Question 90

Licensee must hold a ×hare sales license is NOT a requirement.

While the New Jersey Real Estate Time Share Act outlines specific requirements for selling time shares, it does not mandate that a licensee holds a distinct ×hare sales license.

A) licensee must hold a ×hare sales license

This option is incorrect because, under the New Jersey Real Estate Time Share Act, a standard real estate license is sufficient for selling time shares. There is no requirement for a special ×hare sales license.

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

This statement is correct as the Act requires that all time shares offered for sale must indeed receive approval from the Real Estate Commission to ensure compliance with state regulations.

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

This option is accurate because the Act mandates that a licensee must furnish the buyer with a Public Offering Statement, which contains critical information about the time share being purchased.

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

This statement is also correct. The Act stipulates that buyers are entitled to a seven calendar day period during which they can rescind the contract of sale, ensuring consumer protection.

Conclusion

The correct answer highlights that a special ×hare sales license is not a requirement for licensees selling time shares in New Jersey, contrasting with the other options that outline necessary regulations and consumer protections mandated by the Act. The remaining choices correctly reflect the legal obligations imposed on licensees to ensure a transparent and fair transaction process.