1-A real estate salesperson served as property manager for a local shopping center. The center had five units, each renting for $24,000 per year. The center had an annual vacancy factor of 4.5%. The commission for rental of the units is 9% of the gross rental income. What was the commission for the year?

• $10,800
• $10,314
• $5,400
• $8,804

2- Jane buys a property for $385,000, putting 15% down and financing the balance. The lender charged her 2 points for a fixed-interest rate. What amount was Jane charged for these discount points?

• $7700
• $7377.87
• $7,363.13
• $7104.45

3 Harriet is under contract to sell her home to the Murphys. Two weeks after they complete the attorney review period, the Murphys send Harriet a list of 21 items they want her to repair as a result of their home inspection. Harriet is furious and instructs her agent to tell the buyers she will take care of 7 items, but will not do anything else. An hour after her agent relays this to the buyers' agent, Harriet receives another offer for $1,000 less than the one she had with the Murphys. She was so annoyed at the pettiness of the Murphys that she accepted the second offer and instructed her agent to tell the Murphys that she was cancelling her agreement of sale with them.

• Harriett cannot legally cancel the Murphy contract because they are in the midst of negotiations and the Murphys have not had a chance to respond to her counteroffer yet
• Harriett cannot accept the second offer because it is for less money than the offer she already has with the Murphys
• Harriett has a legal right to accept the second offer and to notify the Murphys that she was cancelling their contract
• The Murphys could sue Harriett for specific performance