Property Management (alternative)
A Maryland residential property manager should track which key performance indicator to measure vacancy performance?
AThe number of applications received
BThe vacancy rate — the percentage of units vacant over a given period✓ Correct
CThe average tenant age
DThe number of maintenance requests
Explanation
The vacancy rate is a key performance metric in property management — it directly affects revenue and indicates how effectively units are being leased and retained.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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