A developer is preparing to sell time share interests at a new resort on Maui. Before the developer can begin marketing and selling these time share interests to the public in Hawaii, which of the following must the developer complete under HRS Chapter 467B?
Correct Answer
B) Register the time share plan with the Hawaii Real Estate Commission and obtain approval
Under HRS Chapter 467B, a developer must register the time share plan with the Hawaii Real Estate Commission (HREC) and obtain approval before marketing or selling time share interests to the public. Registration requires submission of disclosure documents, the time share plan details, and other required materials. This registration requirement is a prerequisite to any sales activity.
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Related Concepts
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
A group boycott is an illegal antitrust practice in which two or more competing real estate businesses agree to refuse to work with a specific person, company, or entity in order to harm that party's ability to compete.
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