Real Estate Math
A Virginia rental property has monthly gross rents of $6,000. The gross rent multiplier (GRM) for the area is 120. What is the estimated property value?
A$600,000
B$720,000✓ Correct
C$840,000
D$900,000
Explanation
Value = Monthly Rent × GRM = $6,000 × 120 = $720,000. Using the values given ($6,000), apply the appropriate formula.. The correct answer is $720,000.. This is a common calculation on the Virginia real estate exam.
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