Real Estate Math
If a buyer's agent earns 70% of the cooperating commission, and the cooperating commission is $12,375, how much does the buyer's agent earn?
A$7,425
B$8,663✓ Correct
C$8,750
D$9,000
Explanation
Buyer's agent earnings = 70% × $12,375 = 0.70 × $12,375 = $8,662.
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Key Terms to Know
Buyer's Agent
A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
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.
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.
Math Concepts
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