Neither the fact that a registration statement has been filed nor the fact that any subdivided lands are registered constitutes a finding by the Administrator that any document filed under this Code is true, complete, and not misleading. Neither any such fact nor the fact that an exemption or exclusion is available for subdivided land or a transaction means that the Administrator has passed in any way upon the merits or qualifications of, or recommended or given approval to, any person, subdivided land or transaction. It is unlawful to make, or cause to be made, to any prospective purchaser, any representation inconsistent with the foregoing.
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