Real Estate Math

An agent lists a property at $550,000 and it sells for 97% of list price. The total commission is 5%. How much does the listing broker receive if the commission is split 50/50?

A$13,337.50✓ Correct

B$13,750

C$12,650

D$14,000

Explanation

Sale price = $550,000 × 0.97 = $533,500. Total commission = $533,500 × 0.05 = $26,675. Listing broker's share = $26,675 ÷ 2 = $13,337.50.

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