Question: Question 1 A developer has 100-acre tract to develop. Two percent of the land will be used for recreational areas and 10% will be used

Question 1

A developer has 100-acre tract to develop. Two percent of the land will be used for recreational areas and 10% will be used for roads and utilities. Acre lots are selling for $32,000. What is the potential gross income from sale of this development?

A - $2,816,000

B - $2,944,000

C - $3,200,000

D - $5,632,000

Question 2

The buyer and seller have a greed to a credit in the amount of $12,000 for repairs after a physical inspection. The lender explains that this is too high of a credit for the bank to accept. If the buyer and seller agree to the credit outside of the escrow, what kind of contract would be created?

A - Illegal

B - unenforceable

C - void

D - voidable

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