New Jersey Real Estate License Exam Practice Question
According to the New Jersey Real Estate Time Share Act, if a licensee is selling a timeshare located within the state of New Jersey, all of the following are true EXCEPT:
Correct Answer: A
Rationale: In New Jersey, a licensee selling a timeshare does not need a specific timeshare sales license; a standard real estate license suffices, making option A incorrect. Option B is accurate as all timeshares must receive approval from the Real Estate Commission to ensure compliance with state regulations. Option C is also true, as providing the Public Offering Statement is essential for transparency and informed decision-making by the buyer. Lastly, option D is correct since the contract must include a notice of the seven-day rescission period, protecting consumers' rights.
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