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"The sellers listed their property for six months on February 26 for $522,500. They agreed to pay the listing broker a 7% commission at closing on the agreed upon sale price. A buyer made an offer on the property on March 29 for $510,000. The seller countered the offer on April 1 at $517,500, and the buyer accepted the counter offer with the closing to occur on June 15. How much commission did the seller owe the listing broker, and how would it appear on the settlement statement?

Respuesta :

jepessoa

Answer:

4) $36,225. Debit the seller.

Explanation:

The broker's commission = 7% of the final selling price = 7% x $517,500 = $36,225. The percentage didn't change, only the selling price changed.

Any expenses paid by the seller must be debited on the settlement statement, expenses paid by the buyer are credited.

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