An Alaska property sold for $350,000. The seller's remaining mortgage balance was $185,000, commission was 6%, and other closing costs were $2,500. What are the seller's net proceeds?
Why $141,500 Is Correct
Answer A: $141,500
Exam Tip: Real Estate Math
Math questions are formula-based. Memorize the key formulas: commission splits, proration, cap rate (NOI ÷ Value), GRM (Price ÷ Gross Rent), and LTV (Loan ÷ Value). Practice converting between annual and monthly figures.
Key Real Estate Math Terms in This Question
People Also Study
Related Alaska Questions
- An Alaska buyer pays $450,000 for a property on which the seller has a $300,000 mortgage. At closing, the seller's net proceeds (ignoring other costs) are:Escrow & Title
- An Alaska property sells for $615,000. The seller's outstanding mortgage is $320,000. Commission is 5.5% and other closing costs are $4,800. The seller's net proceeds are:Real Estate Math
- An Alaska homeowner refinances a $240,000 mortgage to a new loan at a lower rate. The refinance saves $185/month in payments. Closing costs are $5,000. The break-even period is approximately:Real Estate Math
- A home sells for $420,000. The seller pays a 5.5% commission and $3,200 in closing costs. What are the seller's total selling costs?Real Estate Math
- An Alaska property is sold at foreclosure for less than the outstanding loan balance. The difference the borrower may owe the lender is called:Finance
- A property sells for $375,000. Closing costs are 2% of the sales price and the commission is 6%. What are the total seller costs (closing costs + commission)?Real Estate Math
- A seller in Alaska receives an offer that includes a request for the seller to pay $8,000 toward the buyer's closing costs. This is called:Contracts
- An Alaska seller agrees to carry back a second mortgage to help the buyer qualify for financing. This is described on the closing statement as:Escrow & Title
Key Terms to Know
Fees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Math Concepts
Study This Topic
Practice More Alaska Real Estate Questions
1,400+ questions covering all exam topics. Start free — no signup required.
Take the Free Alaska Quiz →