5.6 Flashcards
35% converted into a decimal would be ______.
.35
True or False:
To convert percentages into decimals move the decimal point two places to the left and eliminate the percent sign.
True
Converting .225 to a percentage would be ______%.
22.5%
True or False:
Unlike multiplication, it does matter which number you plug into your calculator first when dividing.
True
What is it called when buyers and sellers split costs according to a certain time period?
Prorating
Interest is normally paid in _______.
Arrears
There are ________ square feet in an acre.
43,560
The commission split agreement between a broker and his salesperson gives the salesperson 60% of the broker’s fee. If the salesperson sells a house for $465,000 and the broker’s fee is 7% of the selling price, the salesperson’s commission would be _______.
$19,530.000
$465,000 x 7% = $32,500.00 total commission
$32,550 x 60% = $19,530.00 salesperson’s commission
A property is sold on February 27th of the current calendar year. Annual taxes of $2,400 and an annual garbage bill of $360 for the current calendar year were paid in full on January 1st of this year. If these payments are prorated, the amount the buyer will refund to the seller will be ______.
$2,300
2,760 total bill / 12 months = $230 per month x 10 months = $2300 returned to seller
A home sold for $450,000 with a 7% sales commission. The property was listed by Broker A and sold by Broker B. Broker A has agreed to split their fees 45/55, with 45% going to the selling company and 55% to the listing company……….(look up)
$8,505
$450,000 x 7% = $31,500 total commission
$31,500 x 45% = $14,175 selling company’s commission
$14,175 x 60% = $8,505 salesperson’s commission
If the seller paid 11% commission on a commercial property and the commission amount totaled $82,500, the sales price of the commercial property would be _______.
$750,000
$82,500 / 11% = $750,000
A broker has agreed to receive 40% commission on a propertys first month’s rent, plus 5% of the rent for the remaining months of a 2 year lease. The rent will be $2,400 a month. The commission the broker will earn of a two year lease is _______.
$3,720
$2,400 x 40% = $960 commission for first month’s rent
$2,400 x 5% = $120 commissions for each month on the rest of the lease.
$120 x 23 = $2,760 commission total for 23 months
$2,760 + $960 = $3,720 broker’s total commission.
A property purchased ten years ago for $198,000 has appreciated 60%. The new value is $_______.
$316,800
$198,000 x 60% = $118,800 property’s appreciation
$118,800 = $198,000 = $316,800 new value
A property sold for $268,000. After the sale the seller’s net was $67,000. The percentage of the sale price the net proceeds represented is _____%.
25%
$67,000 + $268,000 = 25%
A seller received $290,000 from the sale of their property. This represents 89% of the list price. The list price was $______.
$325,842.69
$290,000 / 89% = $325,842.69
