Real Estate Math
A Florida broker lists a property with a 7% commission. The property sells for $275,000. The broker splits the commission 50/50 with the buyer's broker. The listing broker then pays their listing agent 60% of the listing broker's share. How much does the listing agent earn?
A$5,775✓ Correct
B$9,625
C$11,550
D$4,620
Explanation
Total commission = $275,000 × 7% = $19,250. Listing broker's 50% = $9,625.
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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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