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MATH PRACTICE #1

 

1. A parcel of land is 100' wide and 175' deep. It sold for $400 per front foot.
    How much did the salesperson receive for their 55 percent share in a
    12% commission?

2. A property is listed for sale at $80,000. The cost was 75% of the listed
    price. What percentage profit did the owner receive if it is sold for listed
    price?

3. A house sold for $200,000. The commission is 7% and is divided as
    follows: 10% to the listing agent, of the balance to the selling agent
    and the balance to the broker. What did the listing agent receive?

4. From #3 above, how much did the broker receive?

5. A seller wishes to net $75,000 after the sale of his property. How much
    should the property sell for if the commission rate is 5% and there are
    $1,000 in closing expenses?

6. An owner sold their property for $98,000. They made a profit of 12%.
    What was the original cost?

7. The selling price of a property is $125,000. The buyer will put 15% down
     and pay a loan origination fee of 2 points. How much cash does the
     buyer need?

8. What is the selling price of a house of the salesperson received $3,000 as
     his half of the 6% commission charged by the broker?

9. A seller paid $75,500 for a house. She now wants to sell it at a 20% profit
    after paying the broker's 5% commission. What would selling price have
    to be?

10. A property is 198' deep and is acre. It sold for $30,000. How much did
       it sell for per front foot?


MATH PRACTICE #1
 ANSWERS

1. A parcel of land is 100' wide and 175' deep. It sold for $400 per front foot.
    How much did the salesperson receive for their 55 percent share in a 
    12% commission?

    100 X $400 = $40,000 X .12 = $4,800 X .55 = $2,640

2. A property is listed for sale at $80,000. The cost was 75% of the listed
     price.  What percentage profit did the owner receive if it is sold for listed
     price?

  $80,000 X .75 = $60,000 COST $80,000 - 60,000 = 20,000 PROFIT 20,000/60,000  = .33

3. A house sold for $200,000. The commission is 7% and is divided as
    follows: 10% to the listing agent, of the balance to the selling agent
    and the balance  to the broker. What did the listing agent receive?

    $200,000 X .07 = $14,000 COMM X .10 = $1,400

4. From #3 above, how much did the broker receive?

   14,000 - 1,400 = 12,600/2 = 6,300

5. A seller wishes to net $75,000 after the sale of his property. How much
    should the property sell for if the commission rate is 5% and there are
    $1,000 in closing expenses?

    75,000 + 1,000 = 76,000/.95 = 80,000

6. An owner sold their property for $98,000. They made a profit of 12%.
    What was the original cost?

    98,000 / 1.12 = 87,500

7. The selling price of a property is $125,000. The buyer will put 15% down
    and pay a loan origination fee of 2 points. How much cash does the
    buyer need?

 125,000 X .15 = 18,750 125,000 - 18,750 = 106,250 X .02 = 2,125 + 18,750 = 20,875

8. What is the selling price of a house of the salesperson received $3,000 as
     his half of the 6% commission charged by the broker?

     3,000 X 2 = 6,000 COMM / .06 = 100,000

9. A seller paid $75,500 for a house. She now wants to sell it at a 20% profit
    after paying the broker's 5% commission. What would selling price have
    to be?

    75,500 X 1.20 = 90,600 / .95 = 95,368.42

10. A property is 198' deep and is acre. It sold for $30,000. How much did
       it sell for per front foot?

      43,560 / 2 = 21.780 SF / 198 = 110 FRONTAGE 30,000 / 110 = 272.72

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