David Saks: July 2014

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 2884

#2884

The selling price of a home was $930,000.
The broker agreed to a commission of 5%.
Other charges applied from escrow amounted to $9500.
How much money did the seller receive at closing ?

Remember to take your time. The solution is posted below the wildlife photo.

wildlife

A. $874,000
Let's find out what the seller paid the broker by multoplying the commission rate of 5% times the selling price of the house, or $930,000 times .05, and we see that the total commission due the broker is 46,500.
Subtract 46,500 from the selling price and we have 883,500 net the seller after commission.
Now subtract the money paid out of the escrow, $9500, from the net after commission, 883,500, and we see that seller receives $874,000 at the closing.




David Saks



Time&Temp Memphis

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Comment balloon 0 commentsDavid Saks • July 09 2014 03:59PM
Real Estate Practice : Lesson 2884
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#2884 The selling price of a home was $930, 000. The broker agreed to a commission of 5%. Other charges applied from escrow amounted to $9500. How much money did the seller receive at closing Remember to take your time. The solution is… more
Real Estate Practice : Lesson 2883
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#2883 If the interest rate is 4. 5% and the monthly interest payment is $212. 50, what is the principal sum due Please take your time. The solution is posted below the wildlife photo. A. $56, 666. 66 Easy Multiply $212… more
Real Estate Practice : Lesson 2882
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#2882 A man bought two 60 foot lots for thirty thousand dollars each and decided to divide them into three lots consisting of equal frontage. He sold each lot for $24, 000. What the percentage of his gross profit Please take your time… more
Real Estate Practice : Lesson 2881
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#2881 What is the interest on $80, 000 at 4. 5 % per annum for nine months and fifteen days using a bankers calendar (360 days)? Please take your time. The solution is posted below the wildlife photo. A. $2850 Let's… more
Real Estate Practice : Lesson 2880
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#2880 If a home is assessed at 80% of it's value and it's value is $800, 000, and the combined tax rate is equal to $42. 50 per 1000 dollars of valuation, what is the total annual tax amount Remember to take your time. The solution is… more
Real Estate Practice : Lesson 2879
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#2879 A lot measuring 100 feet by 108. 9 feet would be would be equivalent to what portion of an acre Please take your time. The solution is posted below the wildlife photo. A. One quarter of an acre. Let's multiply 100… more
Real Estate Practice : Lesson 2878
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#2878 A commercial lot is assesed at 60 thousand dollars. The tax rate has been established to reflect $15. 55 per $1000 of assessed valuation. What is the amount of the property tax Take your time. The answer is posted… more
Real Estate Practice : Lesson 2877
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#2877 A broker has 1. 87 acres of land listed with himlisted with him for sale at 22. 50 per square foot. What was the total selling price of the acreage Take your time. The answer is posted below the wildlife photo … more
Real Estate Practice : Lesson 2876
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#2876 What kind of people are circulating about the throngs of civilized Americans daily Criminals that decent law abiding citizens encounter every day of their lives Here's a story about one. I came across a… more
Real Estate Practice : Lesson 2875
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#2875 A business property valued at $1, 000, 000 should return a monthly income of what amount if the annual investm ent income represents 16% on the total earnings yearly? Take your time. T he answer is posted below the wildlife… more