A ________ is any standard of comparison against which an observed potential transaction or purchase price is compared

The real estate commissioner would not permit which of the following mortgage loan advertisements:

A: "Call our toll free number 1-800-FOR A LOAN"; B: "Income, equity and credit must be verified"; C: "We loan up to 75% of market value based on our staff appraiser's report"; D: "First trust deeds available--10% per annum.

A capacity alternative has an initial cost of $50,000 and cash flow of $20,000 for each of the next four years. If the cost of capital is 5 percent, what is the approximate net present value of this investment?

A) $20,920 B) $26,160 C) $49,840 D) $70,920 E) $106,990