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52 Cards in this Set

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"..." means land which is divided or is proposed to be divided for the purpose of disposition into ten or more units including land, whether contiguous or not, if ten or more units are offered as a part of a common promotional plan of advertising and sale. If a subdivision is offered by a developer or group of developers, and the land is contiguous or is known, designated, or advertised as a common tract or by a common name, that land is presumed, without regard to the number of units covered by each individual offering, to be part of a common promotional plan.
"Subdivision" or "subdivided lands"
ULSPA 57-11-2. Definitions (9)
(4) The director may by rule or order exempt any person from any requirement of this chapter if the director finds that the offering of an interest in a subdivision is essentially ___a___. For purposes of this section, the bulk sale of subdivided lands by a subdivider to _____ is considered essentially noncommercial.
a.) noncommercial
b.) "another person who will become the subdivider of those lands"

57-11-4. Exemptions.
Subdivided land sales temporary permit requirement #1
(a) submit an application to the division for a temporary permit in the form required by the division;
Subdivided land sales temporary permit requirement #2
(b) submit a substantially complete application for registration to the division, including all appropriate fees and exhibits required under Sections 57-11-6 and 57-11-7 in addition to a temporary permit fee of $100;
Subdivided land sales temporary permit requirement #3
(c) provide evidence acceptable to the division that all funds received by the developer or marketing agent will be placed into an independent escrow with instructions that funds will not be released until a final registration has been granted;
Subdivided land sales temporary permit requirement #4
(d) give to each purchaser and potential purchaser a copy of the proposed property report which the developer has submitted to the division with the original application; and
Subdivided land sales temporary permit requirement #5
(e) give to each purchaser the opportunity to rescind the purchase in accordance with this section. The purchaser must be granted an additional opportunity to rescind upon the issuance of an approved registration if the division determines that there is a substantial difference in the disclosures contained in the final property report and those given to the purchaser in the proposed property report.
(1) No person may offer or dispose of any interest in subdivided lands ___a___ nor offer or dispose in this state of any interest in subdivided lands located outside of this state prior to the time the subdivided lands are ___b___ in accordance with this chapter.
a.) located in this state
b.) registered

57-11-5. Registration, public offering statement, and receipt required for sale of subdivided land -- Temporary permit -- Right of rescission
Any contract or agreement of disposition for an interest in subdivided lands may be rescinded by the purchaser without cause by midnight of the fifth calendar day after the ______.
execution of the contract or agreement of disposition
T/F: (wwt ULSPA) This right of rescission may be waived by the purchaser's volunteering the waiver in exchange for reasonable compensation.
False.
This right of rescission may not be waived by agreement.

57-11-5. Registration, public offering statement, and receipt required for sale of subdivided land -- Temporary permit -- Right of rescission.
Components of a subdivision's application for registration #1.
(a) an irrevocable appointment of the division to receive service of any lawful process in any noncriminal proceeding arising under this chapter against the applicant or his personal representative;
Components of a subdivision's application for registration #2.
(b) a legal description of the subdivided lands offered for registration, together with a map showing the division proposed or made, the dimensions of the units, and the relation of the subdivided lands to existing streets, roads, and other off-site improvements;
Components of a subdivision's application for registration #3.
(c) the states or jurisdictions, including the United States, in which an application for registration or similar document has been filed, and a copy of any adverse order, judgment, or decree entered in connection with the subdivided lands by the regulatory authorities in each jurisdiction or by any court;
Components of a subdivision's application for registration #4.
(d) the applicant's name and address, and the form, date, and jurisdiction of organization; the address of each of its offices in this state; and the name and address of the individual to whom the applicant wishes to have the division direct all communications;
Components of a subdivision's application for registration #5.
(e) the name, address, and principal occupation for the past five years of every director, officer, or general partner of the applicant or person occupying a similar status or performing similar functions; the extent and nature of his interest in the applicant or the subdivided lands as of a specified date within 30 days of the filing of the application;
Components of a subdivision's application for registration #6.
