Title 44, Chapter 3, Section 2
As used in this article, the term:
(1) "Agent" means any person who represents, or acts for or on
behalf of, a developer in selling or leasing or offering to sell
or lease any lot or lots in a subdivision but shall not include an
attorney at law whose representation of another person consists of
rendering legal services.
(2) "Blanket encumbrance" means:
(A) Any deed to secure debt, trust deed, mortgage, mechanic's
lien, or any other lien or financial encumbrance securing or
evidencing money debt and affecting subdivided land or affecting
more than one lot or parcel of subdivided land; or
(B) Any agreement affecting more than one such lot or parcel by
which the subdivider holds such subdivided land under an option,
contract to purchase, or trust agreement; provided, however,
that taxes and assessments levied by public authority are not
deemed to be encumbrances within the meaning of this paragraph.
(3) "Business day" means any calendar day except Sunday or any
national legal public holiday.
(4) "Common promotional plan" means a plan undertaken by a single
developer or a group of developers acting in concert to offer lots
for sale or lease; where such land is offered for sale by such a
developer or group of developers acting in concert and, where such
land is contiguous or known, designated, or advertised as a common
unit or by a common name, such land shall be presumed, without
regard to the number of lots covered by each individual offering,
as being offered for sale or lease as part of a common promotional
(5) "Conspicuous statement" means a statement in boldface and
conspicuous type which shall be a type size of at least ten
points. Such statement shall always be shown larger than all
other nonconspicuous statements in the body of the document in
which it is required.
(6) "Developer" or "subdivider" or "owner" means any person who,
directly or indirectly, sells or leases, or offers to sell or
lease, or advertises for sale or lease any lots in a subdivision.
(7) "Disposition" or "dispose of" means any sale, exchange, lease,
assignment, award by lottery, or other transaction designed to
convey an interest in a subdivision or parcel, lot, or unit
thereof, if undertaken for gain or profit.
(8) "Offer" means every inducement, solicitation, or attempt to
bring about a disposition.
(9) "Person" means an individual, firm, company, association,
corporation, government or governmental subdivision or agency,
business trust, estate, trust, partnership, unincorporated
association or organization, two or more of any of the foregoing
having a joint or common interest, or any other legal or
(9.1) "Property report" means a written statement given to
prospective purchasers by the developer or the developer's agent
disclosing such information about the subdivision as required by
(10) "Purchaser" means a person other than a developer or lender
who acquires an interest in any lot, parcel, or unit in a
(11) "Sale" means every sale, lease, assignment, award by lottery,
solicitation, or offer to do any of the foregoing concerning a
subdivision, if undertaken for gain or profit.
(12) "Subdivision" or "subdivided land" means:
(A) Any contiguous land which is divided or is proposed to be
divided for the purpose of disposition into 50 or more lots,
parcels, units, or interests; or
(B) Any land, whether contiguous or not, which is divided or
proposed to be divided into 50 or more lots, parcels, units, or
interests which are offered as a part of a common promotional