Subject: File No. S7-26-07
From: Patrick Burke
Affiliation: Real Estate Broker

November 15, 2007

If implemented, the exemption will provide a huge boost to the TIC industry. Getting real estate licensees on board will legitimize the product in the consumer's eyes. As it stands now, real estate licensees and securities licensees are unnecessarily at odds. The exemption has plenty of requirements limiting the practice of the real estate professional and keeping the transaction strongly in the hands of those who hold securities licenses.