Property Management
The vacancy rate for a Utah property is calculated as:
AThe number of vacant units divided by total units
BVacant unit days divided by total available unit days, expressed as a percentage✓ Correct
CAnnual vacancies divided by annual rents collected
DDays on market divided by lease term
Explanation
Vacancy rate is calculated by dividing the total unit-days vacant by the total unit-days available, expressed as a percentage. This provides an accurate measure of occupancy over a period.
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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.
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