PSI New Jersey Real Estate State Practice Exam

If a licensee mentions MLS when advertising in a newspaper, the New Jersey Licensing Law requires which of the following information to be included?

1. Listing price of the property

2. Location of the property

3. A contact number for inquiries

4. A statement of services provided

The correct answer is: Listing price of the property

When advertising in a newspaper and mentioning the Multiple Listing Service (MLS), the New Jersey Licensing Law mandates the inclusion of certain essential information to ensure transparency and inform potential buyers effectively. Including the listing price of the property is crucial because it provides prospective buyers with immediate and relevant financial information necessary for evaluating whether the property may meet their budget considerations. This requirement aligns with the emphasis on clear communication in real estate transactions, helping to foster a straightforward understanding of the market. In this context, while other pieces of information like the location of the property, a contact number for inquiries, or a statement of services provided may also be relevant for various situations, they are not specifically mandated by the law when MLS is mentioned in an advertisement. The focus on providing the listing price supports both the professionalism of real estate advertising and the goal of protecting consumers by ensuring they receive accurate pricing information upfront.