The SEC has entered a new ruling that TIC (Tenent in Common) investments will be treated as securities by the SEC. The effect of this ruling is that TIC investments must be sold by individuals licensed to sell securities and fees cannot be earned or paid to real estate brokers on these transactions. I have seen this ruling coming for some time now. At least three years ago I wrote that real estate brokers were asleep at the switch on this issue. Now these commissions are going to go to your competitors- the securities brokers. It seems inevitable that these same investments will no longer be 1031x eligible.