A developer in New Jersey wants to sell vacation timeshare intervals at a resort in Ocean County. The developer's attorney tells them that PREDFDA does not apply to timeshares because they are not traditional real estate. Is the attorney's advice correct?
Correct Answer
D) No, PREDFDA expressly covers timeshares, so the developer must register with the NJREC and provide a Public Offering Statement
PREDFDA (N.J.S.A. 45:22A-21 et seq.) expressly includes timeshares within its scope, along with planned real estate developments, condominiums, and cooperatives. The developer must register the timeshare offering with the NJREC and provide each buyer with a Public Offering Statement before any sales or marketing can begin. The attorney's advice that PREDFDA does not apply to timeshares is incorrect.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Commingling is the illegal act of mixing client funds with a broker's personal or business operating funds, while conversion is the unauthorized use of client funds for the broker's own benefit. Both are serious violations that can result in license revocation.
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
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