Real Estate Math
A West Virginia buyer closes on April 1. The annual rent paid in advance by a tenant is $18,000 (paid January 1). What rent credit does the buyer receive?
A$13,500✓ Correct
B$18,000
C$4,500
D$9,000
Explanation
Rent was prepaid for the year. Buyer gets credit for April 1 through December 31 = 9 months. Credit = (9/12) x $18,000 = 0.75 x $18,000 = $13,500.
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