Real Estate Math
A NJ property is valued at $620,000. The Realty Transfer Fee for NJ (simplified: approximately $6.05 per $500 of consideration) would be approximately:
A$3,751
B$7,502✓ Correct
C$5,000
D$9,000
Explanation
Using the simplified NJ RTF estimate: $6.05 per $500 × ($620,000 ÷ $500) = $6.05 × 1,240 = $7,502. (Actual RTF uses a tiered rate; this approximation gives $7,502.)
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