November 14, 2007
Realtors should NOT be exempt from any sections whatsoever of the Exchange Act.
My experience in dealing with realtors is that many of them lack any formal education beyond a high school diploma and the one week worth's of training required to acquire their license to sell real estate. Often times they only work in real estate on a limited part time basis while their main focus is in an entirely different occupation.
The sale of Investment Products should be restricted to those who maintain the proper securities licenses. If realtors want to improve themselves by acquiring those additional licenses, then so be it. Otherwise unlicensed entities should not be allowed to sell, service or discuss financial securities with the general public even if said securities involve commercial real estate.