Real Estate Math
A listing agent earned a 3% co-op commission on a $340,000 sale. The agent's split with their broker is 70/30 (agent/broker). How much does the agent receive?
A$7,140✓ Correct
B$10,200
C$3,060
D$7,500
Explanation
Co-op commission: $340,000 × 0.03 = $10,200.
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Key Terms to Know
Amortization
The gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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