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Under the Interstate Land Sales Full Disclosure Act (ILSFDA), How

Question 40

Multiple Choice

Under the Interstate Land Sales Full Disclosure Act (ILSFDA) , how long does a buyer have to cancel an interstate real estate transaction?


A) until the transaction is finalized or within one week of receiving a disclosure document that contains information about the subdivision
B) up to a year after the transaction is finalized, assuming the buyer has kept proper records with respect to the fraudulent behavior of the real estate developer
C) one day
D) a minimum of seven days
E) ILSFDA does not protect against fraud after its commission, it only decreases the incidents of fraud by promoting transparency in interstate real estate transactions

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