Property Management
A Washington property manager prepares an annual operating budget for a residential community. The management fee of 8% is applied to:
AThe property's market value
BGross collected rents✓ Correct
CNet operating income
DThe property's assessed value
Explanation
Property management fees in Washington are typically calculated as a percentage of gross collected rents (not potential rents). An 8% fee on $150,000 in collected annual rents would equal $12,000.
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