New Jersey Real Estate License Exam Practice Question
Under the terms of a land contract, the buyer is entitled to an executed deed to the property upon
Correct Answer: D
Rationale: Under a land contract, the buyer receives an executed deed only after fulfilling specific conditions, primarily the final payment to the seller. This ensures that the buyer has completed their financial obligations before gaining full ownership.
Option A, acceptance of the purchase offer, does not equate to ownership transfer; it merely signifies agreement. Option B, taking possession, allows the buyer to use the property but does not confer legal title. Option C, making the down payment, is a preliminary step in the contract but does not complete the transaction. Thus, only the final payment ensures the buyer receives the deed.
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