Real Estate Math
A home sells for $410,000. The listing agent's broker charges a 6% total commission split 50/50 between listing and buying brokers. The listing agent receives 70% of their broker's commission. How much does the listing agent receive?
A$24,600
B$8,610✓ Correct
C$12,300
D$17,220
Explanation
Total commission: $410,000 x 6% = $24,600. Listing broker's half: $24,600 / 2 = $12,300.
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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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