Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
GERMAIN MARK
   2. Issuer Name and Ticker or Trading Symbol
Reis, Inc. [REIS] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
15 BANK STREET		 3. Date of Earliest Transaction (Month/Day/Year)
12/17/2007
(Street)

WHITE PLAINS, NY 10606		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 12/17/2007   M   58,508 A $ 5.81 61,744 D  
Common Stock 12/17/2007   D(1)   58,508 D $ 6.875 3,236 D  
Common Stock 12/17/2007   M   64,944 A $ 5.81 68,180 D  
Common Stock 12/17/2007   D(1)   64,944 D $ 6.875 3,236 D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Option (Right to Buy) (2) $ 5.81 12/17/2007   M     58,508 05/30/1997 12/31/2007 Common Stock 58,508 $ 0 0 D  
Option (Right to Buy) (3) $ 5.81 12/17/2007   M     64,944   (4) 12/31/2007 Common Stock 64,944 $ 0 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
GERMAIN MARK
15 BANK STREET
WHITE PLAINS, NY 10606		   X      

Signatures

 /s/ Alexander G. Simpson, as Attorney-in-Fact   12/19/2007
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Each transaction reported represents a cash settlement of the option whereby the Issuer paid to the Reporting Person an amount equal to the fair market value of the shares underlying the option over the aggregate exercise price of the option with the option then being cancelled.
(2) As permitted by the Issuer's former Plan of Liquidation (pursuant to which the Issuer made a liquidating distribution of $14.00 per share of Common Stock on December 14, 2005) and incentive plans, the Issuer's outstanding options have been adjusted to prevent a dilution of benefits to option holders. Accordingly, on March 21, 2006, the number of shares of Common Stock underlying such option was increased from 19,257 to 68,259, and the exercise price was decreased from $20.60 to $5.81 per share. 9,751 of such options have been previously exercised.
(3) As permitted by the Issuer's former Plan of Liquidation (pursuant to which the Issuer made a liquidating distribution of $14.00 per share of Common Stock on December 14, 2005) and incentive plans, the Issuer's outstanding options have been adjusted to prevent a dilution of benefits to option holders. Accordingly, on March 21, 2006, the number of shares of Common Stock underlying such option was increased from 21,375 to 75,767, and the exercise price was decreased from $20.60 to $5.81 per share. 10,823 of such options have been previously exercised.
(4) One third of the options became exercisable in three equal annual installments beginning on May 30, 1998, which was the first anniversary of the date on which the option was granted.

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