Real Estate Math
A Virginia agent earns a 6% commission on a $475,000 sale. The agent's broker keeps 30% of the office commission share. How much does the agent receive if they split 50/50 with the buyer's broker?
A$9,975✓ Correct
B$12,825
C$14,250
D$19,950
Explanation
Total commission = $475,000 × 6% = $28,500. Listing office share (50%) = $14,250.
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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.
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