REIT Share Auction Registration

In order to buy or sell REIT Shares you must complete the following registration form.

Not participating in REIT Share Auctions? Click here for general registration.


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A valid credit card is required to verify your identity. The card will be authorized for US $1 and immediately released once identity is confirmed.


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REIT Share Auction Information

Important Information for REIT Share Auction Participants:

REIT Share Auction participants must be United States Citizens or Foreign Nationals with U.S. tax identification / residency verification and established banking relationships in the Unites States. In order to comply with regulatory requirements registrant contact information will be verified through the Office of Foreign Assets Control (OFAC) database.

Information for purchasers:

Auction participants are encouraged to consult with their broker, investment advisor, accountant and attorney prior to participating in REIT Share Auctions.

The following provides some, but not all, information for REIT Share Auction participants to consider prior to participating in REIT Share Auctions:

Non-traded real estate investment trust (REIT) shares are suitable only as a long-term investment for persons of adequate financial means. There currently is no public market for these shares, therefore, it will likely be difficult for you to sell your shares. You should not buy shares if you need to sell them immediately, will need to sell them quickly in the near future or cannot bear the loss of your entire investment.

In consideration of these factors, issuers have established the following General Requirements that must be met by persons who purchase shares. These General Requirements are also the basis for the REIT Sponsor and their Transfer Agent for determining if a Buyer on the REITbid Platform is qualified to acquire Shares.

General Requirements:

Purchasers are required to have either:
  • a minimum annual gross income of at least $70,000 and a minimum net worth (excluding the value of the purchaser’s home, home furnishings and automobiles) of at least $70,000; or
  • a minimum net worth (excluding the value of the purchaser’s home, home furnishings and automobiles) of at least $250,000.
Several states have established suitability standards different from those stated above. Shares will be sold only to investors in these states who meet the special suitability standards set forth below.

Kentucky, Missouri and Oregon—In addition to the General Requirements stated above, an investor must have a liquid net worth of at least 10 times such investor’s investment in an issuer’s shares.

Michigan and Pennsylvania—In addition to the General Requirements stated above, an investor must have a net worth of at least 10 times such investor’s investment in an issuer’s shares.

Alabama—In addition to the General Requirements stated above, an Alabama investor must have a liquid net worth of at least 10 times such Alabama resident’s investment in an issuer and other public real estate programs sponsored by the issuer’s affiliates.
Iowa—In addition to the General Requirements stated above, an Iowa investor’s maximum investment in an issuer and its publicly offered affiliates with similar investment objectives may not exceed 10% of such investor’s net worth.

Kansas—In addition to the General Requirements stated above, it is recommended that each investor limit such investor’s total investment in an issuer and in the securities of similar programs to not more than 10% of such investor’s liquid net worth. For this purpose, “liquid net worth” is that portion of net worth (total assets minus total liabilities) which consists of cash, cash equivalents and readily marketable securities.

Massachusetts, New Mexico, Ohio and Tennessee—In addition to the General Requirements stated above, an investor’s investment in an issuer and other public real estate programs sponsored by the issuer’s affiliates may not exceed 10% of such investor’s net worth.

For purposes of determining suitability of an investor, net worth in all cases shall be calculated excluding the value of an investor’s home, furnishings and automobiles.

In the case of sales to fiduciary accounts (such as an IRA, Keogh Plan, or pension or profit-sharing plan), these suitability standards must be met by the beneficiary, the fiduciary account or by the donor or grantor who directly or indirectly supplies the funds for the purchase of the shares if the donor or grantor is the fiduciary. In the case of gifts to minors, the suitability standards must be met by the custodian account or by the donor.

In addition to meeting the above standards, purchasers must:
  • meet the minimum income and net worth standards established in their state;
  • reasonably benefit from an investment in non-traded REIT shares based on your overall investment objectives and portfolio structure;
  • are able to bear the economic risk of the investment based on your overall financial situation;
  • and have an apparent understanding of:
  • the fundamental risks of an investment in non-traded REIT shares;
  • the risk that they may lose your entire investment;
  • the lack of liquidity of non-traded REIT shares;
  • the restrictions on transferability of non-traded REIT shares;
  • the background and qualifications of each non-traded REIT issuer, their affiliates, and their respective advisors; and
  • the tax, including ERISA, consequences of an investment in non-traded REITs.
These suitability standards are intended to help ensure an investment in shares is appropriate for individuals, given the long-term nature of an investment in shares and relative illiquidity of shares.

