Which of the following statements concerning an agreement of sale prepared by a licensee in accordance with New Jersey License Law is CORRECT?

While a mortgage contingency clause can be beneficial for buyers seeking financing, it is not a mandatory requirement under New Jersey License Law. Such clauses are often included to protect buyers in case they cannot secure a mortgage, but their inclusion is ultimately at the discretion of the parties involved in the transaction.

New Jersey law does not universally grant buyers a three-day right of rescission for all real estate contracts. This right typically applies to certain types of transactions, such as those involving mortgage refinancing or certain consumer contracts, but it is not a standard provision in real estate agreements of sale.

Although providing the attorney general's memorandum on discrimination is encouraged to inform buyers about their rights, it is not a required element of an agreement of sale under New Jersey License Law. This memorandum serves as a guideline for fair housing practices but does not need to be included in every sales contract.