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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link=blue vlink=purple><div class=WordSection1><p class=MsoNormal><span style='font-family:"Arial","sans-serif"'>A residential developer advertises homes for sale. The homes have not been constructed, the subdivision has not been developed, and the land has not been cleared. Is this activity the offering of a security? If so, is there an exemption from registration of the security?<o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Arial","sans-serif"'><o:p> </o:p></span></p><p class=MsoNormal align=left style='margin-bottom:0in;margin-bottom:.0001pt;text-align:left'><span style='font-family:"Arial","sans-serif"'>Thomas M Dillon<o:p></o:p></span></p><p class=MsoNormal align=left style='margin-bottom:0in;margin-bottom:.0001pt;text-align:left'><span style='font-family:"Arial","sans-serif"'>Email: lawtmd@gmail.com</span><o:p></o:p></p><p class=MsoNormal align=left style='margin-bottom:0in;margin-bottom:.0001pt;text-align:left'><span style='font-family:"Arial","sans-serif"'>Florida Bar No. 673064<o:p></o:p></span></p><p class=MsoNormal align=left style='margin-bottom:0in;margin-bottom:.0001pt;text-align:left'><span style='font-family:"Arial","sans-serif"'>Thomas M Dillon, PA</span><o:p></o:p></p><p class=MsoNormal align=left style='margin-bottom:0in;margin-bottom:.0001pt;text-align:left'><span style='font-family:"Arial","sans-serif"'>1477 Park Beach Cir. Apt. 32<o:p></o:p></span></p><p class=MsoNormal align=left style='margin-bottom:0in;margin-bottom:.0001pt;text-align:left'><span style='font-family:"Arial","sans-serif"'>Punta Gorda, FL 33950-5252</span><o:p></o:p></p><p class=MsoNormal align=left style='margin-bottom:0in;margin-bottom:.0001pt;text-align:left'><span style='font-family:"Arial","sans-serif"'>Phone: 941-626-6832<o:p></o:p></span></p><p class=MsoNormal><o:p> </o:p></p></div></body></html>