§514A-104  Apartment selection,
requirements.  (a)  When the chronological system is used, the developer or
the developer's real estate broker, as the case may be, shall offer the
residential apartments that have been designated pursuant to section 514A-103
as follows:



(1)  For thirty days from the date of the first
published announcement or advertisement required under section 514A-102, the
developer or developer's real estate broker shall offer the residential
apartments that have been designated pursuant to section 514A-103 to
prospective purchasers chronologically in the order in which they submit to the
developer or the developer's real estate broker, a completed owner-occupant
affidavit, an executed sales contract or reservation, and an earnest money deposit
in a reasonable amount designated by the developer.  The developer or the
developer's real estate broker shall maintain at all times a sufficient number
of sales contracts and affidavits for prospective owner-occupants to execute. 
Prospective purchasers who do not have the opportunity to select a residential
apartment during the thirty-day period shall be placed on a back-up reservation
list in the order in which they submit a completed owner-occupant affidavit and
earnest money deposit in a reasonable amount designated by the developer;



(2)  If two or more prospective owner-occupants intend
to reside jointly in the same residential apartment, only one residential
apartment designated pursuant to section 514A-103 shall be offered to them or
only one of them shall be placed on the back-up reservation list;



(3)  No developer, employee or agent of the developer,
or any real estate licensee shall, either directly or through any other person,
release any information or inform any prospective owner-occupant about the
publication announcement or advertisement referred to in section 514A-102,
including the date it is to appear and when the chronological system will be
initiated, until after the announcement or advertisement is published; and



(4)  The developer shall compile and maintain a list
of all prospective purchasers that submit a completed owner-occupant affidavit,
an executed sales contract or reservation, and an earnest money deposit, and
maintain a back-up reservation list, if any.  Upon the request of the
commission, the developer shall provide a copy of the list of all prospective
purchasers and the back-up reservation list.



(b)  When the public lottery system is used,
the developer or the developer's broker, as the case may be, shall offer the
residential apartments that have been designated pursuant to section 514A-103
as follows:



(1)  From the date of the first published announcement
or advertisement required under section 514A-102 until five calendar days after
the last published announcement or advertisement, the developer or developer's
real estate broker shall compile and maintain a list of all prospective
owner-occupants who have submitted to the developer or the developer's real
estate broker a duly executed owner-occupant affidavit.  All prospective
owner-occupants on this list shall be included in the public lottery described
in paragraph (2).  The developer and the developer's real estate broker shall
maintain at all times sufficient copies of affidavits for prospective
owner-occupants to execute.  Upon the request of the commission, the developer
shall provide a copy of the lottery list of prospective owner-occupants;



(2)  The developer or developer's real estate broker
shall conduct a public lottery on the date, time, and location as set forth in
the published announcement, or advertisement.  Any person, including all
prospective owner-occupants eligible for the lottery, shall be allowed to
attend the lottery;



(3)  The public lottery shall be conducted so that no
prospective owner-occupant shall have an unfair advantage, and shall, as to all
owner-occupants whose affidavits were submitted to the developer or the
developer's real estate broker within the time period referred to in the first
sentence of subsection (b)(1) above, be conducted without regard to the order
in which the affidavits were submitted.  If two or more prospective
owner-occupants intend to reside jointly in the same residential apartment,
only one of them shall be entitled to enter the public lottery; and



(4)  After the public lottery, each prospective
owner-occupant purchaser, in the order in which they are selected in the
lottery, shall be given the opportunity to select one of the residential
apartments that have been designated pursuant to section 514A-103, execute a sales
contract, and submit an earnest money deposit in a reasonable amount designated
by the developer.  The developer shall maintain a list, in the order of
selection, of all prospective purchasers selected in the lottery, and maintain
a list of all prospective purchasers who selected one of the residential
apartments designated pursuant to section 514A-103.  Those prospective
purchasers selected in the lottery who did not have the opportunity to select
one of the residential apartments designated pursuant to section 514A-103 but
who submitted an earnest money deposit in a reasonable amount designated by the
developer shall be placed on a back-up reservation list in the order in which
they were selected in the public lottery.  Upon request of the commission, copies
of the aforementioned lists shall be submitted. [L 1980, c 189, pt of §2; am L
1985, c 164, §5; am L 1992, c 50, pt of §2; am L 1997, c 135, §14; am L 2000, c
210, §5]