Property Management
An apartment complex has 50 units renting at $1,200/month each with 5% vacancy. What is the effective gross income (EGI) per year?
A$684,000✓ Correct
B$720,000
C$756,000
D$760,000
Explanation
Gross potential income = 50 × $1,200 × 12 = $720,000. Vacancy loss = $720,000 × 5% = $36,000.
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