NJ A4278

Requires individuals engaging in wholesale real estate transactions to be licensed as a real estate broker, salesperson, or broker-salesperson in New Jersey.

Defines "wholesale transaction" as promoting the sale or purchase of an interest in residential property (1-4 units) with intent to assign or transfer it for compensation without taking title as owner of record.

Grants consumers a 30-day cancellation right after executing a wholesale transaction contract, or until property conveyance, whichever occurs first; this right cannot be waived.

Requires full refund of all consumer payments within 10 business days of receiving cancellation notice, with no damages liability for consumers who cancel.

Mandates that wholesale transaction contracts include prominent disclosures about the transaction nature, consumer rights to obtain appraisals and legal counsel, and cancellation procedures as established by the Real Estate Commission.