Your Daily Quiz Math
Challenge
So you think you’re pretty good, huh? That’s fine. We’ll cut you down to size soon enough. The rules are pretty simple. You may use a BASIC calculator. You may use scratch paper. You have to get ALL of the questions right. Any wrong answer will kick you out of the test. Additional rules may be made up as we go along (It’s nice to be in control). Ready?
Question #1
If you bought a house for $88,000, sell it for 8% more, and pay 8% in closing costs, how much do you get in your pocket at settlement?
a. $80,960.00 b.
$87,436.80 c.
$88,000.00
d.
$95,040.00 e.
none
of the above (or over there)
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Question #2
OK, Now that we’ve weeded out the losers, we can start to get a little more challenging.
The above lot sells for $7.50 per square foot (Yes, we know it’s very small). The seller pays a 9% commission to the listing broker, who pays 45% of that to the selling broker. The listing salesperson gets 65% of all commissions she brings into the company. How much money does the listing broker get in their pocket from this transaction?
$32.96 $35.41 $42.75 $64.96 $79.40 $86.82
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Question #3
If you need an explanation, you’re not up to the challenge.
The listing broker on a property makes $6209.67. The seller nets $23,000.00 after paying a 7% commission, $3000.00 in miscellaneous closing costs and paying off an $84,000.00 mortgage. What percentage of the total commission was received by the listing broker?
25% 33.33% 48% 66.67% 68.25%
73% 75% 75.37%
83% 90% 100%
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