After receiving a written offer, a seller revises the offered purchase price and initials the change. The salesperson who prepared the offer then takes the only copy of the revised document back to the buyers. The licensee has violated the New Jersey Real Estate License Law by failing to:

The seller's initials on the revisions are sufficient to indicate their acceptance of the changes. The responsibility to initial lies with the seller, not the licensee. Therefore, the licensee's failure to initial the revisions does not constitute a violation of the law.

While it is good practice to document changes with an addendum, it is not legally required in every situation where a price revision occurs. The seller's initials on the document itself may suffice as an indication of acceptance, so failing to request a signed addendum is not a violation.

Consulting with a broker is generally encouraged for best practices and guidance, but it is not a legal requirement before delivering a counteroffer. The absence of such consultation does not directly violate the New Jersey Real Estate License Law.