New Jersey Real Estate 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 associated with the sale of property, typically paid by 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 the buyer does not incur this fee; it is the seller's responsibility. Option C is also wrong, as a credit to the seller would indicate an amount owed to them, which contradicts the nature of the fee. Finally, option D misrepresents the transaction, as the buyer does not receive a credit for this fee. Thus, only a debit to the seller accurately represents the realty transfer fee's placement on the closing statement.
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