Real Estate Math
A Maine agent earns 3% commission on the buyer's side. If the property sells for $415,000 and the agent's split with their broker is 65%, the agent nets:
A$8,092.50✓ Correct
B$10,500
C$12,450
D$13,000
Explanation
Buyer's side commission = $415,000 × 3% = $12,450. Agent's share = $12,450 × 65% = $8,092.50. To solve this, multiply the relevant values: $415,000 at 3%.. The correct answer is $8,092.50.. This is a common calculation on the Maine real estate exam.
Related Maine Real Estate Math Questions
- An investor buys a property for $150,000 and expects a 9% annual return. What annual income must the property generate?
- A Maine commercial building of 12,000 sq ft is leased at $20/sq ft per year (NNN). Annual rent is:
- A Maine real estate investor uses the 1% rule to screen rental properties. Under this rule, the monthly rent should be at least 1% of the purchase price. For a $250,000 property, the minimum monthly rent should be:
- A Maine broker runs a 10-agent office with average annual sales of $3.5 million per agent. The office charges 6% commission, split 50% with cooperating brokers. The listing side earns what annually?
- A Maine building sells for $1,500,000. The buyer pays 25% down and finances the rest. The annual debt service on the $1,125,000 loan at 6.5% for 20 years is approximately $105,840. The debt coverage ratio (NOI/Annual Debt Service) if NOI = $126,000 is:
- A Maine homeowner's mortgage has a principal balance of $180,000 at 6% interest. After the first payment of $1,079.19, how much principal was paid?
- A Maine property valued at $550,000 is purchased with a 15% down payment. The mortgage amount is:
- A Maine broker charges a 5.5% commission on a $450,000 sale. The buyer's agent receives 47% of the total commission. The buyer's agent's share is:
Practice More Maine Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Maine Quiz →