Real Estate Math
A homeowner wants to net $310,000 after paying a 6% commission. What must the property sell for?
A$328,600
B$329,787✓ Correct
C$330,000
D$332,340
Explanation
Net = Sale Price × (1 − Commission Rate). $310,000 = SP × (1 − 0.06) = SP × 0.94. SP = $310,000 ÷ 0.94 = $329,787.23. The property must sell for approximately $329,787.
Related Alaska Real Estate Math Questions
- A quarter section of land in Alaska is offered at $1,250 per acre. What is the total asking price?
- A 10-unit apartment building in Anchorage generates $1,200/month per unit. Vacancy and credit loss is 5%. What is the Effective Gross Income (EGI) per year?
- A commercial property in Anchorage sold for $1,200,000. The commission rate was 5%. The listing broker retained 60% and paid the buyer's broker 40%. How much did the buyer's broker receive?
- An Alaska property sold for $525,000. The buyer paid 3 points on a $420,000 loan. How much did the buyer pay in points?
- A borrower obtains a 30-year, $240,000 mortgage at 7% annual interest. The monthly payment factor is $6.65 per $1,000 borrowed. What is the approximate monthly payment?
- A listing agent and buyer's agent split a 6% commission equally on a $500,000 sale. Each brokerage then splits with its agent 60/40 (agent gets 60%). How much does the buyer's agent (salesperson) receive?
- An Alaska buyer obtains a 30-year, $240,000 mortgage at 7% annual interest. What is the first month's interest payment?
- A buyer pays $315,000 for a home. The down payment is 10%. What is the loan-to-value (LTV) ratio?
Practice More Alaska Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Alaska Quiz →