How much did the salesperson receive

Reference no: EM132069734

Question: This is Real Estate Finance:

1) A seller listed and sold her property for $325,000. She agreed to pay the listing broker a 7% commission. 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?

2) The salesperson'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 salesperson receive if she listed and sold a house for $279,500?

3) 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 cost to the seller?

4) Salespeople in a realty agency are compensated based on this formula: 35% of the commission earned on any sale, less a $200 per-transaction desk rental. Salespeople 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 salesperson sold a house for $500,000, with a 6% commission, how much would the salesperson be paid if the sale incurred $800 in marketing and advertising costs?

5) At a realty agency, salespeople pay a monthly desk rent of 15% of their monthly income. In May, one salesperson receives 5% on a $560,000 sale; 6% on a $348,000 sale; and 6.75% on an $89,500 sale. The only other salesperson at the agency who received a commission in May got 6% on a $410,000 sale. How much did the agency receive in May?

Reference no: EM132069734

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