Under what condition can a subdivision approval be renewed by the Real Estate Commissioner?

A subdivision approval can be renewed by the Real Estate Commissioner under the condition that all lots are sold within five years. This timeframe is set to ensure that the development activity remains relevant and that the lots are marketed and sold in a timely manner. The stipulation is crucial as it helps maintain the integrity of the market and ensures that subdivisions do not remain in a state of limbo for too long, potentially affecting community development and property values.

Renewing approval for subdivisions that sold all their lots within five years fosters a more active and stable real estate market. It also allows developers and investors to continue their projects without excessive delays, which can be crucial given the often dynamic nature of real estate demands. Other options, such as a timeframe of three years or an indefinite renewal, do not align with the regulatory framework established to manage subdivisions effectively and maintain an orderly marketplace.