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A broker-dealer (B-D) is a person or firm in the business of buying and selling securities for its own account or on behalf of its customers. There are thousands of broker-dealers comprising two broad categories: a wirehouse, which sells its own products, or an independent broker-dealer, which sells products from outside sources. With 1031’s some Sponsors are their own Broker/Dealer and others have Broke/Dealers approve their offerings.

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