each potential
               investment in real property or other real estate investment;

          (k)  do all things necessary to assure its ability to render the
               services contemplated herein, including providing the office
               space, furnishings and personnel necessary for the performance of
               the foregoing services as Advisor;

          (l)  from time to time, or at any time reasonably requested by the
               Company's Board of Directors, make reports to the Board of
               Directors of its performance of the foregoing services; and

          (m)  within 30 days after the end of each fiscal quarter of the
               Company, submit to the Company's Board of Directors a statement
               of the Company's sources of income during such fiscal quarter and
               make recommendations concerning changes, if any, in the Company's
               investments to permit the Company to satisfy the requirements of
               Sections 856(c)(2), 856(c)(3) and 856(c)(4) of the Code (such
               statement of income may be based upon information supplied by
               independent contractors of the Company to the extent applicable).

     3.   NO PARTNERSHIP OR JOINT VENTURE. The Company and the Advisor are not
          partners or joint venturers with each other and nothing herein shall
          be construed so as to make them such partners or joint venturers or
          impose any liability as such on either of them or their affiliates.

     4.   CERTAIN GUIDELINES. The Advisor shall endeavor to ensure, with respect
          to the Company's investments, that: (a) an appropriate policy of title
          insurance is obtained with respect to any real property investment
          (singly, a "Property," and collectively, the "Properties") acquired by
          the Company, or an opinion of counsel as to such title is obtained;
          (b) any Property acquired by the Company is duly insured against loss
          or damage by fire, with extended coverage, and against such other
          insurable hazards and risks as are customary and appropriate in the
          circumstances; (c) a majority of the Company's Board of Directors
          (including a majority of the Independent Directors, as defined below)
          approves, in advance, any investment (other than with respect to the
          initial Properties (as described in the Registration Statement) by the
          Company, on the one hand, with the Advisor or any of its affiliates,
          on the other hand; (d) the Company does not make any loans to the
          Advisor or any of its affiliates; (e) the Company's ratio of
          debt-to-total-assets, at the time of the incurrence of any
          indebtedness, does not exceed 75%; and (f) investments in any one
          Property acquired after the acquisition of the initial Properties
          described in the Registration Statement do not exceed 25% of the value
          of the Company's total assets at the time of its acquisition,
          provided, however, that this limitation shall not preclude the
          acquisition of multiple-building Properties or a group of Properties
          in a purchase from a single seller in transactions that exceed this
          limit. An Independent Director is a Director who is not and within the
          last two years has not been directly or indirectly associated

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          with the Advisor by virtue of (i) ownership of an interest in the
          Advisor or its affiliates, (ii) employment by the Advisor or its
          affiliates, (iii) service as an officer or director of the Advisor or
          its affiliates, (iv) performance of services, other than as a
          Director, for the Company, (v) service as a director or trustee of
          more than three real estate investment trusts advised by the Advisor,
          or (vi) maintenance of a material business or professional
          relationship with the Advisor or any of its affiliates. A business or
          professional relationship is considered material if the gross revenue
          derived by the Director from the Advisor and affiliates exceeds 5% of
          either the Director's annual gross revenue during either of the last
          two years or the Director's net worth on a fair market value basis. An
          indirect relationship shall include circumstances in which a
          Director's spouse, parents, children, siblings, mothers- or
          fathers-in-law, sons- or daughters-in-law, or brothers- or
          sisters-in-law are or have been associated with the Advisor, any of
          its affiliates, or the Company.

