(a) Unless the method of disposition is adopted for the purpose of evasion of this chapter, the registration provisions of this chapter do not apply to offers or dispositions of an interest in land
(1) by a purchaser of subdivided land for the account of the purchaser in a single or isolated transaction;
(2) if fewer than 10 separate lots, parcels, units, or interests in subdivided land located outside this state are offered by a subdivider in a period of 12 months, or if fewer than 50 separate lots, parcels, units, or interests in subdivided land located in this state are offered by a subdivider in a period of 12 months;
(3) on which there is a residential, commercial, or industrial building, or as to which there is a legal obligation on the part of the seller to construct such a building within one year from date of disposition;
(4) to persons who are engaged in the business of construction of buildings for resale, or to persons who acquire an interest in subdivided land for the purpose of engaging, and do engage in the business of construction of buildings for resale;
(5) under court order;
(6) by a government or government agency;
(7) as cemetery lots or interest;
(8) if the land is located in this state and is registered or exempt from registration under the provisions of the federal Interstate Land Sales Full Disclosure Act (15 U.S.C. 1701 - 1720).
(b) Unless the method of disposition is adopted for the purpose of evasion of this chapter, the provisions of this chapter do not apply to
(1) offers or dispositions of evidences of indebtedness secured by a mortgage or deed of trust of real estate;
(2) offers or dispositions of securities or units of interest issued by a real estate investment trust regulated under a state or federal statute;
(3) offers or dispositions of securities currently registered with the department; and
(4) offers or disposition of an interest in oil, gas, or other minerals or a royalty interest therein if the offers or dispositions of the interests are regulated as securities by the department or by the United States.
Section: Previous 34.55.018 34.55.020 34.55.022 34.55.024 34.55.026 34.55.028 34.55.030 34.55.032 34.55.034 34.55.036 34.55.038 34.55.042 34.55.044 34.55.046 NextLast modified: November 15, 2016