Under the New Jersey Planned Real Estate Development Full Disclosure Act (PREDFDA), which government body must approve a developer's registration before any units in a new condominium development can be marketed or sold in New Jersey?
Correct Answer
A) The New Jersey Real Estate Commission (NJREC)
Under N.J.S.A. 45:22A-21 et seq. (PREDFDA), developers of planned real estate developments, condominiums, cooperatives, and timeshares in New Jersey must register with the New Jersey Real Estate Commission (NJREC) and receive NJREC approval before marketing or selling any units. The NJREC is the regulatory body responsible for overseeing compliance with PREDFDA and approving the Public Offering Statement that must be provided to buyers.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Death on property disclosure addresses whether sellers must inform buyers about deaths that occurred on the property, including natural deaths, suicides, and murders. Requirements vary significantly by state.
Environmental hazards disclosure involves informing buyers about environmental contamination or hazards affecting or potentially affecting a property, including underground storage tanks, contaminated soil, hazardous waste, and proximity to Superfund sites.
Flood zone disclosure requires informing buyers whether a property is located in a designated flood zone as mapped by FEMA. Properties in high-risk flood zones may require mandatory flood insurance.
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