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Alabama Real Estate License Exam 2024 Questions and Answers (verified answers) $12.99   Add to cart

Exam (elaborations)

Alabama Real Estate License Exam 2024 Questions and Answers (verified answers)

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  • Course
  • Alabama Real Estate
  • Institution
  • Alabama Real Estate

Alabama Real Estate License Exam 2024 Questions and Answers (verified answers)

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  • August 9, 2024
  • 63
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Alabama Real Estate
  • Alabama Real Estate
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BESTGOODIES
Alabama Real Estate License Exam.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/Alabama%20Real%20E




Alabama Real Estate License Exam


1. After passing state exam, you have days to apply for a Temporary

License, either on an Active or Inactive basis.

ANS 90

2. Temporary Licenses are only valid for year(s), and cannot be renewed.-



ANS 1

3. For an Original License, you must pass a hour post-license course.

ANS 30



4. IfTemporary License is ACTIVE, the post-license course must be completedwithin

months.

ANS 6.



5. If the post-license course is not completed within year(s), theTemporary

License lapses. This period begins on the FIRST DAY of the month AFTER passing the






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state exam.

ANS 1



6. For Broker's License, applicant must have ACTIVE Salesperson License for

out of years immediately preceding the application.

ANS 2/3



7. The fee to transfer your Salesperson License to a new Qualifying Broker is

$ .

ANS $25



8. An owner's mortgage includes a clause requiring a prepayment penalty. Three percent

of any outstanding loan principal would be charged by the lender if the owner paid off the

principal before the scheduled time. Paymentswere $296.88, due on the first of each

month, and included both principal andinterest in arrears at 8% per annum. After the

owner's July 1 payment, her loanbalance was $8,946.23. On August 1, after handing her

lender the check for herAugust 1 payment, the owner paid off the entire remaining loan

balance.Whatis the approximate prepayment penalty?





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ANS The monthly house payment, $296.88,includes both interest and principal.The prepayment

penalty is charged only on theprincipal, not on interest.Therefore, one must determine how much

the new principalloan balance will

be after the August 1st house payment is made. The calculations are as follows




The loan balance after the July 1 payment is $8,946.23 x 0.08 interest rate = $715.70a year ÷ 12

months = $59.64 interest for July.



$296.88 monthly house payment $59.64 interest = 237.24 principal payment onAugust 1

payment.



$8946.23 loan balance $237.24 principal paid in August leaves new principal bal-ance of

$8708.99 after August 1st payment.



This is the amount on which the prepayment penalty will be based









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$8708.99 x 0.03 penalty = $261.27









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