David Saks: Real Estate Practice : Lesson 889

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 889

                                                          #889

The commission rate has been established for selling an apartment house and was set at five percent of the first 15 thousand dollars, and three percent of the next 20 thousand dollars. The commission rate on the balance was 1.5 percent.
The broker received a commission payment of $1,710.
What was the selling price of the property ?
Remember to take your time. The solution is posted below the wldlife photograph.

wildlife

A.$59,000


150000 first commission level
*
0.05 percentage of first level
=
7500 total commisssion of first level


200000 second commission level
*
0.03 percentage of second level
=
6000 total commission of second level


17,100 total commission paid
-
13,500 subtract first and second level commission base from the total and find a commission balance of 360 dollars.
=
3600 commission balance at 1.5%

 
3600 commission balance
/
0.015 percentage paid on the balance of the sale price
=
240000 total balance after the first and second commission structure.


Now add 7500, 6000 and 3600 to see that the commission structure equals a total of $17100 dollars.

Add the one hundred and fifty thousand dollars from the first commission structure to the two hundred thousand dollars of the second commission structure and the 240 thousand dollar balance after we find the total balance paid on the third commission structure and we have a total of $590,000 paid for the apartment house

 

 




David Saks



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Comment balloon 0 commentsDavid Saks • November 08 2010 02:43AM

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