Maine Real Estate MATH SECTION questions with correct answers

XYZ Realty policy manual shows the following compensation structure: Commission rate charged - 6% to XYZ Realty; 50% to the listing agent. If sold by another company, the commission is split equally. An agent from ABC Realty secured the buyer. Her company policy is, that as the selling agent, she will be paid 40% of her broker's share. If the sales price of the house was $395,000, how much does each party receive? CORRECT ANSWER $395,000 x 6% = $23,700 Total Commission $23,700 ÷ 2 = $11,850 Split between the two companies $11,850 x 50% = $5,925 to Listing Broker and $5,925 to Listing Agent $11,850 x 60% = $7,110 to Selling Broker $11,850 x 40% = $4,740 to Selling Agent LaBoo's selling expenses were as follows: 7% brokerage commission; $150,000 mortgage payoff; $95 deed preparation; $858 transfer taxes; and since taxes were paid in advance, she received tax credit of $1,325. She left the closing table with a check for $100,047. What was the sale price of the property? CORRECT ANSWER $268,467.74 The pay check stubs reveal that Mr. Lambert's gross monthly income is $7,000 per month and Mrs. Lambert's gross monthly income is $7,000 per month. One car payment is $450 and the second car payment is $500. Their credit cards payments are $350, $300 and $250. Estimated annual taxes on the house they want to purchase are $5,000 and the homeowner's insuranc