Mr. Jackson a real estate developer, subdivides a parcel of land into 50 lots. He receives a final report to sell. His first two transactions are to sell five lots to a contractor and also to option five lots to a speculator. Concerning these:
a. only the sales need be reported to the Real Estate Commissioner
b. the subdivider must notify the Real Estate Commissioner of both the sales and the options
c. only the options must be reported to the Real Estate Commissioner
d. none would have to be reported to the Real Estate Commissioner
