New Jersey Real Estate Practice Exam Free Practice Question
As required by the New Jersey Real Estate Sales Full Disclosure Act, before signing any contract for the purchase or lease of a property registered with the New Jersey Real Estate Commission, the purchaser or lessee MUST be provided with a copy of the:
Correct Answer: B
Rationale: Under the New Jersey Real Estate Sales Full Disclosure Act, it is essential for purchasers or lessees to receive a New Jersey Public Offering Statement, which provides comprehensive details about the property and its developer. This ensures informed decision-making.
Option A, the Statement of Record, while important, is not specifically mandated for distribution before contract signing. Option C, the deed or title instrument, pertains to ownership rather than disclosure requirements. Option D, the filed plat map, offers location details but lacks the broader context and essential disclosures included in the Public Offering Statement.
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