Real Estate Math
A Nevada agent sells a property at $385,000. The commission is 5% and the agent has a 65/35 split with their broker. How much does the agent receive?
A$12,513
B$12,512.50✓ Correct
C$12,463.75
D$13,475
Explanation
Total commission = 5% x $385,000 = $19,250. Agent's share = 65% x $19,250 = $12,512.
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Key Terms to Know
Amortization
The 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.
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.
Math Concepts
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