Real Estate Math
A property sells for $485,000. The listing broker charges a 6% commission, split 50/50 with the buyer's broker. The listing salesperson receives 60% of the listing broker's share. How much does the listing salesperson earn?
A$8,730✓ Correct
B$14,550
C$17,460
D$29,100
Explanation
Total commission: $485,000 × 6% = $29,100. Listing broker's share (50%): $29,100 × 50% = $14,550.
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Key Terms to Know
Amortization
The gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Math Concepts
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