You have just sold your first house for$350,000as a listing agent (represents seller). The listing agreement specified a5%commission and that the selling agent (represents buyer) will receive 40%of that commission. Your agreement with your broker specified that you will split your commission 50%/50%with the broker. What was your final commission on this deal? a)$5,250 b)$7.000 c)None of these are correct d)$10,500 e)$3,500

You have just sold your first house for$350,000as a listing agent (represents seller). The listing agreement specified a5%commission and that the selling agent (represents buyer) will receive 40%of that commission. Your agreement with your broker specified that you will split your commission 50%/50%with the broker. What was your final commission on this deal? a)$5,250 b)$7.000 c)None of these are correct d)$10,500 e)$3,500

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter14: Property Transactions: Determination Of Gain Or Loss And Basis Considerations

Section: Chapter Questions

Problem 30P

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