PSI Oklahoma Real Estate Practice Test

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Prepare for the PSI Oklahoma Real Estate Test with flashcards and multiple choice questions, all equipped with hints and explanations. Master the material and pass your exam confidently!

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.