The Interstate Land Sales Full Disclosure Act (ILSA) Applies to Sales

question 75

Multiple Choice

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) 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.
• B) 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.
• C) is administered by  the Consumer Financial Protection Bureau.
• D) All of these statements are true.

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