Real Estate Math
An Iowa salesperson earns 60% of the total commission on a sale. The total commission is $12,000. How much does the salesperson receive?
A$4,800
B$7,200✓ Correct
C$6,000
D$12,000
Explanation
Salesperson's share = $12,000 x 0.60 = $7,200. Commission splits between brokers and their affiliated salespersons are negotiated contractually and are not set by the IREC.
Related Iowa Real Estate Math Questions
- A 40-acre Iowa farm sells for $8,500 per acre. What is the total selling price?
- An Iowa investor's property has potential gross income of $120,000, vacancy of 6%, and operating expenses of $40,000. What is the NOI?
- A Des Moines home listed at $389,900 receives an offer for 95% of list price. What is the offer price?
- An Iowa homeowner's property has a taxable assessed value of $180,000. The tax rate is 20 mills ($20 per $1,000 of assessed value). What is the annual property tax?
- A buyer secures a $180,000 mortgage at 6% annual interest for 30 years. What is the total interest paid over the life of the loan if the monthly payment is $1,079.19?
- A rectangular Iowa farm field measures 1/4 mile by 1/2 mile. How many acres does it contain? (1 mile = 5,280 feet; 1 acre = 43,560 sq ft)
- A home sells for $270,000, which is 108% of its assessed value. What is the assessed value?
- An Iowa homeowner purchased a home for $145,000 and sold it for $218,000 five years later. What was the percentage increase in value?
Practice More Iowa Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Iowa Quiz →