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As soon as a developer becomes aware of the fact that a _________ ________ does not comply with the Real Estate Development Marketing Act ("REDMA") or the REDMA Regulation, or contains a misrepresentation, the developer must file and deliver a new or amended one.

A. Development Proposal
B. Marketing Plan
C. Sales Contract
D. Disclosure Statement

1 Answer

3 votes

Final answer:

The correct answer is D. Disclosure Statement. Developers must amend the Disclosure Statement if it doesn't comply with REDMA or contains misrepresentations to ensure compliance with real estate marketing laws and protect consumers.

Step-by-step explanation:

As soon as a developer becomes aware of the fact that a Disclosure Statement does not comply with the Real Estate Development Marketing Act ("REDMA") or the REDMA Regulation, or contains a misrepresentation, the developer must file and deliver a new or amended one. The correct answer to the question is D. Disclosure Statement. REDMA is an act that sets out rules and regulations for marketing and selling development properties in certain regions, like British Columbia, Canada. It is crucial for developers to comply with these regulations to ensure transparency and fairness in real estate transactions. Should a Disclosure Statement be found non-compliant or contain inaccuracies, it must be promptly corrected to protect potential buyers and maintain market integrity.

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