Direct answer
What does percentage mean?
A percentage is a ratio expressed as a part of one hundred and written with the percent symbol.
Exam cue: Translate percent to decimal before multiplication or division and identify the whole, part and rate.
What does it look like in a question?
Example
Six percent becomes 0.06 when calculating a commission.
Common exam trap
What should you not confuse it with?
A percentage point change is not always the same as a percent change.
Related real estate math terms
AcreAn acre is a land-area unit equal to 43,560 square feet.AreaArea is the amount of surface within a two-dimensional boundary.Capitalization rateA capitalization rate is a rate that relates a property's net operating income to its value or price.CommissionCommission is compensation paid for brokerage services under an agreement.MillA mill is a property-tax rate unit equal to one dollar of tax per one thousand dollars of taxable value.ProrationProration is the allocation of income or expense between parties for their respective periods of ownership or responsibility.
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