A property sells for $460,000 with a 6% commission split equally between the listing broker and the selling broker. The listing agent receives 65% of the listing broker's share. How much does the listing agent earn?
Correct Answer
A) $8,970
Step 1: total commission = $460,000 × 6% = $27,600. Step 2: listing broker's half = $27,600 × 50% = $13,800. Step 3: listing agent's share = $13,800 × 65% = $8,970.
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Related Topics & Key Terms
Key Terms:
Related Concepts
IRV stands for Income, Rate, and Value. It represents the relationship between Net Operating Income (I), Capitalization Rate (R), and Property Value (V).
Loan qualification math involves calculating the debt-to-income ratios that lenders use to determine whether a borrower qualifies for a mortgage. The two primary ratios are the front-end (housing expense) ratio and the back-end (total debt) ratio.
Monthly interest is the portion of the total annual interest that is paid or accrued each month.
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