The Property Manager Works Under a Management Agreement Between the Property

question 18

Multiple Choice

The property manager works under a management agreement between the property owner and the property management firm. As compensation for his duties, the property manager will negotiate a management fee. Given the following information, calculate the dollar compensation to the property manager in year 1. Potential Gross Income of the property: $250,000; Vacancy and Collection Losses: 15%; Miscellaneous Income: $50,000; Management Fee: 3%.

• A) $4,875
• B) $6,375
• C) $7,500
• D) $7,875

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Definitions:

Mental Structures

Internal cognitive constructs that represent the mind's perceptions, thoughts, and ideas; they shape how information is interpreted and stored.

Assimilation

In psychology, the process of integrating new experiences into existing cognitive schemas or frameworks.

Accommodation

In cognitive psychology, accommodation refers to the process by which individuals revise their existing mental frameworks or schemas to incorporate new information.

Sensorimotor Stage

The earliest phase in Piaget's theory of cognitive development, spanning from birth to about 2 years of age, during which infants learn about their environment through their sensory experiences and motor actions.