Real Estate Math
An Ohio seller owes $195,000 on their mortgage. The property sells for $285,000. After a 5.5% commission, what are the seller's net proceeds before other closing costs?
A$74,325✓ Correct
B$80,725
C$82,325
D$90,000
Explanation
Commission = $285,000 × 5.5% = $15,675. Net proceeds = $285,000 − $15,675 − $195,000 = $74,325. To solve this, multiply the relevant values: $195,000 and $285,000 at 5.5%.. The correct answer is $74,325.. This is a common calculation on the Ohio real estate exam.
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