Real Estate Math
A Utah broker charges a $500 transaction fee on every closed deal in addition to the commission percentage. In a month with 12 closings, how much is collected in transaction fees?
A$6,000✓ Correct
B$5,500
C$12,000
D$7,200
Explanation
Transaction fees = 12 × $500 = $6,000. Using the values given ($500), apply the appropriate formula..
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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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