Real Estate Math
A Kentucky property sells for $240,000. The seller pays a 5.5% commission and $1,800 in other closing costs. What are the seller's total selling costs?
A$13,200
B$15,000✓ Correct
C$14,200
D$12,750
Explanation
Commission: $240,000 x 5.5% = $13,200. Total selling costs: $13,200 + $1,800 = $15,000. To solve this, multiply the relevant values: $240,000 and $1,800 at 5.5%.. The correct answer is $15,000.. This is a common calculation on the Kentucky real estate exam.
Related Kentucky Real Estate Math Questions
- A property sells for $310,000. The county transfer tax is $0.50 per $500 of the sale price. What is the transfer tax?
- A buyer purchases a home for $240,000 and makes a 10% down payment. What is the loan amount?
- A Kentucky property has an assessed value of $180,000. The tax rate is $1.25 per $100 of assessed value. What is the annual property tax?
- A Kentucky seller wants to net $175,000 from the sale of their home. They owe $95,000 on the mortgage and will pay 5.5% commission. What must the sale price be?
- A Kentucky agent earns 40% of the commission on a $300,000 sale at 5.5%. What is the agent's income from this sale?
- A Kentucky property has a market rent of $1,400/month but current rent is $1,100/month. The appraiser determines that the market value based on market rent at a 125 GRM is:
- A Kentucky property is assessed at $220,000. The annual property taxes are $2,860. What is the tax rate per $100 of assessed value?
- A Kentucky home was purchased for $150,000 five years ago and is now worth $195,000. What is the percentage of appreciation?
Practice More Kentucky Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Kentucky Quiz →