Real Estate Math
A broker earns a 5% commission on a $740,000 sale. If the commission is split 60/40 between the listing and selling offices, how much does the listing office receive?
A$14,800
B$22,200✓ Correct
C$29,600
D$37,000
Explanation
Total commission = $740,000 × 5% = $37,000. Listing office share (60%) = $37,000 × 0.
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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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