Subject: File No. S7-26-07
From: Phillip J Chapman
Affiliation: Financial Advisor

November 14, 2007

I do not think it would be right or in the best interest of the public for Realtors to be allowed to sell TIC investments unless they are securities licensed. Realtors currently don't follow the same oversight and regulation requirements that securities licensed professional do. When an investor purchases a TIC they need to understand that this is a security investment. If sold through a realtor, I think the investor would have a hard time making that determination. If these products are indeed a security then a security license should be required.