A purchaser of a lot from a developer has a right of rescission if what condition is met?

The correct answer is that a purchaser of a lot from a developer has a right of rescission if the lot is unimproved. This means that if the lot has not yet had any construction completed on it, the buyer retains the right to back out of the purchase agreement within a certain timeframe. This right is typically established to protect consumers and give them a chance to reconsider their decision, allowing them to assess the property and its potential uses without the pressure of having committed to an improved property.

In contrast, the other options relate to specific scenarios where a home has already been constructed or where specific agreements are in place. In these cases, the purchasers may not be afforded the same right of rescission as they would for unimproved lots, as the motivations and circumstances shift considerably when actual construction is involved. The intention of developing real estate often comes with commitments that may not allow for easy withdrawal once a structure is already in place or if there are specific contractual agreements regarding construction.