Asked by Emily Lutsock on May 18, 2024
Verified
The Interstate Land Sales Full Disclosure Act (ILSA) applies to sales or leases of one hundred or more lots of unimproved land as part of a common promotional plan in interstate commerce. The Act:
A) requires a developer to file with HUD a detailed "statement of record" containing specified information about the subdivision and the developer before offering the lots for sale or lease.
B) pro-vides that a purchaser or lessee may revoke any contract or agreement for sale or lease at her option within seven days of signing the contract and that the contract must clearly pro-vide this right.
C) is administered by the Consumer Financial Protection Bureau.
D) All of these statements are true.
Interstate Land Sales Full Disclosure Act
A federal law that aims to prevent fraudulent marketing practices in the sale of land and to ensure that buyers receive adequate information before purchasing.
Unimproved Land
Land that remains in its natural state, without any man-made additions or changes such as buildings or other structures.
Common Promotional Plan
A marketing strategy that employs varied promotional tools and resources to reach a broad audience effectively.
- Familiarize oneself with the obligations and security measures outlined in diverse consumer protection legislations.
Verified Answer
Learning Objectives
- Familiarize oneself with the obligations and security measures outlined in diverse consumer protection legislations.
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