Real Estate Math
A Utah seller nets $285,000 after paying a 5% commission and $4,500 in closing costs. What was the sale price?
A$295,500
B$300,000
C$305,263✓ Correct
D$310,000
Explanation
Let sale price = S. Seller nets: S - 0.
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Key Terms to Know
Closing Costs
Fees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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.
Math Concepts
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