Name:     ID: 
 
Email: 

Commission Problems

Multiple Choice
Identify the letter of the choice that best completes the statement or answers the question.
 

 1. 

Broker Beeman's office sold a property that was listed for $104,000 for $102,000. The 6% commission is to be split 50/50 with the listing office. If the listing salesperson is to receive 65% of the listing office's commission, how much will she receive?
a.
$2,608
c.
$1,668
b.
$1,850
d.
$1,989
 

 2. 

Rita Rainier wants to net $65,000 on the sale of her property. She must pay $1,750 in loan discount points on the buyer's $50,000 FHA loan, $1,800 in other closing costs and a 7 percent broker's commission. The LEAST she can sell the house for is:
a.
$73,710
c.
$80,400
b.
$71,500
d.
$75,420
 

 3. 

Mary Murphy is a property manager for a large office building. She is paid an annual fee of 9 percent of all rent received in addition to $200 for each new lease signed during the year. If the average monthly scheduled rents are $10,200 and the property has a vacancy rate of 8%, how much will Mary earn if she obtained 9 new leases this year?
a.
$10,135
c.
$11,456
b.
$12,340
d.
$11,935
 

 4. 

The Perot family bought a house for $56,600 ten years ago. They have listed their home for sale and their brokerage fee is 6% and the buyer is willing to pay all other closing costs. What is the LEAST amount they can sell the house for and not lose any money?
a.
$60,213
c.
$133,960
b.
$62,230
d.
$59,133
 

 5. 

A 1,200 square-foot shop in the mall rents for $870 base rent per month plus 8% of the shop's gross sales. The shop's operating expenses are $6,540 per year and gross sales for the year are $245,650. What is the cost per square foot to rent the. space per year?
a.
$25
c.
$19
b.
$22
d.
$18
 

 6. 

A property was purchased for $90,800 and later sold for 14% more. A 7 percent commission was paid to the selling broker, of which the salesperson received 55 percent. What did the salesperson earn on the sale?
a.
$3,950
c.
$4,300
b.
$3,985
d.
$4,185
 

 7. 

A listing calls for a graduated commission on the sale of a commercial property. The broker is to receive 9% on the first $20,000, 5 % on the next $40,000, and 3% on the balance. If the broker sells the property for $654,300 how much will she make on the sale?
a.
$24,654
c.
$18,900
b.
$20,686
d.
$21,629
 

 8. 

Suzy Seller owns her house free and clear. On June 12 she received $75,546 from its sale after paying her broker a commission of 6% and paying $2,850 in closing costs. What was the selling price of her house?
a.
$83,400
c.
$82,545
b.
$85,600
d.
$87,540
 

 9. 

Salesperson Audrey Gill made $2,100 in commission on the sale of a property. If she receives 40% of the broker's commission of 7%, what was the selling price of the property?
a.
$57,000
c.
$67,000
b.
$75,000
d.
$80,000
 

 10. 

A triangular lot has a front footage of 165' and the perpendicular side line is 254'. If a broker sold the property for $1.45 per square foot what was the amount of the commission if her rate of commission is 10%?
a.
$3,038
c.
$4,506
b.
$6,076
d.
$2,986
 

 11. 

Salesperson Olson works for Broker Swen who holds a listing on a property. Olson sells the property for $120,000 and the listing agreement calls for a 7% commission. Olson is to receive 45% Swen's office commission. If Swen pays another cooperating broker a $300 referral fee what is Olson's commission?
a.
$8,400
c.
$3,645
b.
$3,870
d.
$2,654
 

 12. 

A mall shop of 1,600 square feet has an annual rent of $22 per square foot plus 6% of gross sales over $150,000. If total rent for the year was $36,700 what were the annual sales?
a.
$175,000
c.
$190,000
b.
$180,000
d.
$210,000
 

 13. 

A seller paid $2,400 in closing costs and paid his broker a 6% commission on the sale of his property. If the seller received a check at closing (net) of $67,544 what did the house sell for?
a.
$75,434
c.
$78,543
b.
$74,409
d.
$71,436
 

 14. 

A pet shop in a mall has an annual lease for its 2,500 square foot shop at $12 per square foot plus 9% of gross sales. What were the gross sales if the shop owner paid $70,430-in rent for the.year?
a.
$449,222
c.
$348,765
b.
$543,565
d.
$398,765
 

 15. 

Broker A and Broker B are cooperating brokers and have agreed to split the 7% commission on the sale of a house. Broker A paid his listing salesperson $2,400 which was 55% of his share. What did the property sell for?
a.
$124,675
c.
$115,444.30
b.
$62,338
d.
$140,500
 

 16. 

When she sold her house Jeri Peck netted $78,700. Her closing costs included a lien payoff of $3,200, title insurance of $345, recording costs of $35, and a 7% broker's commission. What was the sale price of the property?
a.
$98,485
c.
$88,473
b.
$103,545
d.
$77,565
 

 17. 

Tom has a balance on his mortgage of $112,544. He wants to sell his property and net $35,000 but must pay closing costs of $3,450 and 6% to the broker. What is the selling price on the house?
a.
$160,632
c.
$158,555
b.
$168,623
d.
$162,464
 

 18. 

A homeowner has listed his property at 6%. He would like to make a $12,000 profit on the sate after paying his broker. If he paid $78,650 for the property 4 years ago, what would he have to get as a sales price?
a.
$96,436
c.
$68,976
b.
$99,486
d.
$95,343
 

 19. 

A 1,800 square foot pizza shop pays an annual rent of $16 per square foot plus 7% of gross sales in excess of $90,000. If sales for the year were $246,000 how much would be paid in rent?
a.
$39,720
c.
$24,465
b.
$40,655
d.
$37,520
 

 20. 

A seller with no loans against his house received $65,000 from its sale. The broker's commission was 6% and closing costs were $2,500. What was the selling price?
a.
$71,809
c.
$76,889
b.
$74,670
d.
$78,890
 



 
         Start Over