Which of the following is included in operating expenses?

Operating expenses are the costs that are necessary for the day-to-day functioning and maintenance of a property. These expenses directly relate to keeping the property in a condition that allows it to generate income. Ordinary and typical expenses that fall under this category include items such as utilities, property management fees, repairs, and maintenance costs.

The answer highlighting the ordinary and typical expenses necessary for property maintenance is correct because these expenses are integral to maintaining the property's value and ensuring it remains attractive and functional for tenants or buyers. These costs are essential to the operational aspect of property management and are routinely expected in financial assessments.

Other options do not qualify as operating expenses. For example, income derived from property sales represents revenue, not a cost; costs for property marketing may be viewed as part of acquisition or promotional expenses rather than day-to-day operating expenses; and property transaction fees are associated with the buying or selling of property rather than its ongoing operation.