A property sold for $450,000. The commission rate was 6%. If the listing broker received 60% of the total commission, how much did the listing broker receive?
Correct Answer
B) $16,200
Total commission: $450,000 × 6% = $27,000. Listing broker's share: $27,000 × 60% = $16,200.
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Converting a percentage to a decimal involves dividing the percentage value by 100.
More Laws Of Agency Fiduciary Duties Questions
An individual who is not employed by the client, but has been delegated agency duties by an agent of the client, is referred to as a(n):
What are the three steps of the agency disclosure in proper chronological order?
An agent needs to disclose a conflict of interest to the affected parties when a principal or service provider in the transaction is the agent’s:
When showing a listed property to potential buyers, the listing broker is required to disclose:
A broker who simultaneously represents the best interests of both opposing parties in a transaction is known as a(n):
- → On which type of listing contract is a broker required to state the amount of their commission is negotiable and not fixed by law?
- → Broker fees deposited with the broker before they are earned are called:
- → A real estate broker is subject to disciplinary action from the Department of Real Estate (DRE) if they:
- → The seller states they will accept the buyer’s offer if the broker lowers their 6% commission by 25%. If the broker accepts, they will receive:
- → When a broker wants to store documents electronically, the storage method may not allow the final documents to be altered. What method of electronic document storage is required by the Department of Real Estate (DRE)?
- → A broker receives a full price offer on a house they are listing. Before they present the offer to the seller, another broker brings in an all cash offer for $5,000 less. The listing broker is to:
- → A seller’s broker needs to disclose:
- → Broker Chuck listed a duplex for sale from a corporate owner. After entering into the listing, the officers of the corporation die in a plane crash. What happens to the listing?
- → If a 16-year-old emancipated minor wishes to sell real property, their broker may:
- → A broker who fails to promptly disclose their dual agency status is subject to:
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Previous Question
A listing contract contains a clause stating that the seller agrees to pay a commission in exchange for the broker’s agreement to use diligence in procuring a buyer. This clause:
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A prospective buyer gave their broker a personal check for $1,000 payable to the seller along with an offer to buy the property. The buyer told the broker the check was not to be cashed until the end of the month. Which of the following is correct?