New Jersey Real Estate Practice Exam Practice Question
The price per square foot of a property is calculated by
Correct Answer: C
Rationale: To determine the price per square foot, the sales price of a property must be divided by its total square footage (Option C). This calculation provides a clear metric for evaluating property value on a per-unit basis, making it easier to compare different properties.
Option A is incorrect as it suggests multiplying square footage by sales price, which would yield a total value rather than a price per square foot. Option B misinterprets the calculation by focusing on the ratio of heated and cooled space, which is not relevant to the overall price per square foot. Option D incorrectly uses total lot size instead of the property’s square footage, leading to an inaccurate measure of value.
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