According to the New Jersey Real Estate Time Share Act, if a licensee is selling a timeshare located within the state of New Jersey, all of the…

The New Jersey Real Estate Time Share Act does not require a special or separate "timeshare sales license." Instead, it mandates that any person offering or selling a timeshare interest must be a licensed real estate broker, broker-salesperson, or salesperson, as defined by the state's general real estate licensing laws. The other options listed are all explicit requirements under the Act. The Act's purpose is to regulate the sale of timeshares through registration, disclosure, and consumer protection measures, which are carried out by standard real estate licensees.

B. This is incorrect because the Act explicitly requires developers to register the timeshare plan with the New Jersey Real Estate Commission before any interest can be offered or sold.

C. This is incorrect because the Act mandates that every prospective purchaser must be provided with a copy of the current Public Offering Statement before a sale.

D. This is incorrect because the Act provides purchasers with a non-waivable right to cancel a contract within seven calendar days, and this notice must be included in the sales contract.

1. New Jersey Real Estate Time Share Act, N.J.S.A. 45:15-16.53. Persons who may sell timeshare interests. This section states, "A timeshare interest may be offered for sale or sold in this State only by a person who is a licensed real estate broker, broker-salesperson or salesperson..." It does not create a separate license category for timeshares.

2. New Jersey Real Estate Time Share Act, N.J.S.A. 45:15-16.57. Registration of timeshare plan. This section mandates, "A developer shall not offer or dispose of a timeshare interest unless the timeshare plan is registered with the New Jersey Real Estate Commission..."

3. New Jersey Real Estate Time Share Act, N.J.S.A. 45:15-16.58. Public offering statement. Subsection (a) requires, "A person shall not sell, offer to sell, or dispose of a timeshare interest unless the person provides the prospective purchaser with a copy of the public offering statement..."

4. New Jersey Real Estate Time Share Act, N.J.S.A. 45:15-16.67. Purchaser's right to cancel. This section establishes, "A purchaser may cancel a contract for the purchase of a timeshare interest within seven calendar days after the purchaser signs the contract..." and requires the contract to contain notice of this right.