New Jersey Real Estate Practice Exam Free 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: B
Rationale: Under the New Jersey Real Estate Time Share Act, a licensee selling a timeshare must hold a timeshare sales license (A), ensuring they are qualified to conduct such transactions. Additionally, they must provide buyers with a Public Offering Statement (C), which contains essential information about the timeshare. The contract of sale must also include a notice of a seven-calendar-day rescission period (D), protecting buyers' rights. However, while timeshares must comply with regulations, they do not require individual approval from the Real Estate Commission (B), making this statement inaccurate.
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