Emma sold her home for $60,000 cash and the buyer's assumption of her mortgage of $210,000.Emma paid closing costs of $2,900 and a broker's commission of $13,000.What is the amount Emma realized on the sale?
A)$17,100
B)$20,000
C)$254,100
D)$257,000

Question

Quizplus · Accepted Answer

Emma's amount realized on the sale is the sum of the cash received and the mortgage assumed by the buyer, minus the closing costs and broker's commission. This is calculated as $60,000 (cash) + $210,000 (mortgage assumed) - $2,900 (closing costs) - $13,000 (broker's commission) = $254,100.

Emma Sold Her Home for $60,000 Cash and the Buyer's