New Jersey Real Estate Practice Exam Practice Question
The New Jersey Real Estate Timeshare Act applies to all of the following EXCEPT a timeshare plan
Correct Answer: D
Rationale: The New Jersey Real Estate Timeshare Act regulates timeshare plans to ensure consumer protection and transparency. Option D is not covered by the Act because timeshare plans with a total financial obligation under $5,000 are exempt, reflecting a focus on larger investments.
Option A, involving a plan with 10 units, falls under the Act's jurisdiction as it meets the criteria for regulation. Option B, a plan extending over 5 years, also qualifies, as the duration aligns with the Act's scope. Option C, concerning plans already approved by the Department of Commerce, still requires adherence to the Act's regulations, ensuring buyer protections remain in place.
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