New Jersey Real Estate Practice Exam Free Practice Question
A CORRECT statement about New Jersey's real estate transfer tax is that it is:
Correct Answer: C
Rationale: New Jersey's real estate transfer tax offers a reduced rate for grantors aged sixty-two or older, making option C accurate.
Option A is incorrect; the tax is not waived for new construction, as it applies to all real estate transactions. Option B misrepresents the payment responsibility; while buyers typically pay the tax at closing, there is no legal obligation preventing sellers from contributing, making this statement misleading. Option D is also incorrect; the tax must be paid within 10 days of the deed's recording, not thirty days, which is a common misconception.
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