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.

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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What is the selling price of a property if the commission is $3,375 based on a rate of 2.5%?

$135,000
$125,000
$140,500
$155,000
$130,000
$130,500

The correct answer is: $135,000

To calculate the selling price of a property when given the commission and the commission rate, you can use the formula: Commission = Selling Price x Commission Rate In this question, the commission is $3,375, and the commission rate is 2.5%. We can plug these values into the formula to find the selling price: $3,375 = Selling Price x 2.5% To find the selling price, we need to divide the commission by the commission rate: Selling Price = $3,375 / 2.5% = $3,375 / 0.025 = $135,000 Therefore, the correct answer is $135,000, which corresponds to option A. This is the selling price of the property based on the given commission and commission rate.