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Question 1
A home sells for $285,000. The total commission rate is 6%. The listing broker and selling broker split the commission 50/50. The listing salesperson receives 60% of the listing broker's share. How much does the listing salesperson earn?
Answer: $5,130. Total commission = $285,000 × 6% = $17,100. Each broker receives $8,550. The listing salesperson receives 60% of $8,550 = $5,130.
Question 2
A seller wants to net $210,000 after paying a 7% commission. What must the property sell for (rounded to the nearest dollar)?
Answer: $225,806. Divide the desired net by the complement of the commission rate: $210,000 ÷ 0.93 = $225,806.
Question 3
A broker earns a $9,450 commission on a property sale. The commission rate was 5.25%. What was the sale price of the property?
Answer: $180,000. Divide the commission by the rate: $9,450 ÷ 0.0525 = $180,000.
Question 4
A property manager charges 8% of collected rents. The building collects $14,500 per month. What is the annual property management fee?
Answer: $13,920. Monthly fee = $14,500 × 8% = $1,160. Annual fee = $1,160 × 12 = $13,920.
Question 5
A salesperson's commission split with their broker is 55/45. The salesperson earned $6,600 on a transaction. What was the total commission paid to the broker's office?
Answer: $12,000. If the salesperson's 55% share equals $6,600, divide by 0.55: $6,600 ÷ 0.55 = $12,000.