Property Management
A Maine commercial tenant has a 'percentage lease' in which they pay base rent plus a percentage of gross sales. If base rent is $2,000/month and the percentage is 5% of gross sales over $200,000 annually, and the tenant's sales are $280,000, the annual overage rent is:
A$2,000
B$4,000✓ Correct
C$4,500
D$14,000
Explanation
Overage = ($280,000 − $200,000) × 5% = $80,000 × 5% = $4,000 annual overage rent. To solve this, multiply the relevant values: $2,000 and $200,000 at 5%.. The correct answer is $4,000.. This is a common calculation on the Maine real estate exam.
Related Maine Property Management Questions
- A Maine property manager who manages residential rentals must comply with which federal law regarding tenants with disabilities?
- A Maine tenant receives a 30-day notice to vacate in retaliation for their complaints about mold. Under Maine's anti-retaliation statute, there is a presumption of retaliation if the notice was served within how many days of the protected activity?
- A Maine condominium unit owner who falls behind on association assessments may have their unit:
- In Maine, the 'implied covenant of quiet enjoyment' in a lease means the landlord promises:
- A Maine residential property manager collects first month's rent, last month's rent, and a security deposit before move-in. Under Maine law, the security deposit is limited to:
- Maine's Residential Landlord and Tenant Act provides that a landlord may NOT include which clause in a residential lease?
- A Maine net lease (NNN lease) requires the commercial tenant to pay:
- A Maine property manager who accepts a kickback from a repair contractor without the property owner's knowledge has breached the duty of:
Practice More Maine Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Maine Quiz →