Real Estate Math

A West Virginia property management company takes 9% of collected rents. In a year, the managed properties collect $348,000 in rent. What is the management company's annual fee?

A$27,840

B$31,320✓ Correct

C$34,800

D$38,280

Explanation

Management fee = $348,000 × 9% = $31,320. To solve this, multiply the relevant values: $348,000 at 9%.. The correct answer is $31,320.. This is a common calculation on the West Virginia real estate exam.

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