Real Estate Math
A NJ seller's net sheet shows: sale price $580,000; broker commission 5%; attorney fee $2,500; transfer tax $2,320; mortgage payoff $310,000; other closing costs $1,800. What are the seller's approximate net proceeds?
A$234,380✓ Correct
B$240,000
C$263,000
D$218,000
Explanation
Commission = $580,000 × 0.05 = $29,000. Total deductions = $29,000 + $2,500 + $2,320 + $310,000 + $1,800 = $345,620. Net = $580,000 – $345,620 = $234,380.
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