Real Estate Math
A Virginia seller's gross proceeds at closing are $475,000. They owe $280,000 on the mortgage, $2,500 in property taxes (prorated), and $28,500 in brokerage commissions. What are the net proceeds?
A$164,000✓ Correct
B$139,400
C$163,000
D$162,500
Explanation
Net proceeds = $475,000 – $280,000 – $2,500 – $28,500 = $164,000. Using the values given ($475,000, $280,000), apply the appropriate formula.. The correct answer is $164,000.. This is a common calculation on the Virginia real estate exam.
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