Property Management
In NJ, a senior housing development claiming the 55+ exemption under HOPA must verify resident ages and maintain documentation because:
AIt is just a courtesy
BFailure to properly qualify and document 55+ status can result in loss of the HOPA exemption and exposure to familial status discrimination claims✓ Correct
CHUD requires it only for new residents
DThe NJREC requires it annually
Explanation
To maintain HOPA protection, 55+ communities must implement age verification procedures and maintain occupancy records demonstrating that at least 80% of units are occupied by at least one person 55+. Failure to comply results in loss of the exemption.
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Key Terms to Know
Fair Housing Act
Federal law prohibiting discrimination in the sale, rental, or financing of housing based on race, color, national origin, religion, sex, disability, and familial status.
Earnest MoneyA 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.
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