Real Estate Math
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?
A5%
B6%
C7%
D7.76%✓ Correct
Explanation
Commission = $245,000 − $226,000 = $19,000. Commission rate = $19,000 / $245,000 = 0.07755 ≈ 7.76%. Using the values given ($245,000, $226,000), apply the appropriate formula.. The correct answer is 7.76%.. This is a common calculation on the North Dakota real estate exam.
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