New Jersey Real Estate 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 that the
Correct Answer: A
Rationale: Under the New Jersey Real Estate Time Share Act, a licensee selling timeshares does not need a specific timeshare sales license; a standard real estate license suffices, making option A incorrect.
Option B is true as all timeshare properties must receive approval from the Real Estate Commission to ensure compliance with state regulations.
Option C is also accurate; providing a Public Offering Statement to buyers is mandatory to inform them about the timeshare's details and their rights.
Lastly, option D is correct as well, as the contract must clearly state the seven-day rescission period, allowing buyers to reconsider their purchase.
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