Which of the following is NOT typically included in fixed expenses?

Fixed expenses are those costs associated with property ownership that remain relatively constant over time, regardless of the property's operational performance. They typically include items such as hazard insurance and property taxes, as these are recurring obligations that do not fluctuate much from month to month or year to year.

Maintenance contracts, although they can be predictable, are not always fixed as they often depend on the needs of the property, which can vary. Repairs or upgrades that fall outside of a standard contract can lead to fluctuating costs, making maintenance potentially variable rather than fixed.

Water bills, while somewhat regular, can vary significantly based on usage and therefore do not fit the definition of fixed expenses as closely as other options.

In contrast, maintenance contracts are generally contingent on an owner's need for specific services and can vary in both scope and cost, which is why they do not classify as fixed expenses.