Real Estate Math
A Nebraska property is listed at $425,000. The seller pays 3% to the listing agent and 3% to the buyer's agent. At closing, the seller also pays $2,500 in other closing costs. The seller's net (before mortgage payoff) is:
A$391,000
B$396,500✓ Correct
C$397,000
D$399,000
Explanation
Total commission = $425,000 × 6% = $25,500. Other closing costs = $2,500. Total deductions = $28,000. Net = $425,000 − $28,000 = $397,000. $425,000 − $28,000 = $397,000.
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