PSI New Jersey Real Estate State Practice Exam

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If an exclusive buyer representation agreement lacks a legal description of the property, what is the result?

  1. The agreement is invalid

  2. The agreement is enforceable

  3. The agreement is voidable until a legal description is provided

  4. The agreement can be amended later

The correct answer is: The agreement is voidable until a legal description is provided

When an exclusive buyer representation agreement does not include a legal description of the property, it is considered voidable until a legal description is provided. A legal description is essential because it specifies the exact property being represented, ensuring both parties have a clear understanding of the subject of the agreement. Without this description, the agreement may not be enforceable in its original form since it lacks specificity. However, it is not outright invalid; the parties can decide to continue with the agreement while waiting for the legal description to be added. Once the description is included, the agreement can become enforceable, but until that point, the buyer has the option to void the agreement if desired. This flexibility allows the buyer to assess whether they wish to continue with the arrangement without being locked into a contract that lacks critical information about the property.

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