Real Estate Math
A Massachusetts broker sold 15 properties last year with an average sale price of $425,000 and an average commission rate of 5%. The broker's total gross commission income was:
A$255,000
B$318,750✓ Correct
C$216,750
D$306,000
Explanation
Total GCI = 15 × $425,000 × 5% = 15 × $21,250 = $318,750. $6,375,000 × 5% = $318,750.
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