     5.   REIT QUALIFICATION. Notwithstanding anything to the contrary in this
          Agreement, the Advisor shall use its best efforts to refrain from
          taking any action (including, without limitation, the furnishing or
          rendering of services to tenants of a Property or managing or
          operating a Property) which, in its judgment, made in good faith and
          with the exercise of reasonable care, would: (a) adversely affect the
          status of the Company as a "real estate investment trust" under the
          Code and all rules and regulations promulgated thereunder; (b) violate
          any law, rule, regulation or statement of policy of any governmental
          body or agency having jurisdiction over the Company or over its
          securities, of which the Advisor should reasonably be aware; or (c)
          otherwise not be permitted by the Registration Statement or the
          Company's Articles of Incorporation or Bylaws, each as they may be
          amended from time to time, except if such action shall be ordered by
          the Company's Board of Directors, in which event the Advisor shall
          promptly notify the Board of Directors of the Advisor's judgment that
          such action would adversely affect the status of the Company as a
          "real estate investment trust" under the Code and shall refrain from
          taking such action, unless, but only to the extent that, the Advisor
          receives specific written instructions from the Board of Directors
          expressly ordering that the action be taken, notwithstanding such
          notification by it to the Board of Directors. In such event the
          Advisor shall have no liability for acting in accordance with the
          specific written instructions of the Directors so given.

     6.   INVESTMENT COMPANY STATUS. Notwithstanding anything to the contrary in
          this Agreement, the Advisor shall use its best efforts to refrain from
          any action which, in its judgment, made in good faith and in the
          exercise of reasonable care, would cause the Company to be required to
          register as an investment company under the Investment Company Act of
          1940, as amended, except where such action has been ordered by the
          Company's Board of Directors, in which event the Advisor shall
          promptly notify the Board of Directors of the Advisor's judgment that
          such action might require such registration and shall refrain from
          taking such action, unless, but only to the extent that, the Advisor
          receives specific written instructions from the Board of Directors
          expressly ordering that

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          the actions be taken, notwithstanding such notification by it to the
          Board of Directors. In such event, the Advisor shall have no liability
          for acting in accordance with the specific written instructions of the
          Board of Directors so given.

     7.   BANK ACCOUNTS. The Advisor may establish and maintain one or more bank
          accounts in its own name or in the name of the Company and may collect
          and deposit into any such account or accounts, and disburse from any
          such account or accounts, any money on behalf of the Company, under
          such terms and conditions as the Company's Board of Directors may
          approve. However, the Advisor shall not commingle any of the funds in
          such account with those of the Advisor or of other entities managed by
          the Advisor. Further, the Advisor shall, from time to time, render to
          the Board of Directors and to the auditors of the Company a complete
          accounting of such collections and disbursements.

     8.   INFORMATION FURNISHED TO THE ADVISOR. The Company's Board of Directors
          shall at all times keep the Advisor fully informed concerning the
          investment and capitalization policies of the Company and the
          intentions of the Board of Directors concerning the future activities
          and investments of the Company. The Company shall furnish the Advisor
          with a certified copy of all financial statements, a signed copy of
          each report prepared by independent certified public accountants and
          such other information with regard to the Company's affairs as the
          Advisor may from time to time reasonably request.

     9.   CONSULTATION AND ADVICE. In addition to the services described above,
          the Advisor shall consult with the Company's Board of Directors and
          shall, at the request of the Board, furnish advice and recommendations
          with respect to other aspects of the business and affairs of the
          Company.

     10.  COMPENSATION. For rendering the services described herein, the Company
          shall pay to the Advisor the following (with the approval of the
          Company's Independent Directors and the concurrence of the Advisor,
          the fees referred to in this Section 10 paid by the Company to the
          Advisor in Shares at net asset value or by Company debt instruments):

          (a)  ASSET MANAGEMENT FEE. The Company shall pay to the Advisor as
               compensation for the advisory services rendered to the Company
               under Paragraph 2 above a monthly asset management fee in an
               amount equal to 1/12th of 0.75% of the Company's Real Estate
               Asset Value (as defined below) (the "Asset Management Fee") as of
               the end of the preceding month. Real Estate Asset Value equals
               the amount actually paid or allocated to the purchase,
               development, construction or improvement of the Properties
               wholly-owned by the Company, including the outstanding principal
               amount of any mortgage indebtedness on the Properties assumed
               upon the purchase of the properties, and, in the case of
               Properties owned by any joint venture or partnership in which the
               Company is a co-venturer or partner, the Company's portion of
               such

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               amount actually paid or allocated with respect to such
               Properties, exclusive of Acquisition Fees and Acquisition
               Expenses (each as defined below). The Asset Management Fee shall
               be payable monthly on the last day of such month, or the first
               business day following the last day of such month, and will be
               based on the Real Estate Asset Value determined on the last day
               of the prior month. The Asset Management Fee, which will not
               exceed fees which are competitive for similar services in the
               same geographic area, may or may not be taken, in whole or in
               part as to any year, in the sole discretion of the Advisor. All
               or any portion of the Asset Management Fee not taken as to any
               fiscal year shall be deferred without interest and may be taken
               in such other fiscal year as the Advisor shall determine.

