Real Estate Math
A Delaware seller received $442,000 net after paying 5.5% commission and $3,200 in closing costs. What was the sale price?
A$472,000
B$470,000
C$471,958✓ Correct
D$468,000
Explanation
Let SP = sale price. SP − 0.
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Key Terms to Know
Closing Costs
Fees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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.
Math Concepts
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