Under the Interstate Land Sales Full Disclosure Act, buyers have how many days to cancel after receiving the property report?
Correct Answer
B) 7 days
A purchaser who received the property report before signing may revoke until midnight of the seventh day after the contract is signed. A purchaser who never received it has two years, which is the penalty for not delivering it. Other choices: 3 days is the rescission period on a refinance of a principal dwelling under Regulation Z and belongs to a different statute; 10 days is the federal lead paint inspection period; and 30 days is not a period this Act uses. See 15 U.S.C. § 1703(b) and (c).
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
Zoning is the government's division of land into districts with specific permitted uses such as residential, commercial, industrial, or agricultural. It is the most common exercise of police power over private property.
Building codes are government regulations that set minimum standards for construction, materials, design, and safety in buildings. They protect public health and safety by ensuring structures are built to acceptable standards.
A certificate of occupancy (CO) is an official document issued by the local building department certifying that a building complies with building codes and is safe for occupancy. It is required before a building can be legally occupied.
More Land Use Controls Regulations Questions
The 'innocent landowner' defense under CERCLA requires:
A buyer purchases a home in a subdivision whose CC&Rs, recorded in 1975, limit each lot to single-family residential use. The buyer begins operating an auto body repair business out of the garage, with customer vehicles parked on the lot and a spray booth in the driveway. The CC&Rs say nothing about home-based businesses. Can the HOA stop the business?
Permission to depart from a requirement of the zoning ordinance for a single parcel is obtained through a:
Zoning ordinance compliance is monitored through:
The main difference between private and public land controls is:
- → A government plan guiding long-term physical development is:
- → A developer plans to build a new condominium complex. The developer must create and record certain governing documents before selling any units. What document is the foundation of the condominium's governance structure?
- → A homeowner in an HOA community wants to install solar panels on her roof. The CC&Rs do not address solar panels. The HOA's architectural review board denies the request, citing aesthetic concerns. In many jurisdictions, how do solar access laws affect this dispute?
- → In a planned community, what is the primary role of the homeowners' association (HOA)?
- → What does the term 'covenants, conditions, and restrictions' (CC&Rs) refer to in real estate?
- → When a zoning ordinance and a deed restriction both apply to the same property but impose different standards, which standard controls?
- → What does it mean when a deed restriction is said to 'run with the land'?
- → A real estate agent is explaining deed restrictions to a buyer. All of the following are common types of deed restrictions found in residential subdivisions EXCEPT.
- → A developer creates a 200-lot subdivision and records a declaration of CC&Rs before selling any lots. The CC&Rs include architectural review requirements, landscaping standards, and HOA membership obligations. When a buyer purchases Lot 45, how is the buyer bound by the CC&Rs?
- → A buyer's agent is reviewing the CC&Rs for a subdivision. All of the following provisions are typically found in CC&Rs EXCEPT.
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