NAC119A.310. Price; predevelopment sale; discount; future price; increase in value.

An advertisement, a piece of promotional material or an oral representation regarding a project:

     1. Which refers to the purchase price of any unit, time share or any interest in a unit or time share must also clearly disclose any additional compulsory assessment or cost to the prospective purchaser.

     2. Which refers to a predevelopment sale being at a lower price, because the project has not yet been developed in some manner, must disclose whether there is a good faith plan for development and, if there is such a plan, the prospective completion date.

     3. Which offers a discount which reduces the advertised price may do so only if the discount is offered for a purchase in quantity, payment in cash, a large or accelerated payment or on other reasonable grounds.

     4. Must not contain any statement concerning a future increase of the price by the developer which is not specific as to the amount and the date of the increase, and a future increase of the price may not be alluded to unless it is anticipated in good faith.

     5. Must not state that the value of the land, unit, time share or an interest in the land, unit or time share has increased in the project or the area unless the interest used for comparison is directly comparable to that being advertised for sale.

     (Added to NAC by Real Estate Div., eff. 12-3-84; A 5-2-86)