Third, a broker dealer’s due diligence. A broker dealer normally supervises a group of representatives who are registered under its name. The dealer, in theory, determines whether a DST property is safe and appropriate for its representatives to offer to the clients. Consequently, the broker dealer will enter into and sign the selling agreement. For this reason, a broker dealer will indeed need to conduct due diligence to assess the DST. However, always be aware that the broker dealer’s satisfaction on a due diligence assessment does not guarantee the 100% safety and profit return of the investment, though it adds an extra degree of assurance. One may have heard of the Financial Industry Regulatory Authority (FIRA), a well-known private and self-regulatory organization. It is influential in terms of the regulation on brokerage investment firms. It oversees around 4,250 brokerage firms, 162,155 branch offices, and approximately 629,525 registered securities representatives across the United States. Among its membership qualifications, FIRA expressly requires the adequate skills of “providing customers with information about investment strategies, risks and rewards, and communications relevant to the market, investment, and research data to customers.” In general, the process of due diligence for a broker dealer could include an examination of the Real Estate Provider (Sponsor), analysis of the Properties, analysis of the market, analysis of DST program structure, and evaluation of 1031 tax compliance. As explained earlier, it is possible that a broker dealer could reject the offering of a DST based on the outcome of the analysis. Indeed, for the same DST property, different broker dealers might come to different conclusions.