You can expect increase in the value, actually even everybody can expect, but as long as there is no marketing of increase in value, or misdirection it is fair game.
If you are investing in real estate, you have an expectation in increase in value, but if the real estate agent is promising you, increase in the value, and promising you to do the all marketing, etc and selling part. Then it is something else.
The point is basically intentionally misleading investor.
where in the howey test does it say anything about marketing?
It is an investment of money
There is an expectation of profits from the investment
The investment of money is in a common enterprise
Any profit comes from the efforts of a promoter or third party
If you are investing in real estate, you have an expectation in increase in value, but if the real estate agent is promising you, increase in the value, and promising you to do the all marketing, etc and selling part. Then it is something else.
The point is basically intentionally misleading investor.