Real Estate Math
A property has a gross rent multiplier (GRM) of 100 for monthly rent. The annual gross income is $36,000. What is the estimated property value?
A$300,000✓ Correct
B$3,600,000
C$36,000
D$360,000
Explanation
Monthly rent = $36,000 / 12 = $3,000. Value = Monthly rent x GRM = $3,000 x 100 = $300,000.
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