Real Estate Math
A Kansas property manager's management agreement provides for 8% of gross rents on 15 units averaging $1,100/month. What is the monthly management fee?
A$1,050
B$1,200
C$1,320✓ Correct
D$1,440
Explanation
Monthly gross = 15 × $1,100 = $16,500. Management fee = $16,500 × 0.08 = $1,320. To solve this, multiply the relevant values: $1,100 at 8%.. The correct answer is $1,320.. This is a common calculation on the Kansas real estate exam.
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