New Jersey Real Estate License Exam 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 incurred during the property sale, which is typically the responsibility of the seller. Therefore, it appears as a debit to the seller on the closing statement, reflecting the amount deducted from their proceeds.
Option B is incorrect because it suggests the buyer incurs this fee, which is not standard practice in New Jersey.
Option C incorrectly categorizes the fee as a credit to the seller, which would imply they receive money rather than pay it.
Option D misrepresents the fee as a credit to the buyer, which is also inaccurate, as buyers do not receive this fee.
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