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 listing salesperson's earnings, first calculate the total commission from the sale. The sale price was $100,000, and with a 6.5% commission, the total fee is $6,500. This fee is split equally between the listing and selling brokers, resulting in $3,250 for the listing broker. The listing salesperson receives 55% of this amount, which is calculated as $3,250 x 0.55 = $1,787.
Option A ($1,966) incorrectly assumes a higher percentage or total commission. Option B ($1,950) miscalculates the salesperson's share. Option D ($1,650) underestimates the commission percentage received.
Unlock All Questions
Subscribe to Premium for full access to all practice questions, detailed rationales, and performance tracking.
Subscribe Now