Land Use & ZoningIntermediateAlabama Exam
Interstate land sales in Alabama for 25 or more unimproved lots may be regulated by:
AAREC only
BThe Interstate Land Sales Full Disclosure Act (ILSFDA) administered by HUDCorrect
CThe Alabama Department of Revenue, as most licensees would generally expect
DThe Federal Trade Commission
Why The Interstate Land Sales Full Disclosure Act (ILSFDA) administered by HUD Is Correct
Answer B: The Interstate Land Sales Full Disclosure Act (ILSFDA) administered by HUD
The Interstate Land Sales Full Disclosure Act (ILSFDA), administered by HUD/CFPB, regulates the sale or lease of 25 or more lots across state lines, requiring registration and disclosure.
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Key Terms to Know
Short Sale
A sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
VarianceOfficial permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.
Math Concepts
State-Specific Concepts
AREC Regulation
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