New Jersey Real Estate License Exam Practice Question
Concerning the rights of a buyer, all contracts for the sale of a property registered with the New Jersey Real Estate Commission as required by the Real Estate Sales Full Disclosure Act must contain which of the following notices directly above the space for the buyer's signature?
Correct Answer: B
Rationale: In New Jersey, the Real Estate Sales Full Disclosure Act mandates that contracts for property sales include a notice informing buyers of their right to cancel the contract within ten days of signing. This provision protects buyers by giving them time to reconsider their decision.
Option A is incorrect as it pertains to the right to inspect, which is not a mandated notice. Option C states a seven-day cancellation period, which does not align with the law. Option D, while relevant to buyers, does not pertain to a required notice in the contract. Thus, only the ten-day cancellation notice fulfills the legal requirement.
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