Property Management
A Connecticut property management agreement states the manager will receive 8% of gross rents collected. The property collects $85,000 in rents in one year. What is the management fee?
A$6,800✓ Correct
B$7,200
C$8,500
D$5,950
Explanation
Management fee = $85,000 × 8% = $6,800. To solve this, multiply the relevant values: $85,000 at 8%.. The correct answer is $6,800.. This is a common calculation on the Connecticut real estate exam.
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