Real Estate Securities emphasizes cases, statutes, and other authorities that impact the area of securities and in particular, real estate securities. The intent of this book is to provide a framework to determine when there might be a security involved, when that security offering must be registered or be exempt, and when the person selling the security must be licensed as a broker - dealer or agent, or otherwise be exempt. This edition includes the Changes to Rule 147, adding 147 A, Changes on Reg A, and the major changes that support crowdfunding on the web and under 506 (c).