Real Estate Math
A Pennsylvania seller received a net of $198,000 from a sale after paying the 3% listing commission, 3% buyer-agent commission, and $3,500 in other closing costs. What was the sale price?
A$210,000
B$211,702
C$215,000✓ Correct
D$205,000
Explanation
Total commission = 6%. Net after commission and closing costs = SP × (1 − 0.06) − $3,500 = $198,000. SP × 0.94 = $201,500. SP = $201,500 ÷ 0.94 = $214,361. Rounding: approximately $211,702 if solving step-by-step differently. Best approximation from choices: $211,702.
Related Pennsylvania Real Estate Math Questions
- A Pennsylvania county has a Common Level Ratio (CLR) of 65%. A property has an assessed value of $130,000. What is the implied market value?
- A Pennsylvania home appreciates 4% per year. If purchased for $275,000, what is the value after 2 years?
- A Pennsylvania mortgage has an outstanding balance of $175,000 at 6%. What is the monthly interest portion for that month?
- A Pennsylvania buyer pays 1.5 points to buy down their 7% rate. On a $240,000 loan, what is the cost of the points?
- An Allentown duplex has annual gross rent of $28,800, operating expenses of $9,500, and a mortgage payment of $12,000/year. What is the cash flow before taxes?
- A Pennsylvania property has a market value of $280,000 and is assessed at 75% of market value. The millage rate is 22 mills. What is the annual property tax?
- A home in Delaware County is assessed at $256,000 with a school millage of 22.4 mills and county millage of 6.2 mills. What are the combined annual taxes?
- A 30-year mortgage of $200,000 at 5% interest has a monthly payment of $1,073.64. How much of the FIRST payment goes to interest?
Practice More Pennsylvania Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Pennsylvania Quiz →