Real Estate Math
A South Dakota home sells for $315,000. The seller pays a 6% commission and $2,800 in closing costs. What are the seller's total transaction costs?
A$18,900
B$21,700✓ Correct
C$18,700
D$21,500
Explanation
Commission: $315,000 × 6% = $18,900. Total costs: $18,900 + $2,800 = $21,700. To solve this, multiply the relevant values: $315,000 and $2,800 at 6%.. The correct answer is $21,700.. This is a common calculation on the South Dakota real estate exam.
Related South Dakota Real Estate Math Questions
- A South Dakota property has an assessed value of $195,000 and a mill rate of 15 mills. What is the annual property tax?
- A South Dakota seller wants to net $200,000 after paying a 5% commission and $3,000 in closing costs. What must the property sell for?
- A South Dakota buyer's monthly gross income is $8,500. Using a 36% back-end DTI ratio, what is the maximum total monthly debt payment allowed?
- A broker charges a 6% commission on the sale of a $350,000 property. The listing broker splits the commission 50/50 with the buyer's broker. How much does each broker receive?
- A South Dakota investor purchased a property for $300,000 with an 80% LTV mortgage. What was the down payment?
- In South Dakota, a building costs $600,000 new and has an economic life of 50 years. After 15 years, what is the depreciated value using straight-line depreciation (land not included)?
- In South Dakota, an annual property tax bill of $4,200 is paid in arrears. Closing is September 30. How much does the seller owe in prorated taxes?
- A South Dakota broker's office policy pays salespersons 65% of the office's half of the commission. On a $500,000 sale at 6% total commission, what does the salesperson receive?
Practice More South Dakota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free South Dakota Quiz →