          (b)  ACQUISITION FEE. The Advisor may receive, as compensation payable
               by the Company for services rendered in connection with the
               investigation, selection and acquisition (by purchase, investment
               or exchange) of Properties, acquisition fees in an amount equal
               to up to 3.0% of Gross Offering Proceeds (as defined below)
               ("Acquisition Fees") and acquisition expenses in an amount equal
               to up to 0.5% of Gross Offering Proceeds ("Acquisition
               Expenses"). Gross Offering Proceeds shall mean the aggregate
               purchase price of all Shares sold for the account of the Company
               through the offering contemplated by the Registration Statement,
               without deduction for selling commissions, volume discounts,
               dealer-manager fees or organization and offering expenses. For
               the purpose of computing Gross Offering Proceeds, the purchase
               price of any Share sold pursuant to the Registration Statement
               for which reduced selling commissions are paid to the
               dealer-manager or any other broker-dealer (where net proceeds as
               to the Company are not reduced) shall be deemed to be $10.00. In
               connection with the purchase of a Property, the total of all
               Acquisition Fees and Acquisition Expenses shall not exceed an
               amount equal to 6.0% of the contract price of the Property.

          (c)  SUBORDINATED DISPOSITION FEE. If the Advisor or an affiliate
               provides a substantial amount of the services (as determined by a
               majority of the Company's Independent Directors) in connection
               with the sale of one or more Properties, the Advisor or an
               affiliate shall receive a subordinated disposition fee equal to
               the lesser of (i) one-half of a competitive real estate
               commission, or (ii) 3.0% of the sales price of such Property or
               Properties ("Subordinated Disposition Fee"). The Subordinated
               Disposition Fee will be paid only if stockholders have received
               total dividends in an amount equal to 100% of their aggregate
               invested capital plus a 6.0% annual cumulative non-compounded
               return on their net invested capital (the "Stockholders' 6.0%
               Return"). To the extent that Subordinated Disposition Fees are
               not paid by the Company on a current basis due to the foregoing
               limitation, the unpaid fees will be accrued and paid at such time
               as the subordination conditions have been satisfied. The
               Subordinated Disposition Fee may be paid in addition to real
               estate

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               commissions paid to non-affiliates, provided that the total real
               estate commissions paid to all persons by the Company shall not
               exceed an amount equal to the lesser of (i) 6.0% of the contract
               sales price of a Property, or (ii) the competitive real estate
               commission. In the event this Agreement is terminated prior to
               such time as the stockholders have received total distributions
               in an amount equal to 100% of invested capital plus the
               Stockholders' 6.0% Return, an appraisal of the Properties then
               owned by the Company shall be made and the Subordinated
               Disposition Fee on Properties previously sold will be deemed
               earned if the appraised value of the Properties then owned by the
               Company plus total distributions received prior to the date of
               the termination of this Agreement equals 100% of invested capital
               plus the Stockholders' 6.0% Return. Upon Listing (as defined
               below), if the Advisor has accrued but not been paid such
               Subordinated Disposition Fee, then for purposes of determining
               whether the subordinated conditions have been satisfied,
               stockholders will be deemed to have received distributions in the
               amount equal to the product of the total number of Shares
               outstanding and the average closing price of the Shares over a
               period of 30 consecutive days during which the Shares are traded,
               with such period beginning 180 days after Listing.

          (d)  SUBORDINATED SHARE OF NET SALE PROCEEDS. A subordinated share of
               net sale proceeds shall be payable to the Advisor in an amount
               equal to 15.0% of net sales proceeds remaining after the
               stockholders have received distributions equal to the sum of the
               Stockholders' 6.0% Return and 100% of invested capital
               ("Subordinated Share of Net Sale Proceeds"). Following Listing,
               no Subordinated Share of Net Sale Proceeds will be paid to the
               Advisor.

