(a) A developer may not offer for sale any units in a project unless the project is registered with the commission and an effective date for the developer's public report is issued by the commission.
(b) The registration requirement of this section shall not apply to:
(1) The disposition of units exempted from the developer's public report requirements pursuant to section 514B‑81(b);
(2) Projects in which all units are restricted to nonresidential uses and all units are to be sold for $1,000,000 or more; or
(3) The sale of units in bulk, such as where a developer undertakes to develop and then sells all or a portion of the developer's entire inventory of units to a purchaser who is a developer. The registration requirements of this section and the developer's amended developer's public report requirements of section 514B‑56 shall apply to any sale of units to the public following a sale of units in bulk.