Operating expenses can be divided into two categories: variable and fixed expenses. Which of the following best exemplifies a fixed expense?

utilities

trash removal

local property taxes

property management

Given the following information, calculate the appropriate going$-$in cap rate using the constant$-$growth formula: market assumed total yield: $10\%$; expected appreciation

rate: $2\%$ per year; sale price: $$1,950,000$; first year potential gross income: $$520,000,$ first year capitalization expense: $$45,000,$ first year net operating income $$390,000$;

$9\mathrm{.}0\%$

$11\mathrm{.}5\%$

$26\mathrm{.}67\%$

$8\mathrm{.}0\%$