Real Estate Math
A Florida seller nets $180,000 after paying a 5% commission and $3,000 in closing costs. What was the sale price?
A$192,000
B$189,473
C$192,632✓ Correct
D$195,000
Explanation
The seller nets 95% of the sale price minus $3,000. Let SP = sale price.
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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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