Math Practice Flashcards
A seller listed and sold an irregularly shaped parcel of undeveloped land for $325,000. The seller agreed to pay the listing broker a 7% com-mission. The listing broker offered a listing 40/60 selling split to any cooperating broker who sold the property. How much did the seller have to pay in commission fees?
$22,750
The sales associate’s agreement with the broker was a 40/60 split with the broker keeping 40% of the commission. The seller was charged 5.5%. How much did the sales associate receive for obtaining the listing and then selling a house for $279,500?
$9223.50
A broker listed a seller’s home for $425,000 with a 4% commission, plus $3,000 for advertising costs. The buyer offered $380,000, and after several counteroffers, finally agreed to $400,000. What was the total brokerage cost to the seller?
$19,000
Sales associates in a realty agency are compensated based on a formula: 35% of the commission earned on any sale, less a $200 per-transaction desk rental. Sales associates are responsible for paying 75% of all marketing and sales expenses for any property they list, and a $75 per-transaction fee to cover the monthly expenses of advertising and marketing the agency’s services. If a sales associate sold a house for $500,000, with a 6% commission, how much would the sales associate be paid if the sale incurred $800 in marketing and advertising costs?
$9,625
At a realty agency, sales associates pay a monthly desk rent of 15% of their monthly income. In May, one sales associate receives 5% on a $560,000 sale; 6% on a $348,000 sale; and 6.75% on an $89,500 sale. The only other sales associate at the agency who received a commission in May got 6% on a $410,000 sale. How much did the agency receive in May?
$11,928.19
