New Jersey Real Estate Practice Exam Practice Question
Which of the following statements concerning an agreement of sale prepared by a licensee in accordance with New Jersey License Law is CORRECT?
Correct Answer: B
Rationale: An agreement of sale in New Jersey must include an Attorney Review Clause, ensuring that both parties can have their contracts reviewed by legal counsel within a specified timeframe. This protects their interests and helps clarify terms.
Option A is incorrect; while mortgage contingency clauses are common, they are not mandated by law. Option C is also incorrect; a three-day right of rescission applies primarily to certain consumer contracts, not real estate agreements. Option D is misleading; while the Attorney General's memorandum on discrimination is important, it is not a required component of the agreement itself.
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