(f) a statement, in a form acceptable to the division, of the condition of the title to the subdivided lands, including encumbrances, as of a specified date within 30 days of the date of application, which statement:
(i) if the subdivided lands are situated in this state, shall be in the form of a title opinion from a title insurer qualified to engage in the title insurance business in this state or an opinion of an attorney, licensed to practice in this state and who is not a salaried employee, officer, or director of the applicant or owner;
(ii) if the subdivided lands are situated in another jurisdiction, shall be in the form of an opinion of an attorney licensed to practice in the jurisdiction where the lands are situated and who is not a salaried employee, officer, or director of the applicant or owner; or
(iii) may be substituted by other evidence of title acceptable to the division;
Components of a subdivision's application for registration #7.
(g) copies of the instruments which will be delivered to a purchaser to evidence his interest in the subdivided lands and of the contracts and other agreements which a purchaser will be required to agree to or sign;
Components of a subdivision's application for registration #8.
(h) copies of the instruments by which the interest in the subdivided lands to be disposed of to the purchaser was acquired and a statement of any lien or encumbrance upon the title and copies of the instruments creating the lien or encumbrance, if any, with recording data, but if any of these instruments contain any information relating to the consideration paid upon the prior acquisition of the subdivided lands, this information may be blocked out;
Components of a subdivision's application for registration #9.
(i) if there is a lien or encumbrance affecting more than one unit, a statement of the consequences to a purchaser of failure to discharge the lien or encumbrance and the steps, if any, taken to protect the purchaser in case of this eventuality;
Components of a subdivision's application for registration #10.
(j) copies of instruments creating easements, restrictions, or other encumbrances affecting the subdivided lands;
Components of a subdivision's application for registration #11.
(k) a statement of the zoning and other governmental regulations affecting the use of the subdivided lands and of any existing or proposed taxes or special assessments which affect the subdivided lands;
Components of a subdivision's application for registration #12.
(l) (i) if the subdivided lands are situated in this state, and unless all lands to be disposed of are included on a subdivision plat map which has been filed and approved pursuant to Title 17, an opinion by an attorney, licensed to practice in this state and who is not a salaried employee, officer, or director of the applicant or owner, that:
(A) the division proposed or made does not or will not violate any existing state statute or local ordinance; and
(B) all permits or approvals have been obtained from the applicable state or local authorities necessary for the subdivided lands to be put to the use for which they are offered, except for those permits or approvals which will not be granted until the subdivided lands are registered under this chapter if this registration is the only condition precedent to the granting of the permits or approvals; or
(ii) if the subdivided lands are situated in another jurisdiction, an opinion by an attorney licensed to practice in that jurisdiction and who is not a salaried employee, officer, or director of the applicant or owner, that the division proposed or made does not violate any existing statute, ordinance, or other law;
Components of a subdivision's application for registration #13.
(m) a statement of the existing provisions for access, sewage disposal, water (including a supply of culinary water), and other public utilities in the subdivision and, if they are not presently available but are feasible, the estimated cost to the purchaser of their procurement;
Components of a subdivision's application for registration #14.
(n) a statement of any improvements to be installed, the schedule for their completion, any provisions for maintenance of those improvements, and estimated costs to the purchaser;
Components of a subdivision's application for registration #15.
(o) a statement declaring whether or not the applicant is or will be representing, in connection with an offer or disposition of land, that culinary water service will be available to or on the subdivided lands, and if the applicant is or will be so representing:
(i) a statement as to what entity will be providing the culinary water service and the nature of the entity; and
(ii) if the entity providing the service is not a municipal system, a certificate from the Public Service Commission that the entity providing the culinary water service either holds a certificate of convenience and necessity from the commission, or has been found by the Public Service Commission to be exempt from its jurisdiction;
Components of a subdivision's application for registration #16.
(p) a narrative description of the promotional plan for the disposition of the subdivided lands together with copies of all advertising material which has been prepared for public distribution by any means of communication;
Components of a subdivision's application for registration #17.
(q) the proposed public offering statement;
Components of a subdivision's application for registration #18.
(r) a copy of every public report or public offering statement or similar document filed with or issued by any agency of the United States or any state or jurisdiction; and
Components of a subdivision's application for registration #19.
(s) any other reasonable information, including any current financial statement, which the division by its rules requires for the protection of purchasers.
