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Business Law Case Study

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Interstate Land Sales Full Disclosure Act Common Questions Q1 Interstate land sales contracts are governed by the Depart of Housing and Urban Development HUD) through ______. The Office of Interstate Land Sales Regulation Authorized state authorities Appointed federal employees approved by Congress The HUD Fair Housing Act Q2 The Interstate Federal Land Sales Full Disclosure Act (also known as IFLSDA or ISLA) regulates all of the following, except _______. Local transactions between residents of the same county Real estate sale/lease transaction across state line Real estate sale/lease transactions between a domestic party and a party in another country Sales within state borders not cover under State jurisdiction Q3 Congress passed the …show more content…

What type of exemption means he probably won't have to provide disclosure reports to the government or buyers? A full statutory exemption Partial statutory exemption Regulatory exemption Commercial exemption Q6 Under what circumstances could a developer with a total of 38 lots qualify for a full statutory exemption? Subdivisions with more than twenty-five lots may qualify if fewer than twenty-five lots are offered for sale because some lots are offered for sale or lease under the common promotional plan. All developments with more than 25 lots are subject to ISLA regulations One or more of the lots are slated for multi-family housing units The developer has special status are a preferred government contractor Q7 Which ISLA exemptions apply to individual lots? Regulatory exemptions Partial exemptions Full statutory exemptions Zoning

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