          (e)  SUBORDINATED INCENTIVE LISTING FEE. Upon listing on a national
               securities exchange registered under Section 6 of the Securities
               Exchange Act of 1934, as amended (the "Exchange Act"), or a
               national market system registered under Section 11A of the
               Exchange Act ("Listing"), the Advisor shall be entitled to a
               subordinated incentive listing fee in an amount equal to 10.0% of
               the amount by which (i) the market value of the outstanding stock
               of the Company, measured by taking the average closing price or
               average of bid and asked price, as the case may be, over a period
               of 30 consecutive days during which the stock is traded, with
               such period beginning 180 days after Listing ("Market Value"),
               plus the total of all distributions paid to stockholders from the
               Company's inception until the date of Listing, exceeds (ii) the
               sum of (A) 100% of invested capital and (B) the total
               distributions required to be paid to the stockholders in order to
               pay the Stockholders' 6.0% Return from inception through the date
               of Listing ("Subordinated Incentive Listing Fee"). The Company
               shall have the option to pay such fee in the form of cash,
               Shares, a promissory note or any combination of the foregoing.
               The Subordinated Incentive Fee will be reduced by the amount of
               any

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               prior payment to the Advisor of any Subordinated Share of Net
               Sale Proceeds from a sale or sales of a Property. In the event
               the Subordinated Incentive Fee is paid to the Advisor following
               Listing, no other performance fee will be paid to the Advisor.

          (f)  CHANGES TO FEE STRUCTURE. In the event of Listing, or,
               notwithstanding the absence of Listing, in the event the
               stockholders elect to continue the Company's existence after
               _________________, 2013, the Company and the Advisor may
               negotiate in good faith to establish another fee structure
               appropriate for a perpetual life entity. A majority of the
               Company's Independent Directors must approve any new fee
               structure negotiated with the Advisor. In negotiating a new fee
               structure, the Independent Directors shall consider all of the
               factors they deem relevant, including, but not limited to: (i)
               the amount of the advisory fee in relation to the asset value,
               composition and profitability of the Company's portfolio; (ii)
               the success of the Advisor in generating opportunities that meet
               the investment objectives of the Company; (iii) the rates charged
               to other REITs and to investors other than REITs by advisors
               performing the same or similar services; (iv) additional revenues
               realized by the Advisor and its affiliates through their
               relationship with the Company, including underwriting or broker
               commissions, servicing, engineering, inspection and other fees,
               whether paid by the Company or by others with whom the Company
               does business; (v) the quality and extent of service and advice
               furnished by the Advisor; (vi) the performance of the investment
               portfolio of the Company, including income, conversion or
               appreciation of capital, and number and frequency of problem
               investments; and (vii) the quality of the Property portfolio of
               the Company in relationship to the investments generated by the
               Advisor for its own account. The new fee structure can be no more
               favorable to the Advisor than the current fee structure.

          (g)  SPECIAL TERMINATION PAYMENT. The Advisor shall receive a Special
               Termination Payment (as defined below) if the Company terminates
               or does not renew this Agreement, or the Advisor terminates this
               Agreement, for any reason at any time. The Special Termination
               Payment shall be an amount equal to the projected Asset
               Management Fee for the one-year period following the date of the
               termination of this Agreement.

          (h)  REIMBURSEMENT OF EXPENSES. The Company shall reimburse the
               Advisor or its affiliates for (1) the actual cost to the Advisor
               or its affiliates of goods, materials and services used for or by
               the Company and obtained from persons unaffiliated with the
               Advisor and its affiliates, (2) the cost of administrative
               services rendered to the Company which are necessary to the
               prudent operation of the Company, such as legal, accounting,
               computer, transfer agent and other services which could be
               performed directly for the Company by independent parties, and
               (3) the actual cost

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               to the Advisor or its affiliates of any letter of credit or
               credit enhancement that may be required of any lender or seller
               in connection with the financing of the acquisition of
               Properties.

