Real Estate Math
A Delaware property sells for $520,000 with a 5.5% total commission split equally between listing and cooperating brokerages. Each broker keeps 40% and pays their agent 60%. How much does the cooperating agent earn?
A$8,580✓ Correct
B$14,300
C$5,720
D$7,150
Explanation
Total commission = $520,000 × 5.5% = $28,600.
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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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