After Real Estate Fees of 3% Had Been Deducted from the Proceeds

question 273

Multiple Choice

After real estate fees of 3% had been deducted from the proceeds of the sale of a property, the real estate agent sent the vendor (seller) of the property $244,400. What was the amount of fees retained by the real estate agent?

• A) $7,558.76
• B) $251,958.76
• C) $7,800.00
• D) $7,118.45
• E) $237,281.55

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Definitions:

Pre-contractual Problem

Issues that arise before the formation of a contract, often relating to the disclosure of information or negotiation terms.

Incentive Compensation

A form of pay linked to an employee's performance, designed to motivate and reward that performance.

Effective

Producing a decided, decisive, or desired effect, often measuring the degree of success or efficiency of an action or item.

Car Salesman

A professional who sells new or used cars at a dealership and typically works on commission, aiming to meet or exceed sales quotas.