New Jersey Real Estate Exam Practice Question
Regarding contracts for the sale of residential property, a New Jersey real estate licensee may prepare the contract of sale for one- to four-family properties provided that a:
Correct Answer: A
Rationale: In New Jersey, a real estate licensee may prepare a contract of sale for one- to four-family properties if a three-day attorney review clause is included. This clause ensures that buyers have the opportunity to consult with an attorney, providing legal protection and oversight.
Option B is incorrect because the inclusion of a commission clause does not satisfy the legal requirements for contract preparation. Option C is misleading; while a broker's signature may be necessary for other documents, it is not a prerequisite for the contract of sale itself. Option D is also incorrect, as merely having a salesperson sign and witness the contract does not meet the statutory requirements for legal validity.
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