Information for sellers:

Auction participants are encouraged to consult with their broker, investment advisor, accountant and attorney prior to participating in REIT Share Auctions.

The following provides some, but not all, information for REIT Share Auction participants to consider prior to participating in REIT Share Auctions:

Users of the platform interested in selling non-traded public real estate investment trust (REIT) shares must certify that:
  • they have the right, power and authority to offer the sale and transfer of shares they list to sell on the platform;
  • the shares being sold were originally purchased for long-term investment;
  • the sale and transfer of shares complies with the shares’ issuer’s charter and bylaws, both amended and restated;
  • they hold valid and marketable title to the shares, and that shares are being sold free and clear of all liens, claims, encumbrances, security interested, restrictions on transfer or other defects of any kind or descriptions;
  • if selling less than the minimum ownership amount required by issuers, that they have obtained issuer’s approval prior to any transfer of shares if, as a result of such transfer, they or the transferee will own less than the initial minimum purchase requirement, unless they are transferring all shares, such transfer is made on behalf of a plan, or such transfer is made by gift, inheritance, intra-family transfer or family dissolution. In addition, no transfer or assignment may be made of a fractional share without issuer’s prior approval, unless when transferring all shares.
Furthermore, sellers must certify that the sale and transfer of their shares on this platform are made in accordance with all applicable federal and state securities laws and regulations.


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Website User Agreement

LFC Internet Marketing, Inc. offers you access to our Website, services, tools and applications based on your acceptance of the following terms and conditions.

Welcome to the Freedom Realty Exchange (“FRE.com”) website (“Website”). This User Agreement ("Agreement") describes the terms and conditions applicable to your use of our Website and the services, tools and applications available on the Website. This Agreement is effective between you, LFC Internet Marketing, Inc. ("LFC”) and its related companies, and is a condition of use each and every time you use the Website as a visitor or registered user ("User"), and upon your acceptance when registering as a User of the Website.

You must read, agree to and accept all of the terms and conditions contained in this Agreement and our Privacy Policy, which include those terms and conditions expressly set out below and those incorporated by reference, before you may use our Website. As you read this Agreement, we strongly recommend that you also access and read the information contained in the other documents referred to in this Agreement and posted on the Website as they may contain further terms and conditions that apply to you as a User of the Website.

IMPORTANT: If you do not agree to be bound by the terms and conditions of this Agreement and our Privacy Policy please do not access the Website or use our services.

We may amend this Agreement at any time by posting the updated User Agreement on the Website. All amended terms shall automatically be effective when they are posted on the Website. This Agreement may not be otherwise amended except in a writing signed by you and a designated officer of LFC.

1. Website is a Venue. The Website is not an auctioneer; it is a venue. Although it may be referred to as an online auction website, it is important to realize that it is not a traditional auctioneer. Instead, the Website acts as a venue to allow parties to offer, buy and sell real property, securities and financial instruments (“Assets”) in an auction-style format commonly referred to as an auction ("Auction"). The role of LFC is limited to publishing and advertising information provided by owners of the Assets ("Sellers") and their agents and providing a venue for communication about the Auction. LFC offers advertising and Auction information only. This Agreement is meant to clarify LFC's limited role as a publisher of advertising and a venue provider and outline certain limitations regarding LFC's obligations and liabilities. Your use of the Website confirms your understanding and acceptance of this User Agreement.

2. LFC Presents Advertisements. LFC's auction-style advertisements do not involve legally binding offers to sell. They are simply a way for Sellers to advertise their assets to potential buyers.

3. LFC Is Not a Licensed Real Estate Agent. LFC does not purport to broker transactions. LFC does not act in the capacity of a real estate professional and, as a result, has no control over the truth or accuracy of the information conveyed or the title, quality or value of the Assets advertised. LFC is not responsible for and does not engage in the listing, brokering, selling, purchasing, exchanging or leasing of real estate (“Property”) posted on the Website; nor does it provide a "multiple listing service" as that term is traditionally used for real estate. LFC does not counsel Sellers or buyers, show real estate, negotiate sales contracts, or hold a position of trust and confidence. Accordingly, no brokerage agency or fiduciary relationship is intended to be or shall be deemed to have been created between LFC and any Seller or buyer or you regarding the use of the Website. Further, we have no opinion regarding the ability of a Seller to sell specific real estate nor can we ensure that a buyer or Seller will actually complete a transaction.

