Under New Jersey's Planned Real Estate Development Full Disclosure Act (PREDFDA), all of the following statements about the Public Offering Statement (POS) are correct EXCEPT:
Correct Answer
D) A buyer who waives receipt of the POS in writing forfeits the seven-day rescission right and cannot later rescind.
Option D is the exception — it is NOT correct under PREDFDA. The seven-day rescission right under PREDFDA (N.J.S.A. 45:22A-21 et seq.) is a statutory right that cannot be waived by the buyer. A developer cannot require a buyer to sign a waiver of the rescission right as a condition of purchase, and any such purported waiver would be unenforceable. The rescission right exists to protect consumers regardless of any contractual language to the contrary.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
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