Idaho Code 55-1808 – Examination by Commission of Application for Registration
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Upon receipt of an application for registration in proper form, the commission shall forthwith initiate an examination of the application for registration to determine that:
(1) The requirements of section 55-1806, Idaho Code, have been satisfied, the subdivider can convey or cause to be conveyed the interest in subdivided lands offered for disposition if the purchaser complies with the terms of the offer and, when appropriate, that release clauses, conveyances in trust, escrow and impoundage provisions and other safeguards have been provided;
Terms Used In Idaho Code 55-1808
- Commission: means the Idaho real estate commission. See Idaho Code 55-1802
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Disposition: includes sale, lease, assignment, award by lottery or any other transaction concerning a subdivision, if undertaken for gain or profit. See Idaho Code 55-1802
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Offer: includes any inducement, solicitation or attempt to encourage a person to acquire an interest in land, if undertaken for gain or profit. See Idaho Code 55-1802
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Purchaser: means a person who acquires or attempts to acquire or succeeds to an interest in land. See Idaho Code 55-1802
- subdivided lands: means and includes the following:
Idaho Code 55-1802Subdivider: means any owner of subdivided land who offers it for disposition or the principal agent of an inactive owner. See Idaho Code 55-1802
(2) There is reasonable assurance that all proposed improvements will be completed as represented;
(3) There is no evidence which would reasonably lead the commission to believe that the subdivider, or if a corporation, partnership or other legal entity, its individual officers, directors, general partners, members, managers or other such principals are contemplating a fraudulent or misleading sales promotion; and
(4) The public offering statement requirements of this chapter have been satisfied.