Question

A vacant lot that measures 100 feet wide by 125 feet deep is listed at a price of $250 per front foot. The broker will collect an 8% commission on the sale. If the lot sells for the full asking price, how much is the broker's fee

Answer 1

The broker's fee if the full asking price of $250 per front foot is received will be $2,000.

What is the broker's fee?

A broker's fee is an amount that the broker charges as a fee for facilitating the sale of a property.

First find the asking price:

= 250 x 100 feet

= $25,000

The broker's fee is:

= 8% x 25,000

= $2,000

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