Real Estate Math
A NJ property has a list price of $725,000. The buyer offers $710,000 and the seller counter-offers at $718,000. If the buyer accepts, how much will the 5% commission be?
A$35,500
B$35,900✓ Correct
C$36,250
D$36,500
Explanation
Sale price = $718,000. Commission = $718,000 × 0.05 = $35,900. To solve this, multiply the relevant values: $725,000 and $710,000 at 5%.. The correct answer is $35,900.. This is a common calculation on the New Jersey real estate exam.
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