SAN FRANCISCO REAL ESTATE BOARD YEAR BOOK, 1929 RESIDENTIAL PROPERTY A. FOR SINGLE RESIDENCES: For term up to one (1) year charge not less than five per cent (5%) of the gross rental, the minimum charge to be not less than twenty per cent (20%) of the first month's rental. For term exceeding one (1) year add two per cent (2%) of the gross rental for the period in excess of one (1) year to the charge for the first year. B. SINGLE FLATS AND SINGLE APARTMENTS: For term up to one (1) year charge not less than five per cent (5%) of the gross rental, the minimum charge to be not less than twenty percent (20%) of the first month's rental. For term exceeding one (1) year add one per cent (1%) of the gross rental for the period in excess of one (1) year to the charge for the first year. C. MONTH TO MONTH TENANCY: Charge not less than twenty per cent (20%) of the first month's rental in all cases. D. ADVERTISING: All advertising of residential properties for lease or rental to be at the cost of the owner. OPTION OR RENEWAL OF LEASE Where the lease provides for a renewal option, at stated rental after a stated period, the commission for such renewal shall be one-half (½) of the regular commission of the rental provided for in the new lease, the commission to be due and payable at the ex- ercise of the option. OPTION OF LESSEE TO PURCHASE Where the lessee is granted under the terms of the lease the option to purchase the leased property and lessee exercises such option, the broker negotiating the lease will be entitled to the usual sale commission, less however, that portion of commission charged for the unexpired term of the lease from date of consummation of sale. LONG TERM LEASES The commission on long term leases is to be at the rates fixed for Business Property Leases, except where such commission would exceed the sale commission for the sale of the property, based on a sale value computed by capitalizing the annual income as five per cent (5%) of such value, then in such event the lease commission may be based on such sale commission but is not to be less than the amount of such sale commission. RENEWAL OF LEASE. Where the lease is renewed to the same tenant, whether placed by agent originally or otherwise, the minimum commission shall be one-half (½) of the regular commission on the rental provided for in the new lease. MANAGEMENT OF PROPERTY A. BUSINESS PROPERTY: Charge not less than three per cent (3%) of gross collections, plus renting and leasing charge for any such service. B. APARTMENT HOUSES AND RESIDENTIAL PROPERTY: Charge three per cent (3%) to five per cent (5%) of gross collections. LOANS A. FIRST MORTGAGE LOANS: Two per cent (2%) of amount of loan on loans for a term of one (1) to five (5) years and where in excess of five (5) years charge three per cent (3%). B. SECOND MORTGAGE LOANS: Three per cent (3%) of amount of loan on all second mortgages. C. RENEWALS: One-half (½) of schedule rate. D. BUILDING LOANS: Three per cent (3%) of amount of loan. E. All above rates to be charged are net—borrowers to pay all additional fees and costs. F. The minimum charge for making a loan is $50.