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Gnom [1K]
3 years ago
8

Christopher has hired a real estate broker to help facilitate the sale of his home. Realizing that Christopher is most likely go

ing to realize a loss on his investment due to the recent decline in housing values in his neighborhood, the broker has agreed to charge Christopher a lower commission rate as long as Christopher enters into an exclusive right of sale listing contract. If Christopher ends up selling his house for $364,583 and takes home $350,000 after paying the real estate broker’s commission, what was the commission rate that the broker ended up charging?A. 4.0%B. 4.2%C. 8.0%D. 14.6%
Business
1 answer:
kari74 [83]3 years ago
3 0

Answer:

4.0%

Explanation:

Given that gross sale value = $364,583

And net sale value after commission = $350,000

The commission paid to the broker = $364,583 less $350,000 = $14,583.

Therefore the commission rate

= \frac{Dollar Commission}{Gross Sale Value}

= 14,583/364,583

= 4.0%.

The brokers commission is usually computed on the Gross Sale Value, and not the net sale value.

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3 years ago
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3 years ago
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Lelechka [254]

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2 years ago
Read 2 more answers
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