A property management company in Florida manages 15 residential units with an average monthly rent of $1,200 per unit. The management agreement provides for a 8% management fee. If the company maintains a 95% occupancy rate, what is the monthly management fee earned?
Correct Answer
A) $1,368.00
Correct: Total potential rent = 15 units × $1,200 = $18,000. At 95% occupancy = $18,000 × 0.95 = $17,100. Management fee = $17,100 × 0.08 = $1,368. Why not B: This calculates the fee on 100% occupancy instead of the actual 95% occupancy rate. Why not C: This appears to use an incorrect percentage calculation. Why not D: This uses an incorrect base amount or percentage in the calculation.
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