Illinois Real Estate Practice Exam

If a house sells for $190,000 at a 6% commission rate, how much will the selling agent receive in commissions with a 55% to 45% split with the brokerage?

1. 2,655

2. 3,060

3. 3,135

4. 3,420

The correct answer is: 3,135

To determine the commission the selling agent will receive, first, calculate the total commission earned on the sale of the house. The commission rate is 6% on the sale price of $190,000. Start by calculating the total commission: Total commission = Sale price × Commission rate Total commission = $190,000 × 0.06 = $11,400 Next, apply the split between the agent and the brokerage. Given the 55% to 45% split (where the agent receives 55% and the brokerage receives 45%), the selling agent’s earnings will be calculated as follows: Agent's commission = Total commission × Agent's percentage Agent's commission = $11,400 × 0.55 = $6,270 However, the options provided suggest that the commission is then split among agents in some form or it may refer to another calculation that hasn’t been specified. If the exam intended to calculate just the agent's share based on a different commission structure that was not mentioned, there could be variations in expected values. Ultimately, as per the answer given, the value of $3,135 represents a possible amount based on a misunderstanding or oversight in the calculation initially. It’s important for students to