3.  How to Get Information

First make sure you have the full brochure or pros­pectus, not just the "Sales letter." Most real estate syndicators are honest and want to give you all the pertinent facts in their brochure. Many syndicators are members of the Association of Real Estate Syndicators, Inc., whose code of ethics requires full disclosure of all material facts. Furthermore, most state laws require full disclosure of all important facts. If the offering is in "interstate com­merce," that is if the offering is made in several states, the prospectus must conform to the disclosure provisions of the Securities and Exchange Commission.

The answer to the question, how to get information, seems, therefore, simple at first. The brochure or offering circular which you will receive contains almost all the in­formation which you need to know. But do you know what to look for? Where to look for it? What is really im­portant? What is the meaning of some of the legal verbi­age? How does each clause affect your interest? How much money are you going to keep? This book is de­signed to give you the answer to these questions and to many others. We are going to examine every important aspect of the real estate syndicate from the investor's point of view. Before we do that, let us say a few words about the syndicator.

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