Mathematics

Question 1

A salesperson received $5,520 for selling a house for $230,000. This was 40% of the total sale.
What was the commission rate on the sale?

A) 5%
B) 4%
C) 6%
D) 10%

Answer 1

C) 6%

First, calculate 40% of the sale price of the house: $230,000 x 0.40 = $92,000. Now you have the numbers to plug into the commission formula; Commission Rate = Commission / Sale Price or $5,520 / $92,000 = 0.06. The commission rate on the sale was 6%.

Question 2

6/8 converts to what percentage?
A) 60%
B) 34%
C) 40%
D) 75%

Answer 2

D) 75%

Question 3

Realty Two sold a listing for $95,000. If they charged a 6 1/2% commission rate, what commission would they earn?
A) $6,175
B) $6,715
C) $5,675
D) $7,516

Answer 3

A) $6,175