A developer in Bergen County is constructing a 50-unit condominium complex and wishes to begin marketing and selling units before construction is complete. Under New Jersey law, which of the following steps must the developer complete BEFORE any units can be offered for sale or marketed to the public?
Correct Answer
B) Register the development with the NJREC and obtain approval of the public offering statement under PREDFDA
Under the New Jersey Planned Real Estate Development Full Disclosure Act (PREDFDA, N.J.S.A. 45:22A-21 et seq.), a developer of a condominium, planned real estate development, cooperative, or timeshare must register the development with the NJREC and receive approval of the public offering statement (POS) before any sales or marketing activities may begin. This registration requirement is a prerequisite—no advertising, sales contracts, or deposits may be accepted until the NJREC has approved the registration.
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Related Topics & Key Terms
Key Terms:
Related Concepts
License requirements are the mandatory qualifications—including pre-licensing education, examination, and background checks—that a person must satisfy before legally practicing real estate. These requirements are established and enforced by each state's real estate commission.
Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
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