Real Estate Math
A Delaware agent sells a property for $375,000 and earns a 2.5% commission. The agent has a 70/30 split with their broker (agent receives 70%). How much does the agent earn?
A$6,562.50✓ Correct
B$9,375.00
C$2,812.50
D$7,000.00
Explanation
Total commission = $375,000 × 2.5% = $9,375.
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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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