Alberta Real Estate Licensing Exam Practice · Question
A property sold for $450,000. The listing brokerage charges a 7% commission on the first $100,000 and 3% on the remaining balance. What is the total commission earned by the listing brokerage?
Commission = (0.07 * $100,000) + (0.03 * ($450,000 - $100,000)) = $7,000 + $10,500 = $17,500. This is the commission earned.
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Question: A property sold for $450,000. The listing brokerage charges a 7% commission on the first $100,000 and 3% on the remaining balance. What is the total commission earned by the listing brokerage?
Answer options: ✅ $16,500
- $13,500
- $7,000
- $20,500
Correct answer: $16,500
Explanation: Commission = (0.07 * $100,000) + (0.03 * ($450,000 - $100,000)) = $7,000 + $10,500 = $17,500. This is the commission earned.
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