     11.  OTHER ACTIVITIES OF THE ADVISOR. Nothing contained herein shall
          prevent the Advisor from engaging in other activities, including,
          without limitation, the rendering of advice to other investors
          (including other REITs) and the management of other programs advised,
          sponsored or organized by the Advisor or its affiliates; nor shall
          this Agreement limit or restrict the right of any director, officer,
          employee or shareholder of the Advisor or its affiliates to engage in
          any other business or to render services of any kind to any other
          partnership, corporation, firm, individual, trust or association.
          Notwithstanding the foregoing, however, the Advisor shall devote
          sufficient resources to the administration of the Company to discharge
          its obligations hereunder. The Advisor may, with respect to any
          investment in which the Company is a participant, subject to its
          contractual duties to the Company under this Agreement, also render
          advice and service to each and every other participant therein.

     12.  ALLOCATION OF INVESTMENT OPPORTUNITIES. Neither the Advisor nor any of
          its affiliates shall be obligated to present to the Company investment
          opportunities that come to their attention, even if any of those
          opportunities may be suitable to the Company. In addition, the Advisor
          shall have sole discretion in determining how to allocate investment
          opportunities as between the Company, on the one hand, and the Advisor
          or its affiliates, on the other had, as the Advisor deems advisable.

     13.  TERM/TERMINATION OF AGREEMENT. Initially, this Agreement shall have a
          term of one (1) year commencing on the closing date of the initial
          minimum offering under the Registration Statement. Following the
          initial term, subsequent renewals for one (1) year terms will be
          subject to an evaluation of the performance of the Advisor by the
          audit committee of the Company's Board of Directors. This Agreement
          may be terminated by a majority of the Independent Directors of the
          Company or by the Advisor, in all cases by giving not less than 60
          days' advance notice in writing to the other party.

     14.  ACTION UPON TERMINATION. The Advisor shall not be entitled to
          compensation for services performed after the effective date of the
          termination of this Agreement. The Advisor shall, forthwith upon such
          termination:

          (a)  promptly pay over to the Company all monies collected and held
               for the account of the Company pursuant to this Agreement, after
               deducting any accrued compensation and reimbursement for its
               expenses to which it is then entitled under this Agreement;

          (b)  promptly deliver to the Company a full accounting, including a
               statement showing all amounts collected, disbursed and held by
               the Advisor, for

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               the period following the date of the last accounting furnished to
               the Company; and

          (c)  promptly deliver to the Company all property and documents of the
               Company then in the custody of the Advisor.

     15.  AMENDMENTS. The Agreement shall not be modified except by an
          instrument in writing signed by both parties hereto, or their
          respective successors or assigns, or otherwise as provided herein.

     16.  ASSIGNMENT. This Agreement may be assigned upon the consent of both
          parties hereto: (i) upon approval of a majority of the Independent
          Directors of the Company, by the Advisor to a person which is an
          affiliate of the Advisor; or (ii) by either the Advisor or the Company
          to its successor-in-interest. The Advisor may delegate some or all of
          its duties under this Agreement to an affiliate. Notwithstanding the
          foregoing, so long as the Company intends to qualify as a real estate
          investment trust under the Code, this Agreement may not be assigned to
          any entity that serves as a property manager with respect to the
          Properties of the Company.

     17.  GOVERNING LAW. The provisions of this Agreement shall be construed and
          interpreted in accordance with the internal laws of The Commonwealth
          of Massachusetts without giving effect to conflicts of laws principles
          or rules.

     18.  DIRECTORS AND STOCKHOLDERS NOT LIABLE. This Agreement is made on
          behalf of the Company by an officer of the Company, not individually,
          but solely as such officer, and the obligations under this Agreement
          are not binding upon, nor shall resort be had to, the private property
          of any of the directors, officers, stockholders, employees or agents
          of the Company personally, but shall bind only the Company.