4. Registration Required. In order to access certain parts of the Website a visitor is required to register as a User, disclosing certain information to LFC. After validation of the registration, the User may log in to the Website to view more information about Auctions, and perform other functions not available to visitors who are not logged in. In this regard, our Privacy Policy is included by reference.

5. Activities Requiring a License. It is the User's responsibility to seek the appropriate representation or accreditation when conducting any activity on the Website that may require a real estate or other license such as bidding, executing a real estate listing agreement, conducting research, placing information on the Website, negotiating with a buyer and/or a Seller or other real estate-related sale activities. In certain jurisdictions, such activities may only be conducted by companies and individuals who are licensed real estate professionals.

6. Sellers May Be Represented By an Agent. Sellers of Assets on the Website may be represented by an ("Agent"). Sellers and/or their Agents determine the terms and conditions regarding Auctions on the Website. The Agent’s listing agreement defines the terms and conditions under which an Asset is offered. LFC is a venue to assist the Seller and the Seller's Agent in marketing their Asset, but provides no services that require a real estate, securities or any license in any jurisdiction.

7. Auction Terms and Conditions Vary. The terms and conditions of each Auction on the Website may vary. It is important that interested parties be familiar with the terms and conditions for each Auction on which they wish to place a bid, are a Seller, Agent or are otherwise involved.

8. Due Diligence. Prospective bidders/buyers are advised and encouraged to perform all necessary due diligence before bidding on an Auction; and all parties are advised and encouraged to seek the help and guidance of a licensed real estate professional, securities dealer, attorney or other suitable professional before bidding on any Auction.

9. Release of Liability. Because LFC is a venue, in the event that you have a dispute with a Seller and/or an Agent, you agree to release LFC and any of its affiliates, officers, directors, agents, subsidiaries, joint ventures and employees, from claims, demands and damages (actual and consequential) of every kind and nature, known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way connected with such dispute. You acknowledge and understand that all available Auction information was prepared by parties other than LFC, and further acknowledge and understand that LFC makes no representation or warranty whatsoever, express or implied, with respect to the content, completeness or accuracy of the Auction information. If you are a California resident, you waive California Civil Code §1542, which says: "A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor."

10. Hold Harmless. User shall defend, and hold harmless LFC and its affiliates from and against any and all claims, demands, causes of action, losses, damages, liabilities, judgments, costs and expenses (including attorneys' fees) incurred by LFC as a result of any violation or failure by User to comply with the provisions of this Agreement or any individual or entity to whom it has disclosed information.

11. Termination of Use of Website. Without limiting any of its other remedies, LFC may suspend or terminate your use of the Website if we suspect, in our sole discretion, that you (by conviction, settlement, insurance or escrow investigation, or any other reason) have engaged in fraudulent activity.

12. Your Information. "Your Information" is defined as any information you provide to us in the registration or bidding process or through any email feature or survey. LFC will only use Your Information in accordance with this Agreement and our Privacy Policy

13. Prohibited Activities. Your Information and your activities on the Website shall not: (a) be false, inaccurate or misleading; (b) be fraudulent; (c) infringe any third party's copyright, patent, trademark, trade secret or other proprietary rights or rights of publicity or privacy; (d) violate any law, statute, ordinance or regulation; (e) contain any viruses, Trojan horses, worms or other computer programming routines that may damage, detrimentally interfere with, surreptitiously intercept or expropriate any system, data or personal information or (f) create liability for LFC or cause us to lose (in whole or in part) the services of our ISPs or other suppliers.

14. Subscription Emails. By registering as a User you are subscribing to receive emails from the Website. Emails may come from an email address at FRE.com. When you show interest in a specific Auction or group of Auctions, you are opting in to receive informational emails about those Auctions. You are required to receive certain emails, for example, when placing a bid.

15. Interference with Website. Much of the information on the Website is updated on a real-time basis and is proprietary. You agree that you will not use any robot, spider, scraper or other automated means to access the Website for any purpose without our express written permission. Additionally, you agree that you will not: (i) take any action that imposes, or may impose in our sole discretion an unreasonable or disproportionately large load on our infrastructure; (ii) copy, reproduce, modify, create derivative works from, distribute or publicly display any content (except for Your Information) from the Website without the prior expressed written permission of LFC and the appropriate third parties as applicable; (iii) interfere or attempt to interfere with the proper working of the Website or any activities conducted on the Website or (iv) bypass measures we may use to prevent or restrict access to the Website.

