Property Management
An Oklahoma commercial property with multiple tenants calculates each tenant's pro-rata share of expenses using:
AA flat fee per tenant regardless of space
BThe tenant's leased square footage as a percentage of total leasable square footage✓ Correct
CThe tenant's revenue as a percentage of total building revenue
DA government-mandated formula set by OREC
Explanation
Pro-rata expense sharing in commercial properties is calculated by dividing the tenant's leased square footage by the total leasable area, giving each tenant a proportionate share based on the space they occupy.
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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.
Math Concepts
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