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?
A$112,700
B$116,100✓ Correct
C$125,000
D$108,000
Explanation
Total volume = 18 x $215,000 = $3,870,000. Commission = $3,870,000 x 3% = $116,100.
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Key Terms to Know
Buyer's Agent
A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
AmortizationThe 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.
Math Concepts
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