A $425,000 transaction has a 5.5% total commission split equally between the two brokerages. The selling brokerage pays its sales associate 65% of the commission it receives. How much does the sales associate receive?
Correct Answer
A) $7,596.88
Total commission is $425,000 x 0.055 = $23,375. The selling brokerage receives $11,687.50, and 65% of that amount is $7,596.875, or $7,596.88.
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Previous Question
Broker Maria enters into a listing agreement with seller John for a 6% commission. The property sells for $350,000, and the listing agreement specifies that the commission will be split 50/50 with the selling broker. If Maria's brokerage keeps 70% of her portion and Maria keeps 30%, what is the correct procedure for commission distribution in Florida?
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Under Florida real estate law, all of the following are acceptable forms of compensation for licensed real estate services EXCEPT: