Which of the following describes an expense that recurs regularly in property management?

An operating expense refers to the ongoing costs associated with the maintenance and operation of a property. These expenses are typically predictable and recur regularly, such as monthly or annually. Common examples include property management fees, utilities, insurance, and routine maintenance costs. By understanding that operating expenses are regular and necessary for the day-to-day functioning of a property, property managers can effectively budget and manage financial expectations for property owners and themselves.

In contrast, capital improvement expenses involve significant expenditures that enhance or extend the life of the property, such as renovations or major repairs, and do not occur regularly. A supplemental fee may refer to additional charges that are not standard operating expenses and could be one-time or vary based on specific circumstances. Variable expenses fluctuate based on usage or activity levels, making them less predictable and not necessarily recurring on a fixed schedule like operating expenses. Thus, the definition and characteristics of operating expenses make them the correct choice in this context.