A property was listed for $110,000. It sold for $100,000. A 6.5% fee was split equally between the listing and selling brokers. The listing salesperson received 55% of the listing office's share. How much did the listing salesperson receive?

Rationale

$1,787

To determine how much the listing salesperson received, we first calculate the total commission from the sale. The sale price was $100,000, and the total commission rate is 6.5%, which amounts to $6,500. This fee is split equally between the listing and selling brokers, resulting in $3,250 for the listing office. The listing salesperson receives 55% of this amount, which equals $1,787.

A ($1,966) YOUR ANSWER

This option incorrectly suggests a higher payment to the listing salesperson. It appears to miscalculate the share of the listing office or the percentage received by the salesperson, possibly assuming a different commission structure or percentage.

B ($1,950) YOUR ANSWER

This choice also overestimates the listing salesperson's earnings. It likely arises from an incorrect distribution of the listing office's share or a miscalculation of what 55% of $3,250 equals.

C ($1,787) CORRECT

This is indeed the correct calculation. After determining the total commission of $6,500 and splitting it, the listing office receives $3,250. Taking 55% of that gives the accurate figure of $1,787 received by the listing salesperson.

D ($1,650) YOUR ANSWER

This option underestimates the listing salesperson's share. It may stem from incorrectly calculating either the total commission or the percentage that the salesperson receives from the listing office's share.

Conclusion

The calculation reveals that the listing salesperson received $1,787 based on the commission structure and percentages provided. Understanding the distribution of the total commission and the percentages allocated is crucial in determining the correct earnings. Thus, through proper calculation, we affirm that $1,787 is the accurate amount received by the listing salesperson in this transaction.

A property was listed for $110,000. It sold for $100,000. A 6.5% fee was split equally between the listing and selling brokers. The listing salesperson received 55% of the listing office's share. How much did the listing salesperson receive?

$1,787

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