Real Estate Math
A Washington property sold for $620,000 with 5% commission. The listing broker and selling broker split the commission 50/50. The listing agent gets 70% of the listing broker's share. What does the listing agent receive?
A$10,850✓ Correct
B$13,020
C$13,650
D$15,500
Explanation
Total commission = $620,000 × 5% = $31,000. Listing broker side = $31,000 × 50% = $15,500. Listing agent = $15,500 × 70% = $10,850.
Related Washington Real Estate Math Questions
- A Washington home sells for $650,000. The seller pays Washington's Real Estate Excise Tax (REET) of 1.28% on the first $500,000 and 2.75% on the amount above $500,000. What is the total REET?
- A Washington home's annual taxes are $7,500. The closing date is June 15. Taxes are collected in two installments: April 30 and October 31. The seller paid the first half ($3,750) in April. At closing, the seller owes taxes from May 1 to June 15 (46 days). How much?
- A Washington buyer's closing costs are 3% of the purchase price. The home costs $490,000 with 10% down. What are the approximate closing costs?
- A Washington buyer is purchasing a triplex for $625,000 with 25% down. The closing costs are 2.5% of the purchase price. What are the total funds needed to close?
- A Washington home was listed for 90 days before selling. The commission rate was 5.5% and the sale price was $598,000. Commissions paid were:
- A Washington property management company earns 8% of collected rents. In January, they collected $48,000. What is January's management fee?
- A property was purchased for $320,000 five years ago. It has appreciated at 4% annually. What is the current estimated value? (Compound appreciation)
- A Washington buyer's offer of $465,000 is 93% of the asking price. What was the asking price?
Practice More Washington Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Washington Quiz →