Section: Real Estate

7) As an agent you received $1,312.50 as commission for a referral fee. The listing agent paid 25% of her commission for the referral. The total commission paid was 6%, which was split equally between the listing and selling brokerage firms. If the listing agent was paid 50% of her firm's commission, what was the sale price of the property?

1. $200,000
2. $250,000
3. $300,000
4. $350,000
5. $400,000