Subject: File No. S7-26-07
From: Terri D Ward, CPA, CFP

November 13, 2007

I did not see anything in the Notice of Application indicating realtors would need any financial training or experience to sell TICs. Without certifiable financial training, realtors cannot be expected to adequately determine suitability for investors.

As a CPA that works with realtors, I can attest that what it takes to be successful in real estate sales does not equate to financial savvy or knowledge. Having participated in five transactions in no way assures a realtor can read and understand a PPM. Analyzing and determining what constitutes a good TIC investment involves more than just analyzing the underlying real estate and unfortunately, there are a lot of bad TIC investments out there.

It is NOT in the best interest of the public to exempt realtors from needing a securities license to sell TICs. Series 22 licensing is an established means of assuring competence for those not Series 7 licensed. If a realtor want to sell TICs and is competent in such matters, they should have no difficulty obtaining a Series 22 license.