Real Estate Math
A seller in NC wants to net $400,000 after paying a 6% commission. What must the sale price be (rounded to nearest dollar)?
A$424,000
B$425,531✓ Correct
C$426,000
D$427,654
Explanation
Net = SP x (1 - 0.06) = SP x 0.94. SP = $400,000 / 0.94 = $425,531.91, rounded to $425,532. To solve this, multiply the relevant values: $400,000 at 6%.. The correct answer is $425,531.. This is a common calculation on the North Carolina real estate exam.
Related North Carolina Real Estate Math Questions
- A property rents for $2,200/month. Annual operating expenses are $8,400. What is the annual NOI (assuming no vacancy)?
- A buyer in NC puts down 10% on a $475,000 home. They pay 2 discount points at closing. The total cost of the 2 points is:
- A property is purchased for $220,000 and sold 3 years later for $264,000. What is the percentage gain?
- A listing broker receives a 6% commission on the sale of a $350,000 home. The listing broker splits the commission 50/50 with the selling broker. How much does the listing broker receive?
- A NC commercial property has a potential gross income of $180,000, a 6% vacancy loss, and operating expenses of $54,000. The NOI is:
- A buyer purchases a home in Chapel Hill for $550,000 with a 20% down payment. How much is the down payment?
- A North Carolina property sells for $460,000. The excise tax is $2 per $1,000. What is the total excise tax?
- A NC investor buys a property for $400,000 and sells it 3 years later for $460,000. The simple return on investment (ignoring expenses) is:
Practice More North Carolina Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free North Carolina Quiz →