Subject: File No. S7-26-07
From: stefan l reddrick

November 14, 2007

Commerical Agents selling TIC's securities. This is just wrong. I am uniquely qualified to comment because I have my securities license and real estate license in the state of california. I see first hand how real estate agents thru some third party affiliate and Accountants, etc. present TIC investments to investors. They have no clue about the concept of suitability. This is just another real estate transaction with big commissions. Allowing realtors to sell what is described as a security is a total violation of what the SEC stands for. I can't see how allowing this change will help the "consumer". I have worked hard to earn and maintain my license and educate clients on the differences between me and other sales professionals. I certaintly don't won't the lines between a real estate agent and securities rep "grayed" just so real estate companies can "double-dip" on a transaction. If they want to sell securites. Fine get a securities license. Just like I had to get a real estate license to sell real estate