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Real Estate Licensing New Jersey Real Estate Salesperson Exam - Topic 3 Question 18 Discussion

A seller sold a property for $375,000, with the closing on July 1st, in a jurisdiction where the buyer pays for the day of closing. The seller had a mortgage balance at the time of closing of $301,000, and had recently paid invoices of $400 for the second quarter's water and electricity, $1,200 for new appliances, and roofing repairs of $700. Based only on these items, how much will the seller receive at closing?
D) $74,000
A) $71,700
B) $72,400
C) $73,600

Real Estate Licensing New Jersey Real Estate Salesperson Exam - Topic 3 Question 18 Discussion

Actual exam question for Real Estate Licensing's New Jersey Real Estate Salesperson exam
Question #: 18
Topic #: 3
[All New Jersey Real Estate Salesperson Questions]

A seller sold a property for $375,000, with the closing on July 1st, in a jurisdiction where the buyer pays for the day of closing. The seller had a mortgage balance at the time of closing of $301,000, and had recently paid invoices of $400 for the second quarter's water and electricity, $1,200 for new appliances, and roofing repairs of $700. Based only on these items, how much will the seller receive at closing?

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Suggested Answer: D

Sale price = $375,000

Mortgage payoff = $301,000

Seller prepaid invoices (utilities, appliances, roof) are already paid and not reimbursable through closing unless agreed. They do not affect the closing statement.

Buyer pays closing day (July 1), so no adjustment required for that day.

375

,

000

301

,

000

=

74

,

000

375,000301,000=74,000

Thus, the seller's net proceeds = $74,000.


by Margret at Jun 30, 2026, 01:27 AM

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Mertie
2 hours ago
I believe the buyer pays for the day of closing, so that might affect how we calculate the seller's net. I think I might lean towards option B, but I'm not completely sure.
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Shawnna
5 days ago
I practiced a similar question where we had to account for repairs and invoices, but I can't remember if we add or subtract those from the total.
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Marla
10 days ago
I think we need to subtract the mortgage balance and the closing costs from the sale price, but I can't recall if the utilities count as closing costs.
upvoted 0 times
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Brett
16 days ago
I remember something about calculating the seller's net proceeds, but I'm not sure how to factor in all these expenses.
upvoted 0 times
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