R162-57a-13. Unprofessional Conduct

  (1) Developer.

  (a) Affirmative duties. A developer or an individual designated by the developer shall:

  (i) actively supervise project salesperson(s) to ensure compliance with Section 57-19 et seq. and these rules;

  (ii) provide the complete property report to each prospective purchaser pursuant to Subsection R162-57a-11(2)(b)(i);

  (iii) obtain a signed receipt for property report from a prospective purchaser prior to:

  (A) executing a purchase agreement; or

  (B) receiving any item of value toward the purchase of an interest; and

  (iv)(A) clearly inform a purchaser of the purchaser's right to rescind the agreement if, during the rescission period mandated by Section 57-19-12, the purchaser expresses a desire to terminate a contract or agreement entered into by the purchaser; and

  (B) ensure compliance with this Subsection (iv)(A) by:

  (I) all subsidiaries of the developer;

  (II) all persons affiliated with the developer; and

  (III) all persons affiliated with a subsidiary of the developer.

  (b) Prohibited conduct. A developer is subject to discipline if the developer or an affiliated person:

  (i) makes a misrepresentation or material omission in a document submitted to the division; or

  (ii) fails to comply with an order of the division.

  (2) Salesperson. A salesperson shall comply with:

  (a) Section 57-19 et seq.;

  (b) these rules; and

  (c) this Subsection (1)(a)(ii)-(iv).