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Questions and Answers
How long is a final subdivision public report valid for unless there is a material change to the subdivision?
How long is a final subdivision public report valid for unless there is a material change to the subdivision?
- Two years
- One year
- Ten years
- Five years (correct)
What is a possible consequence if a developer violates the Subdivided Lands Law?
What is a possible consequence if a developer violates the Subdivided Lands Law?
- Developers will receive financial compensation
- Buyers will not be refunded their deposits
- The Commissioner may stop sales of lots (correct)
- Buyers can only reserve lots, not purchase them
Which federal consumer protection law regulates subdivisions of vacant land offered for sale or lease across state lines?
Which federal consumer protection law regulates subdivisions of vacant land offered for sale or lease across state lines?
- Environmental Laws
- Subdivided Lands Law
- Building Codes Subdivision Map Act
- Interstate Land Sales Full Disclosure Act (correct)
What does the Real Estate Commissioner investigate before issuing the final report about a subdivision?
What does the Real Estate Commissioner investigate before issuing the final report about a subdivision?
What must a developer demonstrate to show compliance with the Subdivided Lands Law?
What must a developer demonstrate to show compliance with the Subdivided Lands Law?
What must each prospective buyer receive before signing a sales agreement for a subdivision lot?
What must each prospective buyer receive before signing a sales agreement for a subdivision lot?
How long is a developer required to keep a copy of the receipt signed by purchasers after they receive the public report?
How long is a developer required to keep a copy of the receipt signed by purchasers after they receive the public report?
What is the main purpose of the Subdivided Lands Law?
What is the main purpose of the Subdivided Lands Law?
When must a developer file a final map for a subdivision?
When must a developer file a final map for a subdivision?
Which governmental body has the power to regulate the creation of subdivisions?
Which governmental body has the power to regulate the creation of subdivisions?
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