Real Estate Math
A property management company manages 15 North Dakota rental properties and charges 8% of gross monthly rents. If total monthly rents are $18,000, what is the monthly management fee?
A$1,080
B$1,260
C$1,440✓ Correct
D$1,620
Explanation
Management fee = $18,000 × 8% = $18,000 × 0.08 = $1,440 per month. To solve this, multiply the relevant values: $18,000, at 8%.. The correct answer is $1,440.. This is a common calculation on the North Dakota real estate exam.
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