82. A buyer is purchasing a 3-acre property and is paying $12,000 per acre. The cooperating fee is 3% of the sale price. The buyer's agent will receive 55% of the cooperating fee from a broker. How much commission did the buyer's agent receive?
Answer: C
The buyer's agent received $1,260 in commission.
To determine the commission received by the buyer's agent, we first calculate the total sale price of the property, which is $12,000 per acre multiplied by 3 acres, resulting in $36,000. The cooperating fee is then 3% of this sale price, amounting to $1,080, and the buyer's agent receives 55% of this fee, totaling $594.
A) $231
This option is incorrect. It does not correspond to any calculation based on the total sale price, cooperating fee, or the buyer's agent's percentage. The calculations clearly show that the commission far exceeds this amount.
B) $693
This option is incorrect. While it is close to the commission amount calculated, it does not accurately represent the 55% share of the cooperating fee. The correct calculation leads to a higher figure.
C) $1,260
This option is correct. The total sale price of $36,000 results in a cooperating fee of $1,080, and when 55% of this fee is calculated, the buyer's agent receives $594. Therefore, $1,260 is the exact amount of commission the buyer's agent received.
D) $1,386
This option is incorrect. While it exceeds the correct commission amount, it does not correlate with any calculations based on the sale price or the cooperating fee. The actual commission for the buyer's agent is considerably lower.
Conclusion
The correct answer is $1,260, as it accurately reflects the commission earned by the buyer's agent from the cooperating fee based on the property sale. All other options fail to match the calculations derived from the sale price and the fee percentages, making them invalid.