1. Which of the following is not required for a valid and enforceable contract Date of signing Consideration Competent parties D. Mutual agreement 64. Bob and Brenda Byers purchased a home for $90,000. After putting down a 20% down payment they secured a loan with a 4% interest rate after paying two points. How much money did the Byers pay in discount points? A S720.00 B. $1.440.00 C S1800.00 D. $2.880.00 65. A broker should obey all instructions given by the principal. In the event the principal instructs the broker to violate laws, the broker should A Refuse to obey and advise the client the name of another broker who would probably do as instructed B. Proceed very carefully to avoid prosecution C. Withdraw from the transaction D. Do as instructed as the client is responsible 66. The appraiser primarily A. Computes value B. Determines value C. Guarantees value D. Estimates value supported by data 67. Brenda Byers was reviewing the deed from her recently purchased home. She noted there were several limitations regarding the use of the property. These limitations are commonly known as A. User constraints B. Building codes C. Codicils D. Restrictive covenants 68. A property produces an income of $10,000 per year. Management expenses are $700 annually. Monthly heating costs are $92. If the property is valued at $80,000, what is the owner's approximate overall capitalization rate? A. 7 percent B. 8 percent C. 10 percent D. 14 percent