Real Estate Math
A Michigan agent receives a 3% commission on a $340,000 sale. How much is the commission?
A$8,500
B$10,200✓ Correct
C$11,900
D$12,000
Explanation
Commission = $340,000 x 0.03 = $10,200. To solve this, multiply the relevant values: $340,000 at 3%.. The correct answer is $10,200.. This is a common calculation on the Michigan real estate exam.
Related Michigan Real Estate Math Questions
- A Michigan agent's commission split with the broker is 55% agent / 45% broker. On a $12,000 commission, how much does the broker keep?
- A Michigan buyer is purchasing a $350,000 home. The lender requires PMI at 0.85% of the loan amount annually. With 10% down, what is the monthly PMI payment?
- A Michigan buyer obtains a 30-year mortgage for $240,000 at 6.5% interest. The monthly PI payment is approximately $1,517. What is the total interest paid over the life of the loan?
- A Michigan investment property generates $72,000 in annual NOI. If it sells at a 6% cap rate, what is the sale price?
- A Michigan property has an annual NOI of $48,000. If the investor requires a 9% return, what should they pay for the property?
- A Michigan property's replacement cost is $280,000. The land is worth $45,000. The building has depreciated 30%. What is the property value using the cost approach?
- A Michigan seller nets $156,000 after paying off a $189,000 mortgage and $12,750 in closing costs. What was the sale price?
- A Michigan buyer's loan-to-value ratio is 80% on a $420,000 purchase. What is the down payment amount?
Practice More Michigan Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Michigan Quiz →