Property Management
A NJ property manager who manages a building with common areas has an obligation to maintain those areas in a reasonably safe condition to avoid:
AOnly environmental violations
BPremises liability lawsuits from tenants or visitors injured due to negligent maintenance✓ Correct
COnly building code violations
DOnly NJREC license violations
Explanation
Property owners and managers in NJ have a duty of care to maintain common areas (hallways, parking lots, walkways, stairwells) in a reasonably safe condition. Negligent maintenance leading to injury can result in premises liability lawsuits.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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