Contracts
A Wyoming 'net listing' contract specifies that the seller will receive $350,000 and the broker will retain anything above that amount as commission. If the property sells for $410,000, the broker receives:
A$21,000 (standard 6% commission)
B$60,000✓ Correct
C$35,000
D$350,000
Explanation
In a net listing, the broker's commission = Sale Price − Net to Seller = $410,000 − $350,000 = $60,000. This illustrates why net listings create a conflict of interest—the broker benefits by getting the highest price over the seller's minimum, potentially at the seller's expense.
People Also Study
Related Wyoming Questions
- A Wyoming home is listed for $325,000. The seller agrees to pay 6% commission. The home sells for 98% of list price. How much commission does the broker receive?Real Estate Math
- A Wyoming agent's commission is 6% of the sale price. The agent represents the buyer. The sale price is $195,000. The commission is split 50/50 between the listing and selling brokerages. The selling agent receives 60% of the selling side commission from their broker. How much does the selling agent receive?Real Estate Math
- A Wyoming listing broker charges a 6% commission on a $425,000 sale, split 50/50. How much does each side receive?Real Estate Math
- A Wyoming property owner wants to net $315,000 after paying a 5% commission and $5,000 in other closing costs. What is the minimum sale price?Real Estate Math
- A Wyoming property worth $400,000 is subject to a first mortgage of $200,000 and a second mortgage of $80,000. If the property sells at a foreclosure sale for $260,000, how much does the second mortgage lender receive?Finance
- A Wyoming listing agent who receives a lowball offer that is significantly below the listing price should:Agency
- In Wyoming, an in-house sale occurs when the listing broker also represents the buyer. The broker may act as:Agency
- A Wyoming land contract (contract for deed) differs from a traditional sale because:Contracts
Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Math Concepts
Study This Topic
Practice More Wyoming Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Wyoming Quiz →