Real Estate Math
A Nebraska property sells for $520,000. The seller's mortgage balance is $340,000 and they paid $8,200 in seller closing costs plus a 5% commission. How much does the seller receive?
A$145,800✓ Correct
B$138,800
C$171,800
D$158,200
Explanation
Commission = $520,000 × 5% = $26,000. Net = $520,000 − $340,000 − $8,200 − $26,000 = $145,800. To solve this, multiply the relevant values: $520,000 and $340,000 at 5%.. The correct answer is $145,800.. This is a common calculation on the Nebraska real estate exam.
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