Real Estate Math
A Utah agent works on a 70/30 commission split (agent 70%, broker 30%). If the total commission on a $580,000 sale is 5%, how much does the agent earn?
A$14,500
B$20,300✓ Correct
C$17,400
D$29,000
Explanation
Total commission = $580,000 × 5% = $29,000. Agent's brokerage side = $14,500 (assuming co-op split).
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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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