PSI Oklahoma Real Estate Practice Test

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Prepare for the PSI Oklahoma Real Estate Test. Use flashcards and multiple choice questions, each question with hints and explanations. Get ready for your exam!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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If a house sells for $184,000 with a 6% commission and a 50/50 split between companies, what is your commission?

$6,000
$5,520
$11,040
$2,760

The correct answer is: $5,520

To calculate the commission from the house sale, first determine the total commission based on the selling price of $184,000 and the commission rate of 6%. The total commission is calculated as follows: Total commission = Selling price x Commission rate Total commission = $184,000 x 0.06 Total commission = $11,040 Since the commission is split 50/50 between two companies, the amount received by an individual agent (or the company they represent) would be half of the total commission. Therefore, Agent's commission = Total commission x 50% Agent's commission = $11,040 x 0.50 Agent's commission = $5,520 This calculation shows that the agent's commission from the transaction would be $5,520, confirming that this is the correct answer.