Which term refers to an expense required for the operation of an income-producing property?

The term that refers to an expense required for the operation of an income-producing property is the operating expense. Operating expenses are necessary costs that are incurred in the daily functioning of a property, such as maintenance, property management fees, utilities, insurance, and property taxes. They are essential for keeping the property running smoothly and ensuring that it can generate income.

In contrast, fixed expenses are costs that do not change regardless of the level of occupancy or usage, such as mortgage payments. Capital expenses refer to expenditures used for long-term improvements or repairs to the property that increase its value but are not regular operating expenses. Variable expenses are costs that can fluctuate based on occupancy levels or usage, such as maintenance costs that can vary with the amount of wear and tear on a property. While these other terms relate to property expenses, they do not specifically capture the ongoing costs necessary for day-to-day operation, which is why operating expenses is the correct answer.