A property in Arizona sells for $400,000. If the agent earns 3% on the first $100,000 and 2.5% on the remainder, what is the total commission?
Correct Answer
A) $10,500
First $100,000 × 3% = $3,000. Remaining $300,000 × 2.5% = $7,500. Total = $10,500.
Why This Is the Correct Answer
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A property has annual property taxes of $3,600. The seller paid taxes through December 31, but the sale closes on October 1. How much does the seller owe the buyer as a proration?
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A property is assessed at $250,000. The tax rate is $2.50 per $100. What is the annual tax?