New Jersey Real Estate License 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 buyer protection and transparency. Option D is excluded from the Act because timeshare plans with a total financial obligation under $5,000 are considered too low-risk to warrant regulation.
Option A is incorrect as plans with 10 units fall within the Act's scope. Option B is also incorrect because the Act applies regardless of the duration, as long as other criteria are met. Option C is wrong since the Act encompasses all plans, even those already approved by the Department of Commerce, to ensure ongoing compliance with consumer protections.
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