Question: A developer announced that a new apartment building was to be constructed. To have first chance at a unit in the building, you would have

A developer announced that a new apartment building was to be constructed. To have first chance at a unit in the building, you would have to deposit $250 per room. Each room was called a share of stock in the building. If you wanted a six-room apartment, you had to buy six shares of stock and later pay the sale price or rental rate. The stock price was to be refunded at the time you sold your apartment or quit renting and left the building. You could not sell the stock directly to another person. Is this stock a security? [United Housing Foundation v. Forman, 95 S. Ct. 2051 (1975)]

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