What code represents sales that require court oversight?

Sales that require court oversight are represented by the code NU-12. This designation is used specifically to identify property sales that occur under judicial supervision, often as a result of foreclosure proceedings or other legal actions. Court oversight is critical in these situations to ensure that the sales process is conducted fairly and in compliance with legal requirements.

Understanding the context and purpose of such codes is essential for a tax assessor's work. It enables assessors to accurately categorize sales and apply the correct methods for valuation and reporting. Condensed in this way, individuals studying for the New Jersey PTA 2 Certified Tax Assessor (CTA) exam can appreciate the importance of legal oversight in property transactions and the significance of accurately coding these events within the assessment process.