Real Estate Math
A Michigan home sells for $275,000. The buyer pays 5% down, and the seller pays a 6% commission. How much does the seller pay in commission?
A$13,750
B$16,500✓ Correct
C$15,125
D$14,875
Explanation
Commission is based on the sale price: $275,000 x 0.06 = $16,500. The buyer's down payment does not affect the commission calculation.
Related Michigan Real Estate Math Questions
- A Michigan duplex rents each unit for $900/month. The property sells for $150,000. What is the GRM (monthly)?
- A Michigan commercial building has a NOI of $72,000 per year and a cap rate of 8%. What is the estimated value?
- A Michigan buyer's loan is $220,000 at 6.5% annual interest. What is the first month's interest payment (interest only)?
- A Michigan rental property has a vacancy rate of 8% and potential gross income of $60,000/year. What is the effective gross income?
- A Michigan property sold for $180,000. The seller paid $3.75 per $500 in state transfer tax. How much state transfer tax did the seller pay?
- A Michigan buyer finances $210,000 for 30 years at 7% interest. Using a factor of $6.65 per $1,000, what is the approximate monthly P&I payment?
- A Michigan home sold for $310,000. The seller agreed to pay a 5.5% commission. How much was the total commission?
- A Michigan agent receives a 3% commission on a $340,000 sale. How much is the commission?
Practice More Michigan Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Michigan Quiz →