Real Estate Math
A North Dakota listing agreement offers 2.5% to the buyer's agent and 2.5% to the listing broker. The property sells for $348,000. What does each side receive?
A$8,700 each
B$6,960 each
C$17,400 total only✓ Correct
D$10,440 each
Explanation
Each side receives 2.5% of $348,000 = $348,000 × 0.025 = $8,700. Total commission = $17,400, split evenly between the listing broker and buyer's broker.
Related North Dakota Real Estate Math Questions
- A North Dakota investor's annual before-tax cash flow is $18,000 on a $300,000 property purchased with $60,000 down. What is the cash-on-cash return?
- A North Dakota commercial property sells for $1,500,000. The seller pays $22,500 in prorated property taxes, $45,000 in broker commission, and retires a $900,000 mortgage. What are the seller's net proceeds?
- A 320-acre North Dakota farm sells for $2,400 per acre. What is the total sale price?
- A North Dakota buyer's credit from the seller at closing is $4,500. How does this appear on the buyer's side of the closing statement?
- A North Dakota buyer's income-to-debt ratio is calculated as total monthly debt payments of $1,800 divided by gross monthly income of $6,000. What is the DTI ratio?
- A North Dakota investor sells a property for $550,000 and has a $400,000 adjusted basis. What is the capital gain?
- A North Dakota property's purchase price is $420,000. The buyer obtains a loan for 80% of the price and the seller contributes $6,000 to closing costs. What is the buyer's down payment out-of-pocket before closing costs?
- A North Dakota property sold for $245,000 and the seller's net was $226,000 after paying the only deduction, the real estate commission. What commission rate was charged?
Practice More North Dakota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free North Dakota Quiz →