Property Management
Under the NJ Hotel and Multiple Dwelling Law, buildings with three or more units must:
ABe registered only with the local municipality
BBe registered with the NJ Bureau of Housing Inspection and comply with the State Housing Code✓ Correct
CHave on-site property managers only
DProvide parking for all residents
Explanation
NJ's Hotel and Multiple Dwelling Law requires all multiple dwellings (3+ units) to register with the NJ Bureau of Housing Inspection and comply with state housing and inspection standards.
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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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