New Jersey Real Estate Exam 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 mandatory for purchasers or lessees to receive the New Jersey Public Offering Statement approved by the Commission prior to signing any contract. This document provides essential information about the property, ensuring transparency and informed decision-making.
Option A, the Statement of Record, is not provided directly to buyers or lessees; it is a document held by the developer for regulatory purposes. Option C, the deed or title instrument, is related to property ownership and not required before contract signing. Option D, the filed plat map, may be useful but does not fulfill the legal requirement for disclosure as stipulated by the Act.
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