Real Estate Math
A property manager charges an 8% management fee on collected rent. In a month when only $8,500 of the $9,000 due rent was collected, how much is the management fee?
A$720
B$680✓ Correct
C$760
D$810
Explanation
Management fee is based on collected (not scheduled) rent: $8,500 × 0.08 = $680.
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Key Terms to Know
Amortization
The gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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