Real Estate Math
A Maine seller lists a home for $425,000 and agrees to pay a 5% commission. The seller's net proceeds after paying off the $310,000 mortgage and the commission would be:
A$93,750✓ Correct
B$96,250
C$103,750
D$115,000
Explanation
Commission = $425,000 × 5% = $21,250. Proceeds = $425,000 − $310,000 − $21,250 = $93,750. To solve this, multiply the relevant values: $425,000 and $310,000 at 5%.. The correct answer is $93,750.. This is a common calculation on the Maine real estate exam.
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