26 of 43 - Seller Meyer listed and sold his property for $283,000 and agreed to

Question

26 of 43 - Seller Meyer listed and sold his property for $283,000 and agreed to an exclusive right to sell listing agreement at a 7% commission to be paid to Rand Real Estate Company at closing. The loan payoff on the day of closing (April 30) was $136,550. The taxes for the year were $1,680 payable in arrears. The seller agreed to provide title insurance at a cost of $150 and a termite inspection that cost $35. Using actual days method (365 days method), determine how much the sellers will receive at closing.

a) $157,702.41

b) $125,902.67

c) $125,482.59

d) $126,640

Explanation / Answer

The seller will receive the value determinded as per the below calulations:

Sale Value - $ 283,000

Commissions@7% of Sale Value - ($198,10)

Loan pay off - ($136,550)

Hence = 283000 - 136550 - 19810 = $126,640

Related Questions

Navigate

• Browse (All)
• Browse 2
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.