Real Estate Math
A Utah agent earned $8,000 gross commission. They pay a $500 monthly desk fee and are on a 75/25 split. What did the agent net after the desk fee?
A$5,500✓ Correct
B$6,000
C$7,500
D$7,000
Explanation
Agent's commission split = $8,000 × 0.75 = $6,000.
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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.
Math Concepts
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