Real Estate Math
An Oklahoma agent earned a total of $54,000 in commissions during the year and was on a 70/30 split with the broker. How much did the broker receive?
A$16,200✓ Correct
B$17,000
C$15,000
D$18,000
Explanation
Broker's share = $54,000 x 30% = $54,000 x 0.30 = $16,200.
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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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