TITLE 34
Property

CHAPTER 34-38
Regulation of Out of State Real Estate Sales and Dispositions

SECTION 34-38-6


§ 34-38-6 Requirements for offer or disposition.

(a) No subdivision or lot, parcel, unit, or interest in any subdivision shall be disposed of except through a broker, provided nothing herein shall be deemed to prohibit any broker from employing any salesperson for the specific purpose of offering or disposing of, on behalf of the broker and under contract to him or her any lot, parcel, unit or interest in any subdivision. Prior to any advertising offering or disposition, pursuant to any license granted under this chapter, the name of the broker shall be placed on file with the department.

(b) A clearly identified copy of the prospectus, property report, or offering statement shall be given to each purchaser by the broker or salesperson prior to the execution of any contract for the disposition of any property. The broker or salesperson shall obtain from the purchaser a signed receipt for a copy of the prospectus, property report, or offering statement and, if a contract for disposition shall be entered into, the receipt shall be kept in the broker's files for a period of seven (7) years and shall be subject to inspection by the department.

(c) Any contract or agreement for the disposition of any subdivision or any lot, parcel, unit, or interest in any subdivision not exempt under the provision of § 34-38-2, where the prospectus, property report, or offering statement has not been given to the purchaser more than seventy-two (72) hours in advance of his or her signing the contract or agreement, may be revoked by the purchaser within seventy-two (72) hours after he or she signed the same or after receipt by him or her of the prospectus, property report, or offering statement, whichever is the later, and the contract or agreement shall so provide. Any revocation shall be in writing in a form prescribed by the department and shall be communicated to the broker or the seller within the time limited by this section and all money paid by the purchasers under the revoked contract or agreement shall be returned to him or her immediately by the broker, without any deductions.

History of Section.
(P.L. 1972, ch. 56, § 1.)