Real Estate Math

A Colorado seller's net sheet shows: sale price $485,000, commission 5.5%, mortgage payoff $195,000, prorated taxes $1,200, other closing costs $2,800. What are the net proceeds?

A$259,425✓ Correct

B$261,095

C$263,425

D$286,000

Explanation

Commission = $485,000 × 5.5% = $26,675. Net proceeds = $485,000 − $26,675 − $195,000 − $1,200 − $2,800 = $259,325. The

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