Real Estate Math
A Virginia agent lists 12 homes per year averaging $400,000 each. At a 3% commission (listing side), what is their annual gross commission income?
A$120,000
B$144,000✓ Correct
C$160,000
D$180,000
Explanation
Annual GCI = 12 × $400,000 × 3% = 12 × $12,000 = $144,000. To solve this, multiply the relevant values: $400,000 at 3%.. The correct answer is $144,000.. This is a common calculation on the Virginia real estate exam.
Related Virginia Real Estate Math Questions
- A Virginia property has a listed price of $385,000. A buyer makes an offer at 96% of list price. What is the offer price?
- A buyer purchases a Virginia home for $400,000 with a 5% down payment. What is the loan amount?
- A Virginia home sells for $425,000. The listing broker receives a 6% commission, split equally between the listing and buyer's brokers. How much does the listing broker receive?
- A Virginia property has an annual net operating income (NOI) of $36,000. If the capitalization rate is 8%, what is the property's estimated value?
- A Virginia investor buys a rental property for $200,000. After one year, the property appreciates 4%. What is the new value?
- A property in Virginia has an assessed value of $320,000. The local tax rate is $0.95 per $100 of assessed value. What is the annual property tax?
- A Virginia salesperson earns a 2.8% co-op commission on a $525,000 sale. The broker takes 35% of the commission. What does the salesperson net?
- A Virginia property has a listed price of $525,000. The buyer negotiates a 3% discount. What is the purchase price?
Practice More Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Virginia Quiz →