Real Estate Math
A 40-acre parcel of Oklahoma land sells for $1,200 per acre. The agent earns a 5% commission. What is the total commission?
A$2,000
B$2,400✓ Correct
C$3,000
D$1,800
Explanation
Total sale price = 40 x $1,200 = $48,000. Commission = $48,000 x 5% = $2,400.
People Also Study
Related Oklahoma Questions
- A 320-acre farm in western Oklahoma sells for $2,400 per acre. What is the total sales price?Real Estate Math
- An Oklahoma agent closes 18 transactions in a year with an average sale price of $215,000. At a 3% buyer's agent commission, what is the agent's total gross commission for the year?Real Estate Math
- A one-section (640 acres) parcel of land in western Oklahoma is worth $850/acre. What is the total value?Real Estate Math
- A 5-acre commercial parcel in Norman, Oklahoma sells for $125,000 per acre. What is the total sale price?Real Estate Math
- The Oklahoma Corporation Commission (OCC) regulates which environmental concern most relevant to Oklahoma real estate?Environmental
- An Oklahoma appraiser who values agricultural land must consider which unique income source beyond typical residential factors?Property Valuation
- An Oklahoma buyer's agent who earns a commission from the seller's proceeds is:Agency
- In Oklahoma, a contract for deed (land contract or installment sale) is a form of seller financing where:Contracts
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
Study This Topic
Practice More Oklahoma Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oklahoma Quiz →