Real Estate Math
A Nevada agent earns a 3% buyer's agent commission on a $510,000 purchase. The agent's brokerage keeps 30% and the agent receives 70%. What is the agent's take-home commission?
A$10,710
B$15,300
C$4,590✓ Correct
D$12,000
Explanation
Total commission = $510,000 × 0.03 = $15,300.
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Key Terms to Know
Buyer's Agent
A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Math Concepts
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