Real Estate Math
A listing broker and selling broker agree to split a 6% commission 50/50 on a $600,000 NJ sale. How much does each broker receive?
A$15,000
B$18,000✓ Correct
C$20,000
D$36,000
Explanation
Total commission = $600,000 × 0.06 = $36,000.
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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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