Based on the commission on the property that Rick sold and the commission split, the amount that Rick is paid for the transaction will be $16,879.50
<h3>How much is the commission?</h3>
The commission on the transaction is:
= Property selling price x total commission percentage
= 341,000 x 5.5%
= $18,755
Rick is to get 90% of this as he split it 90/10 so Rick's commission would be:
= Total commission amount x Rick's share
= 18,755 x 90%
= $16,879.50
In conclusion, out of there entire sales price of the property, Rick will get a commission of $16,879.50
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This is true that RESPA was developed to help buyers understand settlement processes and costs.
<h3>What is RESPA?</h3>
In order to give homebuyers and sellers accurate settlement cost disclosures, the U.S. Congress passed the Real Estate Settlement Procedures Act (RESPA) in 1975. RESPA was also developed in order to limit the usage of company accounts, forbid kickbacks, and remove abusive tactics in the real estate settlement process. The Consumer Financial Protection Bureau is now in charge of enforcing the federal law known as RESPA (CFPB).
Hence, The Real Estate Settlement Procedures Act (RESPA) aims to lower mortgage interest by doing away with referral fees and kickbacks while also improving disclosures of settlement costs to customers.
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Answer:
b. Relevant range includes all possible levels of activity that a company might experience.
Explanation:
In the cost-volume profit analysis, there are following assumptions which are described below:
1. There are two types of cost i.e variable cost and the fixed cost.
2. The sale mix remains same in case of multi product company
3. The volume of sales equals to volume of production
4. The cost is linear over the appropriate range i.e variable cost per unit and the fixed cost which remains same plus the selling price is also constant.
Answer:
the answer is C. a legal entity of people who share a common mission.
Answer and Explanation:
The preparation of the balance sheet is as follows:
Assets
Accounts receivable $3,300
Cash $6,310
Supplies $3,880
Equipment (net) $109,800
Inventory $2,940
Total assets $126,230
Liabilities and stockholder equity
Accounts payable $4,100
Interest payable $580
Unearned service revenue $820
Salaries and wages payable $850
Notes payable $31,500
Common stock $50,400
Retained earnings (balancing figure) $37,980
Total Liabilities and stockholder equity $126,230
