New Jersey Real Estate Practice Exam Practice Question
A listing agent presents a signed offer to a seller who then changes the amount of the down payment. Before presenting the counteroffer to the buyer, the New Jersey Real Estate License Law requires the listing agent to
Correct Answer: C
Rationale: In this scenario, preparing a separate addendum that reflects the revision is essential. This ensures that all parties have a clear, documented understanding of the changes made to the original offer, maintaining transparency and legality in the transaction.
Option A, obtaining the consent of the listing broker, is not required for changes made by the seller directly. Option B, securing the seller's initials, while a good practice, does not fulfill the legal requirement of documenting the change formally. Option D, verbally informing the buyer's agent, may lead to misunderstandings and lacks the necessary documentation to protect all parties involved.
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