Subject: File No. S7-26-07
From: Jack Larkin
Affiliation: Registered Representative

November 13, 2007

As a Rep who needs a Broker Dealer approval before even being able to show TICs to our clients, will Commercial Real Estate Agents have a similar governing agency do the same for them? Will they require a third party report (such as the Mick report our BD provides)? If not, how will the Agent be able to act with any fiduciary responsibility about a TIC outside their geographic expertise? And what will be the fiduciary responsibility of the Real Estate Agent?