2.4 A real estate agent receives \( 3 \% \) commission on the selling price of the house she sells. 2.4.1 How much commission would she earn on a house that se for R1,5 million?
Upstudy AI Solution
Answer
Solution
Answered by UpStudy AI and reviewed by a Professional Tutor


The Deep Dive
To calculate the commission, simply multiply the selling price of the house by the commission rate. If a house sells for R1.5 million and the commission rate is 3%, the calculation would be: \( R1,500,000 \times 0.03 = R45,000 \). Therefore, the real estate agent would earn R45,000 in commission from this sale. Real estate commissions can vary widely by location and market conditions, but they often follow a similar percentage structure. Agents might negotiate lower rates for high-value transactions or offer a sliding scale to retain clients. Understanding these nuances can better prepare you for buying or selling a home!