Question

a broker sold a property that was owned by a bank that had acquired it through foreclosure, and the broker received a 6.5% commission. the broker gave the listing sales associate $3,575, which was 30% of the firm's commission. what was the selling price of the property?

Answer 1

The approximate selling price of the property is equal to $183,333.

What is a formula for calculating the selling price?

The formula for calculating the selling price may be represented as follows:

• Selling Price = Cost Price + Profit Margin.

According to the question,

• Find the firm's full commission which is as follows:

$3,575 amount to a salesperson = 30% × Full commission:

$3,575 amount to a salesperson ÷ 30% = $ 11,916.67 full commission.

• Find the selling price using the full commission and the rate:

$ 11,916.67 full commission ÷ 6.5% brokerage rate = $183,333.

Therefore, the approximate selling price of the property is equal to $183,333.

To learn more about the Selling price, refer to the link:

brainly.com/question/1153322

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