Final answer:
Before receiving a commissioner's Public Report, a subdivider can sell a lot reservation, which gives a buyer the right to purchase a specific lot once approvals are obtained. This differs from selling actual interest in the property, which is not allowed until the report is issued.
Step-by-step explanation:
In the context of real estate development, a subdivider is typically a person or entity that divides a larger piece of land into smaller lots for sale or development. Before a subdivider can legally sell these lots, they often must receive approval from various government entities, including the issuance of a commissioner's Public Report, which verifies that the subdivision complies with state and local regulations.
The question asks what a subdivider can sell before receiving this Public Report, and out of the options provided, the correct answer is that a subdivider can sell a lot reservation. A lot reservation is essentially an agreement between the subdivider and a potential buyer that gives the buyer the right to purchase a specific lot once all the necessary approvals, like the commissioner's Public Report, have been obtained. This is different from selling an actual interest in the property, which would generally not be allowed until the Public Report has been issued.
Therefore, the subdivider can take reservations on lots, but cannot sell the property or any actual interest in it until the Public Report is received, ensuring that all legalities are adhered to and the buyer is protected.