16. Breach of Terms and Conditions of Website. Without limiting other remedies, we may limit your activity, immediately remove your bid(s), warn our community of your actions, issue a warning, temporarily suspend, indefinitely suspend or terminate your use of our Website and refuse to provide our services to you if (a) we believe that you have breached the terms and conditions of this Agreement or the documents incorporated by reference; (b) we are unable to verify or authenticate information you provide to us or (c) we believe that your actions may cause financial loss or legal liability for you, other Users or LFC.

17. Disclaimer of Warranty. LFC, ITS OFFICERS, DIRECTORS, EMPLOYEES AND SUPPLIERS PROVIDE THE WEBSITE AND THEIR SERVICES "AS IS" AND "AS AVAILABLE" AND WITHOUT ANY WARRANTY OR CONDITION, EXPRESSED, IMPLIED OR STATUTORY. LFC AND ITS AFFILIATES, THEIR OFFICERS, DIRECTORS, EMPLOYEES AND THEIR SUPPLIERS SPECIFICALLY DISCLAIM ANY IMPLIED WARRANTIES OF TITLE, MERCANTIBILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT REGARDING THE ASSETS ON THE WEBSITE.

18. Limitation of Liability. IN NO EVENT SHALL LFC, ITS OFFICERS, DIRECTORS, EMPLOYEES OR ITS SUPPLIERS BE LIABLE FOR LOST PROFITS OR ANY SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR IN CONNECTION WITH THE WEBSITE, OUR SERVICES OR THIS AGREEMENT (HOWEVER ARISING, INCLUDING NEGLIGENCE). LFC'S LIABILITY, AND THE LIABILITY OF ITS OFFICERS, DIRECTORS, EMPLOYEES, AND SUPPLIERS, TO YOU OR ANY THIRD PARTY IN ANY CIRCUMSTANCE IS LIMITED TO $100. This Agreement, including this limitation of liability, shall be enforceable by LFC and any of its affiliates.

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20. Release. If you have a dispute with one or more Users, you agree to release LFC and our affiliates, and our respective officers, directors, agents and employees from claims, demands and damages (actual and consequential) of every kind and nature, known and unknown, arising out of or in any way connected with such dispute. In entering into this release, you expressly waive any protections (whether statutory or otherwise) that would otherwise limit the coverage of this release to include only those claims which you may know or suspect to exist in your favor at the time of agreeing to this release.

21. Compliance With Applicable Laws. You shall comply with all applicable domestic and international laws, statutes, ordinances and regulations regarding your use of our service.

22. Re-affirmation of User Agreement. Each and every request made by a visitor or User for Auction information or action by a User, such as using a password, to gain access to Auction or other information shall constitute visitor's or User's re-affirmation and acceptance of the terms and conditions of this Agreement.

23. Notice Procedure. Except as explicitly stated otherwise, any notices shall be given by US Postal Service mail to LFC Internet Marketing, Inc. 17 Corporate Plaza Drive, Suite 200, Newport Beach, California 92660 (in our case), or to the email address or mailing address that you provide to us during the registration process (in your case). Notice shall be deemed given 24 hours after email is sent, unless we are notified that your email address is invalid. Alternatively, we may give you notice by US Postal Service mail, postage prepaid, delivery confirmation requested to the address that you provided to us during the registration process. In such case, notice shall be deemed given three (3) days after the date of mailing.

24. Choice of Law and Integration. This Agreement shall be governed in all respects by the laws of the State of California. We do not guarantee continuous, uninterrupted or secure access to our services; and operation of the Website may be interfered with by numerous factors outside of our control. If any provision of this Agreement is held to be invalid or unenforceable, such provision shall be struck and the remaining provisions shall be enforced. You agree that this Agreement and all incorporated agreements may be automatically assigned by LFC in accordance with the "Notice Procedure" in our sole discretion. Headings are for reference purposes only and in no way define, limit, construe or describe the scope or extent of such section. Our failure to act with respect to a breach by you or others does not waive our right to act with respect to subsequent or similar breaches. This Agreement sets forth the entire understanding and agreement between us with respect to the subject matter hereof.

Updated April 21, 2015

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Today's Date: June 28, 2017 Pacific Time