New Jersey Real Estate Exam Practice Question
The price per square foot of a property is calculated by
Correct Answer: C
Rationale: Calculating the price per square foot involves dividing the total sales price of a property by its square footage (Option C). This method provides a standardized measure, allowing for easy comparisons between properties.
Option A is incorrect as it suggests multiplying square footage by sales price, which would yield a total price, not a price per square foot. Option B misinterprets the calculation by focusing on heated and cooled space, which is not necessary for determining price per square foot. Lastly, Option D incorrectly uses the total lot size rather than the property's square footage, leading to an inaccurate calculation for price per square foot.
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