Under the New Jersey Planned Real Estate Development Full Disclosure Act (PREDFDA), which agency must a developer register with before marketing or selling units in a planned real estate development?
Correct Answer
B) The New Jersey Real Estate Commission (NJREC)
Under PREDFDA, N.J.S.A. 45:22A-21 et seq., developers must register with the New Jersey Real Estate Commission (NJREC) before marketing or selling any units in a planned real estate development, condominium, cooperative, or timeshare. The NJREC must approve the registration before any sales or marketing activity can begin.
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Related Topics & Key Terms
Key Terms:
Related Concepts
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
A group boycott is an illegal antitrust practice in which two or more competing real estate businesses agree to refuse to work with a specific person, company, or entity in order to harm that party's ability to compete.
In real estate, the distinction between an independent contractor and an employee determines tax treatment, liability, and the level of control a broker may exercise over the agent's daily activities. Most real estate agents operate as independent contractors.
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