Yeah, it definitely sounds like it could be the temp sensor. There are two small grey colored wires coming out of the controller box. One will go directly to the heater, and the other will probably go up and disappear in the upper right hand side of the equipment cabinet, (through a hole in the white plastic backing) and the business end will appear in the filter water well.
http://spapartsnet.com/products/EXEAB1.html
That's the cheap way out. If it doesn't work then you're probably looking at a new board. (Good thing it's a 724 system - They're not too bad on price or replacement).