A subdivider sold five 1-acre lots to Mr. Davis and optioned five lots to Mr. Baumgarten. What does the subdivider now need to do?
1) Notify the Real Estate Commissioner of a material change
2) Nothing, but Mr. Davis and Mr. Baumgarten need to contact the Commissioner
3) Notify the Commissioner of an intent to subdivide
4) Report the sale now and report the option when it is exercised by Mr. Bernstein