Subject: File No. S7-26-07
From: David L. Baker, CLU, CFP
Affiliation: Real Estate Broker, Registered Rep.

November 29, 2007

As a Realtor and Registered Rep with 35+ years experience in the financial serices insudtry (see personal profile attaced)I support the NAR's request for an exemption ruling but with carefully thought out regulation and supervision that doesn't appear in the proposed documents.

I have read the comments on the SEC Comment site. Others have also expressed their concern for FINRA oversight and a limitation on the Realtor such as 1 TIC Referral per calander year without a series 22. I agree.

Another major concern is establishing a step by step process or procedure to determine suitability and accrediation prior to the Realtor's request for PPM's or related information for the client or the Realtor to review.

Once a Realtor has submitted his Buyer Agent Agreement to the B/D and/or Sponsor identifying the RR it should be irrevocable for that client's transaction. In other words the Realtor should not be allowed the opportunity to change RR's to increase a commission split once accepted.

The most insightful comments I have read todate are offered by Tom Opsahl in the November issue of TIC TIMES: See page 2, "What A Realtor Wants". Copy Attached.


David L. Baker, CLU, CFP