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Question:
A salesperson working under a broker had an employment contract calling for a 50/50 split of any commissions received. The salesperson negotiated a sale representing the buyer. The sales price was $490,000. The purchase agreement called for a fee of 3% of the sales price to be paid to the buyer’s broker. How much did the salesperson receive from their broker?
A
$7,350.
explanation
In this first commission problem, we are told that the property sold for $490,000 with a 3% commission paid to the buyer’s broker. This first step looks like this:
$490,000 x 0.03 = $14,700
Next, calculate the 50% portion of the broker’s $14,700 fee that is paid to the salesperson.
$14,700 x 0.5 = $7,350
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