Real Estate Math
A Utah property sells for $380,000. The seller's existing loan balance is $180,000. The 6% commission totals $22,800 and closing costs are $3,200. What are the seller's net proceeds?
A$174,000✓ Correct
B$176,000
C$180,000
D$172,000
Explanation
Net proceeds = $380,000 − $180,000 − $22,800 − $3,200 = $174,000. To solve this, multiply the relevant values: $380,000 and $180,000 at 6%.. The correct answer is $174,000.. This is a common calculation on the Utah real estate exam.
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