An agent earned a 6% commission on a sale. The commission totaled $21,600. What was the sale price?
Why $360,000 Is Correct
Answer C: $360,000
Exam Tip: Real Estate Math
Math questions are formula-based. Memorize the key formulas: commission splits, proration, cap rate (NOI ÷ Value), GRM (Price ÷ Gross Rent), and LTV (Loan ÷ Value). Practice converting between annual and monthly figures.
People Also Study
Related Delaware Questions
- What additional education must a Delaware salesperson complete to become a broker?Delaware License Law
- Adverse possession in Delaware allows a person to acquire title to another's property if they occupy it:Property Ownership
- How long does a Delaware real estate license applicant have to pass the licensing exam after completing pre-license education?Delaware License Law
- Which clause in a Delaware purchase contract allows the buyer to withdraw if they cannot obtain financing?Contracts
- A Delaware real estate licensee who engages in misrepresentation faces discipline that may include:Delaware License Law
- When must a Delaware real estate licensee provide their license number?Delaware License Law
- Closing is on September 15. Prepaid annual property taxes are $4,380 (paid January 1 for the full year). What is the seller's tax proration credit to the buyer? (Use 365-day year.)Real Estate Math
- A 6-unit apartment building grosses $7,200 per month in rent. Annual operating expenses total $28,800. What is the annual net operating income?Real Estate Math
Key Terms to Know
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
SteeringAn illegal practice where a real estate agent directs buyers toward or away from certain neighborhoods based on the buyer's race, religion, national origin, or other protected characteristics.
State-Specific Concepts
Practice More Delaware Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Delaware Quiz →