Real Estate Math
A broker lists a property for $180,000 and agrees to a 6% commission. The broker splits 50% with the buyer's agent. How much does the listing broker receive?
A$5,400✓ Correct
B$10,800
C$6,480
D$9,000
Explanation
Total commission = $180,000 × 0.06 = $10,800.
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Key Terms to Know
Buyer's Agent
A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
AmortizationThe 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.
Math Concepts
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