Real Estate Math
A real estate commission is split 50/50 between listing and selling brokers. The listing broker further splits 60/40 with their salesperson. If the total commission on a $350,000 sale at 6% is $21,000, how much does the listing salesperson earn?
A$5,040
B$6,300✓ Correct
C$7,560
D$10,500
Explanation
Total commission: $21,000. Each side: $21,000 ÷ 2 = $10,500.
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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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