The amount of commission that the listing broker earned from the property that was listed for $640,000 but sold for $580,000 was $29,000.
Who is a listing broker?
A listing broker is a real estate agent that lists properties for sale. The listing broker can be differentiated from the selling broker.
The selling broker works with the buyer of the real estate property while the listing broker works for the interest of the property owner.
The important question is, is the listing broker paid a commission based on the listing price or selling price? The listing broker's commission is based on the selling price and not the listing price.
Data and Calculations:
The list price of property = $640,000
Sales price = $580,000
Commission paid by the seller = 5%
Listing broker's commission = $29,000 ($580,000 x 5%)
Thus, the listing broker earned a commission of $29,000.
Learn more about listing broker's commissions at https://brainly.com/question/14838861
