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ExtremeBDS [4]
2 years ago
10

Julie is a sales associate for ABC Realty. She sold a house that was listed in the MLS from XYZ REALTORS®. The list price was $3

40,000 and the property sold at 95% of list. The commission rate to the seller was 7% and the brokers divided the commission--55% to 45%--with Julie's broker getting 45%. Julie and her broker split the commission equally. How much did Julie make in commission on this sale?
Business
1 answer:
zmey [24]2 years ago
4 0

Answer:

Julie made <u>$5,087.25</u> in commission on this sale.

Explanation:

Selling price of the property = Listed price * Percentage of listed at which the property is sold = $340,000 * 95% = $323,000

Commission on sales of the property = Selling price of the property * Commission rate = $323,000 * 7% = $22,610

Amount of the commission to Julie's broker = Commission on sales of the property * Commission share percentage to Julie's broker = $22,610 * 45% = $10,174.50

Since Julie and her broker split the commission equally, we have:

Commission made by Julie from the property sale = Amount of the commission to Julie's broker / 2 = $10,174.50 / 2 = $5,087.25

Therefore, Julie made <u>$5,087.25</u> in commission on this sale.

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