New Jersey Real Estate Practice 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: C
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 seven days of signing. This provision protects buyers by giving them a brief period to reconsider their decision.
Option A is incorrect as the right to inspect the property is not a mandated notice; while inspections are important, they do not have a specified cancellation period. Option B incorrectly states a ten-day cancellation period, which does not comply with the law. Option D, while relevant to financing rights, does not pertain to cancellation and therefore does not meet the requirement for contract notices.
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