§ 34-38-6 - Requirements for offer or disposition.
SECTION 34-38-6
§ 34-38-6 Requirements for offer ordisposition. – (a) No subdivision or lot, parcel, unit, or interest in any subdivision shallbe disposed of except through a broker, provided nothing herein shall be deemedto prohibit any broker from employing any salesperson for the specific purposeof offering or disposing of, on behalf of the broker and under contract to himor her any lot, parcel, unit or interest in any subdivision. Prior to anyadvertising offering or disposition, pursuant to any license granted under thischapter, the name of the broker shall be placed on file with the department.
(b) A clearly identified copy of the prospectus, propertyreport, or offering statement shall be given to each purchaser by the broker orsalesperson prior to the execution of any contract for the disposition of anyproperty. The broker or salesperson shall obtain from the purchaser a signedreceipt for a copy of the prospectus, property report, or offering statementand, if a contract for disposition shall be entered into, the receipt shall bekept in the broker's files for a period of seven (7) years and shall be subjectto inspection by the department.
(c) Any contract or agreement for the disposition of anysubdivision or any lot, parcel, unit, or interest in any subdivision not exemptunder 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 berevoked by the purchaser within seventy-two (72) hours after he or she signedthe same or after receipt by him or her of the prospectus, property report, oroffering statement, whichever is the later, and the contract or agreement shallso provide. Any revocation shall be in writing in a form prescribed by thedepartment and shall be communicated to the broker or the seller within thetime limited by this section and all money paid by the purchasers under therevoked contract or agreement shall be returned to him or her immediately bythe broker, without any deductions.