New Jersey Real Estate Practice Exam Free Practice Question
In New Jersey, the realty transfer fee appears on the closing statement as a:
Correct Answer: A
Rationale: In New Jersey, the realty transfer fee is a cost associated with the sale of property, and it is typically assessed to the seller. Therefore, it appears as a debit to the seller on the closing statement, reflecting the seller's obligation to pay this fee at closing.
Option B, a debit to the buyer, is incorrect because the buyer does not incur this fee; it is the seller's responsibility.
Options C and D, credits to the seller and buyer respectively, are also incorrect as they imply a financial benefit or reduction in liability, which does not apply in this case. The seller is the one who pays the fee, resulting in a debit rather than a credit.
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