Property Management
A Minnesota apartment building's vacancy rate is 8%. If the building has 50 units, how many units are currently vacant?
A3 units
B4 units✓ Correct
C5 units
D8 units
Explanation
Vacant units = Total units x Vacancy rate = 50 x 0.08 = 4 units.
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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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