A Seller Received $81,000 at the Close of Escrow After

question 35

Multiple Choice

A seller received $81,000 at the close of escrow after paying $1,750 in closing costs and a 6% brokerage fee. What was the sales price of the house?

• A) $82,750
• B) $87,480
• C) $89,230
• D) $88,032

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Definitions:

Contractual Duties

Obligations that parties must follow as outlined in a contract, enforceable by law.

Expected Utility

Expected utility theory represents how rational individuals with preferences choose among risky alternatives to maximize their satisfaction or utility.

Toll Road

A public or private roadway for which a fee is assessed for passage, commonly used to fund road maintenance or construction projects.

Fine

A monetary penalty imposed by a government or legal authority as punishment for breaking a law or regulation.