Real Estate Math
A Washington commercial property is leased at $22 per square foot per year. The space is 3,500 square feet. What is the annual rent?
A$63,000
B$77,000✓ Correct
C$84,000
D$91,000
Explanation
Annual rent = $22 × 3,500 = $77,000. Using the values given ($22), apply the appropriate formula..
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Key Terms to Know
Gross Rent Multiplier (GRM)
A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
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