BP Rental Property calculator output question

[Michael Hahn]

When you run a Rental Property report through the calculator, the bottom line of the screen shows annualized return %. I may not be far enough advanced in my real estate study to understand why I'm wrong (feel free to tell me why!) but I place tremendous importance on this annualized return figure. As such, I'd like to make sure I fully understand this output. This annualized return % definitely does not include the realtor commission for when we go to sell the house, correct?