Property Management
Under NJ's Landlord Registration Act, residential landlords with more than two units must:
AObtain a property management license
BRegister with the municipality and provide contact information for the property's manager✓ Correct
CFile annual financial statements with the DCA
DHave properties inspected annually by the NJDEP
Explanation
NJ's Landlord Registration Act requires landlords with rental properties of more than two units to register with the municipality, providing contact information for the owner and managing agent.
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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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