Question 4 (1 point) An apartment building is purchased on the following terms. Cash down payments $50,000, assumption of second mortgage $60,000 and first mortgage note of $400,000, attorney's fee of $1,500, title policy of $210, recording fee of $50, and documentary stamp of $590. What is the initial tax base? 507,650 513,550 512,350 515,750 Question 5 (1 point) A property has a potential gross rent of $1,500,000; operating expenses of $765,750; a vacancy allowance of $45,000, and other income of $9,000. What is its effective gross income? $1,455,000 $1,464,000 $698,250 None of the above