Conquer the Georgia MLS Exam 2026 – Unlock Your Real Estate Success Today!

To calculate the seller's net from the sale of the property, you need to take the selling price and subtract the various costs involved in the transaction. Here's how to break it down step-by-step:

1. **Selling Price**: The property is sold for $85,000.

2. **Brokerage Fee**: The brokerage fee is 6.5% of the selling price. To calculate this, multiply the selling price by the brokerage fee percentage:

\[

Brokerage\ Fee = 85,000 \times 0.065 = 5,525

\]

3. **Mortgage Payoff**: The seller has a mortgage balance of $17,000, which will need to be paid off from the proceeds of the sale.

4. **Closing Costs**: The seller also pays $1,600 in closing costs, which will be deducted from what they receive.

Now, we can calculate the total deductions:

- Total Deductions = Brokerage Fee + Mortgage Payoff + Closing Costs

\[

Total\ Deductions = 5,525 + 17,000 + 1,600 = 24,125

\]

5. **Net Proceeds**: Finally,