Real Estate Math
A Washington seller agreed to pay 3% of the purchase price toward buyer's closing costs. The home sells for $520,000. How much are the seller's concessions?
A$13,500
B$15,600✓ Correct
C$16,200
D$18,000
Explanation
Seller concessions = $520,000 × 3% = $15,600. To solve this, multiply the relevant values: $520,000 at 3%.. The correct answer is $15,600.. This is a common calculation on the Washington real estate exam.
Related Washington Real Estate Math Questions
- A Washington home appraiser uses a comparable that sold for $510,000. The comparable has a view worth $15,000 that the subject does not have. The adjusted comparable value is:
- A Washington broker earns a 6% commission on a $425,000 sale and splits 45% to the buyer's broker. How much does the listing broker retain?
- A Washington seller nets $412,000 after a 5.5% broker commission. What was the sale price?
- A Seattle investment property is purchased for $1,200,000 with 25% down. What is the equity at purchase?
- A Washington listing agreement requires the seller to pay 5.5% commission. The home sells for $610,000. What is the commission amount?
- A Washington buyer qualifies for a maximum monthly payment (PITI) of $3,200. Annual taxes are $4,800 and annual insurance is $1,200. What is the maximum monthly P&I payment?
- A Washington buyer has a gross monthly income of $11,000. Maximum allowed housing ratio is 28% and total DTI is 43%. They have $800/month in other debt. What is the maximum PITI?
- A Washington broker's listing agreement states they earn 3% of the first $400,000 and 2% of the balance. The home sells for $720,000. What is the commission?
Practice More Washington Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Washington Quiz →