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.
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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?