Sales price for a mobile home is $145,000; excluding the commission, the seller closing costs are $2,000. Seller's existing loan balance $80,000. Per the terms of the listing, the seller is guaranteed a net of $58,000. What is the broker's commission?

Question

Quizplus · Accepted Answer

The seller needs to net $58,000 after paying off the loan balance of $80,000 and closing costs of $2,000. Therefore, the total amount needed is $58,000 + $80,000 + $2,000 = $140,000. The sales price is $145,000, so the broker's commission is $145,000 - $140,000 = $5,000.

Sales Price for a Mobile Home Is $145,000; Excluding the Commission