The Commission on a Transaction Is 3% of the First

question 279

Multiple Choice

The commission on a transaction is 3% of the first $100,000 and 2% of the balance. What was the amount of a transaction where the commission charged was $10,100?

• A) $225,000
• B) $545,000
• C) $310,000
• D) $355,000
• E) $455,000

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Definitions:

Fiduciary Duty

An obligation to act in the best interest of another party. For instance, a corporation's board member has a fiduciary duty to the shareholders.

Bribe

Offering, giving, receiving, or soliciting something of value for the purpose of influencing the actions of an official or other person in charge of a public or legal duty.

Best Interests

A standard considering the wellbeing and benefits of an individual, especially in legal and financial decisions affecting that person.

Fair Market Value

The price at which property would sell under usual market conditions, reflecting its value when both buyer and seller are reasonably knowledgeable and willing.