Michigan Real Estate Exam Practice Question
A property was listed for $110,000. It sold for $100,000. A 6.5% fee was split equally between the listing and selling brokers. The listing salesperson received 55% of the listing office's share. How much did the listing salesperson receive?
Correct Answer: C
Rationale: To determine the amount the listing salesperson received, first calculate the total commission from the sale. A 6.5% fee on the sale price of $100,000 amounts to $6,500. This fee is split equally between the listing and selling brokers, so each receives $3,250. The listing salesperson receives 55% of the listing office's share, which is 55% of $3,250. This calculation yields $1,787.
Option A ($1,966) incorrectly assumes a different commission structure. Option B ($1,950) miscalculates the percentage received. Option D ($1,650) does not factor in the correct percentage of the listing office's share. Thus, only option C accurately reflects the correct calculation.
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