Escrow & Title
A Mississippi seller's net sheet (seller's closing statement) shows: sales price $230,000 minus mortgage payoff $145,000 minus commissions $13,800 minus closing costs $3,200. The seller's net proceeds are:
A$68,000✓ Correct
B$66,000
C$65,000
D$70,000
Explanation
Net proceeds = $230,000 − $145,000 − $13,800 − $3,200 = $68,000. Using the values given ($230,000, $145,000), apply the appropriate formula.. The correct answer is $68,000.. This is a common calculation on the Mississippi real estate exam.
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