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Printed for the use of the Select Committee on Small Business

U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON : 1978

240040

SELECT COMMITTEE ON SMALL BUSINESS

GAYLORD NELSON, Wisconsin, Chairman THOMAS J. MCINTYRE, New Hampshire LOWELL P. WEICKER, JR., Connecticut SAM NUNN, Georgia

DEWEY F. BARTLETT, Oklahoma
WILLIAM D. HATHAWAY, Maine

BOB PACKWOOD, Oregon
FLOYD K. HASKELL, Colorado
JOHN C. CULVER, Iowa

WILLIAM B. CHERKASKY, Executive Director

WILLIAM R. BUECHNER, Staf Economist
ROBERT J. DOTCHIN, Minority Staj Director

CONTENTS

Page

68

118

5

81

EXHIBITS

Letter dated December 13, 1977, to Hon. Patricia Roberts Harris, Secre-

tary, U.S. Department of Housing and Urban Development, from

Senator Gaylord Nelson, chairman, Senate Small Business Committee..

Resolution of the National Association of Home Builders, May 9, 1977.-

News release of the National Association of Home Builders, January 5,

1978.-

List of local, State, and Federal governmental agencies with which most

real estate developers must deal in the course of developing a project--

Survey prepared by the Land Development Institute, Ltd., 1976---

Letter undated, to the Select Committee on Small Business, U.S. Senate,

from S. M. Karsh, president, Western Developers Council, Palo Alto,

Calif..

Letter dated September 23, 1977, to Albert E. Abrahams, National As-

sociation of Realtors, from Louie Reese, The Reese Co., Inc., Birming-

ham, Ala

Letter dated August 17, 1977, to Albert E. Abrahams, National As-

sociation of Realtors, from Marvin E. Monroe, Administrative As-

sistant, Office of Congressman Tennyson Guyer-

Letter dated October 7, 1977, to Albert E. Abrahams, National As-

sociation of Realtors, from Lloyd Lovitt, Jacobson and Lovitt, Memphis,

Tenn.

Letter dated October 20, 1977, to Albert E. Abrahams, National As-

sociation of Realtors, from Robert E. Fowler, Fowler Realty, Inc.,

Brownsville, Tex..

Letter dated October 21, 1977, to Richard A. Moore, Gaylord Brooks

Investment Co., Phoenix, Md., from Dale B. Garbutt, Towson, Md.-

Letter dated October 25, 1977, to Albert E. Abrahams, National As-

sociation of Realtors, from Thomas F. Krenik, Krenik Realtors, Inc.,

Anchorage, Alaska_

178

182

203

205

207 266

272

286

Letter dated October 26, 1977, to Thomas F. Krenik, Krenik Realtors, Inc.,

from Ralph W. Pott, Transac, Inc., Wasilla, Alaska_ Letter dated October 26, 1977, to Albert E. Abrahams, National As

sociation of Realtors, from L. A. Felder, L. A. Felder & Associates,

Austin, Tex.
Letter dated October 28, 1977, to Albert E. Abrahams, National As-

sociation of Realtors, from Áudie L. Moore, Audie Moore Realtors,

Anchorage, Alaska -
Letter dated November 1, 1977, to Albert E. Abrahams, National As-

sociation of Realtors, from Duane A. Drushella, Drushella Realty,

Albany, Oreg-
Letter dated October 21, 1977, to Dudley L. O'Neal, Jr., National As-

sociation of Realtors, from Clarence B. Beasley, Beasley-Kelso As

sociates, Inc., New Bern, N.C. Document, “Limited Offering Exemption," 24 CFR 1710.14(a)(2)Property report, notice and disclaimer, by the Office of Interstate Land

Sales Registration, U.S. Department of Housing and Urban Develop

ment, October 18, 1973... Statement of record and property report, prepared by the Office of Inter

state Land Sales Registration, U.S. Department of Housing and Urban

Development, October 17 and 18, 1973..
Letter dated February 13, 1978, to Frank J. Merendino, editorial as-

sistant, Senate Small Business Committee, from Patricia M. Worthy,
Administrator, Office of Interstate Land Sales Registration, U.S.
Department of Housing and Urban Development -

APPENDIX
Letter undated, to the Senate Select Committee on Small Business, from

Senator Dennis DeConcini, Senate Committee on the Judiciary.
Letter dated February 2, 1978, to Senator Gaylord Nelson, chairman,

Senate Small Business Committee, from Steven A. Woll, executive
director, Metropolitan Builders Association of Greater Milwaukee
"Introduction of Interstate Land Sales Full Disclosure Act Amendments,"

remarks of Senator Gaylord Nelson, from the Congressional Record,

March 15, 1978..
S. 2716, a bill to amend the Interstate Land Sales Full Disclosure Act,

95th Congress, 2d session, March 10, 1978...
Letter dated April 22, 1977, to H. Jackson Pontius, executive vice presi-

dent, National Association of Realtors, from R. H. Connell, R. H.

Connell Realtor, Kimberling City, Mo..
Letter dated January 3, 1978, to Albert E. Abrahams, National Association

of Realtors, from Burt Morris, Burt Morris Country Real Estate,
Friendship, Wis

HEARING DATES January 5, 1978:

Morning session. January 17, 1978:

Morning session.

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343

353

355

360

367

374

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