Real Estate Math
A Utah agent advertises they sold 12 homes last month. If their average commission was $14,000 per transaction and their split is 60/40 (agent/broker), how much did the agent gross personally?
A$100,800✓ Correct
B$67,200
C$168,000
D$84,000
Explanation
Total commissions = 12 × $14,000 = $168,000. Agent's 60% share = $168,000 × 0.
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Key Terms to Know
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.
AmortizationThe 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.
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