Real Estate MathCommission_calculationsEASY
A seller closes on a property for $410,000. The commission is 6%, other seller closing costs are $5,500, and the existing mortgage payoff is $190,000. What are the seller's net proceeds before any tax effects?
Correct Answer
C) $189,900
Commission = $410,000 × 6% = $24,600. Net proceeds = $410,000 − $24,600 − $5,500 − $190,000 = $189,900.
Answer Options
A
$214,500B
$195,400C
$189,900D
$202,200Why This Is the Correct Answer
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Why the Other Options Are Wrong
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Deep Analysis of This Real Estate Math Question
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Background Knowledge for Real Estate Math
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Real World Application in Real Estate Math
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Related Topics & Key Terms
Key Terms:
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