Real Estate Math
A Virginia rental property is sold at a 7% cap rate for $700,000. What is the annual NOI?
A$49,000✓ Correct
B$48,000
C$50,000
D$42,000
Explanation
NOI = Cap Rate × Value = 7% × $700,000 = $49,000. To solve this, multiply the relevant values: $700,000 at 7%.. The correct answer is $49,000.. This is a common calculation on the Virginia real estate exam.
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