A real estate investment scheme whereby a fixed rate of return (versus an unknown speculative investment return) is promised is A. not an investment contract and thus not subject to federal securities law B. an investment contract but not subject to federal securities law C. only if the fixed rate of return exceeds the federal APR rate is it considered subject to federal securities law D. there is no distinction between promises of fixed vs. variable returns in determining whether an investment contract is subject to federal securities law.