Property Management
A NJ residential building manager who discovers the elevator hasn't been inspected in 3 years should:
AContinue operating the elevator until a tenant complains
BNotify the owner immediately and arrange for required state elevator inspection through the NJ Department of Labor✓ Correct
COnly report to the municipal building inspector
DPost a notice limiting elevator use and do nothing further
Explanation
NJ elevators in multiple dwellings must be inspected annually by the NJ Department of Labor. Operating an uninspected elevator creates serious safety and liability risks.
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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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