Real Estate Math
A Rhode Island listing broker and cooperating buyer's broker split a 5% commission equally on a $450,000 sale. How much does each brokerage receive?
A$9,000
B$11,250✓ Correct
C$22,500
D$45,000
Explanation
Total commission = $450,000 x 0.05 = $22,500.
People Also Study
Related Rhode Island Questions
- A Rhode Island broker earns a 5% commission on a $320,000 sale. How much is the commission?Real Estate Math
- A commission is split 60/40 between the listing and selling brokers on a $500,000 sale at 5% total commission. How much does the listing broker receive?Real Estate Math
- A salesperson in Rhode Island receives 55% of the commission earned by the broker. On a $450,000 sale at 5%, how much does the salesperson receive?Real Estate Math
- A Rhode Island salesperson earns 3% of the sale price as their commission split. If the property sold for $420,000, what was the salesperson's earnings?Real Estate Math
- A Rhode Island seller signs a listing agreement and the agent markets the property but receives no offers before the listing expires. Is the seller obligated to pay a commission?Agency
- A Rhode Island listing broker represents the seller and a cooperating broker brings a buyer. The cooperating broker owes fiduciary duties to:Agency
- The Rhode Island real estate licensing exam consists of how many questions, and what is the minimum passing score?Rhode Island License Law
- In Rhode Island, subagency means that a cooperating broker working with the buyer is actually an agent of the:Agency
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 Rhode Island Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Rhode Island Quiz →