[57-11-6]
(2) Each application for registration of subdivided lands shall be accompanied by a filing fee of __a__for up to 30 units, plus an additional __b___ for each unit over 30 units up to a maximum of __c___ for each application, and a deposit of $__d__ to cover all on-site inspection costs and expenses incurred by the division. If the $300 deposit is insufficient to meet the estimated costs and expenses of the on-site inspection, the applicant or owner shall make an additional deposit sufficient to cover the estimated costs and expenses before the division will inspect the subdivided lands. The deposit shall be refunded to the extent it is not used, together with an itemized statement from the division of all amounts it has used.
a.) $500
b.) $3 per unit
c.) $2,500
d.) $300
[57-11-6]
(3) In the event the subdivider registers additional subdivided lands to be offered for disposition, he may consolidate the subsequent registration with any earlier registration offering subdividing lands for disposition under the same promotional plan by filing an application for consolidation accompanied by an additional fee of __a___, plus $3 for each additional unit, up to a maximum of $___b___ for each application, if at the time the subdivider makes the application all of the information required by Subsection (1) of this section has been brought current and covers the additional subdivided lands.
a.) $200
b.) 1,250
57-11-6.
(4) The subdivider shall report any material change in the information contained in an application for registration or consolidation within ___a___ days from the time that change becomes known to him.
a.) 15 days
(1) Every public offering statement shall disclose completely and accurately to prospective purchasers:
(a) the ___a___ of the subdivided lands offered; and
(b) unusual and material circumstances or ____b____ the subdivided lands.
a.) physical characteristics
b.) features affecting
Components of the Public Offering Statement #1
(a) the name and principal address of the subdivider and the name and principal address of each officer, director, general partner, other principal, or person occupying a similar status or performing similar functions as defined by the rules of the division if the subdivider is a person other than an individual;
Components of the Public Offering Statement #2
(b) a general description of the subdivided lands stating the total number of units in the offering;
Components of the Public Offering Statement #3
(c) a statement summarizing in one place the significant terms of any encumbrances, easements, liens, severed interests, and restrictions, including zoning and other regulations affecting the subdivided lands and each unit, and a statement of all existing or proposed taxes or special assessments which affect the subdivided lands;
Components of the Public Offering Statement #4
(d) a statement of the use for which the property is offered;
Components of the Public Offering Statement #5
(e) information concerning:
(i) any improvements, including streets, curbs, and gutters, sidewalks, water supply including a supply of culinary water, drainage and flood control systems, irrigation systems, sewage disposal facilities, and customary utilities;
(ii) the estimated cost to the purchaser, the estimated date of completion, and the responsibility for construction and maintenance of existing and proposed improvements which are referred to in connection with the offering or disposition; and
(iii) if for any reason any of the improvements described in Subsections (i) and (ii) cannot presently be constructed or maintained, a statement clearly setting forth this fact and giving the reasons therefor;
Components of the Public Offering Statement #6
(f) (i) a statement of existing zoning or other planned land use designation of each unit and the proposed use of each unit in the subdivision including uses as residential dwellings, agriculture, churches, schools, low density apartments, high density apartments and hotels, and a subdivision map showing the proposed use, the zoning, or other planned land use designation, unless each unit has the same proposed use, zoning, or other planned land use designation;
(ii) if the subdivision consists of more than one tract or other smaller division, the information and map required by Subsection (i) need only pertain to the tract or smaller division in which the units offered for disposition are located;
Components of the Public Offering Statement #7
(g) a map, which need not be drawn to scale, enabling one unfamiliar with the area in which the subdivision is located to reach the subdivision by road or other thoroughfare from a nearby town or city;
Components of the Public Offering Statement #8
(h) (i) the boundary, course, dimensions, and intended use of the right-of-way and easement grants of record;
(ii) the location of existing underground and utility facilities; and
(iii) any conditions or restrictions governing the location of the facilities within the right-of-way, and easement grants of record, and utility facilities within the subdivision; and
Components of the Public Offering Statement #9
(i) any additional information the division may require to assure full and fair disclosure to prospective purchasers.
57-11-7
(3) (a) The public offering statement may not be used for any ___a___ either before registration of the subdivided lands or before the date the statement becomes effective.
(b) The statement may be used after it becomes effective only if it is used ___b___.
(c) A person may not advertise or represent that the division ___c___ the subdivided lands or their disposition.
