55-79.91 - Inquiry and examination. - Virginia Statutes

§ 55-79.91. Inquiry and examination.

Upon receipt of an application for registration, the agency shall conduct anexamination of the material submitted to determine that:

1. The declarant can convey or cause to be conveyed the units offered fordisposition if the purchaser complies with the terms of the offer;

2. There is reasonable assurance that all proposed improvements will becompleted as represented;

3. The advertising material and the general promotional plan are not false ormisleading and comply with the standards prescribed by the agency in itsregulations and afford full and fair disclosure;

4. The declarant has not, or if a corporation, its officers, and principalshave not, been convicted of a crime involving condominium unit dispositionsor any aspect of the land sales business in this Commonwealth, United States,or any other state or foreign country within the past ten years and has notbeen subject to any injunction or administrative order restraining a false ormisleading promotional plan involving land dispositions; and

5. The public offering statement requirements of this chapter have beensatisfied.

(1974, c. 416; 1988, c. 15.)