Question 1

A home sells for $485,000. The listing broker charges a 6% commission and agrees to split it 50/50 with the buyer's broker. The listing salesperson receives 60% of the listing broker's share. How much does the listing salesperson earn?

Accepted Answer

The total commission is $29,100. The listing broker's 50% share is $14,550. The salesperson earns 60% of $14,550 = $8,730.

Question 2

A salesperson earned $11,250 on a transaction where the commission rate was 5% and the broker/salesperson split was 50/50. What was the sale price of the property?

Accepted Answer

The salesperson's share is 50% of 5%, which is 2.5%. Divide $11,250 by 0.025 = $450,000.

Question 3

A seller nets $320,000 after paying a 4% commission. What was the sale price of the property?

Accepted Answer

The seller keeps 96% of the sale price. Divide $320,000 by 0.96 = $333,333.33.

Question 4

A buyer obtains an 80% LTV loan on a property purchased for $375,000. What is the loan amount and required down payment?

Accepted Answer

Loan amount = 80% × $375,000 = $300,000. Down payment = 20% × $375,000 = $75,000.

Question 5

A borrower has a $240,000 loan at 7% annual interest. What is the interest portion of the very first monthly payment?

Accepted Answer

Annual interest = $240,000 × 0.07 = $16,800. Divide by 12 = $1,400 in interest for the first month.

Math & Calculations – California Real Estate Salesperson Exam

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