Humber/Ontario Real Estate Course 2 Exam Practice

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Prepare for the Ontario Real Estate Exam with our comprehensive Humber Course 2 Exam Practice quiz. Engage with multiple choice questions and detailed explanations, designed to help you excel.

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If a property transaction involves a remuneration of $5,430 based on a rate of 3.75%, what is the selling price of the property?

$220,350
$144,800
$448,000
$150,230
$145,320
$190,500

The correct answer is: $144,800

To calculate the selling price of the property, we can use the formula: Remuneration = Selling Price x Rate Given that the remuneration is $5,430 and the rate is 3.75%, we can substitute these values into the formula: $5,430 = Selling Price x 0.0375 To find the selling price, we can rearrange the equation: Selling Price = $5,430 / 0.0375 Selling Price = $144,800 Therefore, the selling price of the property is $144,800, which corresponds to option B.