Real Estate Math
A Michigan seller agrees to pay 3.5% commission. The house sells for $325,000. The commission amount is:
A$9,750
B$11,375✓ Correct
C$13,000
D$16,250
Explanation
Commission = $325,000 × 0.035 = $11,375. To solve this, multiply the relevant values: $325,000 at 3.5%.. The correct answer is $11,375.. This is a common calculation on the Michigan real estate exam.
Related Michigan Real Estate Math Questions
- A Michigan seller paid $225,000 for a property 5 years ago. They sell it today for $312,000. What is the total appreciation percentage?
- A Michigan home sells for $415,000. The seller agreed to pay a 5.5% commission. What is the total commission?
- 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 listing agent earns 60% of a 6% commission on a $250,000 sale. How much does the listing agent earn?
- A Michigan seller nets $185,000 after paying a 6% commission. What was the sale price?
- A Michigan property's assessed value (SEV) is $120,000. The annual millage rate is 40 mills. What is the annual property tax?
- A Michigan buyer puts 10% down on a $260,000 home. What is the loan amount?
- A Michigan buyer takes out a $180,000 mortgage. Points paid at closing are 2 points. How much does the buyer pay in points?
Practice More Michigan Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Michigan Quiz →