Subject: File No. S7-26-07
From: Sean L DeFrehn
Affiliation: President, DeFrehn Consulting

November 14, 2007

In my opinion as an investment advisor to several experienced commercial real estate agents, even those that far exceed the experience required by the proposed exception, real estate agents often do not understand the impact of investments on a clients overall financial situation. This is true even when the underlying asset is real property. Allowing for this exception would open investors to receiving financial advice from an under qualified individuals. Also the selling agent could suffer from a conflict of interest. The agent may advise the client to make a purchase of property when that may not be the right investment type for the client but is the only investment that a agent could sell and therefore collect a commission.
It is for these reasons that I would recommend that the SEC reject the proposed exemption.