1)   A subdivider is any person who offers lots, parcels or fractional interests for sale or lease, as follows:

a) Up to (5) .  
b) Six (6) or more.
c)      A parcel of 36 acres or more.
d)      None of the above.

2)   A lender has foreclosed upon the remaining 11 vacant lots in a subdivision. The existing Public Report is not currently valid. The lender’s options are as follows:

a) To apply for a Subsequent Owner's Exemption and sell the lots individually.
b) To apply for a new Public Report to sell the lots individually.
c)      To sell the lots through two bulk sales of six (6) and five (5) lots.
d)      To sell all 11 lots through a single bulk sale.

3) A lender has foreclosed upon the remaining 19 lots in a subdivision. 14 of the lots are vacant lots, Five (5) of the lots have homes in various stages of completion. The lender's options include:

a)   To sell the 14 lots in a bulk sale and the five (5) remaining lots to contactors for completion.
b)         To sell the 19 lots in one bulk sale.
c)       To sell the 14 lots in a bulk sale and obtain a Public Report for the five (5) remaining lots.
d)  To sell all 19 lots through bulk sales of six or more lots each.
e)  All of the above

4)  To obtain a Subsequent Owner's Exemption, the original Public Report:

a)    Must be no more than two (2) years old.
b)        Must be no more than three (3) years old.
c) The applicant must attest that there have been no material charges to the Public Report issued.
d) The applicant must comply with the assured water supply requirements.

5)  A lender has obtained five (5) lots in a platted subdivision. Before marketing the lots, the lender must:

a)  Apply for a subsequent owner's exemption.
b)    Apply for a new Public Report.
c) Obtain approval from the County before proceeding further.
d) None of the above.

6) When a lender has acquired enough lots or parcels to qualify as a subdivider, when may the lender begin advertising the lots or parcels for sale?
a)    Prior to notifying the commissioner of the intent to market the lots or parcels.
b)        Upon notifying the commissioner in writing of the intent to market the lots or parcels.
c)        Upon approval of the commissioner to market the lots or parcels.
d)       None of the above.

7) A Public Report may be amended by:

a)  A subsequent owner.
b)    The original applicant only.
c) A special order of exemption.
d)        A conditional sales exemption.

8)    A Public Report is a type of:

a) Registration.
b)      Endorsement.
c)        License.
d) Disclosure.

9)    A Public Report is invalid if:

a)  The infrastructure has not been completed as stated.
b)      There is no legal access into the subdivision.
c) The developer has gone into bankruptcy and liens have been placed on the property.
d) All of the above.

10)     A lender that has foreclosed on a subdivision has the option to apply for:

a)  New Public Report.
b)  Special Order of Exemption.
c)  Lot Reservations.
d) Conditional Sales Exemption.
e)  Subsequent Owner's Exemption.  

11)   A lender forecloses on a subdivision with a Public Report authorizing the sale of improved lots. Under a Subsequent Owner's Exemption, may the lender market the lots for sale or lease?

a)  For sale only .
b)  For lease only .
c)  For either sale or lease.

12)  A lender forecloses on a subdivision with a Public Report authorizing the sale of improved and unimproved lots but no homes have been built in the subdivision. Under a Subsequent Owner's Exemption, can the lender market improved lots?

a)  Unimproved lots only .
b)  Improved lots only .
c)  Unimproved and improved lots.

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