Florida Broker Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the Florida Broker Exam. Study with interactive quizzes, flashcards, and multiple choice questions that include hints and explanations. Ace your exam and start your real estate career today!

Practice this question and more.

Which agency must developers file a statement with under the Interstate Land Sales Full Disclosure Act?

Department of Transportation
Environmental Protection Agency
Department of Housing and Urban Development
Federal Trade Commission

The correct answer is: Department of Housing and Urban Development

Under the Interstate Land Sales Full Disclosure Act, developers are required to file a statement with the Department of Housing and Urban Development (HUD). This federal law is designed to protect consumers from fraud and unfair practices in the sale of land, especially when such sales are transacted across state lines. The Act mandates that developers provide potential buyers with specific information about the land, including disclosures about the property, its amenities, and any restrictions. HUD plays a critical role in enforcing the requirements established by this Act, ensuring that all necessary information is disclosed before a sale can be finalized. This regulatory oversight helps maintain transparency and allows prospective buyers to make informed decisions regarding their purchases. The other agencies mentioned do not have jurisdiction over the enforcement of this particular Act, which solidifies why the Department of Housing and Urban Development is the correct agency for developers to file their statements with under this legislation.