Real Estate Math
A Rhode Island rental property has monthly gross rents of $4,500. If the annual vacancy rate is 8%, what is the effective gross income?
A$45,000
B$49,680✓ Correct
C$50,220
D$54,000
Explanation
Annual gross rents: $4,500 x 12 = $54,000. Effective gross income: $54,000 x (1 - 0.08) = $54,000 x 0.92 = $49,680.
Related Rhode Island Real Estate Math Questions
- A Rhode Island buyer makes a 20% down payment on a $425,000 home. How much is the mortgage loan amount?
- A home sells for $415,000 and was purchased 5 years ago for $340,000. What is the percentage increase in value?
- A Rhode Island home sells for $425,000. The seller's attorney fee is $1,200, the broker's commission is 5%, and the RI Realty Transfer Tax is $2.30 per $500. What are the seller's total closing costs for these three items?
- A seller wants to net $190,000 after paying a 5% commission and $3,500 in other closing costs. What must the property sell for?
- A rectangular parcel measures 220 feet by 330 feet. How many acres does it contain? (1 acre = 43,560 sq ft)
- A buyer purchases a Newport vacation home for $850,000. They put 25% down and finance the balance. What is the loan amount?
- A Rhode Island property sells for $475,000. The RI Realty Transfer Tax is $2.30 per $500. What is the tax?
- A 10,000 sq ft commercial space leases at $22/sq ft/year. What is the monthly rent?
Practice More Rhode Island Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Rhode Island Quiz →