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TIC: National Association Of Securities Dealers (NASD): Keeping Real Estate Agents At Bay

Jul 24, 2008
The TIC: National Association of Securities Dealers (NASD) is an organization that not only regulates itself but it also deals with the securities industry that in turn is engaged in operating as well as regulating NASDAQ stock market as well as over-the-counter markets. Another aspect to the TIC: National Association of Securities Dealers (NASD) is that it also administers examinations meant to check out the capabilities of professionals engaged in investing and a typical such examination is the Series 7 examination.

Disqualification Of Use

Among other organizations, the TIC: National Association of Securities Dealers (NASD) too is very much concerned with the fact that whenever a TIC is deemed to be a partnership or even a security or both, then there is every possibility that the NASD may be required to use Code Section 1031 to disqualify such use. The upshot of such disqualification by the TIC: National Association of Securities Dealers (NASD) is that TIC transactions or securities must be transacted only through securities dealers/brokers and not any real estate brokers.

At present, there is also a certain amount of conflict that generally arises when brokering of TICs takes place which may have to take the form of either security transactions or as real estate transactions and so, a grey area exists regarding whether the transaction should be deemed as a security or real estate. Furthermore, due to the fact that the TIC transactions market is mostly unregulated there is hence a need for the TIC: National Association of Securities Dealers (NASD) to take a more active role in making its own evaluation of the TIC industry as a whole.

In fact, TIC: National Association of Securities Dealers (NASD) seems to be mainly engaged in broadly interpreting the securities law according to its own viewpoint and thus will in most likelihood liken the grey area as being securities and thus include NNN as well as master lease TIC transactions which in turn would result in shutting out real estate brokers/dealers out of such dealings. What's more, since the TIC: National Association of Securities Dealers (NASD) and the Securities Exchange Commission work in tandem, the SEC too will most probably also take the same view as taken by TIC: National Association of Securities Dealers (NASD).

Another important aspect in this regard is that the existing TIC: National Association of Securities Dealers (NASD) rules number 24-20 do not allow real estate agents from making money out of purchasing TIC interests that are being brokered in the form of securities despite the fact that state laws mandate that real estate licenses have to convey those real estate parts of each transaction.

Thus, life has certainly become a lot harder if you happen to be a real estate broker or dealer who is dealing with TIC.
About the Author
Kathryn R. Landry is a business writer for TIC Advisors, Inc . A company that can give you the most complete information on a 1031 exchange or TIC property ownership.
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