Real Estate Math
A seller's net proceeds were $143,500 after paying a 5% commission and $4,000 in other closing costs. What was the sales price?
A$154,210
B$156,315
C$155,789✓ Correct
D$150,000
Explanation
Let P = sale price. Net = P − (0.
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Key Terms to Know
Closing Costs
Fees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Math Concepts
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