Real Estate Math
A NJ seller must pay a real estate commission of 5% on a $620,000 sale. Excluding all other costs, what is the commission in dollars?
A$28,500
B$31,000✓ Correct
C$28,000
D$33,000
Explanation
Commission = $620,000 × 0.05 = $31,000. To solve this, multiply the relevant values: $620,000 at 5%.. The correct answer is $31,000.. This is a common calculation on the New Jersey real estate exam.
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