(d) No portion of the public offering statement may be underscored, italicized, or printed in larger, heavier, or different color type than the remainder of the statement, unless ___d___ requires it.
a.) promotional purposes
b.) in its entirety
c.) approves or recommends
d.) the division
57-11-7
(4) (a) The division may require the subdivider to alter or amend the proposed public offering statement in order to assure ___a___ to prospective purchasers.
(b) A change in the substance of the promotional plan or plan of disposition or development of the subdivision may not be made after registration without notifying and receiving approval of the division and without making appropriate ___b___ of the public offering statement.
(c) A public offering statement is not current unless:
(i) all amendments are incorporated;
(ii) the subdivider has timely filed each renewal report required by Section 57-11-10; and
(iii) no ___c___ issued pursuant to this chapter is in effect.
a.) full and fair disclosure
b.) amendment
c.) cease and desist order
57-11-7
(5) The subdivider must notify the division within _______ if he is convicted of a crime involving fraud, deception, false pretenses, misrepresentation, false advertising, or dishonest dealing in real estate transactions, or has been subject to any injunction or administrative order restraining a false or misleading promotional plan involving land dispositions.
five working days
57-11-7
(6) The subdivider must notify the division within _____ days if the person which owns the subdivided lands files a petition in bankruptcy or if any other event occurs which may have a material adverse effect on the subdivision.
five working days
57-11-9
(1) (a) Upon receipt of the application for registration in proper form, the division shall issue a notice of filing to the applicant within ___a___ days of the date of receipt of application.
(b) Within 30 days from the date of the ___b___, or, if no notice of filing is issued within the time required, within 35 days from the ____c____, the division shall register the subdivided lands or ___d__.
(c) If the division has not entered the rejection within __e___ days from the date of notice of filing, the land is considered registered unless the applicant has consented in writing to a delay.
a.) five business days
b.) notice of filing
c.) date of receipt of the application
d.) reject the registration
e.) 30 days
57-11-9
(2) (a) After inquiry and examination, if the division affirmatively determines that the requirements of Subsection 57-11-8 (1) have been met, it shall ___a___ the subdivided lands and shall designate the form of the public offering statement.
(b) The division may provide that the public offering statement is not effective until evidence is obtained and made part of the public offering statement that ___b____ for the subdivided lands to be put to the use for which they are offered have been granted.
a.) register
b.) demonstrates that all permits or approvals necessary
57-11-9
(3) (a) After inquiry and examination, if the division determines that any of the requirements of Subsection 57-11-8 (1) have not been met, it shall notify the applicant that the application for registration, the promotional plan, or the plan of disposition must be corrected within __a___ days or within the time allowed by the division.
(b) If the requirements are not met within the time allowed, the division shall enter an order rejecting the registration, giving the reasons for the rejection.
(c) Rejection of the registration is not effective for _____ days, during which time the applicant may request a hearing.
a.) 15 days
b.) 20 days
57-11-10
(1) (a) Within 30 days after each annual anniversary date of the division's registration of subdivided lands, the subdivider shall file a ___a___ in the form prescribed by the division together with a renewal fee of $200.
(b) The report shall reflect any ___b___ in information contained in the original application for registration, including any change in ownership of the subdivider.
(c) The report shall also indicate the ____c____ in the subdivision that have been disposed of since the division registered the subdivided lands.
a.) renewal report
b.) material changes
c.) number of units
57-11-10
(2) (a) The division may, upon the filing of a renewal report, initiate a ___a___ of the kind described in Section 57-11-8.
(b) If the division determines upon inquiry and examination that any of the requirements of Section 57-11-8 have not been met, it shall notify the subdivider that the report, the promotional plan, or the plan of disposition must be corrected within ___b___ days or any additional time allowed by the division.
(c) If the requirements are not met within the time allowed, the division may, notwithstanding the provisions of Section 57-11-13 and without further notice, issue a ___c___ according to the emergency procedures of Title 63, Chapter 46b, Administrative Procedures Act, barring further sale of the subdivided lands.
a.) renewal examination
b.) 20 days
c.) cease and desist order
57-11-10
(3) The division may permit the filing of annual reports within ___a___ after the anniversary date of the ____b___ in lieu of the anniversary date of the original registration.
a.) 30 days
b.) consolidated registration