A developer is planning to sell units in a new planned real estate development in New Jersey and must comply with PREDFDA. Which of the following is NOT a requirement imposed on the developer under PREDFDA?
Correct Answer
C) Obtaining written approval from the local municipality before NJREC registration can be accepted
PREDFDA (N.J.S.A. 45:22A-21 et seq.) does not require a developer to obtain written approval from the local municipality as a prerequisite for NJREC registration. While local zoning and building permits are separate legal requirements, PREDFDA's registration process is administered entirely by the NJREC and does not condition NJREC approval on prior municipal sign-off. This option describes a requirement that does not exist under PREDFDA.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
Antitrust violations in real estate occur when competing brokerages or agents engage in practices that restrain trade, reduce competition, or harm consumers through collusion. These violations are governed by the Sherman Antitrust Act and can result in severe penalties.
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
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