A property sells for $300,000. The commission rate is 6%, split equally between listing and selling brokers. What does each broker receive?
Correct Answer
A) $9,000
Total commission = $300,000 x 6% = $18,000. Split equally = $18,000 / 2 = $9,000 per broker.
Why This Is the Correct Answer
Why the Other Options Are Wrong
Deep Analysis of This Real Estate Math Question
Background Knowledge for Real Estate Math
Real World Application in Real Estate Math
Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
Converting a percentage to a decimal involves dividing the percentage value by 100.
More Real Estate Math Questions
Find the annual GRM for a 4-unit building in Detroit Michigan with an asking price of $300,000 and gross annual rents of $25,000.
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?
The buyer gets a $280,000 mortgage in Florida. The intangible tax is:
A property sells for $350,000 in Florida. The documentary stamp tax on the deed is:
What is the interest rate on a $200,000 loan requiring an annual interest payment of $8,000?
- → A rectangular lot measures 105 feet by 110 feet. What is the lot area in square feet?
- → A property's value is $150,000 today. What was the original cost if it lost 25% of value over ten years?
- → Jane learns that a lakefront property sold for $700,000 with 400 feet of lake frontage. About how much per front foot?
- → A property is assessed at $250,000. The tax rate is $2.50 per $100. What is the annual tax?
- → A triangular lot has a base of 200 feet and a height of 150 feet. What is the area of the lot?
- → A property sells for $325,000. If the commission is 6%, split equally between listing and selling brokers, what does each broker receive?
- → A property's value is $91,000 today. What was the original cost if it lost 35% of value over five years?
- → A buyer takes a $250,000 mortgage in Florida. What is the intangible tax?
- → A home you listed sells for $400,000. Your broker receives 6% and you receive 45% of their check. How much do you receive?
- → A property's value is $150,000 today. What was the original cost if it lost 25% of value over ten years?
People Also Study
Buyer Representation Agreement
8% of exam
Property Ownership
10% of exam
Land Use Controls and Regulations
8% of exam
Valuation and Market Analysis
10% of exam