A developer is prohibited from advertising or selling timeshare property until which document is approved?

In the context of timeshare properties, the correct option is the public offering statement. Before a developer can legally advertise or sell timeshare properties, they must prepare this document, which provides essential information about the timeshare project. The public offering statement typically includes details about the timeshare plan, such as the rights and obligations of the purchasers, the financial responsibilities involved, and the amenities offered at the property.

This document is crucial for protecting consumers, as it allows potential buyers to make informed decisions before investing in a timeshare. It includes disclosures about the management of the property, any applicable fees, and the specific terms of ownership. Until this statement is approved and made available to potential purchasers, the developer is restricted from marketing the timeshares to ensure that buyers are not misled and have access to all the necessary information during their decision-making process.

The other documents mentioned in the choices serve different purposes. The timeshare purchase agreement typically originates after a buyer decides to purchase, and the disclosure statements may not encompass the comprehensive details required for public offering before advertising begins. Sales contracts also come into play after a buyer has shown interest in a property, making them irrelevant at the initial advertising stage.