Property Management
An Iowa property manager earns a management fee of 8% of gross monthly rents. If the property generates $9,500 in gross monthly rent, what is the monthly management fee?
A$680
B$720
C$760✓ Correct
D$800
Explanation
Management fee = $9,500 × 8% = $760. To solve this, multiply the relevant values: $9,500 at 8%.. The correct answer is $760.. This is a common calculation on the Iowa real estate exam.
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