Question 53

Licensee must hold a ×hare sales license is not a requirement under the New Jersey Real Estate Time Share Act.

In New Jersey, a licensee selling a timeshare is not required to hold a specific timeshare sales license, which makes option A the correct choice for the statement that is not true.

A) licensee must hold a ×hare sales license.

This statement is incorrect because the New Jersey Real Estate Time Share Act does not mandate that a licensee possess a specific timeshare sales license to sell timeshares. Instead, a general real estate license is sufficient for engaging in the sale of timeshares.

B) ×hare must be approved by the Real Estate Commission.

This statement is true as the New Jersey Real Estate Time Share Act requires that all timeshares sold in the state must receive approval from the Real Estate Commission to ensure compliance with established regulations and standards.

C) licensee must provide the buyer with a copy of the Public Offering Statement.

This statement is accurate because the Act stipulates that the licensee is obligated to provide the buyer with a Public Offering Statement, which contains essential information about the timeshare, including its features and risks.

D) contract of sale must provide notice of a seven calendar day rescission period.

This statement is true, as the New Jersey Real Estate Time Share Act includes a provision that requires the contract of sale to inform the buyer about a seven-calendar-day rescission period, allowing buyers to cancel their purchase within that timeframe.

Conclusion

The correct answer is A, as it inaccurately states a requirement that does not exist under the New Jersey Real Estate Time Share Act. Options B, C, and D are all accurate statements that reflect the legal obligations imposed on licensees selling timeshares in New Jersey, thereby reinforcing the validity of the correct choice.