Real Estate Math
An Oklahoma agent receives a 6% commission on a $357,500 home sale and splits 50/50 with the cooperating broker. The listing agent retains 65% of their broker's half. How much does the listing agent earn?
A$6,968.25✓ Correct
B$7,150.50
C$6,975.75
D$7,015.50
Explanation
Total commission = $357,500 x 6% = $21,450. Listing broker's half = $21,450 / 2 = $10,725.
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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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