     19.  INDEMNIFICATION BY THE COMPANY. The Company shall indemnify and hold
          harmless the Advisor, to the full extent permitted by the Maryland
          General Corporation Law (in effect at the time indemnity is sought),
          from all liability, claims, damages or loss arising in the performance
          of its duties hereunder, and related expenses, including reasonable
          attorneys' fees, to the extent such liability, claims, damages or
          losses and related expenses are not fully reimbursed by insurance;
          provided, however, that the Advisor shall not be entitled to
          indemnification, under this Section 19, if it acts in a manner which
          constitutes gross negligence or willful misconduct.

     20.  INDEMNIFICATION BY ADVISOR. The Advisor shall indemnify and hold
          harmless the Company from contract or other liability, claims,
          damages, taxes or losses and related expenses, including attorneys'
          fees, to the extent that such liability, claims, damages, taxes,
          losses and related expenses are not fully reimbursed by insurance and
          are incurred by reason of the Advisor's bad faith, fraud, willful
          misfeasance, misconduct, negligence or reckless disregard of its
          duties, but the

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                                       11

          Advisor shall not be held responsible for any action of the Company's
          Board of Directors in following or declining to follow any advice or
          recommendation given by the Advisor.

     21.  HEADINGS. The section headings hereof have been inserted for reference
          only and shall not be construed to affect the meaning, construction or
          effect of this Agreement.

     22.  NOTICES. All notices, demands and other communication to be given or
          delivered under or by reason of the provisions of this Agreement must
          be in writing and will be deemed to have been given on the day
          established by sender as having been delivered personally; on the day
          delivered by private courier as such day is established by evidence
          obtained by the sender from the courier; on the day and at the time
          established by evidence obtained by the sender from a telegraph
          company if telegraphic means of communication are used; or on the day
          established by a return receipt with respect to notices, demands and
          other communications intended to be delivered by U.S. mail. Such
          notices, demands and other communications to be valid, must be
          addressed:

          (a)  If to the Company, to:

               Boston Capital Real Estate Investment Trust, Inc.
               c/o Boston Capital Corporation
               One Boston Place, Suite 2100
               Boston, Massachusetts 02108-4406
               Attn: Jeffrey H. Goldstein, President

               with a copy to:

               Nixon Peabody LLP
               101 Federal Street
               Boston, MA 02210
               Attn: Alexander J. Jordan, Jr., Esq.

          (b)  If to the Advisor, to:

               Boston Capital REIT Advisors, LLC
               c/o Boston Capital Corporation
               One Boston Place, Suite 2100
               Boston, Massachusetts 02108-4406
               Attn: John P. Manning, President

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                                       12

               with a copy to:

               Nixon Peabody LLP
               101 Federal Street
               Boston, MA 02210

               Attn: Alexander J. Jordan, Jr., Esq.

          or to such other address or to the attention of such other person as
          recipient party has specified by prior written notice to the sending
          party (or in the case of counsel, to such other readily ascertainable
          business address as such counsel may hereafter maintain).

     23.  INITIAL INVESTMENT. Boston Capital Companion Limited Partnership
          ("Companion"), an affiliate of the Advisor, has contributed to the
          Company $200,000 in exchange for 20,000 Shares (the "Initial
          Investment"). Companion may not sell these Shares while the Advisory
          Agreement is in effect, although Companion may transfer them to its
          affiliates. The Advisor and its affiliates may buy and sell Shares,
          and this restriction shall not apply to any Shares, other than the
          Shares acquired through the Initial Investment, acquired by the
          Advisor or its affiliates. The Advisor shall not vote any Shares it
          hereafter acquires in any vote for the removal of any of the Company's
          directors or any vote regarding the approval or termination of any
          contract with the Advisor or any of its affiliates. The restrictions
          contained in this Section 23 shall not go into effect until the
          initial closing described in the Registration Statement has occurred.

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                                       13

     IN WITNESS WHEREOF, we have executed this Agreement as of the date first
above written.

                                            BOSTON CAPITAL REAL ESTATE
                                            INVESTMENT TRUST, INC.

                                            By:
                                               ---------------------------------
                                               Jeffrey H. Goldstein, President

                                            BOSTON CAPITAL REIT ADVISORS, LLC

                                            By:
                                               ---------------------------------
                                               John P. Manning, President

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