Real Estate Math
A Kansas property sells for $265,000. The seller owes $180,000 on their mortgage. The commission is 6%. What are the net proceeds to the seller before other closing costs?
A$69,100✓ Correct
B$69,500
C$70,000
D$68,900
Explanation
Commission = $265,000 × 0.06 = $15,900. Net = $265,000 - $180,000 - $15,900 = $69,100. To solve this, multiply the relevant values: $265,000 and $180,000 at 6%.. The correct answer is $69,100.. This is a common calculation on the Kansas real estate exam.
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