Real Estate Math
A Nevada agent lists a home and earns a 3% commission on a $520,000 sale. After paying their broker a 25% desk fee, how much does the agent net?
A$11,700✓ Correct
B$15,600
C$3,900
D$14,040
Explanation
Agent's gross commission = $520,000 × 0.03 = $15,600.
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Key Terms to Know
Debt-to-Income Ratio (DTI)
A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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.
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.
Math Concepts
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