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The answer is $397,500. The solution is:
Tract A: 100% - 20% = 80% = $150,000 sale price;
$150,000 divided by .80 = $187,500 cost;
$187,500 cost - $150,000 sales price= $37,500 loss from Tract A.
Tract B: $300,000 cost + 20% profit = $300,000 x 1.20 = $360,000 sale price;
$360,000 sale price to make a 20% profit + $37,500 loss from Tract A = $397,500 target sale price for Tract B.
A senior sales associate receives 60 percent of all sale commissions earned. His broker has listed a motel for $1,480,000. The listing contract specified a 6.5% sale commission for the first $600,000 of the selling price, 7.5% for the next $800,000, and 8.25% on the actual sale price exceeding $1.4 million. What will the sales associate's commission be if he sells the motel for the list price?
-$54,450
-$63,360
-$95,000
-$105,600
The answer is $63,360. The solution is:
$600,000 x .065 = $39,00 first increment;
$800,000 x .075 = $60,000 second increment;
$80,000 x .0825 = $6,600 third increment;
$39,000+$60,000+$6,6000=$105,600 total commission
$105,600 x .60 share = $63,360 sales associate's split
You bought a house for $195,000. You gave a deposit of $25,000, assumed a mortgage of $100,000, and signed a new second mortgage note for $70,000. What are the total state taxes due as a result of this transfer of property?
-$1,265
-$1,365
-$1,960
-$2,100
The answer is $2,100. The solution is:
$195,000 divided by $100 increments = 1,1950 taxable increments;
1,950 x $.70 rate = $1,365 doc stamps on deed;
$100 divided by $100 = 1,000 taxable increments;
1,000 x .35 rate = $350 doc stamps on assumed mortgage note;
$70,000 divided by $100 increments = 700 taxable increments;
700 x $.35 rate = $245
doc stamps on new mortgage note;
$700,000 new mortgage x $.002 = $140 intangible tax on new mortgage
$1,365 + 350 + $245 + $140 = $2,100