A developer named Hartwell Construction is preparing to sell units in a new condominium complex in Hoboken, New Jersey. Hartwell's sales team is eager to begin taking reservations and signing contracts with prospective buyers. Under PREDFDA, what must Hartwell do before any sales or marketing activity can legally begin?
Correct Answer
B) Register with the NJREC and receive approval before conducting any sales or marketing
Under PREDFDA (N.J.S.A. 45:22A-21 et seq.), a developer must register with the New Jersey Real Estate Commission (NJREC) and receive NJREC approval before conducting any sales or marketing of units in a planned real estate development, including condominiums. No contracts may be signed and no marketing may occur until this registration is approved.
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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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