The commission charged shall be upon the total sale price, and not upon the owner's equity.

(5) Subdivision. On the sale and management of subdivision property, where the owner does the advertising and pays such general expenses as may be necessary for placing the property upon the market, the charge for selling lots shall be not less than 5%. Where the collections of the contracts are left with the agent, a collection fee of not less than 3% shall be charged.

1 These rules, schedules of commissions and charges for handling real estate were adopted by the Cook County (Illinois) Real Estate Board, October 12, 1909.

(6) Lands. For selling land or other real estate located outside of Cook County, not less than 5%.

(b) Net Prices.

When an owner agrees with an agent in writing to offer property for sale at a price net of commissions to the broker, it is understood that all sums secured over and above said price by or through said broker during the time that said price is given, shall be paid over to said agent as payment in full for commissions and services rendered.

(c) Exchanges.

(1) In the case of exchanges of property, a full commission shall be paid by each party, based upon the consideration for the respective pieces of property so exchanged, the same as if a sale had been made, in accordance with the rates established herein.

(2) Exchanging lands or other real estate located outside of Cook County, not less than 5%.

(d) Leaseholds.

(1) Selling or Loans. The commission for selling leaseholds or making loans on leaseholds shall be 1% in addition to the present rate established for the sale of or loans on real estate in Cook County.

(2) Exchanging. For exchanges of leaseholds in or out of Cook County, 5%.

(e) Fees for Valuation.

On all amounts up to $15,000, $25.

On amounts from $15,000 to $100,000 the fee shall be $25 on the first $15,000, and $1 per thousand on excess up to $100,000, with a further charge of fifty cents per thousand on amounts over $100,000.

(f) Place of Closing Sale.

All sales shall be closed at the office of the agent representing the owner of the property.

(g) Management and Collection of rents.

(1) For negotiating and making leases or for the renewal of old leases, in addition to the amount expended for advertising, the charge shall be in accordance with the circumstances and service performed, the minimum charge to be $3.

The owner is to pay for all advertising connected with renting the property.

(2) For renting and collecting on buildings used as stores and lofts when occupied by one tenant, and the rents exceed $1,000 per annum, not less than 2%.

(3) Where annual rental is less than $1,000, 5%.

(4) When occupied by more than one tenant, 5%.

(5) Office and residence property, 5%.

(6) Commissions are to be charged on the total rents collected.

(7) It is understood that when the collection of rents on property is not left with the agent for a full year, he shall be entitled to charge for any lease he may have made or renewed, at the rate specified herein "for negotiating and making leases where rents are not collected by agent."

(h) For Disbursements.

(1) In the management of property the agent shall be paid on disbursement for janitor service, coal, repairs and all expenses (except insurance, taxes and interest) 2%. The above charge shall not be made when an agent is receiving 5% for collection of rents.

(i) For Payment op Taxes.

(1) On unimproved property, on amount of taxes paid, 2%. On improved property, on amount paid, 1%. No charge to be made less than $1.

For preparing affidavits, drawing leases, deeds or other documents, a charge of not less than $3 shall be made.

(j) For Negotiating and Making Leases When Rents Are Not Collected by Agent.

(1) Stores, business, residence and flat property, lease not exceeding one year, charge on amount of the yearly rental of 5%.

(2) Where the term exceeds one year, add to the foregoing 1% of the rental for each additional year.

(3) Where the term is less than twelve months and more than six months, charge the same as if the lease had been made for one year. Where the term is six months or less, charge 5% on an amount equal to six months' rental at the rate at which the lease is made.

(4) The minimum charge to be made in any case for leasing stores, residence or flat property, $10.

(k) Ground Leases.

(5) Ground lease, term of fifteen years or less, on total rent covered by lease, 2%%.

Where property is subject to re-appraisal during the life of lease, the charge is to be computed for the full term, on basis of the average rental for the first five years.

(6) Ground leases exceeding fifteen years, on the appraised value of property, at date of making lease, 2%. If more than one appraisal, or if an agreed increase of rents at stated periods without appraisal is mentioned in the lease, then said increase is to be treated as a revaluation of the property, and the percentage is to be figured on an average of said appraised value.

(7) Should there be a clause in the lease giving the lessee an option to purchase the property, and he should avail himself of said option, the owner is to pay the agent 2% on the purchase price paid, when sale is closed.

(8) Where the tenant has privilege for "renewal" expressed in lease, it is to be understood that the owner of property shall pay the agent making such lease a commission for said renewal at the same rate as though it was a new lease. This commission is to be paid at the time of the renewal.

(9) Where owner erects building: The rate of commission for negotiating leases where owner erects building or buildings, for a tenant, shall be 2% on the value of the land, and 2% on the cost of the improvement. Charges for procuring tenants are to be made at the foregoing rates, unless there shall have been a previous agreement with the agent that he shall collect the rent.